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Max Life Maxis Super

What is the Plan all About?

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.

What are the Key Features?

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

What are the Fund Investment Options?

The insured can invest the premium in the following investment funds or opt for Dynamic Fund Allocation strategy :

Growth Super Fund

Growth Fund

Balanced Fund

Conservative Fund

Secure 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.

What are the Plan Benefits?

Death Benefit

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.

Maturity Benefit

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

Partial Withdrawal

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 The minimum amount allowed for each partial withdrawal is Rs 5,000 and up to 50% of the fund value can be withdrawn.

Switching

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.

Premium Redirection

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.

Revival Benefit

You have the option to revive the policy within 2 years from the date of discontinuance of the policy, subject to the following conditions:

  • The policyholder has to give the company a written request for the revival.
  • The policyholder has to pay all due premiums with interest and / or late fee as applicable from time to time.
  • The policyholder has to provide an evidence of insurability at his own cost.

Loan Benefit

Loan facility is not available under this plan.

Surrender Value

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.

Who can Buy the Plan?

Factor Minimum Maximum
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 -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider(s) is available with this plan.

What are the Plan Charges?

  • Premium Allocation Charge: For both 7/10 years premium pay term, 4% of the premium is charged during 1-5 policy years and it is 2% from the 6th policy year onwards.
  • Fund Management Charges: It is 1.25% per annum of fund value for growth fund and growth super fund, 1.10% for balanced fund, 0.90% for conservative fund and secure fund.
  • Policy Administration Charge: 0.24% of annualized premium per month is charged from 2nd policy year onwards, for both 7/10 years premium pay term. This charge is inflated @4% per annum compounded annually and it does not exceed Rs 400 per month during the policy term.
  • Mortality Charge: This charge is levied for providing the risk cover to the life insured during the policy term. For more details, please refer to the policy brochure.
  • Surrender/Discontinuance Charge: If the policy is surrendered/discontinued during the 1st policy year, it is lower of 6% of annualized premium/4% of fund value/Rs 6,000. If the policy is surrendered/discontinued during the 2nd policy year, it is lower of 4% of annualized premium/4% of fund value/Rs 5,000. If the policy is surrendered/discontinued during the 3rd policy year, it is lower of 3% of annualized premium/3% of fund value/Rs 4,000. If the policy is surrendered/discontinued during the 4th policy year, it is lower of 2% of annualized premium/2% of fund value/Rs 2,000. From the 5th policy year onwards, no surrender/discontinuance charges are applicable.
  • Switching/Premium Redirection/Partial Withdrawal: No charges are levied for Switching/Premium Redirection/Partial Withdrawal

Is the Plan, eligible for Tax Benefit?

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.)

How the Plan Works?

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.