Max Life Whole Life Super Plan and Policy

Max Life Whole Life Super Plan and Policy - Max Life Whole Life Super plan is a traditional participating whole life insurance plan that allows a guaranteed protection up to the age of 100 years along with bonus additions that contribute to growth of investment. The plan is a limited premium paying policy that offers the option to include additional riders and thus increase risk cover.

Key features - Max Life Whole Life Super Plan and Policy

This traditional plan from Max Life has the following features

• Premium paying term - Premiums under this policy are payable for a duration of 10 years, 15 years or 20 years which accounts for the limited premium paying period
• Premiums - Under this limited premium paying plan, the life insured needs to pay a minimum of Rs. 8500 annually in order to continue availing the benefits of the policy. The sample premium rates for a Guaranteed Maturity Sum Assured of Rs. 3,00,000 are as below-

  Age of Life insured (in years)	10 Years	15 Years	20 Years
  35	15,705	11,742	9,441
  45	19,635	14,844	12,132
  55	24,678	18,969	N/A

• Premium paying modes - The premiums can be paid annually, semi-annually, quarterly or monthly and the modal factors for the same are 1.000, 0.520, 0.265, 0.090 respectively. Modal factors represent how the amounts paid towards premiums are affected through the multiplier numbers. The premium paying mode can be changed at any time during the payment term
• Premium paying method - Premiums for the policy can be paid through internet banking, ECS, cheques, demand drafts, credit cards and other applicable transaction medium
• Basis - This is a traditional linked whole life insurance, which means it allows the policyholder to garner benefits of investment through loyalty additions and bonuses offered through the plan, along with providing a life cover
• Policy validity - The policy is valid for 100 years and the associated benefits are payable either to the policyholder or the nominee as the case may be
• Add-on covers - A total of four optional add-on covers or riders can be availed along with this policy and they can serve to increase the risk cover offered in the main policy

Benefits - Max Life Whole Life Super Plan and Policy

This traditional policy from Max Life is aimed at providing many benefits to the policyholder and his/her family to aid in a secure financial future. The following are a detailed list of the benefits offered under this policy -

• Death benefit - The death benefit under this plan is payable on the death of the life insured, provided the policy is in force. The policy terminates with the death of the life insured and the death benefit is a total of the following -

  • Guaranteed Death Benefit (higher of 11 times the annualised premium, 105% of all the premiums paid as on the date of the death of the life insured and Guaranteed Maturity Sum chosen at the time of policy inception
  • Accrued Paid Up Additions (if any)
  • Terminal Bonus (if any)
• Maturity benefit - The maturity benefit under this plan is payable on survival of the life insured on the date of maturity (100 years of age of the life insured), provided the policy is in force and it will include Guaranteed Sum Assured, Accrued Paid Up Additions (if any) as well as Terminal Bonus (if any)
• Surrender Benefit - The policy acquires a surrender value post the second year of the policy being in force and can be surrendered to obtain a Guaranteed Surrender Value. The amount thus payable as surrender benefit is at the discretion of the bank
• Bonuses - Being a linked plan, this plan offers many bonuses and they are as follows -

  • Annual Bonus - Announced every year from the second policy year onwards, if applicable, this cash bonus is either paid to the policyholder, used to offset future premiums or purchase Paid Up Additions that increase added benefits
  • Paid Up Additions - If present under the policy, all or part of the accrued Paid Up Additions can be withdrawn by the policyholder
  • Terminal Bonus - If the policy has been in force for at least ten years, the terminal bonus is payable only once on maturity, surrender or death and in case of surrender, the bonus is paid in cash
• Tax benefits - One might be eligible for availing tax benefits for premiums under Section 80C and for maturity/death benefits under Section 10(10D) as per the prevailing tax laws.

Eligibility - Max Life Whole Life Super Plan and Policy

The age criteria for the plan and associated riders can be summarised in the table mentioned below -

The minimum age at entry is 18 years and the maximum age at entry is depicted as below -