Max Life Insurance Term Plus Rider

What is the Rider all about?

Riders provide extra benefit at an affordable cost. By adding Max Life Term Plus Rider to your life insurance policy (base plan),the rider provides your family an additional protection against an unfortunate incident at an affordable cost. This rider provides additional death benefit over and above the benefit provided under the base policy in case of your death. The benefits under this rider are payable along with the base plan benefit(s).

What are the Key Features?

Provides additional death benefit

Available at an affordable cost

Offers comprehensive protection

Additional Rider Sum assured to the nominee in the event of death

What are the Plan Benefits?

Death Benefit

On death of the Life Insured, the Rider Sum Assured is paid to the nominee as lump sum benefit as guaranteed death benefit along with base policy death benefit(s), provided the rider is in force.

The payout is higher of:

10 times the Annualized Premium for Rider
105% of all premiums paid for the Rider as on the date of death
Rider Sum Assured

Maturity Benefit

There is no maturity benefit available under this rider.

Surrender Value

No surrender value is available under this rider.

Loan

No surrender value is available under this rider.

Revival

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	35 Years (*Rider term cannot be greater than Maximum expiry age less entry age of Life Insured at inception of the rider)
Premium Paying Term	Same as rider term	-
Premium Paying Mode	Same as base policy	-
Sum Assured	Rs 50,000	Rs 15 Lacs (subject to a maximum of base plan’s Guaranteed Death Benefit as at the inception of the base policy)
Premium	The Minimum Annual Premium is Rs. 9 per annum for age at entry of 18 years (age as at last birthday),Rider Term of 5 years and rider SA of 50,000.	The maximum rider premium for standard life is Rs 46,287 for age at entry of 65 years ,rider term 5 years and SA 15 lacs.The Term Rider Plus Rider premium shall, in no case exceed 30% of premiums (including extra premium, if any) payable under the base policy.

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?

Life Insured: Mr. Kumar purchases a Max Life insurance policy on his life.

Term: 20 Years as premium payment term

Nominee: Wife

Further, in order to ensure additional protection, he also buys Max Life Term Plus Rider (Rs. 10 lacs rider sum assured with 20 years rider premium payment term) at a nominal incremental price.