Max life Super Term Plan Insurance

Key Features of Super Term Plan Insurance

• Comprehensive Insurance cover at affordable rates: The Plan offers a comprehensive insurance cover at affordable rates, to take care of loved ones of the insured.
• Option to cope with rising inflation: The plan offers a unique increasing Sum Assured option, where the Sum Assured increases by 5% per annum (at simple rate) on each Policy Anniversary till the end of policy term. This feature ensures that your life insurance Plan is able to cope with the rising inflation and increases in line with your upgrading lifestyle.
• Lower Premiums for Non Smokers: We offer the joy of staying away from tobacco. Max Life Super Term Plan offers lower premium rates for Non-Smokers.
• High Sum Assured discounts: With four different sum assured bands, Max Life Super Term Plan offers you lower rates in case you choose higher sum assured.
• Lower rates for female life insured: The premium rates for females will be same as that of males with a five year age offset. Where the corresponding rate is not available, the lowest available age premium rate for male life will be used.

Benefit descriptions of Super Term Plan Insurance

Death Benfit Payable on death of the Life Insured during the Policy term provided the Policy is in-force or the Reduced Insurance Cover is active.
Guaranteed Death Benefit is defined as higher of:

• 10 times the Annualised Premium,
• 105% of all premiums paid as on the date of death,
• Guaranteed Maturity Sum Assured payable on maturity date,
• Sum Assured effective on the Policy anniversary previous or coinciding with the date of death.

The product offers following two options, to be chosen only at Policy inception:

• Level Sum Assured: Under this option, the Sum Assured remains fixed throughout the Policy Term.
• Increasing Sum Assured: Under this option, the Sum Assured increases by 5% p.a. at simple rate on each Policy Anniversary.

Settlement Option: On death of the Life Insured, the nominee will have two options:

• Option 1: Take the full Guaranteed Death Benefit as lumpsum; or
• Option 2: Take 50% of the Guaranteed Death Benefit as lump-sum and 0.42% of Guaranteed Death Benefit as monthly income for 10 years (settlement period) increasing at 8.5% p.a. (simple) every year starting from Policy anniversary following the date of death. At any time during the settlement period, the nominee shall have the right to commute the remaining payouts by submitting a written request to the Company. On receipt of such a request, the Company shall pay present value of all future payouts discounted at the rate of 6.5% p.a. to the nominee.

Survival / Maturity / Surrender Benefit No Benefit is payable under this particular plan.

Rider Benefit The insured has an option to add the following covers to enhance the coverage:

• Max Life Accidental Death & Dismemberment Rider
• Max Life Waiver Of Premium Plus Rider

Please refer to the respective Rider Prospectus (or www.maxlifeinsurance.com) for more details on Riders.

NonForfeiture Benefit - Reduced Paid Up (RPU) Benefit Upon discontinuance of premium within first 15 years; the Policy will lapse and no surrender value will be paid. However, once the Policyholder has paid in full first fifteen (15) years premium, then in case of non-payment of any further premium by default the Reduced Insurance Cover (RIC) shall become active.