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Max life Whole Life Super Plan Insurance

Max Life Whole Life Super insurance plan is a savings plan which helps the insured to systematically raise a corpus for the family over a period of time. The plan provides a life cover which will keep growing with the addition of the company bonuses & will last till the insured is 100 years old. A Non-Linked Participating Savings Insurance Plan, the insured pays premiums for only a limited number of years and enjoy protection up to the age 100 years. In case of the insured’s unfortunate demise, the family will get a comprehensive death benefit that will take care of all the financial needs and provide financial support for the family.
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Max Life insurance review

Max life Insurance plans
Distribution - Number of branches pan India (March 2019)
239
Entry Age Minimum/Maximum (Years) - Term Plans
18/70
Sum Assured Minimum / Maximum - Term Plans
10 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/50
Solvency Ratio (FY 2018-19) *
2.42
Number of Policies Sold (Ind+Group) *
527,601
Number of Lives Covered (Ind+Group) **
6,438,358
Claims Settlement Ratio (Ind+Group) ***
98.95%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Max life Life Gain Premier Plan Insurance

  • Key Features
  • Eligibility
  • Benefit Descriptions

Key Benefits of Whole Life Super Plan

  • Get guaranteed life time protection : The plan offers guaranteed protection which continues to grow through bonuses till age 100. On attainment of age 100, this plan gives 100% of Guaranteed Maturity Sum Assured along with Accrued Paid Up Additions (if any) and Terminal Bonus (if any).
  • Flexible premium payment terms The plan offers flexibility to choose premium payment terms that suits the insured’s requirement. You can choose either 10, 15 or 20 years as your premium payment term, depending on your financial goals.
  • Flexible Bonus Option : The plan offers the flexibility to choose among the following bonus options basis your need:
    • Paid in Cash – Bonus declared is paid to the insured in cash
    • Premium Offset – 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 boost the maturity value through power of compounding.
  • Access your money through Paid Up Additions Withdrawal : In case one has chosen ‘Paid Up Additions’ as bonus option, they will have the flexibility to withdraw the cash value of the same in case of any need.
  • Customize Your Policy : The plan offers additional rider(s) that can be taken with the policy to provide for additional protection as per the insured’s requirements.

Eligibility criteria of Whole Life Super Plan

Minimum/ Maximum Age of Life Insured at Entry(age as on last birthday) Minimum entry age: 18 years
Maximum entry age: 50 years
Premium Payment Term Maximum Entry Age
10 years 60 years
15 years 55 years
20 years 50 years
Maximum Maturity Age (last birthday) Policy anniversary following or coinciding with the life insured attaining age 100 years The only available maturity age is 100 years.
Policy Term (in years) 10 / 15 / 20 years
Premium Payment Term (PPT) Policy Term under this product is defined as 100 years minus the age at entry of the life insured (age last birthday). This means that all policies will mature at policy anniversary coinciding with or following the life insured attaining the age of 100 years.
Guaranteed Sum Assured at Maturity (GSAM)
  • Minimum : ₹50,000, subject to minimum premium of ₹8,500
  • Maximum : No limit, subject to limits determined in accordance with the underwriting policy of the Company.
The minimum premium excludes extra premium, modal extra, taxes, cesses and levies as imposed by the Government from time to time.
Guaranteed Maturity Sum Assured Bands (Higher Sum Assured offer lower premium rates) There are five sum assured bands assumed for this product as mentioned in the table below:
Band Sum Assured Range (₹)
1 50,000 - 2,49,999
2 2,50,000 - 4,99,999
3 5,00,000 –9,99,999
4 10,00,000 –49,99,999
5 >=50,00,000
Premium Payment Mode Annual, Semi – Annual, quarterly & monthly premium payment modes.
The modal factors are as follows:
Modal Factors
Premium Mode Factor
Annual 1.000
Semi-annual 0.520
Quarterly 0.265
Monthly 0.090
The Premium payment mode can be changed during the policy term. Please note that modal factors are applicable for modes other than annual mode to cover for loss of interest arising out of policyholder not paying the entire premium upfront.
Minimum & Maximum Annual Premium The minimum premium for the product (10/15/20 Pay) is ₹8,500 p.a. excluding extra premium, modal extra, all taxes, levies and cesses as imposed by the Government from time to time.
Maximum Premium: No limit, subject to limits determined in accordance with the underwriting policy of the Company.
Premium excludes all taxes, levies and cesses as imposed by the Government from time to time)

Bonus Features of Whole Life Super Plan

Annual Bonus (Cash Bonus) The policyholder has three bonus options available under the product and an election is made at proposal stage, which can be changed during the policy term. The Policyholder can take cash bonuses through any of the three options:
  • Paid In Cash - Bonus declared by the Company is paid out to the Policyholder as and when declared.
  • Premium Offset - Bonus declared by the Company will be used to offset future premiums payable by the Policyholder. In case the cash bonus is not sufficient to pay the full premium, then Policyholder will have to pay the balance premium to keep the policy in force. In case the cash bonus exceeds the premium due, the Company shall refund the balance to the policyholder.
  • Purchase Paid Up Additions (PUA) - Bonus declared by the Company will be used to purchase Paid Up Additions. These PUA increase the living and death benefits under the policy and will be payable in full on the earlier of Death or Maturity. In case of surrender, cash value of the PUA will be paid to the Policyholder.
The bonus option will automatically change to PUA, if not already the case, under following scenarios:
  • In the event of death of Policyholder; only if the Policyholder is different from the Life Insured
  • In case of Assignment of the Policy to any institution (and not any individual)
PaidUpAdditions(PUA) 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 – ₹5,000
Maximum Withdrawal amount – Subject to maximum PUA cash value available
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 Terminal Bonus shall be paid.

Benefit descriptions of Whole Life Super Plan

Death Benefit On death during the term of the policy, the following benefits will be paid:
  • Guaranteed Death Benefit, plus
  • Accrued Paid Up Additions (if any), plus
  • Terminal Bonus (if any)
Guaranteed Death Benefit is defined as higher of:
  • 11 times the Annualised Premium*
  • 105% of all premiums paid by Policyholder as on the date of death of the life insured
  • Guaranteed Maturity Sum Assured chosen by the Policyholder at policy inception The policy will terminate in case of the death of the life insured
*Annualised Premium includes extra premium (if any) but excludes all taxes, cesses, levies as imposed by the Government from time to time and any loadings for modal premiums and remains same irrespective of the premium payment mode.
Maturity Benefit On maturity, that is, policy anniversary coinciding with or immediately following Life Insured’s 100th birthday, the following benefit will be paid:
  • Guaranteed Maturity Sum Assured, plus ii)
  • 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 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 as follows:
  • Up to 50% of the Guaranteed Maturity Sum Assured (Face Amount) at the date of intimation (or RPU Guaranteed Maturity Sum Assured if applicable), subject to maximum cumulative amount of ₹10 lakhs under all policies which provide for the Terminal Illness Benefit, then in force with the Company. The Terminal Illness Benefit paid will be offset from the policy proceeds at the time of termination of the policy (Death, Surrender or Maturity). Terminal Illness benefit can be availed only once during the policy term.
Rider Benefit The insured can avail of the following riders to increase the coverage under the chosen plan:
  • Max Life Term Plus Rider
  • Max Life Accidental Death & Dismemberment Rider
  • Max Life Waiver Of Premium Plus Rider
Surrender Benefit The policyholder can surrender the policy anytime after it has acquired a surrender value. The policy acquires a Surrender Value immediately on payment of first three years’ premium.
The surrender value will be equal to the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
Non-Forfeiture Benefit: Reduced Paid Up (RPU) Once the policy acquires a surrender value (after payment of 3 full years‟ premiums), by default the policy will become RPU in case of non-payment of any further premium. Following benefits will be reduced using the proportionate premiums method.
  • Death Benefit, will be as follows in case of a policy in RPU mode: On death during the term of the policy in RPU mode, the following benefits will be paid:
    • RPU Death Benefit, plus
    • Accrued Paid Up Additions (if any)
  • Maturity Benefit, which 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 which shall be computed on Reduced Paid Up Sum Assured.
Once the policy becomes Reduced Paid Up:
  • All rider benefits will cease.
  • Withdrawals of accrued Paid Up Additions will not be allowed
Loan Facility No Loan is available under this product.

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025