Max Life Life Perfect Partner Super Plan is a traditional savings plan which gives out a guaranteed maturity benefit. Despite being a traditional plan, the plan allows liquidity wherein the accumulated bonuses can be withdrawn by the policyholder for any financial emergencies. Premium payment is flexible and bonus additions can also be used in flexible ways.
Step 1 – the policyholder chooses the Guaranteed Maturity Sum Assured, the premium paying term and frequency. Based on the insured’s age and the above factors, the premiums are calculated.
Step 2- the policyholder also chooses the option of receiving bonus. There are three options of availing bonus which are as follows:
Step 3 – if the insured survives the plan tenure, the guaranteed maturity Sum Assured, accrued paid-up additions and bonuses are paid.
Step 4 – when the insured attains 61 years of age, 7.5% of the guaranteed maturity Sum Assured is paid every year till plan completion.
Step 5 – in case of death during the term of the plan, the guaranteed death benefit, accrued paid-up additions, if any and vested bonuses are paid.
Krishna, aged 35 years, buys the plan. He also chooses to receive the bonus in cash. The guaranteed maturity Sum Assured is Rs.2 lakhs and premiums are paid for 7 years. The term of the plan is 40 years as it continues till Krishna attains 75 years.
Option 1 – if Krishna dies during the plan term, higher of the guaranteed maturity Sum Assured or 11 times the annual premium or 105% of premiums paid is paid as guaranteed death benefit. Any paid-up Additions are also paid along with terminal bonus. Accrued bonuses are declared every year when they accrue.
Option 2 – After 26 years, when Krishna attains 61 years of age, 7.5% of the guaranteed maturity Sum Assured is paid every year till plan completion. On maturity, guaranteed maturity Sum Assured + paid-up additions and terminal bonus is paid.
|Age at entry (in completed years)||91 days||Premium paying term 7/10 years – 55 years
Premium paying term 15 years – 50 years
Premium paying term 20 years – 45 years
|Age at maturity (in completed years)||NA||75 years|
|Term of the plan||75 years – entry age|
|Premium paying options||Limited pay|
|Premium Paying term||7,10,15,20 years|
|Premium amount||Premium paying term 7 years – Rs.20,000
Premium Paying Term 10,15,20 years – Rs.8500
|Sum Assured||Rs.245,155||No limit|
|Guaranteed Maturity Sum Assured||Rs.50,000||No limit|
Below are the sample rates of premium payable by a non-tobacco user male for a combination of different ages, and premium paying term (PPT). The premiums are excluding taxes and are assumed to be paid annually. The guaranteed maturity Sum Assured is Rs.3 lakhs.
Yes, three additional riders are available with the plan. These riders include Max Life Term Plus Rider, Max Life Accidental Death & Dismemberment Rider and Max Life Waiver of Premium Plus Rider.
Surrender Value is applicable if the plan acquires a Paid-up Value. Paid-up Value depends on the premium paying term. If the premium paying term is 7 years, the plan acquires a Surrender Value after 2 years’ premiums have been paid. If the premium paying term is 10/15/20 years, surrender value becomes applicable only if the first 3 years’ premiums have been paid.
Premiums can be paid annually, half-yearly, quarterly or monthly.
Premium discounts are allowed if a higher level of guaranteed maturity Sum Assured is chosen.
Bonuses are declared from the end of the 2nd policy year if the insurance company makes a profit.