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Online Term Plan from Max Life

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Max Life Online Term helps you customize the protection required at affordable prices by offering 3 death benefit options to choose from at the time of purchase

Max Life Online Term helps you customize the protection required at affordable prices by offering 3 death benefit options to choose from at the time of purchase

Published in: Economy & Finance, Business

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  • 1. Max Life – Online Term Plan A Non-Participating, Non-Linked, Pure Term Insurance Plan UIN: 104N078V01 LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT This plan is a Pure Term plan that provides only death benefit and no maturity benefit. About Max Life Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection. A financially stable Company with sound investment expertise, Max Life Insurance has a strong customer-centric approach focused on advice based sales and quality service. Max Life Online Term Plan You have always strived to give your family the best in life and have ensured they fulfill their dreams. However, in your heart, you always feel insecure about their future in your absence. Will your family be able to sustain the same lifestyle even in your absence? To put all your fears to rest and to provide you with peace of mind, Max Life Insurance offers Max Life Online Term Plan, a comprehensive protection solution for your loved ones at an affordable price. Not only that, you can now avoid the hassle of tedious paper work and easily get yourself insured online. Key features of Max Life Online Term Plan: • • • Choice of 3 Death Benefit options: Max Life Online Term helps you customize the protection required at affordable prices by offering 3 death benefit options to choose from at the time of purchase. Comprehensive protection against Death & Dismemberment by adding Comprehensive Accident Benefit Rider UIN - 104B025V01 Hassle free online application process Apply for comprehensive Protection in 4 easy steps Step 1 Step 2 Step 3 Step 4 Choose the sum assured, death benefit option and calculate premium Fill up the online proposal form Make online payment using net banking, credit or debit card Upload relevant documents and schedule medical examination ARN/Web/Ind/85
  • 2. Max Life – Online Term Plan A Non-Participating, Non-Linked, Pure Term Insurance Plan UIN: 104N078V01 Benefits under the Plan: Max Life Online Term is a Pure Term plan that provides only death benefit. The plan provides option to choose from the following 3 death benefit options. You can choose the right death benefit for yourself at the time of purchase only. Death Benefit options 1. Sum Assured 2. 3. Death Benefit details 100% of the chosen Sum Assured Sum assured plus level monthly 100% of the policy Sum Assured income plus 0.4% of the policy Sum Assured per month, for 10 years Sum assured plus increasing monthly income Effective total protection including Monthly Incomes – 148% of sum assured 100% of the policy Sum Assured plus Increasing monthly income for 10 years wherein the first year monthly income shall be 0.4% of the policy sum assured and shall increase every year by 10% p.a. (simple interest) of the first year monthly income. Effective total protection including Monthly Incomes – 169.6% of sum assured Please note that there is no maturity benefit or surrender benefit under the plan. Other features:  Rider: You can now make your Term cover more comprehensive by adding the below mentioned rider:  Max Life Comprehensive Accident Benefit Rider (UIN 104B025V01): get additional cover by way of rider sum assured in case of Death or Dismemberment (impairments are listed under the Rider contract) due to accident. You have the option to add this rider at the time of purchase of the base policy or anytime during the policy term Please refer the Rider Brochure (or Max Life Website) for more details on Rider  Get rewarded for healthy lifestyle: We offer you one more joy of staying away from tobacco and leading a healthy life. Max Life Online Term offers lower premium rates for Non-Smokers.  High Sum Assured discounts: There are discounts built in the plan if select higher sum assured.  Lower rates for female lives – There will be a 3 year age setback over males’ rates. Where corresponding rate is not available, the lowest available premium rate for men will be used. ARN/Web/Ind/85
  • 3. Max Life – Online Term Plan A Non-Participating, Non-Linked, Pure Term Insurance Plan UIN: 104N078V01 Plan Eligibility: Feature Specification Minimum / Maximum Age at Entry (age last birthday) 18 years / 60 years Maximum Expiry Age 70 years Policy Term Pick a Term from 10 to 35 years (in interval of 1 year), subject to Maximum Expiry Age Sum Assured Minimum: Rs. 25 lacs, Maximum: Rs. 100 crores The sum assured is available in multiples of Rs 1 lac only. Premium Payment Term Equal to Policy Term Premium Modes Annual Mode only Sample Premium Rates: Below are the sample premium rates* (Rs. per annum) at different ages for 25 year policy term for Sum Assured of Rs. 50 lacs Age (Male) Sum Assured 30 35 40 45 Non-Smoker 4,050 5,250 7,450 11,150 Smoker 5,950 8,200 12,100 18,550 Sum Assured plus Level 1 Monthly Income Non-Smoker Smoker 5,350 8,050 7,050 11,150 10,150 16,600 15,300 25,650 Sum Assured plus Increasing 2 Monthly Income Non-Smoker Smoker 5,800 8,750 7,700 12,250 11,100 18,300 16,800 28,300 *excluding underwriting extra premium, service tax, education cess or any other levies applicable 1 Sum Assured – 50 lacs; Total Protection Value including Monthly Incomes - 74 lacs 2 Sum Assured – 50 lacs; Total Protection Value including Monthly Incomes – 84.8 lacs How do the three death benefit options work out for you? o Mr. Sharma (age 35) opts sum assured of Rs. 50 lacs for 25 years under Max Life Online Term plan for a premium of Rs. 5,250 per annum (excluding service tax) After paying 9 premiums, unfortunately Mr. Sharma dies Assured – 50 lakhs o Sample Illustration - Max Life Online Term Plan Chosen Sum Sum Chosen Assured – 1. Policy commencement Payment of Rs. 50 lakhs (100% of sum Payment to the assured) of Rs. 50 Lac nominee (100% of the Sum Assured to the nominee Premiums paid Unfortunate Death Policy Term o Under the chosen option, his nominee will get Rs 50 lacs on death and the plan will be ARN/Web/Ind/85 Policy Term ends
  • 4. Max Life – Online Term Plan A Non-Participating, Non-Linked, Pure Term Insurance Plan UIN: 104N078V01 Mr. Sharma opts sum assured of Rs. 50 lacs for 25 years under Sum Assured plus Level Monthly Income for a premium of Rs. 7,050 per annum (excluding service tax) o After paying 9 premiums, unfortunately Mr. Sharma dies o Payment of Rs. 50 Payment of Rs. 50 Lac lakhs (100% of sum (100% of the Sum assured) to the Assured to the nominee nominee Unfortunate Death Policy commencement Policy Term ends Policy Term Sample Illustration - Max Life Online Term Plan – Sum Assured plus Increasing Level Monthly Income Mr. Sharma opts sum assured of Rs. 50 lacs for 25 years under Sum Assured plus Increasing Monthly Income for a premium of Rs. 7,700 per annum (excluding service tax) o After paying 9 premiums, unfortunately Mr. Sharma dies o Under the chosen option, his nominee will get Rs 50 lacs on death and Rs. 20,000 as monthly income increasing @ 10% every year, starting next policy anniversary after the date of intimation of death, totaling to 84.8 lacs Chosen Sum Assured – Chosen Sum Assured – Rs. 50 lakhs 3. Annual Income of Rs. 2.4 Lacs (payable monthly ) totaling to 48% of sum assured over 10 years (120 payments) Premiums paid Under the chosen option, his nominee will get Rs 50 lacs on death and Rs. 20,000 every month for 10 years (120 payments totaling to 24 lacs) starting next policy anniversary after the date of intimation of death, totaling to Rs. 74 lacs o o Sample Illustration - Max Life Online Term Plan – Sum Assured plus Level Monthly Income Chosen Sum Assured – Chosen Sum Assured – Rs. 50 lakhs 2. Policy commencement Payment of Rs. 50 Lac Payment of Rs. 50 lakhs (100% ofSum (100% of the sum assured) to the Assured to the nominee nominee Annual Income (payable monthly) increasing @10% every year for 10 years (120 payments) Premiums paid Unfortun ate Death Policy term ends Policy Term **Important Notes 1. Kindly note that the above case studies are only examples and do not in any way create any rights and/or obligations. 2. You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax consultation. 3. Extra premium will be charged for substandard lives as per company’s underwriting policy. ARN/Web/Ind/85
  • 5. Max Life – Online Term Plan A Non-Participating, Non-Linked, Pure Term Insurance Plan UIN: 104N078V01 Few important terms and conditions: (For other terms and conditions, please refer to the Policy Contract and Benefit Illustration) • Free Look Period: You have a period of thirty (30) days from the date of receipt of the policy document, to review the terms and conditions of the policy, where if you disagree to any of those terms and conditions, you have the option to return the policy stating the reasons for your objection. You shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the Company on medical examination of the life insured and stamp duty charges. • Nomination: In the Proposal form, the Policyholder can nominate a person in accordance with Section 39 of the Insurance Act, authorizing him/her to receive the benefits secured under the policy. Where the nominee is a minor, the policyholder is required to appoint an appointee to receive the monies in the event of the life insured’s death during the minority of the nominee. The person named by the policyholder in the proposal form as the nominee/s or the person who has been nominated at a later date, shall be the person to whom the money secured by the policy will be paid in the event of death of the Life Insured. Such nomination only indicates the person, who is authorized to receive the amount on the payment of which the Company will receive a valid discharge of liability under the policy. A change in nomination may be made by the policyholder any time during the term of the policy and must be registered with the Company. Assignment: The Policyholder may also assign the benefits under the policy in accordance with Section 38 of the Insurance Act, 1938 in favor of the person named by him/her whereby the beneficial interest, right and title under the policy are transferred to such person. An absolute assignment shall automatically cancel a nomination except any assignment in favor of the Company in accordance with Section 39 of the Insurance Act. Notice of assignment (including any change thereof), should be submitted for registration to the Company. In registering an assignment or nomination, the Company does not propose to accept any responsibility or express any opinion as to its validity or legality. • Grace Period: A grace period of thirty (30) days from the premium due date for payment of each premium will be allowed. During the grace period the Company will accept the premium without interest. The insurance coverage continues during the grace period but if the Life Insured dies during the grace period, the Company shall be entitled to deduct the unpaid Premium from the benefits payable under the Policy. • Lapse: If the Premium is not received by us within the Grace Period, your Policy shall lapse and no benefits under the policy will be paid. • Surrender: The policy does not acquire any Surrender Value throughout the Policy Term and therefore there is no amount payable to you upon surrender. ARN/Web/Ind/85
  • 6. Max Life – Online Term Plan A Non-Participating, Non-Linked, Pure Term Insurance Plan UIN: 104N078V01 • Revival of Policy: A lapsed Policy can be revived by you at the Company’s sole discretion, within 2 years from the due date of the first unpaid installment of the premium, only if: i) You give us a written request; ii) You produce an evidence of insurability acceptable to us and bear the cost for the same; and iii) You pay all overdue Premiums with late payment fee & interest at such rates as may be determined by the Company. • Suicide Exclusion: Notwithstanding anything stated herein, if the Life Insured, whether sane or insane, dies by suicide within one year of the effective date of risk commencement or the date of revival of policy, the policy shall terminate immediately. In such cases, the Company shall only refund Total Premiums paid (inclusive of extra premiums, if any, but exclusive of service tax, education cess, other taxes and levies` and rider premium, if any). • Statutory impositions: Premiums payable and benefits secured under your policy will be subject to applicable statutory levy, cess and taxes including service tax at the prevailing rates and Policyholder will be responsible for paying these statutory impositions. • Prohibition of Rebates: Section 41 of the Insurance Act, 1938 states: no person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives, or property, in India, any rebate of whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectus or tables of insurer. Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of rebate of premium within the meaning of this sub section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bonafide insurance agent employed by the insurer. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees subject to prevailing laws. • Full Disclosure & Incontestability: This policy has been issued on the representation of the proposer that he has made full disclosures of all relevant facts and circumstances. In case of fraud or misrepresentation, the company reserves the right to cancel the policy, subject to fraud or misrepresentation being established by the company in accordance with section 45 of the Insurance Act, 1938. Section 45 of the insurance Act, 1938 states that under the provisions of Section 45 of the insurance Act, 1938, “No policy of life insurance effected after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the proposer and that the proposer knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose. Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the ARN/Web/Ind/85
  • 7. Max Life – Online Term Plan A Non-Participating, Non-Linked, Pure Term Insurance Plan UIN: 104N078V01 terms of the policy are adjusted on subsequent proof that the age of the Life Insured was incorrectly stated in the proposal.” • Tax Benefits: You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax consultation. Disclaimers: Max Life Insurance Ltd. is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd., 11th Floor, DLF Square Building, Jacaranda Marg, DLF Phase II, Gurgaon (Haryana) – 122002. You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. Please note all the tax benefits are 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 tax laws. Max Life Insurance has been selected as a "Superbrand" of the year 2013-2014 by Superbrands India Private Limited. Insurance is the subject matter of solicitation. Should you need any further information from us, please do not hesitate to contact on the below mentioned address and numbers. We look forward to have you as a part of the Max Life family. For other terms and conditions, request your Agent Advisor or our distributor for giving a detailed presentation of the product before concluding the sale. Company Website http://www.maxlifeinsurance.com Registered Office Max Life Insurance Company Limited Max India, Max House, 3rd Floor, 1 Dr. Jha Marg, Okhla New Delhi - 110020 Tel: (011) 26933610 Office Address Max Life Insurance Company Limited Plot No. 90A, Sector 18, Gurgaon – 122015, Haryana, India. Tel No.: (0124) 4219090 Customer Services Numbers You can Call us on our nation-wide toll-free number: 1800 200 3383 *Toll free timings are 24*7 (except National holidays). To reach us online email us at online@maxlifeinsurance.com (Customer Service Timings: 9:00 AM - 9:00 PM Monday to Saturday (except National holidays) ARN/Web/Ind/85