Max Life Online Term Plan Terms & Conditions

Transcription

1 TERMS AND CONDITIONS: 1. ELIGIBILITY: (iii) The Age of the Life Insured on the Effective Date of the Policy should be between 18 (Eighteen) years and 60 (Sixty) years (both inclusive). The maximum Age of the Life Insured on the Expiry Date cannot exceed 70 (Seventy) years. The Policy is available to resident Indians and to non resident Indians residing in any of the countries listed in Annexure I ( NRI ), who are present in India while applying for the policy, subject to underwriting by the Company. 2. BENEFITS: Subject to the Policy being in force and full disclosure under Section 45 of the Insurance Act, 1938 ( Act ) upon death of the Life Insured during the Policy Term and on the approval of the claim, one of the benefits specified below shall be payable depending upon the death benefit option chosen: OPTION 1: Sum Assured. OPTION 2: Sum Assured and a level monthly income of 0.4% (Four Tenths percent) of the Sum Assured, limited to a total of 120 (One Hundred Twenty) regular monthly incomes, payable every month from the Policy Anniversary following the date of intimation of death of the Life Insured, for a period of 10 (Ten) years (the Payout Period ). (iii) OPTION 3: Sum Assured and a monthly income during the Payout Period as defined above, shall be payable as follows: i. During the first year of the Payout Period, a regular level monthly income of 0.4 % (Four Tenths percent) of the Sum Assured, limited to a total of 12 (Twelve) regular level monthly incomes; and ii. From the second year of the Payout Period till the end of the Payout Period, the monthly income shall increase at a rate of 10% (Ten percent) per annum of the first year monthly income. Any benefit/ claim payments under the Policy shall be made in Indian rupees (INR) or in any other currency in accordance with the applicable guidelines issued by the Reserve Bank of India from time to time. 3. SURRENDER: The Policy does not acquire any surrender value throughout the Policy Term and therefore there is no amount payable to Policyholder upon surrender of the Policy. The Policy and all rights under the Policy shall extinguish on surrender of the Policy. 4. MATURITY BENEFIT: The Policy does not acquire any maturity value throughout the Policy Term and therefore there is no amount payable to the Policyholder upon maturity of the Policy. The Policy and all the rights under the Policy shall extinguish on the Expiry Date. 5. RISK ASSESSMENT: The receipt of the filled up online proposal form and the initial premium by the Company does not create any obligation upon the Company to underwrite the risk. The Company will not be liable until it has underwritten the risk and issued the Policy. Please note that the premium amount may increase or decrease basis the risk assessment done by the Company. In the event of the proposal being withdrawn/ cancelled by the proposer before the issuance of the

2 Policy, the Company will refund the application money after deducting the expenses incurred in conducting the medical tests of the proposer/life assured. 6. PREMIUM: The Policy is a regular premium paying Policy and premiums are payable only annually by the due dates that will be specified in the Policy document. A grace period of 30 (Thirty) days from the due date of the unpaid premium, for paying the overdue premium will be allowed by the Company. During the grace period, the Company will accept the overdue premium without any interest and the insurance coverage under the Policy will continue. If the premium (along with the service tax or other taxes, cesses or levies, if any) are not received till the end of the grace period, the Policy will lapse and no benefits shall be payable under it. A lapsed Policy can be revived, at the Company s discretion, within 2 years from the due date of the first unpaid premium. 7. TAXES: All premiums are subject to applicable taxes, cesses, levies including service tax, education cess, etc which shall be entirely borne by the Policyholder and will be paid by the Policyholder along with the premium. If any imposition (tax or otherwise) is levied on the Company by any statutory or administrative body under the Policy, the Company reserves the right to claim the same from the Policyholder. Alternatively, the Company has the right to deduct the amount from the benefits payable by it under this Policy. Tax benefits and liabilities under this Policy are subject to prevailing tax laws. Tax laws and the benefits arising from the same are subject to change. The Policyholder is advised to seek the opinion of his tax advisor in relation to applicable tax benefits and liabilities. 8. MODES OF PAYMENT: PAYMENT: The premium payments have to be made in INR. The premiums can be paid at any Company office or through the Company s website at by way of net banking or through a debit or a credit card or through standing instructions or through any other means as determined by the Company from time to time. Any premium paid by the Policyholder through a cheque or any other instrument/ medium will be deemed to have been received only after the same has been fully realized and credited to the Company s bank account. The premium payment receipt shall be issued in the Policyholder s name and shall be subject to realization of the cheque or any other instrument/medium. Third party credit card payment of the premiums will not be accepted. Premiums are subject to applicable taxes including service tax and government levies, which shall be entirely borne by Policyholder. Please note that the first premium payment towards the Policy must be made online through the Company s website at The renewal premiums may be made online or at any Company office or through the Company s website at by way of net banking or through a debit or a credit card or through standing instructions or through any other means as determined by the Company from time to time. ADDITIONAL TERMS FOR STANDING INSTRUCTIONS: In case the Policyholder chooses to pay through standing instructions, he will be bound by the following additional terms and conditions:

3 a. Policyholder will have to make payments to, and authorize the Company to debit the given credit card account with the amount of the due renewal premium(s) under the Policy on the due dates mentioned in the Policy document. b. The Policyholder agrees that risk under the Policy will be assumed by Company only after the Policyholder s credit card account is debited with the amount of the renewal premium and Company receives the same. c. Non receipt of renewal premium(s) shall result in lapsation of the Policy, such lapsation being governed by the terms and conditions of the Policy. d. The Policyholder confirms that the credit card issuing bank is not acting as an agent either on Company s behalf or on his, in accepting the debit to the credit card account with the renewal premium amount(s), or otherwise dealing with the renewal premium amount(s) payable under the Policy, in any manner. e. In the event the Policyholder s credit card account expires, or is not renewed by him for any reason, he shall comply with the Company s directions in ensuring that any premium amount payable by him is paid to the Company through any of the modes of payment prevailing. f. The Policyholder agrees to fill as well as submit the duly filled up & signed Policy amendment form and credit card authorization form (as available on Company s website) and the card details to the Company, as and when the card is renewed, along with the photocopy of the front and back, duly signed by him. g. At any point of time, if the Policyholder wants to withdraw his standing instructions for the payment of renewal premium amount, he will have to submit a cancellation request to the Company in the Policy amendment form (as available on the Company s website), at least 15 days before the renewal premium is due. On receipt of such a request, the Company will notify the Policyholder of the new payment method and due amount. The Company will cease to debit Policyholder s credit card on the receipt of his withdrawal request. 9. DECLARATION OF THE CORRECT AGE AND GENDER: Declaration of the correct Age and gender of the Life Insured is important for the Company s underwriting process, before issuance of the Policy. The premiums are calculated on the basis of the Age and gender of the Life Insured. If the Age and/or gender declared in the proposal form is found to be incorrect at anytime during the Policy Term or at the time of claim, the Company may : i. revise the premium and/or applicable benefits payable under the Policy in accordance with the premium and benefits that would have been payable, if the correct Age and gender of the Life Insured would have made him eligible to be covered under this Policy on the Effective Date; or ii. cancel the Policy, subject to Section 45 of the Act, if the correct Age and gender of the Life Insured would have him ineligible to be covered under this Policy on the Effective Date. In

4 such a case, all the Premiums received will be refunded by the Company after deducting applicable charges. 10. FULL DISCLOSURE AND INCONTESTABILITY: Insurance is a contract of utmost good faith and the Company relies and trusts upon Policyholder s representations. The Policy will be underwritten and issued by the Company based on the information provided by Policyholder in/with the proposal. In case of any concealment, non-disclosure or fraud or misrepresentation, the Company reserves the right to cancel the Policy subject to such concealment, non disclosure or fraud or misrepresentation being established by the Company in accordance with Section 45 of the Act. 11. FRAUD: If the Policyholder or anyone acting at the direction of the Policyholder or within the Policyholder s knowledge, or any person, under or in respect of this Policy, makes or advances any claim knowing it to be false or fraudulent in any way, then, the Company reserves the right to cancel the Policy, subject to such fraud being established by the Company in accordance with Section 45 of the Act. 12. NOMINATION: In accordance with Section 39 of the Act, Policyholder can nominate a person as his nominee in the proposal form. The person named by the Policyholder in the proposal form or the person who has been nominated and registered with the Company at a later date as the nominee, shall be the person to whom the death benefit under the Policy will be paid in the event of death of the Life Insured. A change in nomination may be made by Policyholder at any time during the Policy Term by informing the Company in writing and registering the same with the Company. Where the Nominee is a minor, the Policyholder is required to appoint an appointee to receive the benefits in the event of the Life Insured s death during the minority of the nominee. In case of a minor nominee, Policyholder must inform the Company of the name and relationship of the appointee to receive the benefits on behalf of the minor nominee. While processing the claim request for the death benefit under the Policy, the nominee will be required to produce all the necessary documents to give valid discharge for the payment of the death benefit secured under the Policy. The Company shall not express any opinion on the validity or legality of the nomination made by the Policyholder. 13. GOVERNING LAW AND JURISDICTION: The Policy and the relationship between Policyholder and the Company shall be governed by Indian law. The Policy and all rights, obligations and liabilities arising thereunder, shall be enforced in accordance with the laws of India. The competent courts in India shall have exclusive jurisdiction in all matters and causes arising out of the Policy. 14. TERMS OF USAGE OF THE WEBSITE: INFORMATION AND ADVICE: The availability of any information, advice and guidance, if any, on the website, does not constitute a recommendation and is not a solicitation by Company or any of Company s personnel or the experts used by Company, for buying policies. Any decision to purchase a policy will be based solely on the Policyholder s own evaluation of the Policy offered by the Company, his financial and personal circumstances and needs. SHARING OF INFORMATION: By applying for the Policy online, the Policyholder agrees to be contacted by the Company for any policy/regulatory/product related information through SMS/by /phone. The Policyholder consents to the Company

5 sharing the information provided in the proposal form including personal, confidential, medical and sensitive information with Company s group companies, affiliates or other third party service providers etc. for the purposes for which, the said information is disclosed. (iii) (iv) (v) INFORMATION SECURITY: In the event that the certifying authorities and other infrastructure contemplated under the Information Technology Act, 2000, for ensuring secure electronic communication and secure digital signatures is notified by the concerned authorities and the infrastructure to enable the same is in place, the Company would have the right to require the Policyholder to authorize transactions on the website by means of secure digital signatures either in place of or in addition to any other authentication specified by the Company. The digital signatures shall be obtained by the Policyholder at his own cost and efforts. RESTRICTIONS ON USE: The Policyholder agrees to use the website strictly for his personal use and not to use the website or the facilities provided herein for any illegal purpose or in any manner inconsistent with these terms and conditions. The Policyholder agrees not to use, transfer, distribute or dispose of any information contained in the website in any manner that could compete or conflict or compromise or imperil the Company s interests. The Policyholder acknowledges that the website constitutes Company s valuable intellectual property and agrees to protect at all times the Company s proprietary rights therein. The Policyholder agrees not to do any act which violates Company s intellectual property rights in the website. Except as permitted under these terms and conditions, the Policyholder also agrees and undertakes not to reverse engineer, decompile, disassemble, copy, reproduce, distribute, modify, transmit, perform, publish or create derivative works from or in any way exploit any content of the website or transaction, in violation of the terms and conditions or the laws of any country. The Policyholder agrees and undertakes not to create a database in electronic or structured manual form by systematically downloading and storing the entire website or part thereof save and except such information as relates or concerns him. The Policyholder also agrees and undertakes not to engage in any fraudulent, abusive or illegal activity, including but not limited to any communication or solicitation designed or intended to fraudulently obtain the password or any private information. RESPONSIBILITY FOR CONTENT: The Policyholder understands and accepts that the Company is under no obligation and assumes no responsibility for defamatory, libelous, slanderous, falsehood, obscene, pornographic, profane or dangerous content posted on the website by any person. The Policyholder understands and undertakes not to post or transmit any unlawful, threatening, libelous, defamatory, obscene, scandalous, inflammatory, pornographic, profane or hate material or any material that could constitute or encourage conduct that would be considered a criminal offense, give rise to civil liability, or otherwise violate any law. The Policyholder understands that the Company will fully cooperate with any law enforcement authorities or court order requesting or directing Company to disclose the identity of anyone posting any such information or materials. (vi) MODIFICATION OF THE TERMS AND CONDITIONS: The Policyholder understands that the Company has absolute discretion to amend or supplement any of

6 these terms and conditions at any time. In the case the Policyholder does not wish to use the website on the new terms and conditions he understands that his only remedy is to terminate the usage of the website. In case he continues using the website on new terms and conditions, he shall be deemed to have accepted the modified terms and conditions. 15. ADDITIONAL TERMS AND CONDITIONS: (iii) E QUOTE: An e - quote is the unique number provided to Policyholder when Policyholder submits his personal information on the Company s website, to generate a premium estimate. Each e-quote is valid for a period of thirty days from the date of its generation and may be used during this period to complete the transaction of purchase of a Policy. In case the Policyholder s birthday falls within such validity period of the e quote, the premium estimate generated under it will change. Policyholder agrees that he shall be the sole and exclusive user of any e-quote generated on his behalf using his personal information and accepts sole responsibility for use, confidentiality and protection of the same. The Policyholder may have to share the e-quotes generated on his behalf to third party service providers for processing the transactions that Policyholder carries out on the Company s website. Please note that e-quotes should not be revealed to any person other than as mentioned above. In case the Policyholder is unable to recall the e-quote number, he may recover it by entering his mobile number and his date of birth on the Company s website. It is the Policyholder s responsibility to ensure that no unauthorized person has access to his computer, while he is accessing the website. Policyholder must immediately notify the Company in writing on becoming aware of any unauthorized use of any e-quote generated on his behalf. In case the Policyholder fails to notify the Company immediately upon becoming aware of any use of/unauthorized transaction using the e-quote, neither the Company nor any of its officers, directors, employees, advisors, affiliates or subsidiaries can or will have any responsibility or liability to Policyholder or to any other person whose claim may arise through Policyholder, with respect to any of the circumstances described above. Notwithstanding the generation of a new e- quote, Policyholder shall be fully responsible and liable for all transactions carried out under any of the old e quotes generated on his behalf. The Company would be entitled at its sole discretion to seek offline written or other confirmation from Policyholder regarding the genuineness of any transaction carried out under any e quote generated on Policyholder s behalf. Under no circumstances the Company or anyone involved in creating, producing, delivering or managing the website and the facilities offered therein, shall be liable to Policyholder for any direct, indirect, incidental, special or consequential damages that result from the use of or inability to use the services which are provided on the Company s website or out of any breach of any warranty. EVIDENCE OF TRANSACTIONS: The Company s records of the transactions using an e- quote, including the recording of the time of the transactions, maintained on the Company s computer systems or otherwise shall be accepted as conclusive and binding for all purposes and shall be conclusive proof of the genuineness and accuracy of the transactions. POLICY TERMS AND CONDITIONS: In addition to these online terms, as laid out herein, Policyholder will also be bound by and will have to observe the terms and

7 16. DEFINITIONS: ANNEXURE I List of countries: conditions of the Policy as enumerated in the Policy document that will be issued and delivered to Policyholder. In case of any discrepancy between the terms and conditions as present herein and the terms and conditions as present in the Policy document that will be sent to the Policyholder, the terms and conditions as present in the Policy document will prevail. i. Age means age of the Life Insured as at last birthday on the Effective Date or on the previous Policy Anniversary, as the case may be. ii. Company means Max Life Insurance Company Limited. iii. Effective Date is the date on which the insurance coverage under the Policy commences. iv. Expiry Date is the date on which the Policy Term expires and the Policy terminates. v. Life Insured means the person on whose life the Policy is effected. vi. Policy means this Max Life Online Term Plan. vii. Policyholder means the person who has taken the Policy from the Company. viii. Policy Anniversary means the annual anniversary of the Effective Date. ix. Policy Term means the term of the Policy as selected by Policyholder at the time of the proposal. x. Sum Assured means the guaranteed amount which is payable on the death of the Life Insured. S.No List of countries S.no List of countries 1 Australia 24 Mauritius 2 Austria 25 Netherlands 3 Belgium 26 New Zealand 4 Bulgaria 27 Northern Ireland 5 Canada 28 Norway 6 Czech Republic 29 Oman 7 Denmark 30 Poland 8 England 31 Portugal 9 Finland 32 Romania 10 France 33 Sardinia 11 Germany 34 Scotland 12 Greece 35 Sicily 13 Greenland 36 Singapore 14 Holland 37 Slovak Republic 15 Hong Kong 38 Slovenia 16 Hungary 39 Spain 17 Iceland 40 Sweden 18 Ireland 41 Switzerland 19 Italy 42 United Kingdom 20 Japan 43 United Arab Emirates 21 Korea (Republic of Korea) 44 United States of America 22 Kuwait 45 Vatican City Luxembourg 46 Wales