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Max Life Whole Life Super Plan
Individuals seek a life insurance plan that promises lifelong protection to leave a legacy for the next generation. True to its name, the Max Life Whole Life Super Plan extends life cover to 100 years of age with a wide array of options to customize the policy according to individual preferences. The Max Life Whole Life Super Plan Policy is a non-linked, but participating, individual savings life insurance product that offers a choice of flexible Premium Payment Terms. The other key features are the lump-sum maturity payout at 100 years and the facility to withdraw accumulated bonuses to finance life milestones.
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Max Life Whole Life Super Plan Table
| Parameters | Description |
| Policy Tenure | 100 years less the Insured's Entry age, or up to 100 years of the Insured's age |
| Premium Paying Term | 10/15/ 20 years |
| Premium Paying Mode | Regular Pay: Yearly, Half-yearly, Monthly, Quarterly |
| Entry Age | Minimum: 30 years Maximum: PPT-10: 60 years PPT-15: 55 years PPT-20: 50 years *PPT is Premium Payment Term |
| Maturity Age | 100 years |
| Grace Period | 15 days for monthly mode of payment and 30 days for other modes of payment from the premium due date |
| Sum Assured | Minimum: Rs.50,000 on maturity Maximum: No upper limit; as per Board approved underwriting policies |
| Liquidity | The policy does not offer any loan facility |
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Benefits of Max Life Whole Life Super Plan
For any benefits to disburse, the Max Life Whole Life Super Plan Policy status has to be active.Â
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Maturity Benefit - The Guaranteed Sum Assured on Maturity plus the Terminal Bonus and Accrued Paid-Up Additions, is paid in lump-sum on the policy anniversary following the attainment of 100 years of age.Â
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Death Benefit - The total of the Guaranteed Sum Assured on Maturity plus the Terminal Bonus, and the Accrued Paid-Up Additions, is paid in lump-sum on the demise of the policyholder during the policy term.Â
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Terminal Illness Benefit - The benefit is payable if there is a Terminal Illness diagnosis for the insured, which is likely to lead to death within the next six months, and certified by medical practitioners. The payable amount is 50% of the Guaranteed Sum Assured on Maturity, subject to a maximum of Rs.10 Lakh.Â
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Tax Benefit - According to the prevailing terms, the insured is entitled to tax deductions for the premium paid and the received benefits under the Income Tax Act, 1961.Â
*Tax benefit is subject to changes in tax laws
The Premium for Max Life Whole Life Super Plan
The indicative sample Max Life Whole Life Super Plan premium is described below:
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Minimum: Rs.8,500
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Maximum: No limit; subject to underwriting.Â
*Standard T&C Apply
Additional Riders for Max Life Whole Life Super Plan
Max Life Whole Life Super Plan Reviews mention additional riders offered with the policy, which are:
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Max Life Waiver of Premium Plus Rider
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Max Life Accidental Death & Dismemberment Rider
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Max Life Term Plus Rider
Eligibility for Max Life Whole Life Super Plan
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Entry Age:Â
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Minimum: 30 years
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Maximum: 65 years; varies as per PPT
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Maturity Age: 100 years
What are the documents required to buy this policy?
Documents are essential to buy Max Life Whole Life Super Plan. The copies of Official Valid Documents are accepted for the following: However, the insurer may call additional documents.Â
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Identity Proof
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Age Proof
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Address Proof
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Income Proof
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Recent PhotographÂ
How to buy this plan online?
The policy is bought through the conventional method at the nearest brick and mortar office as the online Max Life Whole Life Super Plan is not an option on the insurer website. The applicant can draw the plan's contours by using the Max Life Whole Life Super Plan calculator. The insurer is free to make an online request for a Financial Expert's assistance to prepare the proposal and pay the initial premium to complete the process. The purchase can be accomplished in a few simple steps:
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Choose the Guaranteed Sum Assured at Maturity
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Choose the Premium Payment Term
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Choose the Bonus Option to meet future needs.Â
Exclusions of Max Life Whole Life Super Plan
The suicide clause is applied in the plan. It deals with the death benefit for the suicidal death of the insured within twelve months of the policy inception or revival. The payable amount is limited to 80% of the paid premium or the surrender value, whichever is higher.Â
FAQ's
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What are the components of the Bonus options in the Max Life Whole Life Super Plan Policy?
The insured can choose the Bonus Options from among the three listed below:- Paid in Cash
- Premium Offset
- Paid-Up Additions
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What is the free-look period in the Max Life Whole Life Super Plan Policy?
The free-look period in the policy is 15 days, extended up to 30 days if the source is Distant Marketing, after the receipt of the policy bond. The insured can review the terms and conditions and cancel the policy upon disagreement with a written request stating the objections. -
What are the conditions for surrendering the Max Life Whole Life Super Plan Policy?
The policy is eligible for surrender after at least two full tear's premium has been paid. On surrender by the insured, it acquires a surrender value satisfying the pre-requisite. The value is payable immediately on request as per the terms of the policy. -
What is the terminal bonus in the Max Life Whole Life Super Plan Policy?
Terminal Bonus is an additional bonus paid only once depending on the earliest incident of Death, Surrender, or Maturity. The amount becomes payable only after the policy is in force for a straight ten years. -
What is meant by the Paid-Up Addition (PUA) withdrawal option in the Max Life Whole Life Super Plan Policy?
The option is available only when the Paid-Up Additions are accrued in the policy. The policyholder is entitled to surrender the policy and withdraw the PUA cash value, subject to a minimum of Rs.5000 and a maximum of available PUA. -
How can the lapsed Max Life Whole Life Super Plan Policy be revived?
The lapsed policy can be revived within five years of the default date, subject to compliance with the insurer's terms and conditions. -
Can a Reduced Paid-Up Max Life Whole Life Super Plan Policy be revived?
By its very nature, the Reduced Paid-Up has acquired a surrender value. Thus, it can be revived within five years of the default date, subject to compliance with other terms and conditions.Â
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
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