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Max Life Whole Life Super Insurance Plan: Brief Overview
If you want to systematically raise a corpus for your family to build wealth or prepare for any uncertainties in the future, then the Max Life Whole Life Super Insurance Plan is the ideal savings plan for you. The company defines it as a flexible savings plan with life insurance for a lifetime. It offers a life cover until the age of 100 and some added bonuses such as assured payouts with bonuses at the end of the policy term. You can also withdraw a part of the savings to fulfill any urgent financial requirement.
Max Life Whole Life Super Plan: Review and Features
Max Life Whole Life Super Insurance Plan is a non-linked participating savings insurance plan offered by Max Life Insurance. Here are a few key features of this insurance plan:
- Complete Protection Until the Age of 100 Years:One of the main reasons why people opt for Max Life Whole Life Super Insurance plan is that it offers life coverage for up to the age of 100 years. This takes out the need to invest in different term insurance plans and also offers the opportunity to build a heavy Even if the policyholder is as young as 18 years old, he can be sure that he will get a life cover until the age of 100 and can secure his family’s future should anything happen to him.
- Build a Corpus for Your Family’s Secured Future: Life can be unpredictable and it is advisable to prepare for the future. The Max Life Whole Life Super Insurance plan gives you the option to build a corpus for your family that can help them live a comfortable life even when you are not around. This insurance plan also offers the flexibility to withdraw funds from the savings if you need to address any urgent financial needs.
- Lump sum Payout at the Age of 100 Years: Most people envision a comfortable life in their golden years even after they have retired. Without a regular source of income, it may become difficult to maintain your lifestyle in the future. However, with the Max Life Whole Life Super plan, you can expect to receive a lump sum payout at the completion of the term or at the age of 100 years whichever is earlier. You can use this money to live a comfortable life decades after your retirement.
Max Life Whole Life Super Plan: Details:
| Particulars | Details |
| Policy Name | Max Life Whole Life Super Insurance Plan |
| Policy Type | Non-linked Participating Savings Insurance |
| Premium Paying Term (PPT) | 10, 15, 20 years |
| Policy Term | 100 years minus entry age |
| Minimum Premium | Rs. 8,500 per annum |
| Sum Assured (Minimum) | Rs. 50,000 |
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Entry Age |
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| Premium Payment Modes |
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| Guaranteed Maturity Sum Assured |
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| Riders for Additional Benefits |
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Max Life Whole Life Super Insurance: Benefits and Eligibility
For the Max Life Whole Life Super Insurance plan the applicant must be at least 18 years of age. The maximum age at entry for this insurance plan is 50 years. The premium payment term is up to 20 years and the policyholder can choose to pay premium on an annual, semi-annual, quarterly or monthly basis.
Listed below are some of the major benefits associated with the Max Life Whole Life Super Plan:
Maturity Benefit: On the completion of the policy term, you will get the guaranteed payout that you chose at the time of policy inception along with applicable bonuses.
Maturity Benefit = Guaranteed Maturity Sum Assured + Terminal Bonus (if any) + Accrued Paid Up Additions (if any)
Death Benefit: On the untimely death of the policyholder during the policy term, the Max Life Insurance would be liable to pay Guaranteed Death Benefit + Accrued Paid-up Additions (if any) + Terminal Bonus (if any) to the legally authorized beneficiary.
- Guaranteed Death Benefit:The guaranteed death benefit is highest among the following:
- 11 times the Annualized Premium
- Guaranteed Maturity Sum Assured chosen by the Policyholder at the time of the policy inception
- 105% of all premiums paid by Policyholder as on the date of Death of the Life Insured
- Accrued Paid-up Additions: These are the bonus payouts that are payable if you choose the PUA mode for receiving annual bonuses announced by the company.
- Terminal Bonus: This is an additional bonus that is paid only once if the policyholder dies during the policy term, on surrender of the policy or the maturity of the policy. The policy must have been in force for at least 10 years for the policyholder to be eligible for terminal bonus.
Bonus Payout Options: The policyholder has the option to receive an annual cash bonus announced by the company in three ways:
- Pain in Cash: The policyholder can choose to receive the annual bonus payout from Max Life Insurance in cash as and when declared by the company. Cash bonus payouts can be used by the policyholders as they please.
- Premium Offset:The policyholder can also choose to use the accumulated bonus to pay his/her future insurance premiums. This option can help policyholders pay their premiums easily since the bonus reduces the pinch they might feel on their budget.
- Paid Up Additions: If the policyholder wants to add living and death benefits under the insurance policy, he/she can use the bonus amount to purchase Paid-up Additions (PUA) to the policy. Many people choose this option over the others since PUAs are payable in full on the maturity of the policy and also earn more bonuses thereby increasing the value of the policy.
Terminal Illness Benefit: If the policyholder is found to be suffering from a disease that is likely to cause death within 6 months from the diagnosis then the policyholder can avail the terminal illness benefit offered by Max Life Insurance company under the Max Life Whole Life Super plan. Under the terminal illness benefit, the policyholder can get the 50% of the Guaranteed Maturity Sum Assured (up to Rs. 10 lakh) paid immediately upon request.
Tax Benefits: As Max Life Whole Life Super insurance plan is a savings and income plan, policyholders may be entitled to certain applicable tax benefits of their premiums and policy benefits depending on the prevailing government norms for determining tax exemptions.
Calculate Max Life Whole Life Super Insurance Premium Online
Max Life Insurance provides a range of insurance premium calculators to help its customers find the best insurance plan based on their needs. An individual looking for the right savings and investment plan can use these tools to calculate premium and compare different insurance plans.
Here are the steps you need to follow to calculate your Max Life Whole Life Super insurance premium online:
- Visit the official website of Max Life Insurance, https://www.maxlifeinsurance.com/
- Go to the ‘Insurance Calculators’ option in the header menu
- Click on the ‘Explore our Insurance Premium Calculators’ button
- Now, click on the ‘Calculate Premium’ link under the Max Life Whole Life Super option
- Fill out all the requested details such as date of birth, gender, sum assured, premium payment term, premium payment frequency, policy term, etc.
It is important to keep in mind that this insurance premium calculator only shows an estimated value. The actual amount may differ when you apply for the policy.
Also Check: Max Life Perfect Partner Super Plan
FAQs
Q1. Can I get my money back if I surrender my insurance policy?
You can surrender your policy anytime after it has acquired a surrender value. An insurance policy acquires a surrender value on the payment of first three years’ premium. The surrender value depends on the year of surrender and Guaranteed Surrender Value (GSV) / Special Surrender Value (SSV).
| Year of Surrender | GSV Factor as % of Premiums Paid |
| 1 – 2 | NA |
| 3 | 30% |
| 4 – 7 | 50% |
| 8+ |
|
Q2. Am I eligible to avail a loan under the Max Life Whole Life Super Insurance Plan?
Some insurance policies do offer a loan facility to policyholders. However, there is no loan available under this insurance plan.
Q3. What is a free-look period?
The free-look period is a time period given to the policyholder to go through the Terms and Conditions of the insurance policy and return the policy if they have any objections. For direct insurance policy purchase, you have a free-look period of 15 days from the date of receipt of policy documents. If you have purchased the policy through distance marketing modes then you get a free-look period of 30 days.