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Max Life Perfect Partner Super Plan

Max Life Perfect Partner Superis a non-linked participating individual life insurance savings plan which protection for life insurance coverage till the age of 75 years.

Features of Max Life Perfect Partner Super Plan

The key features of this plan are:

  • Get guaranteed 212.5% of the Guaranteed Maturity Sum Assured
  • Guaranteed money back of 7.5% of Guaranteed Maturity Sum Assured on each policy anniversary (on attaining age 61 years to 75 years)
  • Lump sum benefit on maturity
  • Comprehensive death benefit
  • Flexible premium payment terms
  • Flexibility to choose among the following bonus option - Paid in Cash, Premium Offset or Paid Up Additions

Benefits of Max Life Perfect Partner Super Plan

The key benefits of this plan are:

Survival Benefit- Provided the policy is in force, 7.5% of Guaranteed Maturity Sum Assured will be paid from age 61 to 75 (for 15 years).

Maturity Benefit- Provided the policy is in force, the following benefit will be paid on the life insured’s 75th birthday:

  • Guaranteed Maturity Sum Assured, plus
  • Accrued Paid-up Additions (if any), plus
  • Terminal Bonus (if any)

Death Benefit- In case of death of the policyholder, the following benefits will be paid to the nominee:

i) Guaranteed Death Benefit, plus ii) Accrued Paid-up Additions (if any), plus iii) Terminal Bonus (if any)

The Guaranteed Death Benefit is defined as higher of:

  • 11 times the Annualised Premium plus underwriting extra Premiums, if any
  • 105% of total premiums paid plus underwriting extra premiums plus loadings for modal premiums by Policyholder as on the date of death of the life insured
  • Guaranteed Maturity Sum Assured chosen by the Policyholder at policy inception

“Annualised Premium” is the premium amount payable in a policy year chosen by the policyholder.

Terminal Illness Benefit- In case the life insured is diagnosed with a life threatening illness in which death is imminent within 6 months, up to 50% of the Guaranteed Maturity Sum Assured (Face Amount) at the date of intimation (or RPU Guaranteed Maturity Sum Assured if applicable), subject to maximum cumulative amount of Rs. 10 lakhs under all policies, will be paid to the life insured.

Terminal Illness benefit can be availed only once during the policy term.

Eligibility Criteria

The eligibility criteria for this plan are:

CriteriaDetails
Age at Entry
Minimum Age at entry: 91 days
Maximum Age at entry:
Premium Payment TermMaximum Entry Age
7 and 10 years55 years
15 years50 years
20 years45 years
Maturity Age75 years
Sum Assured
Minimum: Rs. 50,000, subject to minimum premium of Rs. 8,500 for policies with premium payment term of 10/15/20 years and Rs. 20,000 for policies with premium payment term of 7 years
No such limit on maximum amount
Sum Assured BandsGuaranteed Maturity Sum Assured Bands
  • Band 1 – Less than Rs. 1,00,000
  • Band 2 – Rs. 1,00,000 to Rs. 2,49,999
  • Band 3 – Rs. 2,50,000 to Rs. 4,99,999
  • Band 4 – Rs. 5,00,000 and above
  • Annual Bonus
    1. Purchase Paid Up Additions (PUA) - Bonus declared by the insurer will be used to purchase Paid Up Additions. These PUA increase the maturity, surrender and death benefits under the policy and will be payable in full on the earlier of death or maturity
    2. Paid In Cash - Bonus declared by the insurer is paid out to the policyholder as and when declared
    3. Premium Offset - Bonus declared by the insurer will be used to offset future premiums payable by the policyholder
    4. Terminal Bonus - Terminal Bonus is an additional bonus paid only once, on earlier of death, surrender or maturity, provided the policy has been in force for at least ten complete policy years
    Rider Options
  • Max Life Term Plus Rider (UIN – 104B026V03)
  • Policy and Premium Payment Details

    CriteriaDetails
    Policy Term
    To age 75 years of the Life Insured
    (Policy anniversary following or coinciding the life insured attaining age 75 years)
    Policy Term: 75 years less Age at entry of Life Insured
    Premium Payment Term7 years, 10 years, 15 years or 20 years
    Premium Modes and Modal FactorsAnnual, semi-annual, quarterly and monthly premium paying modes. The modal factors are as follows:
    Premium ModeFactor
    Annual1.000
    Semi-annual0.520
    Quarterly0.265
    Monthly0.090
    Minimum Premium
    Premium Payment TermMinimum Premium
    7 yearsRs. 20,000 per annum
    10, 15 or 20 yearsRs. 8,500 per annum
    Premium Rates at Sample Ages
    Age7 Yrs PPT10 Yrs PPT15 Yrs PPT20 Yrs PPT
    1035,32226,32817,10012,003
    3553,49939,47127,42021,015
    4569,35450,51436,30328,968
    5592,55368,019NANA

    Additional Plan Details

    Surrender - The policy acquires a Surrender Value post payment of first two full year premiums. The surrender value will be higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) where Guaranteed Surrender Value (GSV) is equal to percentage of total premiums Paid plus loadings for modal premiums paid as in the table below plus guaranteed cash value of accrued paid up additions (if any) less survival benefits already paid to the policyholder.

    Year of surrender% of Total Premiums paid plus loadings for modal premiums paid
    1Nil
    230%
    335%
    4-750%
    8
    Minimum of [ { 50% + ( (40% X (N-7)) / (Policy Term - 8) ) } or 90% ]
    N is the Policy Year of Surrender Graduating linearly from 50% to 90% during the last two policy years

    Documents Required for this Plan

    The following documents are required for this plan:

    • Application Form
    • KYC Details - Proof of ID and Address
    • Proof of Age
    • Bank Statement
    • Medical Test Report, if required
    • SIP/SI/Auto Debit/Bank Mandate Form

    Why you should buy Max Life Perfect Partner Super Plan?

    Retirement is an important and unavoidable part of human life. It is only natural that you and your family want to stay worry-free post retirement. Max Life Life Perfect Partner Super Plan is a good insurance plan which will help you fulfill your future needs and secure your partner’s life, even in the case of eventualities.

    Exclusions under Max Life Perfect Partner Super Plan

    Suicide Exclusion- If the Life Insured, whether minor/major and whether sane or insane, dies by suicide within 12 months of the effective date of risk commencement or the date of revival of policy, the policy shall terminate immediately and the insurer will pay:

    • Higher of Surrender Value or total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid in case the policy has acquired a surrender value; OR
    • Total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid in case the policy has not acquired a surrender value.
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