Max Life Whole Life Super Plan 2024 Benefits, Features, Details, Review

Key features of Max Life Whole Life Super Plan

The following are features of this conventional plan from:

• It is a with-profit plan with some specified options for paying the premium.
• After the completion of two years , the policy bonuses are declared, and there are 3 options to avail them:
• Purchase Paid-up Additions – The bonus is also paid to grow the Sum Assured which is also used to earn extra advantages.
• Paid in Cash – Cash payouts are used every year to avail bonuses.
• Premium Offset – The bonus can be used to offset the upcoming premiums.
• Terminal Bonus is paid to the policyholder after completing 10 years as a benefit on surrender, maturity or death

Sum assured

• The policyholder’s Guaranteed Maturity Sum Assured is the amount they will receive when they turn 100.Accrued Paid Up Additions (if any) and the same are also included. The policyholder or nominee, as the case may be, receives any Terminal Bonus that may be paid. The guaranteed minimum maturity sum is Rs.50,000, and there are no upper limits, provided there is sufficient underwriting.
  

  Sum Assured Band	Sum Assured Range (INR)
  1	50,000 to 249,999
  2	250,000 to 499,999
  3	500,000 to 999,999
  4	1,000,000 to 4,999,999
  5	5,000,000 and above

Premium paying term

• Charges under this strategy are payable for a length of 10 years, 15 years or 20 years which represents the restricted premium paying period

Premiums

• The life insured must pay at least Rs. under this limited premium-paying plan.8500 annually in order to maintain access to the policy’s benefits. The typical premiums for a Guaranteed Maturity Sum Assured of Rs.3,00,000 are as underneath.
  

  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 modal factors for the premiums, which can be paid annually, semiannually, quarterly, or monthly, are 1.000, 0.520, 0.265, and 0.090, respectively. Modal factors show how the multiplier numbers affect the amounts paid toward premiums. During the payment term, the mode of premium payment can be changed at any time.

Premium paying method

• The policy’s premiums can be paid with credit cards, internet banking, ECS, checks, demand drafts, or any other suitable transaction method.

Basis

• As a traditional linked whole life insurance policy, this one enables the policyholder to reap the rewards of investment through the plan’s loyalty additions and bonuses.

Policy validity

• The benefits that come with the policy are paid out to the policyholder or the nominee, depending on the situation. The policy is good for one hundred years.

Add-on covers

• This policy comes with a total of four optional add-on covers or riders that can be used to increase the risk coverage in the main policy.

Max Life Whole Life Super Plan Specifications 

Benefits of Max Life Whole Life Plan

Max Life’s traditional policy aims to give the policyholder and his or her family a lot of benefits that will help them have a secure financial future. A comprehensive list of the benefits provided by this policy is as follows:

• Death benefit -When the life insured passes away, the plan’s death benefit is paid out, as long as the policy is still in effect. The policy ends when the life insured passes away, and the death benefit consists of the following components:

• Guaranteed Death Benefit(the higher of 11 times the annualized premium, 105 percent of all premiums paid as of the date of the life insured’s death, and the Guaranteed Maturity Sum selected at policy inception)
• Accrued Paid Up Additions (if any)
• Terminal Bonus (if any)

• Maturity benefit -The Guaranteed Sum Assured, Accrued Paid Up Additions (if any), and Terminal Bonus (if any) are all included in the maturity benefit that is due upon the life insured’s survival on the maturity date (100 years of age), provided that the policy is still in effect.

Surrender Benefit

• After the second year of the policy’s existence, it gains a surrender value and can be surrendered for a Guaranteed Surrender Value. The bank is free to decide what the surrender benefit should be.
• Bonuses – This plan, which is a linked plan, offers a number of bonuses, including the following:

• Annual Bonus -This cash bonus, if applicable, is announced each year beginning with the second policy year. It can be used to offset future premiums or to purchase Paid Up Additions that increase added benefits.
• Paid Up Additions -The policyholder has the option of withholding all or part of the accrued Paid Up Additions if they are covered by the policy.
• Terminal Bonus – The terminal bonus is only paid once upon maturity, surrender, or death if the policy has been in effect for at least ten years, and in the event of surrender, the bonus is paid in cash.

• Tax benefits -Depending on the current tax laws, one may be able to take advantage of tax benefits for premiums under Section 80C and for maturity or death benefits under Section 10(10D).

Eligibility Criteria for Max Life Whole Life Super Plan

The table below provides a summary of the plan’s age requirements and any applicable riders. The entry age is 18 years old, while the maximum age varies and is as follows:

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How Max Life Whole Life Super Plan Works?

Mr. A is a salaried professional who is 30 years old and wants to make sure he provides for his family well and has a secure retirement option. He selects the option with a Rs. guaranteed maturity amount.5,00,000.He selects the 20-year term with an annual payment mode out of the 10 years, 15 years, and 20 years of limited premium payment options. It turns out that his policy’s premium is Rs.12,405 per year (not including taxes and other costs).

The scenarios for Mr. A could be as follows –

Grace Period: In monthly mode, the policyholder has a 15-day grace period to pay the premium, and all dues must be paid in 30 days in other modes. In addition, if the policyholder fails to pay the premium within the grace period, the policy will expire. Surrender Advantage: The policyholder has three years to surrender the policy and pay the premium. Special Surrender Value (SSV) or Guaranteed Surrender Value (GSV) are used to calculate the Surrender Value.

GSV- GSV% of total premiums paid + GSV % of accumulated paid-up additions

SSV- Reduced paid-up SA/1000 * SSV Factor

Discontinued Premium Payment

A 30-day grace period is granted from the initial due date (15 days for those who have selected monthly mode) of premium payment if the policyholder fails to pay the premium on time. You should also be aware that the risk cover will be in effect during this time.

Free Look Period

We may regret our choices and wish we could have done something differently at times. In other words, if you don’t like the terms and conditions of this policy, you have the right to abandon it within 15 days after receiving the policy documents. The user must not have made any claims during this time period, which is the only requirement.

Inclusions

To a minimum sum of Rs. 5000, you may withdraw the paid-up additions under the bonus feature. Higher coverage is available at lower premium rates for Max Life Payor riders.

Exclusions

The corporation gives an increased of the Surrender Value or premiums paid if the policy taker commits suicide within a year after acquiring it. In addition, if the Surrender Value is not acquired by the policy, the money is returned in case of total premiums paid by the policyholder.

Documents Required

You must complete an Application or Proposal form, along with acceptable medical records, KYC documents, and residence documentation, in order to adopt the policy. Depending on your age and the amount you need or want, you may be required to have a medical examination in certain circumstances.

Reviews

Four riders can be profited alongside this strategy and charges for the equivalent are payable based on similar conditions as of the fundamental arrangement. These are the three optional riders:

• Payor Rider: This rider provides policy continuation benefits in the event that the policyholder is not the life insured.
• Accidental Death and Dismemberment Rider – This rider provides additional protection in the event of an unfortunate accident and subsequent death or disability. Term Plus Rider – This rider pays an additional benefit in the event of the life insured’s death.
• Waiver of Premium Plus Rider: This rider allows future premiums to be waived on the primary policy as well as any associated riders, including itself, in the event of death, disability, or critical illness.

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