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Max Life Comprehensive Accident Benefit Rider

What is the Rider all about?

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.

What are the Key Features?

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

What are the Rider Benefits?

Death Benefit

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:

  • Irrecoverable loss of entire sight in both eyes or
  • Amputation or loss of use, of both hands at or above the wrists or
  • Amputation or loss of use, of both feet at or above the ankles or
  • Amputation or loss of use, of one hand at or above the wrist and one foot at or above the ankle

The rider terminates post Comprehensive Accident Benefit Rider claim due to dismemberment or death.

Maturity Benefit

There is no maturity benefit available under this rider.

Surrender Value

No surrender value is available under this rider.

Loan

Loan benefit is not available under this plan.

Revival

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 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

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.

Who can Buy the Rider?

Factor Minimum Maximum
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 -

Is the Rider, eligible for Tax Benefit?

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.

How the Rider Works?

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,