Max Life Insurance
Max Life Whole Life Super Policy

Max Life Whole Life Super Plan

To create a financial corpus for family and leave a legacy behind, Max Life Insurance Company has come up with Max Life Whole Life Super, a life insurance plan in which one pays premiums for only a limited number of years and enjoys protection up to the age of 100. With the power of bonuses, life cover continues to increase as the age of the insured person increases. In case of the policyholder’s unfortunate and untimely death, his/her family will get a comprehensive death benefit that will take care of all the financial needs and provide a legacy for the family. Additionally, this plan also provides the flexibility to withdraw money from the policy to support major or minor events without having to surrender the policy.

Eligibility Criteria

ParametersDescriptions
Entry age

Minimum – 18 years

Maximum:

Premium payment termMaximum entry age
10 years60 years
15 years55 years
20 years50 years
Premium payment term10 Years, 15 Years, or 20 Years
Policy term100 years minus the age at entry of the life insured
Maturity age100 years
Premium Modes and Modal Factors

The product allows annual, semi-annual, quarterly, and monthly premium paying modes. The modal factors are as follows:

Premium modeFactor
Annual1.000
Semi-annual0.520
Quarterly0.265
Monthly0.090
Minimum PremiumRs. 8500 per annum
Maximum PremiumNo limit, subject to limits determined in accordance with the Board approved underwriting policy of the Company.

Key Features and Benefits of Max Life Whole Life Super Plan

This policy has come up with a bundle of benefits and facilities that help the insured person build a financial corpus and safeguard his/her family even after his/her death.

Get Guaranteed Lifetime Protection:

The plan offers the insured guaranteed protection, which continues to grow through bonuses till age 100. On attainment of age 100, this plan gives him/her 100% of the Guaranteed Sum Assured on Maturity along with Accrued Paid Up Additions (if any) and Terminal Bonus (if any).

Flexible Premium Payment Terms:

The plan offers the consumer flexibility to choose the premium payment terms that suit his/her requirement. One can choose either 10, 15, or 20 years as his/her premium payment term, depending on his/her financial goals.

Flexible Bonus Option:

The plan offers the flexibility to choose among the following bonus options basis the need:

  1. Paid in Cash – The bonus declared is paid to the insured person in cash
  1. Premium Offset – The bonus declared is used to offset future premiums payable by the consumer
  1. Paid-Up Additions – The bonus declared is used to purchase an additional sum assured that helps to boost the maturity value through the power of compounding.

Access Money Through Paid-Up Additions Withdrawal:

In case the Paid-Up Additions is chosen as a bonus option, one has the flexibility to withdraw the cash value of the same in case of any need.

Guaranteed Sum Assured on Maturity Bands:

There are five sum assured bands assumed for this product, as mentioned in the table below:

Sum Assured BandSum Assured range (Rs)
150,000 to 249,999
2250,000 to 499,999
3500,000 to 999,999
41,000,000 to 4,999,999
55,000,000 & above

Terminal Bonus:

Terminal Bonus is an additional bonus paid only once, on earlier of Death, Surrender, or Maturity. In case of surrender, the cash value of the Terminal Bonus shall be paid.

Maturity Benefit:

On maturity, that is, policy anniversary coinciding with or immediately following Life Insured’s 100th birthday, the following benefit will be paid:

  1. Guaranteed Sum Assured on Maturity, plus
  2. Accrued Paid-Up Additions (if any), plus
  3. Terminal Bonus (if any)

Death Benefit:

On death during the term of the policy, the following benefits will be paid:

  1. Guaranteed Death Benefit, which is higher by 11 times the (Annualised premium plus Underwriting Extra Premium, if any), 105% of all the (Total Premiums Paid plus Underwriting Extra Premium plus Loading for modal premiums paid as on the date of death of the life insured), and Guaranteed Sum Assured on Maturity chosen by the Policyholder at policy inception.
  2. Accrued Paid-Up Additions (if any)
  3. Terminal Bonus (if any)

Additional Benefits

To strengthen this policy, Max Life Insurance Company has come up with three riders that can be availed of by paying a little extra premium. The details are as follows.

  • Max Life Term Plus Rider offers enhanced protection against any unfortunate incident that causes death. The rider benefit is available above the base plan life cover.
  • Max Life Accidental Death & Dismemberment Rider – It extends the protection cover for the insured person’s family in case of an accident leading to dismemberment or death.
  • Max Life Waiver of Premium Plus Rider – With this rider, one can get a waiver of all future premiums in case of critical illness, dismemberment, or death.

How does Max Life Whole Life Super Plan work?

To make it easier how Max Life Whole Life Plan works, here is an example. Suppose, Mr. Agarwal, a 35-year-old Mumbai-based businessman has a 1-year-old child. He wants to save systematically for his child’s future. He also wants a regular fund from which he can withdraw money in case of any need. For this, he decides to Max Life Whole Life Super Plan. Now, let us find out what benefits he will reap from the given credentials.

DataDetails
Age35 years
Guaranteed maturity sum assuredRs. 18.66 lakhs
Premium payment term20 years
Annualized premiumRs. 50,000
Cash value available for withdrawal at the age of 70 years

@4% – 3.55 lakhs

@8% – 18.68 lakhs

Death benefits available at the age of 70 years

@4% – 24.81 lakhs

@8% – 55.89 lakhs

What is Paid-Up Max Life Whole Life Super Plan?

Once the policy acquires a surrender value (after payment of 2 full years’ premiums), by default the policy will become Reduced Paid-Up (RPU) in case of non-payment of any further premium.

The following benefits will be reduced using the proportionate premiums method.

Death Benefit:

On death during the term of the policy in RPU mode, the following benefits will be paid:

  1. RPU Death Benefit (Total Premiums Paid for the Base Policy plus Loading for modal premiums (if any)) / (Total Premiums payable plus Loading for modal premiums (if any)) X Guaranteed Death Benefit
  1. Accrued Paid Up Additions (if any)

Maturity Benefit:

Which will be as follows in case of a policy in RPU mode:

  1. Reduced Paid Up (RPU) Sum Assured (Total Premiums Paid / Total Premiums payable) X Guaranteed Sum Assured on Maturity
  1. Accrued Paid Up Additions (if any)

Terminal Illness benefit:

Shall be computed on the 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.

What is the revival procedure of Max Life Whole Life Super Plan?

Revival of Lapsed Policy:

Once the policy has lapsed, it can only be revived within a revival period of five years from the due date of the first unpaid premium provided:

  • 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 and communicated to the policyholder in writing. Once the policy has been revived, all the accrued bonuses and benefits will get reinstated to their original levels, which would have been the case had the policy remained premium paying all throughout.
  • If a lapsed Policy is not revived within five years, the Policy shall be terminated and no value is payable to the Policyholder.

Revival of Reduced Paid-Up (RPU) Policy:

After a policy has acquired surrender value, the policy shall not lapse. In case of premium discontinuance, the policy will by default, become Reduced Paid-Up. 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 and communicated to the policyholder in writing. Once the policy has been revived, all accrued bonus(es) and original benefits, including death, survival, and maturity benefits which were originally payable, will be restored on such revival. However, no interest shall be payable by the Company on such restoration.

How Can You Buy Max Life Whole Life Super Plan?

After going through the inclusions of the policy, if anyone wants to buy this plan, he/she can directly visit the nearest official branch of the company. their customer executives are knowledgeable and experienced enough to guide this/her through the buying process seamlessly. In that case, the policy-seeker needs to carry certain documents as followings.

  • Valid ID proof
  • Address proof
  • Bank details
  • Any other as requested by the company.

Key Exclusions of Max Life Whole Life Super Plan

While this plan has come up with a sack full of benefits and facilities, it also has some exclusions for which it does not offer any advantages. To understand any policy well and avoid future complications, here is a list of general exclusions of the Max Life Whole Life Super Plan.

  • Anything that does not match the terms and conditions of the policy as well as the company will fall under the category of exclusions.
  • If there is any kind of breach of law, that will be counted as exclusion too.
  • If there is any foul play that the company detects, that will be permanently excluded from the policy.
  • If the Life Insured, 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:
    1. Higher Surrender Value or total premiums paid plus Underwriting Extra Premium paid plus Loading for modal premiums paid, in case the policy has acquired a surrender value; or
    1. Total premiums paid plus Underwriting Extra Premium paid plus Loading for modal premiums paid in case the policy has not acquired a surrender value.

Frequently Asked Questions

Under Max Life Whole Life Super Plan, if the insured person dies during the policy term of an active policy, the beneficiary will get the death benefits and other benefits (if any) and the policy will be terminated.

Annualized Premium means the Premium amount payable during a Policy Year chosen by Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums, and applicable taxes, cesses, or levies if any; and remains the same irrespective of the premium payment mode. Whereas, Total Premiums Paid means the total of all Premiums received, excluding Underwriting Extra Premiums, loading for modal premiums, Rider Premiums, and applicable taxes, cesses, or levies, if any.

No Loan is available under this product.

The policyholder can surrender the policy at any time after it has acquired a surrender value. The policy acquires a Surrender Value immediately on payment of the first two years’ premium. The surrender value will be equal to the higher Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

Corporate Office Address:

Max Life Insurance Company Limited

419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur,

District Nawanshahr, Punjab – 144 533

Tel: 01881-462000

Communication Address:

Max Life Insurance Company Limited

Plot No. 90A, Sector 18,

Gurugram – 122015, Haryana, India.

Tel No.: (0124) 4219090

Customer Service Toll-Free Number: 1860-120-5577 (Customer Service Timings: 9:00 AM – 9:00 PM Monday to Saturday (except National holidays) or SMS ‘Life’ to 5616188)

You have a period of fifteen (15) days (30 days if the policy is sourced through Distance Marketing modes) from the date of receipt of the policy document to review the terms and conditions of the policy, where if you disagree with any of those terms and conditions, you have the option to return the policy stating the reasons for your objection.

A grace period of thirty (30) days from the premium due date (15 days in case of Monthly mode) for payment of each premium will be allowed.

Under Max Life Whole Life Super Plan, you may be entitled to certain applicable tax benefits on your premiums and Policy benefits as per the prevailing tax laws.

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