Max Life Online Term Plan

Transcription

1 A Nn-Participating, Nn-Linked, Pure Term Insurance Plan LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT THIS PLAN IS A PURE TERM PLAN THAT PROVIDES ONLY DEATH BENEFIT AND NO MATURITY BENEFIT. Abut Max Life Max Life Insurance, ne f the leading life insurers, is a jint venture between Max India Ltd. and Mitsui Sumitm Insurance C. Ltd. Max India is a leading Indian multi-business crprate, while Mitsui Sumitm Insurance is a member f MS&AD Insurance Grup, which is amngst the tp general insurers in the wrld. Max Life Insurance ffers cmprehensive life insurance and retirement slutins fr lng-term savings and prtectin. A financially stable Cmpany with sund investment expertise, Max Life Insurance has a strng custmer-centric apprach fcused n advice based sales and quality service. Max Life Online Term Plan Yu have always strived t give yur family the best in life and have ensured they fulfill their dreams. Hwever, in yur heart, yu always feel insecure abut their future in yur absence. Will yur family be able t sustain the same lifestyle even in yur absence? T put all yur fears t rest and t prvide yu with peace f mind, Max Life Insurance ffers Max Life Online Term Plan, a cmprehensive prtectin slutin fr yur lved nes at an affrdable price. Nt nly that, yu can nw avid the hassle f tedius paper wrk and easily get yurself insured nline. Key features f Max Life Online Term Plan: Chice f 3 Death Benefit ptins: Max Life Online Term helps yu custmize the prtectin required at affrdable prices by ffering 3 death benefit ptins t chse frm at the time f purchase. Cmprehensive prtectin against Death & Dismemberment by adding Cmprehensive Accident Benefit Rider UIN - 104B025V01 Hassle free nline applicatin prcess Apply fr cmprehensive Prtectin in 4 easy steps Step 1 Step 2 Step 3 Step 4 Chse the sum assured, death benefit ptin and calculate premium Fill up the nline prpsal frm Make nline payment using net banking, credit r debit card Uplad relevant dcuments and schedule medical examinatin

2 A Nn-Participating, Nn-Linked, Pure Term Insurance Plan Benefits under the Plan: Max Life Online Term is a Pure Term plan that prvides nly death benefit. The plan prvides ptin t chse frm the fllwing 3 death benefit ptins. Yu can chse the right death benefit fr yurself at the time f purchase nly. Death Benefit ptins Death Benefit details 1. Sum Assured 100% f the chsen Sum Assured 2. Sum assured plus level mnthly incme 3. Sum assured plus increasing mnthly incme 100% f the plicy Sum Assured plus 0.4% f the plicy Sum Assured per mnth, fr 10 years Effective ttal prtectin including Mnthly Incmes 148% f sum assured 100% f the plicy Sum Assured plus Increasing mnthly incme fr 10 years wherein the first year mnthly incme shall be 0.4% f the plicy sum assured and shall increase every year by 10% p.a. (simple interest) f the first year mnthly incme. Effective ttal prtectin including Mnthly Incmes 169.6% f sum assured Please nte that there is n maturity benefit r surrender benefit under the plan. Other features: Rider: Yu can nw make yur Term cver mre cmprehensive by adding the belw mentined rider: Max Life Cmprehensive Accident Benefit Rider (UIN 104B025V01): get additinal cver by way f rider sum assured in case f Death r Dismemberment (impairments are listed under the Rider cntract) due t accident. Yu have the ptin t add this rider at the time f purchase f the base plicy r anytime during the plicy term Please refer the Rider Brchure (r Max Life Website) fr mre details n Rider Get rewarded fr healthy lifestyle: We ffer yu ne mre jy f staying away frm tbacc and leading a healthy life. Max Life Online Term ffers lwer premium rates fr Nn-Smkers. High Sum Assured discunts: There are discunts built in the plan if select higher sum assured. Lwer rates fr female lives There will be a 3 year age setback ver males rates. Where crrespnding rate is nt available, the lwest available premium rate fr men will be used. Plan Eligibility:

3 Chsen Sum Assured 50 lakhs Max Life Online Term Plan A Nn-Participating, Nn-Linked, Pure Term Insurance Plan Feature Minimum / Maximum Age at Entry (age last birthday) Maximum Expiry Age Plicy Term Sum Assured Premium Payment Term Premium Mdes Specificatin 18 years / 60 years 70 years Pick a Term frm 10 t 35 years (in interval f 1 year), subject t Maximum Expiry Age Minimum: Rs. 25 lacs, Maximum: Rs. 100 crres The sum assured is available in multiples f Rs 1 lac nly. Equal t Plicy Term Annual Mde nly Sample Premium Rates: Belw are the sample premium rates* (Rs. per annum) at different ages fr 25 year plicy term fr Sum Assured f Rs. 50 lacs Age (Male) Sum Assured Sum Assured plus Level Mnthly Incme 1 Sum Assured plus Increasing Mnthly Incme 2 Nn-Smker Smker Nn-Smker Smker Nn-Smker Smker 30 4,050 5,950 5,350 8,050 5,800 8, ,250 8,200 7,050 11,150 7,700 12, ,450 12,100 10,150 16,600 11,100 18, ,150 18,550 15,300 25,650 16,800 28,300 *excluding underwriting extra premium, service tax, educatin cess r any ther levies applicable 1 Sum Assured 50 lacs; Ttal Prtectin Value including Mnthly Incmes - 74 lacs 2 Sum Assured 50 lacs; Ttal Prtectin Value including Mnthly Incmes 84.8 lacs Hw d the three death benefit ptins wrk ut fr yu? 1. Sample Illustratin - Max Life Online Term Plan Sum Assured Mr. Sharma (age 35) pts sum assured f Rs. 50 lacs fr 25 years under Max Life Online Term plan fr a premium f Rs. 5,250 per annum (excluding service tax) Payment f Rs. 50 lakhs (100% f sum assured) t the nminee After paying 9 premiums, unfrtunately Mr. Sharma dies Under the chsen ptin, his nminee will get Rs 50 lacs n death and the plan will be terminated Plicy cmmencement Premiums paid Plicy Term Unfrtunate Death Plicy Term ends

4 Chsen Sum Assured Rs. 50 lakhs Chsen Sum Assured Rs. 50 lakhs Max Life Online Term Plan A Nn-Participating, Nn-Linked, Pure Term Insurance Plan 2. Sample Illustratin - Max Life Online Term Plan Sum Assured plus Level Mnthly Incme Mr. Sharma pts sum assured f Rs. 50 lacs fr 25 years under Sum Assured plus Level Mnthly Incme fr a premium f Rs. 7,050 per annum (excluding service tax) After paying 9 premiums, unfrtunately Mr. Sharma dies Under the chsen ptin, his nminee will get Rs 50 lacs n death and Rs. 20,000 every mnth fr 10 years (120 payments ttaling t 24 lacs) starting next plicy anniversary after the date f intimatin f death, ttaling t Rs. 74 lacs Plicy cmmencement Premiums paid Plicy Term Unfrtunate Death Payment f Rs. 50 lakhs (100% f sum assured) t the nminee Annual Incme f Rs. 2.4 Lacs (payable mnthly ) ttaling t 48% f sum assured ver 10 years (120 payments) Plicy Term ends 3. Sample Illustratin - Max Life Online Term Plan Sum Assured plus Increasing Level Mnthly Incme Mr. Sharma pts sum assured f Rs. 50 lacs fr 25 years under Sum Assured plus Increasing Mnthly Incme fr a premium f Rs. 7,700 per annum (excluding service tax) Premiums paid Payment f Rs. 50 lakhs (100% f sum assured) t the nminee Annual Incme (payable mnthly) every year fr 10 years (120 payments) After paying 9 premiums, unfrtunately Mr. Sharma dies Plicy cmmencement Unfrtun ate Death Plicy term ends Under the chsen ptin, his nminee will get Rs 50 lacs n death and Rs. 20,000 as mnthly incme 10% every year, starting next plicy anniversary after the date f intimatin f death, ttaling t 84.8 lacs Plicy Term **Imprtant Ntes 1. Kindly nte that the abve case studies are nly examples and d nt in any way create any rights and/r bligatins. 2. Yu may be entitled t certain applicable tax benefits n yur premiums and Plicy benefits. Please nte that all the tax benefits are subject t tax laws prevailing at the time f payment f premium r receipt f benefits by yu. It is advisable t seek an independent tax cnsultatin. 3. Extra premium will be charged fr substandard lives as per cmpany s underwriting plicy.

5 A Nn-Participating, Nn-Linked, Pure Term Insurance Plan Few imprtant terms and cnditins: (Fr ther terms and cnditins, please refer t the Plicy Cntract and Benefit Illustratin) Free Lk Perid: Yu have a perid f thirty (30) days frm the date f receipt f the plicy dcument, t review the terms and cnditins f the plicy, where if yu disagree t any f thse terms and cnditins, yu have the ptin t return the plicy stating the reasns fr yur bjectin. Yu shall be entitled t a refund f the premiums paid, subject nly t deductin f a prprtinate risk premium fr the perid f cver and the expenses incurred by the Cmpany n medical examinatin f the life insured and stamp duty charges. Nminatin: In the Prpsal frm, the Plicyhlder can nminate a persn in accrdance with Sectin 39 f the Insurance Act, authrizing him/her t receive the benefits secured under the plicy. Where the nminee is a minr, the plicyhlder is required t appint an appintee t receive the mnies in the event f the life insured s death during the minrity f the nminee. The persn named by the plicyhlder in the prpsal frm as the nminee/s r the persn wh has been nminated at a later date, shall be the persn t whm the mney secured by the plicy will be paid in the event f death f the Life Insured. Such nminatin nly indicates the persn, wh is authrized t receive the amunt n the payment f which the Cmpany will receive a valid discharge f liability under the plicy. A change in nminatin may be made by the plicyhlder any time during the term f the plicy and must be registered with the Cmpany. Assignment: The Plicyhlder may als assign the benefits under the plicy in accrdance with Sectin 38 f the Insurance Act, 1938 in favr f the persn named by him/her whereby the beneficial interest, right and title under the plicy are transferred t such persn. An abslute assignment shall autmatically cancel a nminatin except any assignment in favr f the Cmpany in accrdance with Sectin 39 f the Insurance Act. Ntice f assignment (including any change theref), shuld be submitted fr registratin t the Cmpany. In registering an assignment r nminatin, the Cmpany des nt prpse t accept any respnsibility r express any pinin as t its validity r legality. Grace Perid: A grace perid f thirty (30) days frm the premium due date fr payment f each premium will be allwed. During the grace perid the Cmpany will accept the premium withut interest. The insurance cverage cntinues during the grace perid but if the Life Insured dies during the grace perid, the Cmpany shall be entitled t deduct the unpaid Premium frm the benefits payable under the Plicy. Lapse: If the Premium is nt received by us within the Grace Perid, yur Plicy shall lapse and n benefits under the plicy will be paid. Surrender: The plicy des nt acquire any Surrender Value thrughut the Plicy Term and therefre there is n amunt payable t yu upn surrender. Revival f Plicy: A lapsed Plicy can be revived by yu at the Cmpany s sle discretin, within 2 years frm the due date f the first unpaid installment f the premium, nly if: i) Yu give us a written request; ii) Yu prduce an evidence f insurability acceptable t us and bear the cst fr the same; and

6 A Nn-Participating, Nn-Linked, Pure Term Insurance Plan iii) Yu pay all verdue Premiums with late payment fee & interest at such rates as may be determined by the Cmpany. Suicide Exclusin: Ntwithstanding anything stated herein, if the Life Insured, whether sane r insane, dies by suicide within ne year f the effective date f risk cmmencement r the date f revival f plicy, the plicy shall terminate immediately. In such cases, the Cmpany shall nly refund Ttal Premiums paid (inclusive f extra premiums, if any, but exclusive f service tax, educatin cess, ther taxes and levies` and rider premium, if any). Statutry impsitins: Premiums payable and benefits secured under yur plicy will be subject t applicable statutry levy, cess and taxes including service tax at the prevailing rates and Plicyhlder will be respnsible fr paying these statutry impsitins. Prhibitin f Rebates: Sectin 41 f the Insurance Act, 1938 states: n persn shall allw r ffer t allw, either directly r indirectly, as an inducement t any persn t take r renew r cntinue an insurance in respect f any kind f risk relating t lives, r prperty, in India, any rebate f whle r part f the cmmissin payable r any rebate f the premium shwn n the plicy, nr shall any persn taking ut r renewing r cntinuing a plicy accept any rebate, except such rebate as may be allwed in accrdance with the published prspectus r tables f insurer. Prvided that acceptance by an insurance agent f cmmissin in cnnectin with a plicy f life insurance taken ut by himself n his wn life shall nt be deemed t be acceptance f rebate f premium within the meaning f this sub sectin if at the time f such acceptance the insurance agent satisfies the prescribed cnditins establishing that he is a bnafide insurance agent emplyed by the insurer. Any persn making default in cmplying with the prvisins f this sectin shall be punishable with fine which may extend t five hundred rupees subject t prevailing laws. Full Disclsure & Incntestability: This plicy has been issued n the representatin f the prpser that he has made full disclsures f all relevant facts and circumstances. In case f fraud r misrepresentatin, the cmpany reserves the right t cancel the plicy, subject t fraud r misrepresentatin being established by the cmpany in accrdance with sectin 45 f the Insurance Act, Sectin 45 f the insurance Act, 1938 states that under the prvisins f Sectin 45 f the insurance Act, 1938, N plicy f life insurance effected after the expiry f tw years frm the date n which it was effected be called in questin by an insurer n the grund that a statement made in the prpsal fr insurance r in any reprt f a medical fficer, r referee, r friend f the insured, r in any ther dcument leading t the issue f the plicy, was inaccurate r false, unless the insurer shws that such statement was n a material matter r suppressed facts which it was material t disclse and that it was fraudulently made by the prpser and that the prpser knew at the time f making it that the statement was false r that it suppressed facts which it was material t disclse. Prvided that nthing in this sectin shall prevent the insurer frm calling fr prf f age at any time if he is entitled t d s, and n plicy shall be deemed t be called in questin merely because the terms f the plicy are adjusted n subsequent prf that the age f the Life Insured was incrrectly stated in the prpsal. Tax Benefits: Yu may be entitled t certain applicable tax benefits n yur premiums and Plicy benefits. Please nte that all the tax benefits are subject t tax laws prevailing at the time f payment f premium r receipt f benefits by yu. It is advisable t seek an independent tax cnsultatin.

7 A Nn-Participating, Nn-Linked, Pure Term Insurance Plan Imprtant Ntes: This is nly a sales literature. It des nt purprt t be a cntract f insurance and des nt in any way create any rights and/r bligatins. All the benefits are payable subject t the terms and cnditins f the Plicy. Extra Premium may be charged fr unhealthy lives. Benefits are available prvided all premiums are paid, as and when they are due. Service Tax, Educatin Cess and any ther statutry levies wuld be levied as per applicable laws. Insurance is the subject matter f slicitatin. Life Insurance Cverage is available in this Prduct. All Plicy benefits are subject t plicy being in frce. Shuld yu need any further infrmatin frm us, please d nt hesitate t cntact n the belw mentined address and numbers. We lk frward t have yu as a part f the Max Life family. Cmpany Website Registered Office Max Life Insurance Cmpany Limited Max India, Max Huse, 3rd Flr, 1 Dr. Jha Marg, Okhla New Delhi Tel: (011) Office Address Max Life Insurance Cmpany Limited Plt N. 90A, Sectr 18, Gurgan , Haryana, India. Tel N.: (0124) Custmer Services Numbers Yu can Call us n ur natin-wide tll-free number: *Tll free timings are 24*7 (except Natinal hlidays). T reach us nline us at nline@maxlifeinsurance.cm (Custmer Service Timings: 9:00 AM - 9:00 PM Mnday t Saturday (except Natinal hlidays) Disclaimers: Max Life Insurance Ltd. is a jint venture between Max India Ltd. and Mitsui Sumitm Insurance C. Ltd. Max Life Insurance C. Ltd., 11th Flr, DLF Square Building, Jacaranda Marg, DLF Phase II, Gurgan (Haryana) Yu may be entitled t certain applicable tax benefits n yur premiums and Plicy benefits. Please nte all the tax benefits are subject t tax laws prevailing at the time f payment f premium r receipt f benefits by yu. Tax benefits are subject t changes in tax laws. Insurance is the subject matter f slicitatin. IRDA - Registratin N. 104.

8 A Nn-Participating, Nn-Linked, Pure Term Insurance Plan Shuld yu need any further infrmatin frm us, please d nt hesitate t cntact n the belw mentined address and numbers. We lk frward t have yu as a part f the Max Life family. ARN: MaxLife/Brchure/Indig/OTP/Sept2014/143 BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDA clarifies t public that IRDA r its fficials d nt invlve in activities like sale f any kind f insurance r financial prducts nr invest premiums. IRDA des nt annunce any bnus. Public receiving such phne calls are requested t ldge a plice cmplaint alng with details f phne call, number.