Max Life Accidental Death and Dismemberment Rider

What are the Key Features?

What are the Rider Benefits?

The benefits under this rider are payable under any of the following events:

A. Accidental Death Benefit

Under an active, premium paying policy, If the Life Insured meets with an accident, resulting in an accidental death, the company will pay the Rider Sum Assured upon the approval of the claim within 180 days from the happening of such accident. Under the policy specification an Accident means sudden, unforeseen and involuntary event caused by external, visible and violent means.

B. Accidental Dismemberment

Under an active, premium paying policy,if, the Life Insured meets with an accident, the company pays the Rider Sum Assured within 180 days from the happening of such accident and independent of all other causes, results in life insured being subject to one (or more) of the following impairments due to injury:

• Irrecoverable loss of entire sight in both eyes or
• Amputation or loss of use, of both hands at or above the wrists or
• Amputation or loss of use, of both feet at or above the ankles or
• Amputation or loss of use, of one hand at or above the wrist and one foot at or above the ankle

The loss of use of the particular limb/loss of sight must be documented for an uninterrupted period of at least six months.The rider terminates post Comprehensive Accident Benefit Rider claim due to dismemberment or death.

There is no maturity benefit available under this rider.

No surrender value is available under this rider.

Loan benefit is not available under this plan.

In case the premium for the rider are not received up to the expiry of the grace period, the rider will lapse and benefits will be inapplicable. The rider can only be revived within a revival period of two years from the due date of first unpaid premium subject to the following company conditions:

• The policyholder has to give the company a written request for the revival
• The policyholder has to pay all due premiums with interest and / or late fee as applicable from time to time
• The policyholder has to provide an evidence of insurability at his own cost

The revival of the rider is subject to the approval from the company’s underwriting team and the decision is communicated to the policyholder in writing. If a lapsed rider is not revived within 2 years or before the expiry of rider term, whichever happens first, the rider stands terminated and no value is payable to the policyholder.

Who can Buy the Rider?

Factor	Minimum	Maximum
Age (as on last birthday)	18 Years	65 Years
Age at Maturity	-	70 Years
Rider Term	5 Years	52 Years (*The term of the rider shall be equal to or less than the term of the base plan)
Premium Paying Term	Same as rider term	-
Premium Paying Mode	Same as base policy	-
Sum Assured	Rs 50,000	Lower of the guaranteed death benefit at inception of the base policy or Rs 1 crore per life)
Premium	Rs. 100 per Lac of Sum Assured. The premium rate does not vary with the age or gender of the Life Insured.	-

Is the Rider, eligible for Tax Benefit?

You may be entitled to certain applicable tax benefits on your premiums and Rider benefits 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 the tax laws.

How the Rider Works?

Mr. Kumar , Age: 35-year

Occupation: Salaried Professional

Family Structure: Married, and has a 4-year-old child

He is a responsibleindividual, who always takes care of his family. In order to plan for his family’s financial security, he buys a Max Life insurance policy (Rs. 50 lacs Sum Assured with 20 years term), on his life, with his wife as his nominee. Further, in order to ensure additional protection, he also buys a Max Life Accidental Death and Dismemberment Rider (Rs. 20 lacs Sum Assured with 20 years term) at a nominal increase in the total premium payable.

Here are the following scenarios that can occur during the course of the policy of Mr. Kumar,