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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.
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
Choose the amount of protection you need & select policy term
Step 2
Step 3
Sum assured,
Sum assured plus level monthly income,
Sum assured plus increasing monthly income
Choose from the available rider for comprehensive protection
Step 4
Fill in the application form & make online payment through credit / debit card or net banking
Step 5
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1.
Sum Assured
2.
Sum assured plus level monthly 100% of the policy Sum Assured
income
plus
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 (listed impairments under the Rider contract)
due to accident.
Please refer the Rider Brochure 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.
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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 the
corresponding rate is not available, the lowest available premium rate for men will be used.
Plan Eligibility:
Feature
Specification
18 years / 60 years
70 years
Policy Term
Sum Assured
Premium Modes
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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
Non-Smoker
Smoker
Non-Smoker
Smoker
Non-Smoker
Smoker
30
4,050
5,950
5,350
8,050
5,800
8,750
35
5,250
8,200
7,050
11,150
7,700
12,250
40
7,450
12,100
10,150
16,600
11,100
18,300
45
11,150
18,550
15,300
25,650
16,800
28,300
*excluding underwriting extra premium (if any) and Service tax & any other taxes, cess or levies
1
Sum Assured 50 lacs; Total Protection Value including Monthly Incomes - 74 lacs
Sum Assured 50 lacs; Total Protection Value including Monthly Incomes 84.8 lacs
How do the three death benefit options work out for you?
Chosen Sum
Assured 50 lakhs
Policy
commencement
Payment of Rs. 50
lakhs (100% of sum
assured) to the
nominee
Premiums paid
Unfortunate
Death
Policy Term
2. Sample Illustration - Max Life Online Term Plan Sum Assured plus Level Monthly Income
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Payment of Rs. 50
lakhs (100% of sum
assured) to the
nominee
Annual Income of Rs. 2.4
Lacs (payable monthly )
totaling to 48% of sum
assured over 10 years
(120 payments)
Premiums paid
Unfortunate
Death
Policy
commencement
Policy Term
ends
Policy Term
Sample Illustration - Max Life Online Term Plan Sum Assured plus Increasing Level Monthly
Income
3.
UIN: 104N078V01
Policy
commencement
Payment of Rs. 50
lakhs (100% of sum
assured) to the
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.
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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 companys underwriting policy.
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 insureds 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
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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.
Revival of Policy: A lapsed Policy can be revived by you at the Companys 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. Currently company charges a flat fee
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 pay Total Premiums
paid (inclusive of extra premiums, if any, but exclusive of service tax and education cess 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.
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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
terms of the policy are adjusted on subsequent proof that the age of the Life Insured was incorrectly
stated in the proposal.
Disclaimers:
Insurance is the subject matter of solicitation.
For more details on the risk factors, terms and conditions, please read the sales brochure carefully
before concluding a sale.
Life Insurance coverage is available in this product
Tax Disclaimers 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.
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