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Max Life Maxis Super is a non-participating unit linked insurance plan that helps fulfill your life’s goals. It helps you plan the finances in a better way. This plan balances the equity and debt exposure, so you can enjoy your future years without any worries. It offers you death and maturity benefit,whichever happens first.
Wealth creation with safety of funds
Choice of 5 funds to invest as per risk apetite
Flexibility to choose premium payment term
Dynamic Asset Allocation mechanism for safe investments
Get Tax Benefits under IT Act
The insured can invest the premium in the following investment funds or opt for Dynamic Fund Allocation strategy :
Growth Super Fund
The customer also has the option to opt for ‘Dynamic Fund Allocation’, only at the inception of the policy. Once you opt out this option, it cannot be opted again. After opting out of Dynamic Fund Allocation, you have the option to exercise free Switches or Premium Redirection options.
In case of an unfortunate demise of the life insured during the policy term, sum assured plus fund value is payable to the nominee. The death benefit, subject to a minimum of 105% of all the premiums paid till the date of death is payable.
If the age of the life insured at entry is in-between 18 to 34 years, sum assured up to 11/15/20 times the annualized premium is available. When age of the life insured is 35 to 44 years, sum assured available is 11/15 times the annualized premium. In case of 45 years & above, sum assured available is 11 times the annualized premium.
On maturity, an amount equal to the fund value is payable, if settlement option has not been exercised.
Fund Value = Summation of Units accumulated in Fund(s) * NAV of respective Fund(s) as on the Maturity Date
A maximum of 2 partial withdrawals is allowed during a year and this option can be exercised from the sixth policy year onwards. The minimum amount allowed for each partial withdrawal is Rs 5,000 and up to 50% of the fund value can be withdrawn.
Upon your written request, you have the option to switch from one fund to another. A maximum of 12 switches is allowed during a policy year, subject to a minimum switch amount of Rs 5,000.
You may exercise the option to redirect the premium between the available fund options, by written notice. A maximum of 6 premium redirections is allowed during a policy year.
You have the option to revive the policy within 2 years from the date of discontinuance of the policy, subject to the following conditions:
Loan facility is not available under this plan.
In case of surrendering the policy within the first 5 policy years, company credits the fund value into the Discontinued Policy Fund after deducting Surrender / Discontinuance, as applicable. If you surrender the policy after 5 policy years, fund value of the units as on the date of receipt of surrender request and the policy then terminates.
|Age (as on last birthday)||18 Years||55 Years|
|Maturity Age||-||70 Years|
|Policy Tenure||15 Years||-|
|Premium Paying Term||7 Years||10 Years|
|Premium Paying Mode||Annually||-|
|Sum Assured||Rs 3.85 Lacs||No Limit (subject to underwriting)|
|Premium Amount||Rs 35,000 (Annually)||No Limit (subject to underwriting)|
|Freelook Period||15 Days from the receipt of the policy document||-|
|Grace Period||30 Days||-|
No rider(s) is available with this plan.
Premiums paid under this policy, qualify for tax benefits under section 80C and the death/maturity benefit qualify for tax benefits under section 10 (10D) of the Income Tax Act, subject to change in tax laws.
(Subject to the provisions stated therein.)
Mr. Raj Arya purchases Max Life Maxis Super Plan.
Kindly note that the scenario shown above is just an illustration and do not in any way create any rights and/or obligations. The actual experience on the contract may vary from the one shown above. The non-guaranteed rates mentioned above assumed investment return at different rates and may differ as per the market conditions. The above assumed rates of return are 4% and 8%. Moreover, these are not guaranteed and they are not the upper or lower limits of returns of the Fund Option chosen under your policy, as the performance of the funds depend on a variety of factors including future investment performance.