Max Life Partner Care Rider

What is the Rider all about?

Every individual wants financial security for his family. Buying a life insurance policy is a major step towards attaining financial security of your loved ones. But to enhance the coverage and benefits over and above the base policy to ensure the well being of your family, Max Life Partner Care Rider is the right proposition to opt over and above the base policy.

What are the Key Features?

Comprehensive benefits under the rider

Avail rider at an affordable cost

Sum of all future premiums to be payable under the base policy up to age 60 on death

What are the Plan Benefits?

Death Benefit

In the event of death of the Life Insured, Sum of all the future premiums to be payable for the base policy up to age 60 years of the insured, will be immediately granted on death to the nominee. The rider will be terminated thereafter. If the base policy is in the grace period, the unpaid premium will form a part of the death benefit.

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)	21 Years	55 Years
Age at Maturity	-	60 Years
Rider Term	5 Years	39 Years (* Rider term cannot be greater than Maximum expiry age less entry age of Life Insured at inception of the rider)
Premium Paying Term	Same as rider term	-
Premium Paying Mode	Same as base policy	-
Sum Assured	Rs 1,000	It is based on the maximum premium of the base policy. (*the sum assured under the rider will not exceed the sum assured under the base policy other than in case of pension plans)
Premium	Rs. 0.077 per month..	The maximum rider premium shall, in no case exceed 30% of premiums (including extra premium, if any) payable under the base policy

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?

Life Insured: Mr. Kumar

Age: 35 years old

Occupation: Salaried Professional

Family Structure: He is married and the couple has a 4 year old child

In order to plan for his retirement, he purchases Max Life Forever Young Pension Plan with a 20 year policy term. Mr. Kumar is the policyholder and Mrs. Kumar, his wife, is the nominee under the policy. Further, in order to ensure additional benefit due to his untimely death, Mr. Kumar also purchases Max Life Partner Care Rider.

Here are the scenarios that can now happen during the course of the policy for Mr. Kumar.