| Age of the Life Insured at Entry (age as on last birthday) |
Minimum entry age : 8 years
(Where the life to be insured is a minor at the date of commencement of policy, there shall be a proposer to propose Life Insurance cover on the life of the minor. The proposer shall have insurable interest on the life of the minor. The proposer is the rightful owner of the policy during the minority of the life insured. The policy shall continue on the life of the life insured once he/she attains majority. The relationship of the proposer to the Life insured (minor) shall be either parent or legal guardian and the same shall be mentioned in the proposal form.)
Maximum entry age : 55 years |
| Maximum Maturity Age of the Life Insured (age as on last birthday) |
65 years |
| Policy Term |
10 years |
| Premium Payment Term |
5 years |
| Premium Payment Mode |
Only annual mode is available |
| Minimum Annual Premium |
₹30,000 |
| Maximum Annual Premium |
Subject to the limits determined in accordance with the Board approved underwriting policy of the Company. |
| Guaranteed Sum Assured on Maturity |
Minimum : ₹2,09,600
Maximum : Subject to limits determined in accordance with the Board approved underwriting policy of the Company
|
| Rider Benefits |
The insured can opt for any or all of the following riders:
- Max Life Waiver of Premium Plus Rider : This provides waiver of all future premiums in case of Critical Illness or dismemberment or Death (only when Life Insured and Policyholder are different individuals). This product doesn’t have an inbuilt Waiver of Premium benefit and thus rider benefit is an additional benefit.
- Max Life Accidental Death and Dismemberment Rider : It provides additional benefits in case of death or dismemberment of the Life Insured due to an accident and
- Max Life Term Plus Rider : This rider provides additional lump sum benefit in case of death of the Life Insured.
Please refer to the respective Rider Brochures for more details on Riders.
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| Guaranteed Sum Assured on Maturity (GSAM) Bands |
There are three Guaranteed Sum Assured at Maturity bands under the product which are as follows:
| Band |
GSAM (₹) |
| 1 |
Less than 3,50,000 |
| 2 |
3,50,000 - 5,24,999 |
| 3 |
5,25,000 – 10,99,999 |
| 4 |
>=11,00,000 |
|
| Premium Rates |
Premium rates and the benefits are uni-smoker and uni-sex (same for both male and female).
This plan can be offered to sub-standard lives with extra mortality charges basis Board approved underwriting policy of the Company.
|
| Policy Loan Provision |
Policy loans will be available under this product subject to a maximum of 80% of Special Surrender Value as per existing Terms and Conditions of policy loans at Max Life Insurance.
The minimum loan amount that can be granted under the policy at any time will be ₹10,000. Upon grant of a loan under this Policy, the Policy shall automatically be assigned in favor of the Company, till the time the entire loan amount including interest, any fees or dues towards such loan has been repaid to the Company. On such repayment of the loan and accumulated interest, if any, the Policy will be reassigned back to the Policyholder.
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