Max Life Perfect Partner Super Plan
In the journey through life, one will need to take care of changing needs like asset creation, investing for retirement, children’s education, marriage, and so on. That is why Max Life Insurance has introduced Max Life Perfect Partner Super, which is a life insurance plan that provides protection for life and simplifies financial planning and savings needs. This plan offers triple benefits as listed below, such as life insurance coverage till age 75 years, money back feature, where one will receive 7.5% of the Guaranteed Maturity Sum Assured per annum for 15 years to take care of the needs from age 61 years to 75 years, and maturity benefits at the age of 75 years. This ensures that one can fulfill all his/her dreams and have a carefree retirement to enjoy his/her golden years with pride and independence.
|Age of entry|
Minimum Age at entry: 91 days
Maximum Age at Entry:
Policy anniversary following or coinciding with the life insured attaining age 75 years
The only available maturity age is 75 years
|Premium payment term||7 years, 10 years, 15 years, or 20 years|
|Policy term||75 years less Age at the entry of Life Insured|
|Premium modes and modal factors|
The product allows annual, semi-annual, quarterly, and monthly premium paying modes. The modal factors are as follows:
|Maximum premium||As per the maximum sum assured and age (subject to Board approved underwriting policy of the Company)|
|Sum assured limits|
Minimum: Rs. 50,000, subject to a minimum premium of Rs. 8,500 for policies with a premium payment term of 10/15/20 years and Rs. 20,000 for policies with a premium payment term of 7 years.
Maximum: No Limit (subject to Board approved underwriting policy of the Company)
|Sum assured bands|
Guaranteed Maturity Sum Assured Bands
Band 1 – Less than Rs. 1,00,000
Band 2 – Rs. 1,00,000 to Rs. 2,49,999
Band 3 – Rs. 2,50,000 to Rs. 4,99,999
Band 4 – Rs. 5,00,000 and above
Key Features and Benefits of The Max Life Perfect Partner Super Plan
This plan has come up with a sack full of benefits and facilities to protect its customers. The followings are a few mentions among them.
Get Guaranteed 212.5% of the Guaranteed Maturity Sum Assured:
The plan offers a guaranteed payback of 212.5% of the Guaranteed Maturity Sum Assured. This comprises the guaranteed money back along with the lump sum benefit on Maturity.
- The money backs to ensure a carefree retirement – One will receive guaranteed money back of 7.5% of the Guaranteed Maturity Sum Assured on each policy anniversary immediately following the life insured attaining age 61 years to 75 years
- Lump sum Benefit on Maturity – The insured person will receive 100% of the Guaranteed Maturity Sum Assured plus accrued Paid-up Additions (if any) plus Terminal Bonus (if any), on policy maturity at age 75 years.
Flexible Bonus Option:
The plan offers the flexibility to choose among the following bonus options basis the needs:
- Paid in Cash – Bonus declared (if any) every year from the end of 2nd policy year is paid to the policyholder in cash throughout the policy term till the age of 75 of the life insured.
- Premium Offset – The bonus declared is used to offset future premiums payable by the insured.
- Paid Up Additions – Bonus declared is used to purchase additional sum assured that helps to boost the maturity value through the power of compounding.
On death during the term of the policy, the following benefits will be paid:
- Guaranteed Death Benefit that is higher of 11 times the Annualised premium plus underwriting extra Premiums, if any), or 105% of total premiums paid plus underwriting extra premiums plus loadings for modal premiums by Policyholder as on the date of death of the life insured,
- Accrued Paid-up Additions (if any), and
- Terminal Bonus (if any)
On maturity, that is, policy anniversary coinciding with or immediately following Life Insured’s 75th birthday, the following benefit will be paid:
- Guaranteed Maturity Sum Assured, plus
- Accrued Paid-up Additions (if any), plus
- Terminal Bonus (if any)
Terminal illness Benefit:
While this Policy is in force (including RPU mode), should the Life Insured be diagnosed to be suffering from a disease which, in the opinion of a Registered Medical Practitioner and the concurrence of the Company’s appointed doctor, is likely to lead to the death of the Life Insured within six months from the date of such certification from the registered medical practitioner (“Terminal Illness”), the Company shall, at the Policyholder’s request, pay the Benefits to the Life Insured under this policy is – Up to 50% of the Guaranteed Maturity Sum Assured (Face Amount) at the date of
Paid-up Additions withdrawal Option:
The Policyholder can surrender and take the cash value of the accrued PUA (if any) in partial or in full. The remaining PUA (if any) will continue to participate in bonuses.
- Minimum Withdrawal amount – Rs. 5,000
- Maximum Withdrawal amount – Subject to maximum PUA cash value available
Rider Benefits Are Available With Max Life Perfect Partner Super Plan
To strengthen this policy, there are several rider options available that can be purchased by paying a little extra premium. Below are the mentions:
Max Life Term Plus Rider:
It provides additional lump sum benefit in case of death of the life insured.
Max Life Accidental Death & Dismemberment Rider:
One can extend the protection cover for his/her family in case the life insured meets an accident leading to dismemberment or death.
Max Life Waiver of Premium Plus Rider:
It provides a waiver of all future premiums in case of critical illness or dismemberment, or death. This product does not have an in-built waiver of premium benefit. Thus, rider benefit is an additional benefit.
Revival Procedure of Max Life Perfect Partner Super Plan
After the policy has acquired surrender value, the policy shall not lapse. In case of premium discontinuance, the policy will, by default, become Reduced Paid Up (RPU). A reduced paid-up policy can be revived within a revival period of five years from the due date of the first unpaid premium, subject to the following conditions:
- Policyholder paying all overdue premiums, together with interest and/or late fees determined by the Company from time to time,
- The Life Insured produces evidence of insurability at his/her own cost, which is acceptable to the Company; and
- The revival of the Policy shall take effect only after the revival of the policy is approved by Max Life Insurance basis on the board-approved underwriting policy and communicated to the policyholder in writing. Once the RPU policy is revived, all benefits which were proportionately reduced will be restored. However, no interest shall be payable by the Company for the benefits restored.
- If a reduced paid-up policy is not revived within five years of it becoming reduced paid-up, then the policy cannot be revived and will continue as reduced paid-up for the rest of its policy term.
What Is The Paid-up Max Life Perfect Partner Super Plan?
Discontinuance of premium after the Policy acquires a Surrender Value turns the policy into a reduced paid-up policy. The Guaranteed Maturity Sum Assured will be reduced using the proportionate premiums method as mentioned below:
Reduced Paid-up (RPU) Sum Assured:
(Total Premiums Paid plus loadings for modal premiums, if any / Total Premiums payable plus loadings for modal premiums, if any) X Guaranteed Maturity Sum Assured
Further, the following benefits will be reduced using the proportionate premiums method as explained above.
On death during the term of the policy in RPU mode, the following benefits will be paid:
- RPU Death Benefit that is Guaranteed Death Benefit X (Total Premiums Paid plus loadings for modal premiums, if any / Total Premiums payable plus loadings for modal, if any), and
- Accrued Paid-Up Additions (if any)
It will now be 7.5% of the Reduced Paid-Up Sum Assured.
It will be as follows in case of a policy in RPU mode:
- Reduced Paid Up (RPU) Sum Assured, plus
- Accrued Paid Up Additions (if any)
- Terminal Illness benefit shall be computed on Reduced Paid-up Sum Assured.
Once the policy becomes reduced paid-up, all rider benefits will cease and withdrawals of accrued Paid Up Additions will not be allowed.
General Exclusions of Max Life Perfect Partner Super Plan
Every policy comes with certain exclusions for which it does not provide any advantages. Therefore, to avoid future complications and to avoid claim rejection, here are the general exclusions of the Max Life Perfect Partner Super Plan.
- Anything that does not satisfy the terms and conditions of the company as well as the policy, will fall under the category of exclusions.
- If there is any breach of law or foul play, that will also be considered as exclusion.
- If the Life Insured, whether minor/major and whether sane or insane, dies by suicide within 12 months of the effective date of risk commencement or the date of revival of the policy, the policy shall terminate immediately. In such cases, the Company shall pay either:
- Higher of Surrender Value or total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid in case the policy has acquired a surrender value; or
- Total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid in case the policy has not acquired a surrender value.
Illustration Of Max Life Perfect Partner Super Plan
To make it more understandable, here is an example. Mr. Bose, a 35-year-old businessman, purchased Max Life Perfect Partner Super Plan. Let us find out what benefits he will reap from the given data.
|Premium payment term||20 years|
|Guaranteed maturity sum assured||Rs. 5 lakhs|
|Annualized premium||Rs. 34025|
|Survival benefits every year from 61 years to 75 years||Rs. 37500|
|Guaranteed maturity benefit||Rs. 5 lakhs|
@4% – 8,85,828
@8% – 31,67,259
What Is The Buying Process of Max Life Perfect Partner Super Plan?
One can buy this policy offline by visiting one of the official branches of the company. Their customer executives are experienced and knowledgeable enough to go through the entire buying process seamlessly. One needs to be prepared with certain documents such as address proof, valid ID card, bank details, and any other documents as requested by the company before making the payment and buying the plan. In case of any troubles, experts at Probus Insurance will be happy to help out any a moment’s notice.
Frequently Asked Questions
Terminal Bonus is an additional bonus paid only once, on earlier of Death, Surrender, or Maturity, provided the policy has been in force for at least ten complete policy years.
No Loan is available under this product.
If the Premium is not received within the Grace Period and the policy has not acquired a surrender value, the Policy shall lapse, and all the benefits secured under the policy shall also lapse.
The contact details of the company are as per the followings:
Max Life Insurance Company Limited
419, Bhai Mohan Singh Nagar, Railmajra,
Tehsil Balachaur, District Nawanshahr,
Punjab – 144 533 Tel: 01881-462000
Max Life Insurance Company Limited
Plot No. 90A, Sector 18,
Gurugram – 122015, Haryana, India.
Tel No.: 0124-4219090
Customer Service Toll-Free Number: 1800 200 5577
Customer Service Timings: 9:00 AM – 6:00 PM Monday to Saturday (except National holidays) or SMS ‘Life’ to 5616188
Yes, the plan covers Covid-19. However, for that, one has to purchase Max Life Covid-19 One Year Term Rider.