Max Life Life Perfect Partner Super Plan and Policy
Max Life Life Perfect Partner Super Plan and Policy - Life is a long journey, and a perfect partner just makes this journey easy, adventurous and even fun. When you pass through the meaningful stage in life, you will need to take care of creating assets along the way, saving for your child's bright future when it comes to their education, wedding and so on, saving up for a laid back and enjoyable retirement. Max Life Life Perfect Partner Super Plan will help you do just that, by understanding your desires and making it possible to achieve them by simplifying your financial planning and investment.
Key Features - Max Life Life Perfect Partner Super Plan and Policy
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Guaranteed sum assured: Get a guaranteed sum assured of 212.5% of the guaranteed maturity - with this plan you can get a guaranteed maturity of 212.5% and it comprises of the guaranteed money backs, and also a lump sum benefit on maturity.
- The money backs will ensure you get a 7.5% of the guaranteed sum assured on your policy anniversary after you, the policyholder have reached the age of 61-75 years.
- You also receive a maturity benefit lump sum, where you will receive guaranteed maturity sum plus accrued paid-up additions (if any) plus additional terminal bonus (if any) on the maturity of the policy at 75 years of age.
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Premium payments are flexible: Depending on your financial goals, the Max Life Life Perfect Partner Super Plan offers you the flexibility to choose your premium payments terms. You can choose terms ranging from 7, 10, 15, and 20 years as your term of premium payments.
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Customize your policy to suit you: You can use the various riders Max Life provides to your plan and customize it to suit your needs of additional protection.
Benefits - Max Life Life Perfect Partner Super Plan and Policy
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Comprehensive death benefit: If case of the policyholder’s unfortunate demise, the Max Life Life Perfect Partner Super Plan offers a comprehensive death benefit to ensure your loved ones have the financial security they require.
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Tax benefits: Under the laws of the Income Tax Act 1961, the policyholder will have tax benefits available.
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Bonus options that are flexible: Under this option you can choose the bonus options as per your requirement.
- Paid in cash: If any bonus is declared every year from the 2nd year of the policy, this bonus will be paid in cash till the end of the policy term of 75 years of age of the life insured.
- Offsetting of premium: Any bonuses declared can be offset towards the premium payments of future years.
- Paid-up additions: You can also purchase additional sum assured, to help boost your maturity value through the compounding. You can use the bonus to make these purchases.
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Terminal illness benefit: Any policyholder suffering from terminal illness can claim this benefit once during the policy term.
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Riders: Choosing an additional rider for your policy, on the happening of the insured event.
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Surrendering benefit: This kind of benefit is payable immediately on surrender, the policy acquired has a surrender value as mentioned below:
- For a policy wherein the payment terms of 7 years - after the payment of 2 full year premiums.
- For a policy wherein the payment terms of 10, 15, or 20 years - after the payment of 3 full year premiums.
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Non-Forfeiture Benefit: Reduced Paid-up (RPU): Discontinuance of a policy will lead to a surrender, and acquires surrender value.
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Loan facility: There is no loan facility available under this product.
Eligibility - Max Life Life Perfect Partner Super Plan and Policy
Particulars |
Details |
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Entry ages (as per last birthday) |
Maximum age at entry
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Minimum premium per year |
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Maximum premium |
Depends on the age of the policyholder and the maximum sum assured (subject to the underwriting policy of Max Life Insurance with board approval) |
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Maturity age |
The available maturity age is 75 years, if the policy anniversary is follows or coincides with the age of the policyholder turning 75 years |
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Sum assured limits |
Minimum sum assured - Rs. 50,000 this is subject to the minimum premium terms Maximum |
How the Max Life Life Perfect Partner Super Plan and Policy Works?
Let’s take an example, Mr. Sharma a policyholder is 35 year old and is married to Geetha who is aged at 32 years. Mr. Sharma, wants to secure his future with his life partner with the Max Life Life Perfect Partner Super Plan, so he decides to take up a premium payment term of 20 years and pays an annual premium of Rs. 60,000 without taxes. He chooses the Bonus Option (this option has dividends paid to shareholders, this funds are created out of additional profits earned by the company) of the paid-up additions. He should get a guaranteed maturity sum assured of Rs. 8, 81, 704. There are 3 types of benefits from this policy, the survival benefit, maturity benefit or the death benefit.
Survival/ maturity benefit:
Benefit |
When |
What |
Survival benefit |
Ages 61 - 75 years |
Rs. 66,128 per year |
Maturity benefit |
At 75 years of age there is a guaranteed maturity benefit |
Rs. 8, 81, 704 |
Maturity benefit at 4% Maturity benefit at 8% |
Rs. 15, 62,076 Rs. 55, 85,174 |
* The amounts mentioned include the guaranteed maturity sum assured with non-guaranteed accrued paid-up additions and bonuses.
Death benefit:
Age of the policyholder in years |
Death Benefit at 4% |
Death Benefit at 8% |
35 |
Rs. 8,81,704 |
Rs. 8,81,704 |
50 |
Rs. 12,93,754 |
Rs. 19,74,672 |
60 |
Rs. 16,90,012 |
Rs. 32,58,418 |
70 |
Rs. 18,52,135 |
Rs. 48,60,262 |
* The guaranteed death benefit of Mr. Sharma keeps increasing with his age. And is under the consideration that he pays all premiums in time and the policy is in force.
Premium Payment - Max Life Life Perfect Partner Super Plan and Policy
The premium payment can be made in different modes, annually, semi-annually, quarterly, and monthly premium paying modes. There are also modal factors that need to be considered they are as follows:
Modal factors |
Premium Modes |
Factors |
Annually |
1.000 |
Semi-annually |
0.520 |
Quarterly |
0.265 |
Monthly |
0.090 |
Minimum premium payments:
Premium payment terms (in years) |
Minimum premium |
7 years |
Rs. 20, 000 per annum |
10, 15, or 20 years |
Rs. 8,500 per annum |
Riders - Max Life Life Perfect Partner Super Plan and Policy
If a policyholder wishes to add an additional coverage to their policy in case of an unfortunate incident. This rider will provide the policyholder with additional protection along with the insurance plan or base plan.
The Max Life Term Plus Rider has certain conditions as well they are mentioned below:
Age entry |
Minimum - 20 years Maximum - 55 years |
Maturity Age |
60 years |
Premium Modes |
Same as Base Policy |
Minimum/Maximum Premium |
Based on the minimum and maximum premium under the Base Policy and any attaching rider. However, the rider premium cannot exceed 30% of premiums payable under the Base Policy. |
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