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To provide a financial protection for your family, you have taken a prudent decision of buying a life insurance policy as per your need and requirement. However, life is full of uncertain events, you don’t want any unfortunate accident destabilize your financial planning. To make your protection planning more robust, Max Life Insurance presents Max Life Comprehensive Accident Benefit Rider which you can add to your base policy to get additional benefits in case of an unfortunate accidental death or dismemberment.
Provides additional protection over and above the base policy
Available at an affordable premium price
Covers Accidental Death
Covers Accidental Dismemberment
Offers lump sum pay on the occurrence of the insured event
The benefits under this rider are payable under any of the following events:
A. Accidental Death
Under an active,premium paying policy, If the Life Insured dies due to an Accident, the company will pay the Rider Sum Assured will be upon approval of claim. Under the policy specification an Accident means sudden, unforeseen and involuntary event caused by external, visible and violent means.
Death by an Accident means death is caused by violent, accidental, external and visible means as revealed by an autopsy provided such death was caused directly by such accident, and independent of any physical or mental illness within 180 days of the date of the accident. Accidental Dismemberment
B. Accidental Dismemberment
Under an active,premium paying policy,if , the Life Insured meets with an accident, the company pays the Rider Sum Assured within 180 days from the happening of such accident and independent of all other causes, results in life insured being subject to one (or more) of the following impairments due to injury:
The rider terminates post Comprehensive Accident Benefit Rider claim due to dismemberment or death.
There is no maturity benefit available under this rider.
No surrender value is available under this rider.
Loan benefit is not available under this plan.
In case the premium for the rider are not received up to the expiry of the grace period, the rider will lapse and benefits will be inapplicable. The rider can only be revived within a revival period of two years from the due date of first unpaid premium subject to the following company conditions:
The revival of the rider is subject to the approval from the company’s underwriting team and the decision is communicated to the policyholder in writing. If a lapsed rider is not revived within 2 years or before the expiry of rider term, whichever happens first, the rider stands terminated and no value is payable to the policyholder.
|Age (as on last birthday)||18 Years||60 Years|
|Age at Maturity||-||75 Years|
|Rider Term||10 Years||35 Years (*Rider term is will be equal to base plan premium payment term subject to minimum and maximum limits defined.)|
|Premium Paying Term||Same as rider term||-|
|Premium Paying Mode||Same as base policy||-|
|Sum Assured||Rs 50,000||Rs 1 crore (subject to a maximum sum assured under the base plan)|
|Premium||Rs. 63 per Lac of Sum Assured. The premium rate does not vary with the age or gender of the life insured||-|
You may be entitled to certain applicable tax benefits on your premiums and Rider benefits subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax Benefits are subject to changes in the tax laws.
Mr. Kumar , Age: 35-Year
Occupation: Salaried Professional
Family Structure: Married, and has a 4-year-old child
He is a responsible individual who always takes care of his family. In order to plan for his family’s financial security,he buys Max Life insurance policy (Rs. 50 lacs sum assured with 20 years term), on his life with nominee as his wife. Further, in order to ensure additional protection against accident, he also buys Max Life Comprehensive Accident Benefit Rider (Rs. 20 lacs sum assured with 20 years term) at a nominal incremental price.
Here are the following scenarios that can occur during the course of the policy of Mr. Kumar,