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Max Life – Life Perfect Partner Super Plan is a traditional participating insurance plan that guarantees 212.5% of the guaranteed maturity sum assured. The plan will offer a long term protection for your family throughout the opted policy tenure along with guaranteed returns on your paid premiums.
Guaranteed 212.5% maturity sum assured
Guaranteed Retirement benefits for the Spouse
Flexible Premium Payment Terms
Flexibility to Withdraw Money in the event of Exegencies
Extensive protection throughout the policy term
Flexible Bonus Options to choose from
Maturity Benefit
Guaranteed Maturity Sum Assured + Accrued Paid - Up Additions (if any) + Terminal Bonus (if any) is payable to the policyholder as Maturity proceeds on the policy anniversary immediately following or coinciding with Life Insured attaining age of 75 years.
Survival Benefit
Guaranteed Survival Benefits are payable from age 61 years to 75 years for the term of 15 years. The guaranteed payout is 7.5% of the Guaranteed Maturity Sum Assured. The total payout will be 112.5% of the sum assured during the term of 15 specified years.
Death Benefit
On death during the term of the policy, the nominee/nominees are entitled to receive
Guaranteed Death Benefit is higher of(11 times the Annualised Premium**) or (105% of all premiums paid by Policyholder as on the date of death of the Life Insured) or (Guaranteed Maturity Sum Assured chosen by the Policyholder at policy inception).The policy will terminate after paying death benefit thereafter.
Terminal Illness Benefit
In the event where the insured is suffering from a chronic disease which will lead to his unfortunate death within the time frame of 6 months from the diagnosis as per the medical practitioner, the Co. will pay terminal illness benefit in such scenario. The benefit payable is 50% of the guaranteed maturity sum assured subject to the maximum of 10 Lacs on all policies which offer this benefit.
Terminal Bonus
It is an additional bonus amount paid as one time on death or surrender or maturity (whichever is earlier) on a condition that the policy is premium paying for atleast 10 continuous years.
Loan Benefit
This policy is not entitled for any loans.
Revival Benefit
A lapsed Policy can be revived within 2 (Two) years from the due date of the first unpaid Premium via written request on producing an evidence of insurability at the policy owner’s cost and on payment of all overdue Premiums (along with the service tax or any other taxes, cesses or levies, if any subject to the approval by the Co.
Surrender Value
The Surrender Value payable will be higher of Guaranteed Surrender Value or Special Surrender Value on the surrender of the Policy subject to the additional policy conditions.
| Factor | Minimum | Maximum |
| Age (as on last birthday) | 91 Days | 55 Years – For PPT 7/10 Years 50 Years- For PPT 15 Years 45 Years- For PPT 20 Years PPT: Premium paying Term |
| Maturity Age | - | 75 years |
| Policy Tenure | 75 Years less entry age of the insured | Upto age 75 Years of insured |
| Premium Paying Term | Limited Pay 7/10/15/20 | - |
| Premium Paying Mode | Monthly, Quarterly, Semi Annually & Annually | - |
| Guaranteed Sum Assured | Rs 50,000 | No Limit (subject to underwriting) |
| Premium | Rs 20,000 p.a – For PPT 7 Years Rs 8,500 p.a- For PPT 10/15/20 Years | No Limit (subject to underwriting) |
| Freelook Period | 15 days from the receipt of the policy | - |
| Grace Period | 30 days & 15 days (for monthly mode) | - |
| Plan Type | Offline | - |
The following riders are available with this plan for the payment of an additional premium.
1. Max Life Term Plus Rider which provides additional risk coverage in case of death
2. Max Life Accidental Death & Dismemberment Rider provides lump sum benefit in case of death / dismemberment due to accident
3. Max Life Waiver of Premium Plus Rider which waives off future premiums on the death of the insured.
The plan offers flexibility to choose among the 3 Bonus Options:
Premiums paid, qualify for the tax benefits as per Section 80C and the death benefit qualify for tax benefits under section 10 (10D) of the Income Tax Act.
(Subject to the provisions stated therein.)
Let us understand the benefits and the functioning of the plan with Rajiv’s example.
Rajiv Sharma (Policyholder) is 35 years old and is married to Rita who is 32 years old. He wishes to secure the future of his wife Rita. He buys Max Life Life Perfect Partner Super on his wife’s name (Rita is Life Insured) along with Max Life Waiver of Premium Plus Rider.
Living Benefit: Guaranteed Money-Back For Retirement YearsRajiv will get a guaranteed income of Rs. 72,035 every year from age 61 years to 75 years and on maturity, he will get the entire Guaranteed Maturity Sum Assured along with the accrued bonuses. In case, he wishes to make additional withdrawals over and above the guaranteed benefits, he can do so from the accrued Paid - Up Additions (PUA).
(@ 4%) Rajiv gives = Rs. 12.7 Lacs; Rajiv gets = Rs. 28.4 Lacs { Rs. 10.8 Lacs (Guaranteed Money-back) + Rs. 9.6 Lacs (Guaranteed Maturity Sum Assured) + Rs. 8 Lacs (Non Guaranteed Bonuses)} (@ 8%) Rajiv gives = Rs. 12.7 Lacs; Rajiv gets = Rs. 80.3 Lacs { Rs. 10.8 Lacs (Guaranteed Money-back) + Rs. 9.6 Lacs (Guaranteed Maturity Sum Assured) + Rs. 59.9 Lacs (Non Guaranteed Bonuses)}* The non-guaranteed assumed rates of return chosen in the above example are 4% and 8% and the mode of premium payment is Annual.
Death Benefit: Secure Your Wife’s Financial Well-Being Through Max Life Waiver Of Premium Plus Rider
(@ 4%): Rajiv gives = Rs. 6.34 Lacs; Rita gets = Rs. 28.4 Lacs { Rs. 10.8 Lacs (Guaranteed Money-back) + Rs. 9.6 Lacs (Guaranteed Maturity Sum Assured) + Rs. 8 Lacs (Non Guaranteed Bonuses)} (@ 8%): Rajiv gives = Rs. 6.34 Lacs; Rita gets = Rs. 80.3 Lacs { Rs. 10.8 Lacs (Guaranteed Money-back) + Rs. 9.6 Lacs (Guaranteed Maturity Sum Assured) + Rs. 59.9 Lacs (Non Guaranteed Bonuses)} (Note: The non-guaranteed assumed rates of return chosen in the above example are 4% and 8% and the mode of premium payment is Annual).
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