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Max Life - Life Perfect Partner Super Plan

What is the Plan all About?

Max Life – Life Perfect Partner Super Plan is a traditional participating insurance plan that guarantees 212.5% of the guaranteed maturity sum assured. The plan will offer a long term protection for your family throughout the opted policy tenure along with guaranteed returns on your paid premiums.

What are the Key Features?

Guaranteed 212.5% maturity sum assured

Guaranteed Retirement benefits for the Spouse

Flexible Premium Payment Terms

Flexibility to Withdraw Money in the event of Exegencies

Extensive protection throughout the policy term

Flexible Bonus Options to choose from

What are the Plan Benefits?

Maturity Benefit

Guaranteed Maturity Sum Assured + Accrued Paid - Up Additions (if any) + Terminal Bonus (if any) is payable to the policyholder as Maturity proceeds on the policy anniversary immediately following or coinciding with Life Insured attaining age of 75 years.

Survival Benefit

Guaranteed Survival Benefits are payable from age 61 years to 75 years for the term of 15 years. The guaranteed payout is 7.5% of the Guaranteed Maturity Sum Assured. The total payout will be 112.5% of the sum assured during the term of 15 specified years.

Death Benefit

On death during the term of the policy, the nominee/nominees are entitled to receive

  • Guaranteed Death Benefit, plus
  • Accrued Paid-up Additions (if any), plus
  • Terminal Bonus (if any)

Guaranteed Death Benefit is higher of(11 times the Annualised Premium**) or (105% of all premiums paid by Policyholder as on the date of death of the Life Insured) or (Guaranteed Maturity Sum Assured chosen by the Policyholder at policy inception).The policy will terminate after paying death benefit thereafter.

Terminal Illness Benefit

In the event where the insured is suffering from a chronic disease which will lead to his unfortunate death within the time frame of 6 months from the diagnosis as per the medical practitioner, the Co. will pay terminal illness benefit in such scenario. The benefit payable is 50% of the guaranteed maturity sum assured subject to the maximum of 10 Lacs on all policies which offer this benefit.

Terminal Bonus

It is an additional bonus amount paid as one time on death or surrender or maturity (whichever is earlier) on a condition that the policy is premium paying for atleast 10 continuous years.

Loan Benefit

This policy is not entitled for any loans.

Revival Benefit

A lapsed Policy can be revived within 2 (Two) years from the due date of the first unpaid Premium via written request on producing an evidence of insurability at the policy owner’s cost and on payment of all overdue Premiums (along with the service tax or any other taxes, cesses or levies, if any subject to the approval by the Co.

Surrender Value

The Surrender Value payable will be higher of Guaranteed Surrender Value or Special Surrender Value on the surrender of the Policy subject to the additional policy conditions.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 91 Days 55 Years – For PPT 7/10 Years 50 Years- For PPT 15 Years 45 Years- For PPT 20 Years PPT: Premium paying Term
Maturity Age - 75 years
Policy Tenure 75 Years less entry age of the insured Upto age 75 Years of insured
Premium Paying Term Limited Pay 7/10/15/20 -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Guaranteed Sum Assured Rs 50,000 No Limit (subject to underwriting)
Premium Rs 20,000 p.a – For PPT 7 Years Rs 8,500 p.a- For PPT 10/15/20 Years No Limit (subject to underwriting)
Freelook Period 15 days from the receipt of the policy -
Grace Period 30 days & 15 days (for monthly mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

The following riders are available with this plan for the payment of an additional premium.

1. Max Life Term Plus Rider which provides additional risk coverage in case of death

2. Max Life Accidental Death & Dismemberment Rider provides lump sum benefit in case of death / dismemberment due to accident

3. Max Life Waiver of Premium Plus Rider which waives off future premiums on the death of the insured.

What are the Bous Options?

The plan offers flexibility to choose among the 3 Bonus Options:

  • Paid in Cash: Bonus declared will be paid to the life insured in cash.
  • Premium Offset: Bonus declared will be used to offset the future premiums.
  • Paid - Up Additions (PUA): Bonus will be used to purchase additional Sum Assured which increases the benefits under the policy.

Is the Plan, eligible for Tax Benefit?

Premiums paid, qualify for the tax benefits as per Section 80C and the death benefit qualify for tax benefits under section 10 (10D) of the Income Tax Act.

(Subject to the provisions stated therein.)

How the Plan Works?

Let us understand the benefits and the functioning of the plan with Rajiv’s example.

Rajiv Sharma (Policyholder) is 35 years old and is married to Rita who is 32 years old. He wishes to secure the future of his wife Rita. He buys Max Life Life Perfect Partner Super on his wife’s name (Rita is Life Insured) along with Max Life Waiver of Premium Plus Rider.

Product Details:

  • Rajiv’s age -35 years
  • Rita’s age - 32 years
  • Premium Payment Term: 20 years
  • Guaranteed Maturity Sum Assured of Rs. 9,60,461
  • Annual Premium of Rs. 63,444 ( Rs. 60,000 base policy and Rs. 3,444 Max Life Waiver of Premium Plus Rider) without taxes, levies and loading extra.
  • Bonus Option chosen is Paid - Up Additions
  • Rider Opted: Max Life Waiver of Premium Plus Ride

Living Benefit: Guaranteed Money-Back For Retirement YearsRajiv will get a guaranteed income of Rs. 72,035 every year from age 61 years to 75 years and on maturity, he will get the entire Guaranteed Maturity Sum Assured along with the accrued bonuses. In case, he wishes to make additional withdrawals over and above the guaranteed benefits, he can do so from the accrued Paid - Up Additions (PUA).

Customer Give and Get:

(@ 4%) Rajiv gives = Rs. 12.7 Lacs; Rajiv gets = Rs. 28.4 Lacs { Rs. 10.8 Lacs (Guaranteed Money-back) + Rs. 9.6 Lacs (Guaranteed Maturity Sum Assured) + Rs. 8 Lacs (Non Guaranteed Bonuses)} (@ 8%) Rajiv gives = Rs. 12.7 Lacs; Rajiv gets = Rs. 80.3 Lacs { Rs. 10.8 Lacs (Guaranteed Money-back) + Rs. 9.6 Lacs (Guaranteed Maturity Sum Assured) + Rs. 59.9 Lacs (Non Guaranteed Bonuses)}* The non-guaranteed assumed rates of return chosen in the above example are 4% and 8% and the mode of premium payment is Annual.

Death Benefit: Secure Your Wife’s Financial Well-Being Through Max Life Waiver Of Premium Plus Rider

Customer Give and Get:

(@ 4%): Rajiv gives = Rs. 6.34 Lacs; Rita gets = Rs. 28.4 Lacs { Rs. 10.8 Lacs (Guaranteed Money-back) + Rs. 9.6 Lacs (Guaranteed Maturity Sum Assured) + Rs. 8 Lacs (Non Guaranteed Bonuses)} (@ 8%): Rajiv gives = Rs. 6.34 Lacs; Rita gets = Rs. 80.3 Lacs { Rs. 10.8 Lacs (Guaranteed Money-back) + Rs. 9.6 Lacs (Guaranteed Maturity Sum Assured) + Rs. 59.9 Lacs (Non Guaranteed Bonuses)} (Note: The non-guaranteed assumed rates of return chosen in the above example are 4% and 8% and the mode of premium payment is Annual).