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Max Life OTP Plus Plan

What is the Plan all About?

You have always tried to give your family the best of life to ensure they have all their dreams fulfilled. But deep within you, there is an apprehension regarding the uncertainty of the future of your loved ones in case of your absence. To combat all your fears and worries Max Life Insurance Co. introduces a pure protection plan MAX LIFE ONLINE TERM PLAN PLUS. A comprehensive term plan to give a secured future and protection to your loved ones and your absence at a cost-effective premium price.

What are the Key Features?

Lump sum benefit to the nominee as death benefit

Choice of death benefit options

Life Stage Benefit Option for enhancement of sum assured

Inbuilt accelerated Critical illness Benefit

High Sum assured discount

Low rates for female lives

Enhanced protection by adding CAB & WOP Plus Rider

Hassle free online application process

Tax benefits as applicable under IT Act

What are the Plan benefits?

  • Death Benefit:

Policyholder at the inception of the policy, can opt any one of the three death benefit options available under this plan.

1. Death Benefit OPTION 1: Lumpsum Benefit

In the event of death of the life insured a lumpsum amount which is 100% of the sum assured opted at the inception of the policy is paid to the designated nominee.

2. Death Benefit OPTION 2: Lumpsum Benefit + Level Monthly Income

  • Lumpsum Benefit: In the event of death of the life Insured a lump sum amount equal to 100% of the Sum Assured is paid to the nominee.
  • Level Monthly Income Benefit: In addition to the Sum Assured, this plan provides level monthly income benefits for 10 years payable to the nominee upon the death of the life insured. The monthly income is 0.4% of the Policy Sum Assured per month for a period of 10 years. such that the total of 120 regular monthly incomes will be equal to 48% of the policy Sum Assured. Effective total protection value paid to the nominee is 148% of the sum insured.

3. Death Benefit OPTION 3 : Lumpsum Benefit + Increasing Monthly Income

  • Lumpsum Benefit: In the event of death of the life Insured a lump sum amount equal to 100% of the Sum Assured is paid to the nominee.
  • Increased Monthly Income Benefit: In addition to the Sum Assured, this plan provides increased monthly income benefits for 10 years payable to the nominee upon the death of the life insured. The monthly income is 0.4% of the Policy Sum Assured and this income increases annually at 10% simple rate of interest of the first year monthly income. Effective total protection value paid to the nominee is 169.6% of the sum insured

(The nominee can also take the present value of all future monthly incomes discounted at the rate of 5.5% p.a. through a written request.)

The sum assured payable under this plan is highest of:

  • 10 times the annualized premium
  • 105% of all the premiums paid as on date of death
  • Minimum guaranteed sum assured on maturity
  • Absolute amount assured to be paid on death
  • Life Stage Event Benefit:

The Policyholder will have the option to increase sum assured basis life stage events such as marriage, child birth, home loan. The policyholder needs to select this option at the time of policy inception. The enhanced cover will be subject to additional premium without any medical examination. The benefit can be availed after payment of 3 full year premiums.The maximum additional sum assured applicable through this option is capped at Rs. 50 Lacs or eligibility conditions mentioned in the table below, whichever is lower.

Life Stage Events Additional Sum Assured Eligibility Maximum Sum Assured Cap

Marriage (only 1 instance during the lifetime of policy)

50% of base Sum Assured

Rs. 50 Lac

Child Birth (applicable for 2 children only)

50% of base Sum Assured

Rs. 25 Lac

House loan(only 1 will be applicable during the lifetime of the policy)

50% of base Sum Assured

Rs. 50 Lac

  • Accelerated Critical Illness Benefit:

Inbuilt benefit payable on diagnosis of any one of the specified 40 critical illnesses. The policyholder has an option to choose the Maximum Sum Assured offered under CI benefit starting with the minimum CI Benefit of Rs. 5 Lac, in intervals of Rs. 5 Lac, up to 50% of Sum Assured or Rs. 50 Lac, whichever is lower.This feature will cease after payment of the claim and the base policy will continue with a reduced premium. This benefit is payable on diagnosis of a specified Critical Illness within the policy term.The policyholder has to pay the critical illness benefit premium over and above the base premium,if opted for by the policyholder.

  • Maturity Benefit:

This policy is a pure protection plan which does not offer any maturity benefits.

  • Surrender Benefit:

The policy does not acquire any Surrender Value throughout the Policy Term and therefore there is no amount payable to you upon surrender of the policy.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 60 Years
Age at Maturity - 85 Years
Policy Tenure 10 Years 50 Years
Premium Paying Term Same as policy term or Pay till 60 Years
Premium Paying Mode Annually, Half Yearly, Quarterly & Monthly (2 months premium will be deducted in case of monthly mode)
Sum Assured 25 Lacs 100 crores (subject to underwriting)
Maturity Proceeds

Nil

Plan Type Online

Is any Rider Available with this Plan?

You may opt for the following Riders:

Max Life Comprehensive Accident Benefit Rider: Accident Benefit Rider provides  additional protection in case of an accident of the life insured leading to an unfortunate dismemberment (listed impairments) or death.

Max Life Waiver of Premium (WOP) Plus Rider: Waiver of Premium Plus rider provides waiver of all future premiums in the event where the life insured is diagnosed with the listed critical illnesses  or in the event of dismemberment. The rider also provides a waiver of premium in the event of death, but only when the life insured and the policyholder are separate individuals.

(Riders are optional and are available at an extra cost.)

Premium Illustration

Sample illustration of the Premium Amount for an individual of age 25, 30 and 35 years, opting for Max Life OTP Plus with Basic Life Cover option with Rs. 50 lacs or Rs. 1 crore as Sum Assured and 25 years as Policy Tenure.
 

 

25 years

30 years

35 years

Sum assured =Rs1 crore

Rs 5,300

Rs 6,400

Rs 8,800

Sum assured= Rs50 lacs

Rs 3,150

Rs 3,700

Rs 4,850


(Note: Premium amount is exclusive of service tax and cesses  for a non smoker individual basic life cover keeping good health conditions at the time of buying this insurance plan)

Is the Plan, eligible for Tax Benefit?

Max Life online Term Plan Plus is eligible for Tax benefits as stated:

  • Premiums paid qualify for tax benefits as per Section 80C of the Income Tax Act, 1961.
  • Premiums paid for the Critical Illness benefit qualify for tax benefits as per Section 80D of the Income Tax Act, 1961.
  • Premium paid towards the critical illness benefit qualify for tax benefits as per Section 80D of the Income Tax Act, 1961.
  • Death benefit(s) are entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

(Subject to the provision stated therein.)

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