Compare Max Life Perfect Partner Super Plan

Max-Life-Insurance-Company

Max Life Perfect Partner Super Plan

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 Despite being a traditional plan, the plan allows liquidity wherein the accumulated bonuses can be withdrawn by the policyholder for any financial emergencies.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.

Key features of the plan

  • The plan participates in bonus declarations which enhance the benefits payable.
  • An additional Waiver of Premium Rider is available which, when taken, ensures policy continuity even if the insured suffers disability, critical illness or dies during the plan tenure. There are two other riders available under the plan.
  • The bonus can be used in three ways. It can be taken in cash. It can be used to set-off subsequent premiums or it can be used for increasing the Sum Assured.
  • The bonus can be withdrawn in case of any financial eventuality without hampering the plan continuity.
  • Coverage is extended till 75 years of age.
  • Survival benefits are paid every year after reaching 61 years of age till plan completion.
  • There is an inbuilt terminal illness benefit under the plan which pays 50% of the guaranteed maturity Sum Assured in case of diagnosis of a terminal illness.

How does the plan work?

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:

  • Paid in cash – the bonuses are received in cash by the policyholder as and when declared.
  • Premium Offset – bonus declared is used to set-off the subsequent renewal premium.
  • Paid-up Additions – The bonus can be used to buy paid-up additions which increase the benefit payable under the plan.

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.

Example

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.

Plan benefits

  • Death benefit – if the life insured dies during the term of the plan, and all premiums have been paid, the guaranteed death benefit, Paid-up Additions (if any) accrued bonuses and any terminal bonus is paid. The guaranteed death benefit is higher of the guaranteed maturity Sum Assured, 11 times the annual premium paid or 105% of total premiums paid till maturity.
  • Maturity Benefit – when the chosen tenure of the plan comes to an end, and all premiums have been paid, the guaranteed maturity Sum Assured, Paid-up Additions (if any), accrued  bonuses and any Terminal Bonus is paid.
  • Terminal Illness Benefit – if the life insured suffers from any terminal illness during the plan tenure which would likely result in death within 6 months of diagnosis, 50% of the guaranteed maturity Sum Assured is paid to the policyholder on request.
  • Guaranteed Survival Benefits – after the insured attains 61 years of age, 7.5% of the guaranteed maturity Sum Assured is paid every year as survival benefits till the completion of the plan term.
  • Bonus – simple reversionary bonuses are declared every year if due premiums are paid. The bonus rate depends on the performance of the company. On maturity or death, a terminal bonus might also be paid. Bonus can be taken in cash, used for offsetting premiums or can be used to buy additional Paid-up Units.

Eligibility

  Minimum Maximum
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
No limit
Sum Assured Rs.245,155 No limit
Guaranteed Maturity Sum Assured Rs.50,000 No limit

What is not covered in the policy?

  • In case of suicide committed within 12 months of inception, 80% of the premiums paid are refunded.
  • If suicide is committed within 12 months of revival, higher of 80% of the premiums paid or the surrender value under the plan is paid.

Premium Illustration

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.

Max-Life-Perfect-Partner-Super-Plan

FAQs

Are riders available with the plan?

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.

Does the policy acquire a Surrender Value?

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.

What are the premium paying modes?

Premiums can be paid annually, half-yearly, quarterly or monthly.

Are there any premium discounts?

Premium discounts are allowed if a higher level of guaranteed maturity Sum Assured is chosen.

From when are bonuses declared?

Bonuses are declared from the end of the 2nd policy year if the insurance company makes a profit.


popup close button
Looking for an insurance policy? Get Instant Quotes from 44+ insurers Click Here
popup close button
Gender
Male Female
Date of Birth
/ / Enter Correct Age(Minimum 18 and Maximum 65 years)
I want to invest
Please Enter Amount Please enter value between 10 Thousand to 5 Lacs yearly or monthly 850 to 41666 Please enter value between 10 Thousand to 5 Lacs yearly or monthly 850 to 41666
Yearly Monthly
Enter Your name
Enter Your Name
Enter Your email
Enter Your Email Id
Mobile No.
Enter Your 10 digit Number
OTP