12-Jun-2018 Mr. Santosh Kumar Satapathy Bada Danda Street Sabulia Sabulia GANJAM 761028 Orissa X2886 510249899 7008226961
12-Jun-2018 Mr. Santosh Kumar Satapathy Bada Danda Street Sabulia Sabulia GANJAM 761028 Orissa X2886 510249899 7008226961
Date 12-Jun-2018
To MR. SANTOSH KUMAR SATAPATHY
BADA DANDA STREET
SABULIA
SABULIA
GANJAM 761028
ORISSA
Branch: X2886
Policy no.: 510249899
Telephone: 7008226961
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PART A
Welcome to Max Life Insurance
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Date 12-Jun-2018
To MR. SANTOSH KUMAR SATAPATHY
BADA DANDA STREET
SABULIA
SABULIA
GANJAM 761028
ORISSA
Branch: X2886
Policy no.: 510249899
Telephone: 7008226961
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Welcome Dear MR. SANTOSH KUMAR SATAPATHY,
Thank you for opting for Max Life Future Genius Education Plan (Non-Linked Participating Savings Insurance Plan). We
request you to go through the enclosed Policy contract.
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What to do in On examination of the Policy, if you notice any mistake or error, proceed as follows:
case of errors 1. Contact our customer helpdesk or your agent immediately at the details mentioned below.
2. Return the Policy to us for rectifying the same.
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Cancelling the In case you are not completely satisfied with the Policy, you have the option to cancel it by returning the original copy with a
Policy written request, stating the objections/reasons for such disagreement, to us within free look period of fifteen (15) days, or thirty
(30) days (for policies sourced through distance marketing modes) from the date of receiving the Policy document.
Result: Upon return, the Policy will terminate forthwith and all rights, benefits and interests under the Policy will cease
immediately. We will refund only the Premiums received by us after deducting the proportionate risk Premium for the period of
cover, charges of stamp duty paid and the expenses incurred on medical examination of the Life Insured, if any.
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Long term We are committed to giving you honest advice and offering you long-term savings, protection and retirement solutions backed by
protection the highest standards of customer service. We will be delighted to offer you any assistance or clarification you may require about
your Policy or claim-related services at the address mentioned below. We look forward to being your partner for life.
Yours Sincerely,
Max Life Insurance Company Limited
Indeevar Krishna
Executive Vice President & Head - Operations & Customer Service
NB13
Max Life Insurance Company Limited
Plot No. 90A, Sector 18, Gurugram, 122015, Haryana, India
Phone 4219090 Fax 4159397 (From Delhi and Other cities: 0124) Customer Helpline: 1800-200-4006
Regd. Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab -144 533
Visit Us at: www.maxlifeinsurance.com E-mail: axis.helpdesk@maxlifeinsurance.com
IRDAI Registration No: 104 Corporate Identity Number: U74899PB2000PLC045626 .
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Key Feature Document for Max Life Future Genius Education Plan
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Introduction This document is the summary of important points in your policy. You must read this to understand your policy
better.
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Your policy details The table below gives an overview of the details of this policy:
Policyholder Name MR. SANTOSH Policy No. (please use this for 510249899
/Life Insured Name: KUMAR SATAPATHY any communication with us):
Date of Commencement 06-JUN-18 Premium Payment Date: 6th of Jun Every Year
(date when the policy starts):
ECS Draw Date: 08th of Jun Every Year Policy Term: (period of 14
coverage - in years)
Premium Payment Term: 11 Maturity Date: 06-Jun-2032
(period for which premium is to
be paid - in years)
Premium Amount ` 30,000.01 Premium Payment Mode: Annual
(applicable taxes extra):
Sum Assured: ` 3,56,210.00 Death Benefit 3,56,210.00
(minimum amount payable on
the death of the life insured):
Bonus Option Chosen: Paid-up Additions Due date of first money back: 06-JUN-29
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Policy Benefits
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If the life insured lives If the life insured lives, and we have received all the premiums due, we will pay you the following:
• 4 guaranteed money backs, each equal to 25% of Sum Assured and paid in last 4 years of policy term
• additionally on the maturity date, we will pay:
- accrued paid up additions (additional sum assured purchased with bonus declared), if any
- terminal bonus, if any.
Note: Terminal bonus is an additional onetime bonus paid on earlier of : surrender or maturity. It accrues only
if the policy has been in force for at least 5 complete years.
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If the life insured During the policy term, if the life insured expires and we have received all the due premiums,
expires
• the claimant has an option to receive the death benefit pay out as:
- one-time payment; or
- 1% of death benefit to be paid as monthly income for 135 months
Additionally,
• all the future premiums will be waived and the policy will continue as is ; and
• the guaranteed money back(s) and maturity benefit will be paid to the beneficiary as and when due.
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A. Managing Your Policy - Frequently Asked Questions
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How can you manage Register your policy at www.maxlifeinsurance.com to get easy access to the following self-service options:
your policy?
• Access policy statements, receipts and premium due information.
• Update your contact details.
• Change the premium payment mode to any of these - annual, semi-annual, quarterly or monthly modes.
• Pay renewal premiums online.
Note: For any support or claim-related query, you can reach us at 1800 200 4006 or
axis.helpdesk@maxlifeinsurance.com
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What happens if you To ensure continuous life insurance cover, please pay your premium on time.
delay your premium
payment? If for any reason, you are unable to pay by the due date, you have a grace period within which you can pay without
any late fee or interest.
Note: During the grace period, the insurance cover continues. If the life insured dies during this period, we will
pay the death benefit after deducting the unpaid premium, if any.
If you are unable to pay the premium by the end of the grace period
Where your policy has... Then your...
not acquired a surrender value policy shall lapse and no benefit will be payable.
acquired a surrender value policy will be converted to reduced paid up mode.
Note: The insurance cover will be reduced proportionately
in the ratio of the premiums received to the total premiums
payable.
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How can you revive You may revive your policy within two years from the due date of the first unpaid premium, once you
your policy?
# provide us with a written request to revive the policy
# pay all due premiums along with late fee/interest, and
# produce an evidence of insurability of the life insured.
However, if a reduced paid up policy is not revived within two years, then it will continue to be under reduced
paid up mode.
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Do you have an option If your policy does not meet your objective, you may contact us to understand the policy benefits. If you still feel
to cancel the policy? the need to cancel your policy, you have an option to cancel it within the free look period of fifteen days (thirty days
if the policy is sourced through Distance Marketing mode) from the day you receive the policy documents.
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How can you get During the premium payment term you can buy any of the applicable rider(s) (add-on benefit that you buy with
additional Protection your policy to increase coverage), at a nominal increase in the premium, and enhance your policy cover as per
your needs.
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Tax benefits Premium under the policy are tax deductible subject to fulfilling conditions prescribed under the Section
80C/80CCC/80D of Income Tax Act 1961. The benefits you receive in the policy will be exempt, subject to
fulfilling conditions prescribed under the Section 10(10D) else it will subject to TDS as per applicable rate. Please
note that tax benefits are as per prevailing provisions of Income Tax Act 1961 at the time of payment of premium
or receipt of benefits by you. Consult your tax advisor for further details.
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B. Taxes and Others - Frequently asked questions
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Are there any All risks and benefits under this policy shall cease and no benefits will be payable under this policy, in the event
exclusions under of death of the life insured due to suicide within twelve months from the date of start of the policy or the date of
the policy? revival of your policy. In such an event:
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cÔÐµÆ mþÐB$ç¼ $¼ÊÔQeþ SÞ_Þ@jç HSÊÒLj_ `íÐ_ç `ÐBÜ cÊMÔ ÒaßhÞ½¤Ô ]ªÐaÞS çþ
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D`Lõc A`Z*¼ `mÞþjÞÒeþ \ÞaÐ cÊMÔ @ÕhNÊXÏÞL HkÞþ ]mÞþmçþÒeþ ]hàÐdÐBRÞ¼ Ð A`Z*¼ `mÞþjÞLÊ bþmþ bþÐÒa aÊTÞþaÐ `ÐBÜ HkþÐLÊ `YÏÞaÐ AahÔL¼¼Ð
- -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -
A`Z*¼ `mÞþjÞeþ _Þcï ÒVaÊmþçÒeþ `mÞþjÞeþ jÐ^ÐeþZ jcÑlÐeþ jaÞÒhi aÞaeþZÑ ]ÞAdÐBRÞ:
jaÞÒhi aÞaeþZÑ
aÑcÐQÊ¦ÞÆ ]éÐeþÐ jÊeþlÞ[ ÒkþÐB\ÞaÐ aÔ¦ÞÆ*¼ MR. SANTOSH `mÞþjÞ _cèeþ: 510249899
_Ðc/`mÞþjÞ^ÐeþÑ*¼ _Ðc: KUMAR SATAPATHY (Ac jkþ ÒdÐNÐÒdÐN LeÞþaÐ `ÐBÜ ]¯ÆÐLeÞþ HkÞþ
jÕMÔÐ aÔakþÐeþ Leþ«ÊÆ)
SÐeÞþ LeÞþaÐeþ [ÐeÞþM: 06-JUN-18 `õÞcÞ¯Æcç `BW LeÞþaÐeþ [ÐeÞþM: 6th of Jun Every Year
(ÒdDÜ [ÐeÞþMeÊþ `mÞþjÞ QÐmÊþ ÒkþÐBRÞ)
ECS Xö LeÞþaÐeþ [ÐeÞþM: 08th of Jun Every Year `mÞþjÞ @a^Þ: (`eÞþaÔÐ©ÞÆ jc¯ÆjÑcÐ-aiàÒeþ) 14
`õÞcÞ¯Æcç `BW LeÞþaÐeþ @a^Þ: 11 `eÞþ`Lè[Ð [ÐeÞþM: 06-Jun-2032
(ÒdDÜ jc¯Æ `dàÔ«Æ `õÞcÞ¯Æcç ]ÞAdÞa-aiàÒeþ)
`õÞcÞ¯Æcç eþÐhÞ: (`õdÊSÔ VÞLj @[ÞeÞþ¦Æ) ` 30,000.01 `õÞcÞ¯Æcç Ò`ßW `w[Þ: Annual
_Þ¾Þ¤[ aÑcÐeþÐhÞ ` 3,56,210.00 có[ÊÔLÐfÞ_ mþÐbþ (aÑcÐ^ÐeþÑ*¼eþ 3,56,210.00
có[ÊÔÒl[öÒeþÒ`ßWÒdÐNÔjaà_Þcï `eÞþcÐZ):
Q¯Æ_ LeþÐdÐB\ÞaÐ ÒaÐ_jaÞ fÁ¤: Paid-up Additions `õ\c c_ÞaÔÐLçeþ ^ÐdàÔ [ÐeÞþM: 06-JUN-29
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`mÞþjÞ jÊaÞ^Ð
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- VcÙ_ÐmçþÒaÐ_jç, d]Þ LÞRÞ \ÐH
jËQ_Ð: VcÙ_ÐmçþÒaÐ_jçjc`àZLÞcèÐ `eÞþ`Lè[Ð jc¯ÆÒeþANeþÊÒ`ßWLeþÐdÐB\ÞaÐ @[ÞeÞþ¦ÆHLLÐfÑ_ ÒaÐ_jç¼ Ð HkþÐScÐkþÊHÒLaf d]Þ `mÞþjÞ N[ jÕ`ËÀठ5 aià
^eÞþafarþeþeþkÞþ\ÐH¼¼Ð
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d]ÞSÑa_ aÑcÐ^ÐeþÑ*¼eþ có[ÊÔ OVÞ\ÐH d]Þ `mÞþjÞjc¯Æ @a^Þc^ÔÒeþSÑa_ aÑcÐ^ÐeþÑeþcó[ÊÔÆ OVÞ\ÐH HaÕAÒcjaÊ `õÞcÞ¯Æcç `ÐBRÊ,
`eþaràþÑ `óº¤ÐÒeþSÐeÞþeþkÞþRÞ
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L. `mÞþjÞ `eÞþQÐf_Ð - aÐeþcèÐeþ `QeþÐ dÐD\ÞaÐ `õh
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A`Z `mÞþjÞ LÞ`eÞþ `eÞþQÐf_Ð LeÞþÒa? _ÞSjè ÒjaÐ aÞLÁ¤LÊ jkþSÒe þAÒµÆj çLeÞþaÐ `ÐBÜ _ÞS `mÞþjÞLÊ www.maxlifeinsurance.com Òeþ `&ÑLeþZ Leþ«ÊÆ:
• `mÞþjÞ aÞaeþZÑ `ÐBaÐ `ÐBÜ eþjÞ]ç, HaÕ `õÞcÞ¯Æcç `BW SÐZÞaÐ `ÐBÜ
• _ÞSe þÒdÐNÐÒdÐN @`ÒXVç LeÞþaÐ `ÐBÜ
• `õÞcÞ¯Æcç Ò]aÐe aÞ^Þ HkÞ c^Ôeã a]fÐD-aÐiÙL, @wà-aÐiÙL, Ò[ÍßcÐjÞL aÐ cÐjÞL
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axis.helpdesk@maxlifeinsurance.com
- -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -- - -
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ÒdDÜWÞ A`Z*¼ `mÞþjÞeþ ... Ò[Òa A`Z*ʼ ...
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A`Z LÞ`eÞþ _ÞSeþ `mÞþjÞ `Ê_ÓSÑaÞ[ A`Z _ÞSeþ `mÞþjÞLÊ `õ\c @ZÒ`ßW `õÞcÞ¯Æcçeþ [ÐeÞþMWÐeÊþ ]ÊB aià c^ÔÒeþ `Ê_ÓSÑaÞ[ LeÞþ`ÐeÞþÒa, H\Þ`ÐBÜ A`Z
LeÞþ`ÐeÞþÒa ?
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8 of 42
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POLICY PREAMBLE
MAX LIFE INSURANCE COMPANY LIMITED
Regd. Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab -144533
UIN [104N094V02]
Max Life Insurance Company Limited has entered into this contract of insurance on the basis of the information given in the Proposal Form
together with the Premium deposit, statements, reports or other documents and declarations received from or on behalf of the proposer for
effecting a life insurance contract on the life of the person named in the Schedule.
We agree to pay the benefits under the Policy on the happening of the insured event, while the Policy is in force subject to the terms and
conditions stated herein.
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POLICY SCHEDULE
Policy: Max Life Future Genius Education Plan Type of Policy: A Non-Linked Participating Savings Insurance
Plan
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List of Maturity Insured Sum Assured Guaranteed Bonus Policy Premium Annual Extra Annualised GST** Modal Premium Due Date
coverage Date Event/Sum (INR) Sum Assured Option Term Payment Premium Premium Premium and any Factors along with when
Assured on on Maturity applicable Term A B C= other E taxes and Premium
Death (as (INR) (INR) (INR) (A+B) taxes, other cess is
on Date of (INR) cesses payable as payable/
Commence- & levies per premium Date
ment D payment when the
of Risk) (INR) mode Last
selected Premium
F= is
[(C+D)*E] payable
(INR)
Max Life 06-JUN-32 As per Clause 3,56,210.00 3,56,210.00 Paid-up 14 11 30,000.01 NA 30,000.01 675.00 1.00 30,675.01 6th of Jun
Future 2 of Part C Additions Every Year;
Genius 06-Jun-2028
Education
Plan
**GST includes IGST, SGST, CGST, UGST (whichever is applicable) and applicable cesses
12 of 42
PART B
DEFINITIONS 28. "Premium Payment Term" means the term specified in the Schedule, during
which the Premiums are payable by You;
The words and phrases listed below will have the meaning attributed to them wherever
they appear in the Policy unless the context otherwise requires. 29. "Proposal Form" means the form filled in and completed by You for the purpose
of obtaining insurance coverage under the Policy;
1. "Actuarial Valuation Surplus" means the surplus arising in the Participating life
policyholders' fund, established by Us for Participating life insurance policies and 30. "Reduced Paid Up Death Benefit" means an amount equal to the Death Benefit
calculated by the appointed actuary in accordance with the standards or guidance multiplied by the resultant of the total Premiums received by Us excluding Extra
issued by the Institute of Actuaries of India and in accordance with the Insurance Premium (if any) and Rider premium (if any) divided by the total Premiums payable
Regulatory and Development Authority (Distribution of Surplus) Regulations, by You excluding Extra Premium (if any) and Rider premium (if any);
2002 as amended from time to time; 31. "Reduced Paid Up Mode" means the Policy with reduced paid up benefits as
2. "Age" means Life Insured's age on last birthday as on the Date of Commencement specified under Clause 3 of Part C;
of Risk or on the previous Policy Anniversary, as the case may be; 32. "Reduced Paid Up Sum Assured" means an amount equal to the Sum Assured
3. "Annual Premium" means an amount specified in the Schedule, which is payable multiplied by the resultant of the total Premiums received by Us excluding Extra
under annual Premium payment mode, excluding Extra Premium, if any and Premium (if any) and Rider Premium (if any) divided by total Premiums payable
excluding applicable taxes, cesses and levies, if any; by You excluding Extra Premium (if any) and Rider Premium (if any);
4. "Annualised Premium" means the sum total of Annual Premium and Extra 33. "Revival" means restoration of the Policy, which was discontinued due to
Premium, if any, as specified in the Schedule; nonpayment of Premium, by Us with all the benefits stated in the Policy, upon the
receipt of all the due Premiums and other charges / late fee as provided in Clause
5. "Cash Bonus" means a bonus which may be declared by Us on the Sum Assured 3 of Part D of the Policy;
and the accrued Paid Up Additions (if any), based on Our Actuarial Valuation
Surplus; 34. "Revival Period" means a period of 2 (Two) years from the due date of the first
unpaid Premium;
6 "Claimant" means You (in case of maturity), Nominee(s) (if valid nomination is
effected), assignee(s) or their heirs, legal representatives or holders of a succession 35. "Rider" means benefits, which are in addition to basic benefits under the Policy;
certificates in case Nominee(s) or assignee(s) is/are not alive at the time of claim; 36. "Schedule" means the policy schedule and any endorsements attached to and
7. "Date of Commencement of Risk/ Inception of Policy" means the date as forming part of the Policy and if any updated Schedule is issued, then, the Schedule
specified in the Schedule, on which the insurance coverage/risk under the Policy latest in time;
commences; 37. "Settlement Option" means an option exercised by Claimant as per Clause 2.1.2
8. "Extra Premium" means an additional amount mentioned in the Schedule and of Part C.
charged by Us, as per Underwriting Policy, which is determined on the basis of 38. "Special Surrender Value" means the special surrender value computed in
disclosures made by You in the Proposal Form or any other information received accordance with Clause 1.6 of Part D;
by Us including medical examination report of the Life Insured; 39. "Special Surrender Value Factors" means factors determined by Us which are
9. "Force Majeure Event" means an event by which performance of any of Our fixed but may be revised by Us basis change in investment returns, values of
obligations are prevented or hindered as a consequence of any act of God, State, underlying assets or demographic experience subject to prior approval of IRDAI;
strike, lock-out, legislation or restriction by any government or other authority or 40. "Sum Assured" means an amount as specified in the Schedule, which is payable
any circumstance beyond Our control; in accordance with Clause 2 of Part C.
10. "Free Look" means a period of 15 days (30 days if the Policy is sourced through 41. "Surrender Value" means an amount payable on surrender of this Policy, which
distance marketing modes) from the date of receipt of the Policy, to review the will be the higher of the Guaranteed Surrender Value or the Special Surrender
terms and conditions of the Policy, where if You disagree to any of those terms Value;
and conditions, You have the option to return the Policy stating the reasons for
42. "Terminal Bonus" means a bonus determined by Us as a percentage applied on
objection. Upon return, the Policy will terminate forthwith and all rights, benefits
the sum of Sum Assured and accrued Paid Up Addition (if any);
and interests under the Policy will cease immediately. You shall be entitled to
a refund of the Premium received by Us after deducting the proportionate risk "Underwriting Policy" means an underwriting policy approved by Our board of
43.
premium for the period of cover, charges of stamp duty paid and the expenses directors;
incurred by Us on medical examination, if any. 44. "We", "Us" or "Our" means Max Life Insurance Company Limited; and
11. "Grace Period" means a period of 15 (Fifteen) days from the due date of the 45. "You" or "Your" means the policyholder as named in the Schedule who is also
unpaid Premium for monthly Premium payment mode and 30 (Thirty) days from the Life Insured in this Policy.
the due date of unpaid Premium for all other Premium payment modes; PART C
12. "Guaranteed Sum Assured on Maturity" means the guaranteed sum assured POLICY FEATURES, BENEFITS AND PREMIUM PAYMENT
payable on maturity of the Policy, which is equal to zero or nil.
1. ELIGIBILITY
13. "Guaranteed Surrender Value" means the minimum surrender value computed
in accordance with Clause 1 of Part D, which is guaranteed by Us; 1.1. The Policy has been written on a single life basis.
14. "IRDAI" means the Insurance Regulatory and Development Authority of India; 1.2. The minimum Age of the Life Insured on the Date of Commencement of
Risk should be 21 (Twenty One) years.
15 "Lapsed Policy" means a Policy which has not acquired the Surrender Value and
where the due Premium has not been received till the expiry of the Grace Period; 1.3. The maximum Age of the Life Insured on the Date of Commencement of
Risk cannot exceed 45 (Forty Five) years.
16. "Life Insured" means the person named in the Schedule, who is also the
policyholder, on whose life the Policy is effected; 1.4. The maximum Age of the Life Insured on the Maturity Date cannot exceed
66 (Sixty Six) years:
17. "Maturity Date" means the date specified in the Schedule, on which the Policy
Term expires; 2. BENEFITS
18. "Modal Factor" means the applicable factor specified in the Schedule, which is 2.1. Death Benefit
used by Us for determining the Premium. The Modal Factors for this Policy are as 2.1.1. If Life Insured dies during the Policy Term provided the Policy is
follows: i) for annual Premium payment mode - (1); ii) for semi-annual Premium in force and not under lapsed or Reduced Paid Up Mode, We will
payment mode - (0.520); iii) for quarterly Premium payment mode - (0.265); iv) pay the following benefits:
for monthly Premium payment mode - (0.090);
2.1.1.1. Death Benefit which will be highest of the following:
19. "Money Back Payment" means an amount equal to 25% of the Sum Assured
which is payable by Us at the end of each of the last 4 Policy Years of the Policy (i) 11 (Eleven) times the Annualised Premium; or
Term; (ii) 105% (One Hundred Five percent) of all the
20. "Nominee" means a person nominated by You in accordance with Clause 8 of Premiums received from You till the date of death
Part F, to receive the benefits under the Policy and whose name is mentioned in of the Life Insured; or
the Schedule; (iii) Guaranteed Sum Assured on Maturity, which is
21. "Paid Up Additions" means the additional sum assured amounts which may be 'zero' or 'nil'; or
applied to the Policy in accordance with Clause 4.2.2.3 of Part C; (iv) Any absolute amount assured to be paid on death,
22. "Participating" means participating in the Actuarial Valuation Surplus of the which is equal to Sum Assured.
participating life policyholders' fund; Death Benefit will be payable in accordance with
23. "Policy" means the contract of insurance entered into between You and Us as the Settlement Option set out in Clause 2.1.2 below
evidenced by this document, the Proposal Form, the Schedule and any additional considering the choice specified by the Claimant when the
information/document(s) provided to Us in respect of the Proposal Form along with payment becomes due; and
any written instructions from You subject to Our acceptance of the same and any 2.1.1.2. Policy Continuance Benefit under which We will waive
endorsement issued by Us; all the future Premiums, if any, coinciding or following the
24. "Policy Anniversary" means the annual anniversary of the Date of date of death of the Life Insured. The Policy will continue
Commencement of Risk; as is and the Money Back Payments and maturity benefits
25. "Policy Term" means the term of this Policy as specified in the Schedule; shall be payable to the Claimant as and when due. The
Policy will continue to participate in the bonuses and the
26. "Policy Year" means a period of 12 (Twelve) months commencing from the Date benefits will continue to be applicable. All future benefits
of Commencement of Risk and every Policy Anniversary thereafter; shall be paid to the Claimant, as if the Life Insured was
27. "Premium" means an amount specified in the Schedule, payable by You, by the alive and had paid the Premiums, as and when due. The
due dates to secure the benefits under the Policy, excluding applicable taxes, cesses Claimant will, however, not be entitled to exercise any of
and levies, if any; the following:
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2.1.1.2.1. Surrender the Policy; 2.3.2. The Accrued Paid-up Additions and Terminal Bonus are payable
2.1.1.2.2. Withdraw the accrued Paid Up Additions (if under the Policy only if they have accrued on the Maturity Date
any); and these amounts are not guaranteed. Any instalment of the Money
Back Payment which is due on the Maturity Date is guaranteed.
2.1.1.2.3. Change the bonus option applicable; or
2.1.1.2.4. Discount or defer any Money Back Payments. 3. REDUCED PAID UP BENEFITS
3.1. If this Policy has acquired a Surrender Value, then, in the event of
2.1.2. Settlement Option: The Claimant has the following options to
non-payment of the due Premiums by You to Us, on the expiry of the Grace
receive the Death Benefit:
Period this Policy will not lapse and will continue with reduced paid-up
2.1.2.1. Lump Sum Benefit: To take the Death Benefit as lump benefits as specified below. A Policy under the Reduced Paid Up Mode will
sum payout; or thereafter be free from all liabilities of payment of future Premiums to Us.
2.1.2.2. Monthly Income for 135 months: To receive 1% of the 3.2. If this Policy is under Reduced Paid Up Mode, then, the benefits payable
Death Benefit as a monthly income for 135 consecutive shall be as follows:
months commencing from the monthly policy anniversary
following the date of the death of the Life Insured. Once 3.2.1. Reduced Death Benefit
the Settlement Option is in force: In the event of the death of the Life Insured during Policy Term,
2.1.2.2.1 The Claimant may give Us a written request then, We will pay the following benefits:
to pay the remaining portion of the Death 3.2.1.1. Reduced Paid Up Death Benefit which is payable as a
Benefit as a lump sum and We will pay the lump sum or in accordance with the Settlement Option set
Claimant an amount equal to the value of the out in Clause 3.2.2 below considering the choice specified
total payments remaining under the Settlement by the Claimant when the payment becomes due; and
Option after applying a discount of 5.5% per 3.2.1.2. Reduced Money Back Payment and maturity benefit, as
annum. and when due.
2.1.2.2.2 Payments in accordance with the Settlement 3.2.2. Settlement Option Applicable under the Reduced Paid Up
Option shall continue to be made even after Death Benefit: The Claimant has the following options to receive
termination of the Policy on the Maturity Date the Reduced Paid Up Death Benefit:
unless the Claimant gives Us a written request
to pay the remaining portion of the Death 3.2.2.1 Lump Sum Benefit: To receive the Reduced Paid Up
Benefit as a lump sum. Death Benefit as lump sum payout; or
3.2.2.2 Monthly Income for 135 months: To receive 1% of the
2.1.3. On the Life Insured's death during the Policy Term provided the
Reduced Paid Up Death Benefit as a monthly income for
Policy is in force, the Policy shall continue to participate in the future
135 consecutive months commencing from the monthly
bonuses declared but the bonus option shall automatically change to
policy anniversary following the date of the death of the
Paid Up Additions which will be payable on the Maturity Date only.
Life Insured. Once the Settlement Option is in force:
2.2. Money Back Payments/ Survival Benefit 3.2.2.2.1 The Claimant may give Us a written request
2.2.1. The Money Back Payments are payable as per the following to pay the remaining portion of the Reduced
schedule: Paid Up Death Benefit as a lump sum and We
will pay the Claimant an amount equal to the
Payment Payable on value of the total payments remaining under
Money Back 1 Policy Term less 3 years the Settlement Option after applying a discount
of 5.5% per annum: and
Money Back 2 Policy Term less 2 years
3.2.2.2.2 Payments in accordance with the Settlement
Money Back 3 Policy Term less 1 year Option shall continue to be made even after
Money Back 4 At the end of Policy Term termination of the Policy on the Maturity Date
unless the Claimant gives Us a written request
We will send You a written communication at least 6 months to pay the remaining portion of the Reduced
before the due date of the first Money Back Payment specifying Paid Up Death Benefit as a lump sum.
the amounts payable and the schedule for the payments of these
3.2.3. Reduced Money Back Payment
amounts. This communication will also give You the option to
discount and/or defer the Money Back Payment, under the Policy 3.2.3.1. We will pay an amount equal to 25% of the Reduced
provided that: Paid Up Sum Assured at the end of each of the last 4
Policy Years in the Policy Term ("Reduced Money Back
2.2.1.1. the Money Back Payments are discounted to the maximum
Payment").
limit of receiving all 4 (Four) Money Back Payments on
the date on which the first Money Back Payment would 3.2.3.2. You may discount or defer the Reduced Money Back
otherwise have been due; Payments due in accordance with the conditions set out in
Clause 2.2.1 to Clause 2.2.2 above.
2.2.1.2. the Money Back Payments are deferred to the maximum
limit of receiving all the 4 (Four) Money Back Payments 3.2.3. Maturity Benefit
on the Maturity Date; and 3.2.3.1. On the Maturity Date, We will pay the accrued Paid Up
2.2.1.3. the interest rate for discounting/deferring the Money Back Additions (if any) and Terminal Bonus (if any) in addition
Payments will be declared by Us each year on 1st April and to any instalment of the Reduced Money Back Payment
shall be based on 2 year Govt. securities yields prevalent which is due on the Maturity Date.
as on March 31 of that year. The same interest rate shall
be applicable to all the Money Back Payments being 4. BONUSES
discounted/deferred. Once the option to discount/defer the 4.1. You shall be eligible to receive the following Bonus(es) under the Policy:
Money Back Payments has been exercised by You, the 4.1.1. Cash Bonus; and
interest rate declared by Us shall be guaranteed and will
not change. 4.1.2. Terminal Bonus.
4.2. Cash Bonus
2.2.2. If You wish to discount and/or defer the Money Back Payments,
You shall give Us a written notice of the timing at which You wish 4.2.1. The Cash Bonus (if declared by Us) will become payable from
to receive the payments at least 3 months before the due date of the end of the 2nd (Second) Policy Year i.e. after the end
the first Money Back Payment. If We do not receive Your written of 24th (Twenty Fourth) Policy month onwards from the Date
notice specifying that You wish to discount and/or defer the Money of Commencement of Risk and thereafter at the end of every
Back Payments at least 3 months before the due date of the first subsequent Policy Year. The Cash Bonus on the accrued Paid Up
Money Back Payment, it shall be deemed that You do not wish to Additions will be paid starting from the end of the 3rd (Third)
discount/defer the Money Back Payment and the payments shall be Policy Year i.e. after the end of the 36th (Thirty Sixth) Policy month
made as and when the amounts fall due. onwards from the Date of Commencement of Risk and thereafter at
the end of every subsequent Policy Year.
2.2.3. If You exercise the option to discount and/or defer the Money Back
Payments, You shall not be permitted to subsequently change the 4.2.2. The Cash Bonus may be utilized in accordance with the option You
option exercised. have selected from those listed below. The option which is in force
will be specified in the Schedule:
2.3. Maturity Benefit
4.2.2.1. Paid in Cash: The Cash Bonus will be paid to You as
2.3.1. If the Policy is in force and not under Reduced Paid Up Mode on and when declared by Us.
the Maturity Date (both in case of death or survival of Life Insured)
4.2.2.2. Premium Offset: The Cash Bonus declared will be offset
, then, We will pay the sum total of the following, on the Maturity
against Premium payable. If the Cash Bonus exceeds the
Date in addition to any instalment of the Money Back Payment
Premium payable, the excess will be paid to You and if
which is due on the Maturity Date:
the Cash Bonus is less than the Premium payable, You
2.3.1.1. Accrued Paid-up Additions, if any Or Cash Bonus (if any), shall be liable to pay the balance Premium amount at
whichever is applicable; and the applicable due dates. If the option is in force on the
2.3.1.2. Terminal Bonus, if any. completion of the Premium Payment Term, all future
14 of 42
Cash Bonuses will be paid in accordance with the Paid In 1.3. In the event of death of the Life Insured during the Policy Term, the Policy cannot
Cash option specified in Clause 4.2.2.1. be surrendered and the Policy shall continue till the end of the Policy Term.
4.2.2.3. Purchase Paid Up Additions: The Cash Bonus declared 1.4. The Surrender Value payable will be subject to the condition that there are no
will be used to purchase Paid Up Additions. These statutory or other restrictions to the contrary. Upon surrender of this Policy, this
Paid Up Additions will also participate in the future Policy will terminate and no benefits under this Policy shall be payable.
Cash Bonuses declared by Us starting from the next 1.5. Guaranteed Surrender Value
Policy Anniversary. The Paid Up Additions is payable
in full on maturity and in case of surrender of Policy, 1.5.1. The Guaranteed Surrender Value will be determined in the Policy Year in
surrender value of the Paid Up Additions will be paid. which the surrender is effected. The Guranteed Surrender Value will be
The following conditions are applicable to Paid Up sum total of the following:
Additions:
1.5.1.1. Higher of:
4.2.2.3.1. You may withdraw the surrender value of
1.5.1.1.1. Guaranteed Surrender Value factors (as specified in
Paid Up Additions (partially or in full) if
the table below) multiplied by {Total Premiums less
the Policy is not in Reduced Paid Up Mode
Extra Premium (if any) less the actual amount of
and provided that the amount proposed to
Money Back Payments already paid, if any; or
be withdrawn is not less than INR 5,000
(Rupees Five Thousand) and not more than 1.5.1.1.2. 0 (zero); and
the maximum amount of surrender value of 1.5.1.2. Guaranteed surrender value of the accrued Paid Up Additions, if
Paid Up Additions. The Paid Up Additions any.
remaining after the withdrawal will continue
to participate in future Cash Bonus declared Guaranteed Surrender Value Factors
by Us. Percentage (%) of total Premiums received
4.2.2.3.2. The surrender value of the Paid Up Additions (subject to the Premiums for the first 2 (Two)
Policy
will be determined basis the Paid Up years or first 3 (Three) years, as the case may
Year
Additions purchase rates. These purchase be, having been received and applied by Us,
of
rates are fixed but may be revised basis in accordance with the Clause 1.1 of Part D)
surrender
the actual experience subject to the prior
approval of the IRDAI. Premium Payment Other Premium
4.2.3. You may give Us a written request to change the applicable Cash Term of 8 years Payment Terms
Bonus option selected at the proposal stage provided that this 1 0% 0%
changed will be effective from the Policy Anniversary following the
receipt of the request. 2 30% 0%
4.2.4. If this Policy is assigned to any person other than an individual by 3 30% 30%
You, then, the Cash Bonus option shall automatically be changed 4 50% 50%
by Us to purchase Paid Up Addition option irrespective of any other
option that may have been chosen by You. 5 52% 52%
4.3. Terminal Bonus 6 54% 54%
4.3.1. Under this Policy, We may at Our discretion pay an additional 7 56% 56%
1 (One) time Terminal Bonus, provided this Policy is in force Graduating linearly from Graduating linearly from
for at least 5 (Five) complete Policy Years from the Date of 56% to 90% during 56% to 90% during
Commencement of Risk. In case of surrender, only surrender value the last 2 Policy Years the last 2 Policy Years
of Terminal Bonus, if any, will be paid. in the Policy Term in the Policy Term
5. PREMIUMS 8+ Minimum (56% + Minimum (56% +
[(40% * (N-7))/(Policy [(40% * (N-7))/(Policy
5.1. You can pay the Premium annually, semi-annually, quarterly or on monthly Term - 8)], 90%) Term - 8)], 90%)
basis, as per the Premium payment mode chosen by You. N: Policy Year N: Policy Year
5.2. You have an option to change the Premium payment mode by submitting of surrender of surrender
a written request to Us. Any change in the Premium payment mode will
result in a change in the Premium amount basis the applicable Modal Factors. 1.5.2. The guaranteed surrender value of accrued Paid Up Additions, if any, will
A change in Premium payment mode will be effective only on the Policy be calculated by Us by multiplying the accrued Paid Up Additions with
Anniversary following the receipt of such request. the guaranteed surrender value factors for accured Paid Up Additions. The
guaranteed surrender value factors of Paid Up Additions will be calculated
5.3. You can pay Premium at any of Our offices or through Our website
at an interest rate of 12% p.a. These surrender value factors are guaranteed
www.maxlifeinsurance.com or by any other means, as informed by Us. Any
for the Policy Term.
Premium paid by You will be deemed to have been received by Us only after
the same has been realized and credited to Our bank account.
5.4. The Premium payment receipt will be issued in Your name, which will be 1.6. Special Surrender Value
subject to realization of cheque or any other instrument/medium. 1.6.1. This Special Surrender Value will always be greater than or equal
6. GRACE PERIOD to the Guaranteed Surrender Value.
1.6.2. Special Surrender Value will be higher of zero or the sum total of
6.1 The Premium is due and payable by the due date specified in the Schedule.
the following:
If the Premium is not paid by the due date, You may pay the same during
the Grace Period without any interest. 1.6.2.1. Reduced Paid Up Sum Assured X Special Surrender
6.2 During the Grace Period, if the overdue Premium is not paid and the Life Value Factor;
Insured dies, then, We will pay the death benefit after deducting the due 1.6.2.2. surrender value of accrued Paid Up Additions, if any;
premium (if any) till the date of death. 1.6.2.3. surrender value of Terminal Bonus, if any; and
7. LAPSATION OF POLICY 1.6.2.4. the present value at the time of surrender of the future
7.1 If You discontinue the payment of Premium before paying Premiums for excess Money Back Payments (if any),
first two Policy Years for a Policy with Premium Payment Term of 8 years 2. LOANS
or first three Policy Years for a Policy with other Premium Payment Terms,
the Policy will lapse on the expiry of the Grace Period and no benefits under 2.1. You are not entitled to any loans under this Policy.
the Policy will be payable. 3. REVIVAL OF POLICY
PART D 3.1. A Lapsed Policy or a Policy under Reduced Paid Up Mode can be Revived
POLICY SERVICING CONDITIONS as per Underwriting Policy, within the Revival Period:
1. SURRENDER 3.1.1. on receipt of Your written request to Revive the Policy by Us;
1.1. This Policy shall acquire a Surrender Value provided all the due Premiums for the 3.1.2. if You produce an evidence of insurability of Life Insured at Your
following minimum period have been received and applied by Us on or after the own cost which is acceptable to Us; and
due dates:
3.1.3. on payment of all overdue Premiums (along with applicable taxes,
1.1.1. The first 2 (Two) Policy Years if the Premium Payment Term is 8 (Eight) cesses and levies, if any) to Us with late fee and/or interest at such
years; or rate as may be determined by Us from time to time. Currently the
1.1.2. The first 3 (Three) Policy Years for all other Premium Payment Terms. applicable late fee and/or interest rates are as below:
1.2. You may request in writing to surrender the Policy at any time only if the Policy has No. of days between
acquired the Surrender Value. On receipt of such request, this Policy shall terminate date of Revival and Late Payment Fee (in Rs.)
and the Surrender Value (if any) prevailing on the date of request for the surrender date of lapse of Policy
of this Policy, shall be payable by Us. If the Policy has not acquired the Surrender 30-60 100
Value, then, nothing is payable by Us.
61-180 250
15 of 42
250 plus interest on 2. CLAIM PROCEDURE
>180 due premium @8% p.a.
compounded annually 2.1. For processing a claim request under this Policy, We will require all of the
following documents:
3.2. The Revival of the Lapsed Policy or a Policy under Reduced Paid Up
Mode will take effect only after We have approved the same in accordance 2.1.1. Claimant's statement in the prescribed form;
with Our Underwriting Policy and communicated Our decision to You in 2.1.2. original Policy document;
writing. All accrued bonus(es) and original benefits including death, Money 2.1.3. a copy of police complaint/ first information report (only in the case
Back Payments and maturity benefits which were originally payable will be of death by accident of the Life Insured);
restored on such Revival. However, no interest shall be payable by Us on 2.1.4. a copy of duly certified post mortem report (only in the case of death
such restoration. by accident of the Life Insured);
3.3. If a Lapsed Policy is not Revived within the Revival Period, this Policy will 2.1.5. death certificate issued by the local/municipal authority (only in the
terminate without value, on the expiry of the Revival Period. case of death of the Life Insured);
3.4. If a Policy under Reduced Paid Up Mode is not Revived within the Revival 2.1.6. identity proof of the Claimant including Nominee(s) bearing their
Period then, it will continue to be under Reduced Paid Up Mode for the photographs and signatures (only in the case of the death of the Life
remaining part of the Policy Term. Insured); and
3.5. The Policy cannot be Revived beyond the Policy Term. 2.1.7. any other documents or information required by Us for assessing
3.6. In addition to the revival provisions stated above, You may also be eligible to and approving the claim request.
avail of one or more of the following revival schemes to revive Your Policy:
2.2. A Claimant can download the claim request documents from Our website
3.6.1. Reduction in the Sum Assured: You may be eligible to revive your
www.maxlifeinsurance.com or can obtain the same from any of Our
Policy by reducing the Sum Assured. Please contact Us for details
on whether You are eligible for this revival scheme and, if so, the branches or offices.
extent to which the Sum Assured can be reduced, the total amount 2.3. Subject to Section 45 of the Insurance Act, 1938 as amended from time
required to be paid by You to revive the Policy and the applicable to time, We reserve the right to scrutinize the documents submitted by
terms and conditions for utilizing this revival scheme; the Claimant and/or investigate the cause of death of the Life Insured and
3.6.2. Reduction in the Premium Payment Term: You may be eligible deny the claim partially or completely on the basis of Our scrutiny of the
to revive your Policy by reducing the Premium Payment Term.
documents or investigation, as the case may be. We shall pay the benefits
Please contact Us for details on whether You are eligible for
under this Policy subject to Our satisfaction:
this revival scheme and if so, the extent to which the Premium
Payment Term can be reduced, the total amount required to be 2.3.1. that the benefits have become payable as per the terms and
paid by You to revive the Policy and the applicable terms and conditions of this Policy; and
conditions for utilizing this revival scheme; 2.3.2. of the bonafides and credentials of the Claimant.
3.6.3. Special Revival Schemes: We may also introduce special revival 2.4. Subject to Our sole discretion and satisfaction, in exceptional circumstances
schemes from time to time which are available for a particular such as on happening of a Force Majeure Event, We may decide to waive
period. Please contact Us for details on whether such revival
all or any of the requirements set out in Clause 3.1 of Part F.
scheme is available and, if You are eligible for the same, the total
amount required to be paid by You to revive the Policy and the 3. DECLARATION OF THE CORRECT AGE
applicable terms and conditions for utilizing such revival scheme.
3.1. Declaration of the correct Age and/ or gender of the Life Insured is important
3.7. We may, from time to time, at Our sole discretion, introduce new for Our underwriting process and calculation of Premiums payable under the
revival schemes or modify or terminate existing revival schemes.
Policy. If the Age and/or gender declared in the Proposal Form is found to be
Please contact Us for details on 1800 200 5577 or visit Our website
www.maxlifeinsurance.com. incorrect at any time during the Policy Term or at the time of claim, We may
revise the Premium with interest and/or applicable benefits payable under the
4. PAYMENT OF BENEFITS
Policy in accordance with the premium and benefits that would have been
4.1. The benefits under this Policy will be payable only on submission of
payable, if the correct Age and/ or gender would have made the Life Insured
satisfactory proof to Us. The benefits under this Policy will be payable to
the Claimant. eligible to be covered under the Policy on the Date of Commencement of Risk.
4.2. Once the benefits under this Policy are paid to the Claimant, the same will 4. FRAUD, MISREPRESENATION AND FORFEITURE
constitute a valid discharge of Our liability under this Policy.
4.1. Fraud, misrepresentation and forfeiture would be dealt with in accordance
5. TERMINATION OF POLICY
with provisions of Section 45 of the Insurance Act, 1938 as amended from
5.1. This Policy will terminate upon the happening of any of the following time to time. [A leaflet containing the simplified version of the provisions of
events:
the above section is enclosed in Annexure - (1) for reference]
5.1.1. on the date on which We receive Free Look cancellation request;
5. SUICIDE EXCLUSION
5.1.2. the date of intimation of repudiation of the death claim by Us in
accordance with the provisions of this Policy; 5.1. Notwithstanding anything stated herein, if the Life Insured commits suicide,
whether sane or insane, within 12 (Twelve) months from the Date of
5.1.3. on the expiry of the Revival Period, if the Lapsed Policy has not Inception of Policy or from the date of Revival of this Policy, all risks and
been Revived; benefits under this Policy shall cease and We shall only pay the following
5.1.4. on the date of payment of Surrender Value; or to the Claimant:
5.1.5. on the Maturity Date, however monthly incomes remaining under
5.1.1. higher of the Surrender Value or total Premiums received by Us, if
Settlement Option shall continue, if not commuted.
the Policy has acquired a Surrender Value; or
PART E 5.1.2. total Premiums received by Us, if the Policy has not acquired a
POLICY CHARGES Surrender Value.
16 of 42
Email ID: complaints@irda.gov.in
10. ELECTRONIC TRANSACTIONS
10.1. You will comply with all the terms and conditions with respect to all 1.2.3. You can also register Your complaint online at
transactions effected by or through facilities for conducting remote http://www.igms.irda.gov.in/
transactions including the internet, world wide web, electronic data 1.2.4. You can also register Your complaint through fax/paper by
interchange, call centre, tele-service operations or by other means of submitting Your complaint to:
telecommunication established by Us or on Our behalf, for and in respect Consumer Affairs Department
of the Policy or services, which will constitute legally binding and valid Insurance Regulatory and Development Authority of India
transactions when executed in adherence to and in compliance with the terms 9th floor, United India Towers, Basheerbagh
and conditions for such facilities. Hyderabad - 500 029, Telangana
11. DUPLICATE POLICY Fax No: 91- 40 - 6678 9768
11.1. In case of loss of this Policy document, You may contact Our nearest 1.3. If You are not satisfied with the redressal or there is no response within a
branch office to know the requirements for issuance of a duplicate Policy. period of 1 (One) month,or rejection of complaint by Us, the complainant
The duplicate Policy shall be issued without any charge. or his legal heirs or nominee, or assignee may approach Insurance
12. AMENDMENT Ombudsman at the address mentioned in Annexure A or on the IRDAI website
www.irda.gov.in, if the grievance pertains to:
12.1. No amendments to the Policy will be effective, unless such amendments
are expressly approved in writing by Us and/or by the IRDAI wherever 1.3.1. delay in settlement of a claim;
applicable. 1.3.2. any partial or total repudiation of a claim by Us;
13. REGULATORY AND JUDICIAL INTERVENTION 1.3.3. any dispute with regard to the Premium paid or payable in terms of
the Policy; or
13.1. If any competent regulatory body or judicial body imposes any condition
on the Policy for any reason, We are bound to follow the same which may 1.3.4. any misrepresentation of policy terms and conditions at any time in
include suspension of all benefits and obligations under the Policy. the policy document or policy contract;
1.3.5. any dispute on the legal construction of the Policy in so far as such
14. FORCE MAJEURE
dispute relate to a claim;
14.1. The performance of the Policy may be wholly or partially suspended during
1.3.6. policy servicing by Us, Our agents or intermediaries;
the continuance of such Force Majeure Event under an intimation to or
approval of the IRDAI. We will resume Our obligations under the Policy 1.3.7. issuance of insurance policy, which is not in conformity with the
after the Force Majeure Event ceases to exist. proposal form submitted by You;
1.3.8. non issuance of any insurance document after receipt of the Premium.
15. COMMUNICATION AND NOTICES
1.3.9. Any other matter resulting from violation of provisions of Insurance
15.1. All notices meant for Us should be in writing and delivered to Our address
Act, 1938 or the regulation, circulars, Guidelines or instructions
as mentioned in Part G or such other address as We may notify from time to
issued by the IRDAI from time to time on the terms and conditions
time. You should mention the correct Policy number in all communications
of the policy contract, in so far as they relate to issues mentioned in
including communications with respect to Premium remittances made by
this para 1.3 above.
You.
1.4. As per Rule 14 of the Insurance Ombudsman Rules, 2017, a complaint to the
15.2. All notices meant for You will be in writing and will be sent by Us to Your
Insurance Ombudsman can be made only within a period of 1 (One) year after
address as shown in the Schedule or as communicated by You and registered
receipt of Our rejection of the representation or after receipt of Our decision
with Us. We may send You notices by post, courier, hand delivery, fax or
which is not to Your satisfaction or if We fail to furnish reply after expiry of
e-mail/electronic mode or by any other means as determined by Us. If You
a period of one month from the date of receipt of the written representation of
change Your address, or if the address of the Nominee changes, You must
the complainant, provided the complaint is not on the same matter, for which
notify Us immediately. Failure in timely notification of change of address
any proceedings before any court, or consumer forum or arbitrator is pending.
could result in a delay in processing of benefits payable under the Policy.
15.3. For any updates, please visit Our website www.maxlifeinsurance.com.
16. GOVERNING LAW AND JURISDICTION
16.1 The Policy will be governed by and enforced in accordance with the laws
of India. The competent courts in India will have exclusive jurisdiction in
all matters and causes arising out of the Policy.
PART G
GRIEVANCE REDRESSAL MECHANISM AND OMBUDSMAN DETAILS
1. DISPUTE REDRESSAL PROCESS UNDER THE POLICY
1.1. All consumer grievances and/or queries may be first addressed to Your agent
or Our customer helpdesk as mentioned below:
Max Life Insurance Company Limited
Plot No. 90A, Sector 18, Gurugram, 122015, Haryana, India
Toll Free No. - 1800 200 4006
Email: axis.helpdesk@maxlifeinsurance.com
ENDORSEMENT
1.2. If Our response is not satisfactory or there is no response within 15 (Fifteen)
days:
1.2.1. the complainant or his legal heirs may file a written complaint with STAMP DUTY AMOUNT : `71.4
full details of the complaint and the complainant's contact information
to the following official for resolution: Paid by e-Stamps Certificate no. 04/Issue Date: 04/04/18/ Vide Treasury (E-CHALLAN)
Head Operations and Customer Services, GRN NO. 34404449
Max Life Insurance Company Limited
Plot No. 90A, Sector 18,
Gurugram, 122015, Haryana, India,
Toll Free No. - 1800 200 4006
Email: manager.services@maxlifeinsurance.com; Indeevar Krishna
1.2.2. the complainant or his legal heirs may approach the Grievance Cell Authorized Signatory
of the IRDAI on the following contact details:
IRDAI Grievance Call Centre (IGCC)
Toll Free No:155255 or 1800 4254 732
17 of 42
Annexure 1 be liable if a bonafide payment is made to the person named in the text of the policy
Section 45 - Policy shall not be called in question on the ground of or in the registered records of the insurer.
mis-statement after three years 7. Fee to be paid to the insurer for registering change or cancellation of a nomination
Provisions regarding policy not being called into question in terms of Section 45 can be specified by the Authority through Regulations.
of the Insurance Act, 1938, as amended from time to time are as follows: 8. On receipt of notice with fee, the insurer should grant a written acknowledgement
1. No Policy of Life Insurance shall be called in question on any ground whatsoever to the policyholder of having registered a nomination or cancellation or change
after expiry of 3 yrs from thereof.
9. A transfer or assignment made in accordance with Section 38 shall automatically
a. the date of issuance of policy or
cancel the nomination except in case of assignment to the insurer or other transferee
b. the date of commencement of risk or or assignee for purpose of loan or against security or its reassignment after
c. the date of revival of policy or repayment. In such case, the nomination will get affected to the extent of insurer's
d. the date of rider to the policy or transferee's or assignee's interest in the policy. The nomination will get revived
on repayment of the loan.
whichever is later.
10. The right of any creditor to be paid out of the proceeds of any policy of life
2. On the ground of fraud, a policy of Life Insurance may be called in question within insurance shall not be affected by the nomination.
3 years from
11. In case of nomination by policyholder whose life is insured, if the nominees die
a. the date of issuance of policy or before the policyholder, the proceeds are payable to policyholder or his heirs or
b. the date of commencement of risk or legal representatives or holder of succession certificate.
c. the date of revival of policy or 12. In case nominee(s) survive the person whose life is insured, the amount secured by
d. the date of rider to the policy the policy shall be paid to such survivor(s).
whichever is later. 13. Where the policyholder whose life is insured nominates his
For this, the insurer should communicate in writing to the insured or legal a. parents or
representative or nominee or assignees of insured, as applicable, mentioning the b. spouse or
ground and materials on which such decision is based. c. children or
3. Fraud means any of the following acts committed by insured or by his agent, with d. spouse and children
the intent to deceive the insurer or to induce the insurer to issue a life insurance
e. or any of them
policy:
the nominees are beneficially entitled to the amount payable by the insurer to the
a. the suggestion, as a fact of that which is not true and which the insured does policyholder unless it is proved that policyholder could not have conferred such
not believe to be true; beneficial title on the nominee having regard to the nature of his title.
b. The active concealment of a fact by the insured having knowledge or belief 14. If nominee(s) die after the policyholder but before his share of the amount secured
of the fact; under the policy is paid, the share of the expired nominee(s) shall be payable to
c. Any other act fitted to deceive; and the heirs or legal representative of the nominee or holder of succession certificate
d. Any such act or omission as the law specifically declares to be fraudulent. of such nominee(s).
4. Mere silence is not fraud unless, depending on circumstances of the case, it is 15. The provisions of sub-section 7 and 8 (13 and 14 above) shall apply to all life
the duty of the insured or his agent keeping silence to speak or silence is in itself insurance policies maturing for payment after the commencement of Insurance
equivalent to speak. Laws (Amendment) Act 2015.
5. No Insurer shall repudiate a life insurance policy on the ground of fraud, if the 16. If policyholder dies after maturity but the proceeds and benefit of the policy has
insured / beneficiary can prove that the misstatement was true to the best of his not been paid to him because of his death, his nominee(s) shall be entitled to the
knowledge and there was no deliberate intention to suppress the fact or that such proceeds and benefit of the policy.
mis-statement of or suppression of material fact are within the knowledge of the 17. The provisions of Section 39 are not applicable to any life insurance policy to
insurer. Onus of disproving is upon the policyholder, if alive, or beneficiaries. which Section 6 of Married Women's Property Act, 1874 applies or has at any time
6. Life insurance Policy can be called in question within 3 years on the ground that applied except where before or after Insurance Act, 1938 as amended from time to
any statement of or suppression of a fact material to expectancy of life of the time, a nomination is made in favour of spouse or children or spouse and children
insured was incorrectly made in the proposal or other document basis which policy whether or not on the face of the policy it is mentioned that it is made under Section
was issued or revived or rider issued. For this, the insurer should communicate in 39. Where nomination is intended to be made to spouse or children or spouse and
writing to the insured or legal representative or nominee or assignees of insured, children under Section 6 of MWP Act, it should be specifically mentioned on the
as applicable, mentioning the ground and materials on which decision to repudiate policy. In such a case only, the provisions of Section 39 will not apply.
the policy of life insurance is based. [Disclaimer: This is only a simplified version prepared for general information.
7. In case repudiation is on ground of mis-statement and not on fraud, the premium You are advised to refer to the Insurance Act 1938 as amended from time to time
collected on policy till the date of repudiation shall be paid to the insured or legal for complete and accurate details.]
representative or nominee or assignees of insured, within a period of 90 days from Annexure 3
the date of repudiation. Section 38 - Assignment and Transfer of Insurance Policies
8. Fact shall not be considered material unless it has a direct bearing on the risk Assignment or transfer of a policy should be in accordance with Section 38 of the
undertaken by the insurer. The onus is on insurer to show that if the insurer had Insurance Act, 1938 as amended from time to time. The extant provisions in this
been aware of the said fact, no life insurance policy would have been issued to the regard are as follows:
insured.
1. This policy may be transferred/assigned, wholly or in part, with or without
9. The insurer can call for proof of age at any time if he is entitled to do so and no consideration.
policy shall be deemed to be called in question merely because the terms of the
policy are adjusted on subsequent proof of age of life insured. So, this Section will 2. An Assignment may be effected in a policy by an endorsement upon the policy
not be applicable for questioning age or adjustment based on proof of age submitted itself or by a separate instrument under notice to the Insurer.
subsequently. 3. The instrument of assignment should indicate the fact of transfer or assignment and
the reasons for the assignment or transfer, antecedents of the assignee and terms
[Disclaimer: This is only a simplified version prepared for general information. on which assignment is made.
You are advised to refer to the Insurance Act 1938 as amended from time to time
for complete and accurate details.] 4. The assignment must be signed by the transferor or assignor or duly authorized
agent and attested by at least one witness.
Annexure 2
5. The transfer or assignment shall not be operative as against an insurer until a
Section 39 - Nomination by Policyholder notice in writing of the transfer or assignment and either the said endorsement
Nomination of a life insurance policy is as below in accordance with Section 39 or instrument itself or copy there of certified to be correct by both transferor and
of the Insurance Act, 1938 as amended from time to time. The extant provisions transferee or their duly authorised agents have been delivered to the insurer.
in this regard are as follows: 6. Fee to be paid for assignment or transfer can be specified by the Authority through
1. The policyholder of a life insurance policy on his own life may nominate a person Regulations.
or persons to whom money secured by the policy shall be paid in the event of his 7. On receipt of notice with fee, the insurer should Grant a written acknowledgement
death. of receipt of notice. Such notice shall be conclusive evidence against the insurer
2. Where the nominee is a minor, the policyholder may appoint any person to receive of duly receiving the notice.
the money secured by the policy in the event of policyholder's death during the 8. If the insurer maintains one or more places of business, such notices shall be
minority of the nominee. The manner of appointment is to be laid down by the delivered only at the place where the policy is being serviced.
insurer.
9. The insurer may accept or decline to act upon any transfer or assignment or
3. Nomination can be made at any time before the maturity of the policy. endorsement, if it has sufficient reasons to believe that it is
4. Nomination may be incorporated in the text of the policy itself or may be endorsed
a. not bonafide;
on the policy communicated to the insurer and can be registered by the insurer in
the records relating to the policy. b. not in the interest of the policyholder;
5. Nomination can be cancelled or changed at any time before policy matures, by an c. not in public interest; or
endorsement or a further endorsement or a will as the case may be. d. is for the purpose of trading of the insurance policy.
6. A notice in writing of change or cancellation of nomination must be delivered to
the insurer for the insurer to be liable to such nominee. Otherwise, insurer will not
18 of 42
10. Before refusing to act upon endorsement, the insurer should record the reasons in
writing and communicate the same in writing to policyholder within 30 days from
the date of policyholder giving a notice of transfer or assignment.
11. In case of refusal to act upon the endorsement by the insurer, any person aggrieved
by the refusal may prefer a claim to IRDAI within 30 days of receipt of the refusal
letter from the insurer.
12. The priority of claims of persons interested in an insurance policy would depend on
the date on which the notices of assignment or transfer is delivered to the insurer;
where there are more than one instruments of transfer or assignment, the priority
will depend on dates of delivery of such notices. Any dispute in this regard as to
priority should be referred to the Authority.
13. Every assignment or transfer shall be deemed to be absolute assignment or transfer
and the assignee or transferee shall be deemed to be absolute assignee or transferee,
except
a. where assignment or transfer is subject to terms and conditions of transfer or
assignment OR
b. where the transfer or assignment is made upon condition that
i. the proceeds under the policy shall become payable to policyholder
or nominee(s) in the event of assignee or transferee dying before the
insured; or
ii. the insured surviving the term of the policy.
Such conditional assignee will not be entitled to obtain a loan on policy or surrender
the policy. This provision will prevail notwithstanding any law or custom having
force of law which is contrary to the above position.
14. In other cases, the insurer shall, subject to terms and conditions of assignment,
recognize the transferee or assignee named in the notice as the absolute transferee
or assignee and such person
a. shall be subject to all liabilities and equities to which the transferor or assignor
was subject to at the date of transfer or assignment;
b. may institute any proceedings in relation to the policy; and
c. obtain loan under the policy or surrender the policy without obtaining the
consent of the transferor or assignor or making him a party to the proceedings
15. Any rights and remedies of an assignee or transferee of a life insurance policy under
an assignment or transfer effected before commencement of the Insurance Laws
(Amendment) Act, 2015 shall not be affected by this section.
[Disclaimer: This is only a simplified version prepared for general information.
You are advised to refer to the Insurance Act, 1938 as amended from time to time
for complete and accurate details.]
19 of 42
Annexure A: Names of Ombudsman and addresses of Ombudsman Centres
AHMEDABAD - Office of the Insurance Ombudsman,6th Floor, Jeevan Prakash Bldg, Tilak Marg, Relief Road, Ahmedabad - 380001 Tel nos:
079-25501201/02/05/06 email: bimalokpal.ahmedabad@ecoi.co.in (State of Gujarat and Union Territories of Dadra & Nagar Haveli and Daman and Diu.)
BENGALURU -Office of the Insurance Ombudsman, Jeevan Soudha Bldg. ,PID No. 57-27-N-19, Ground Floor 19/19, 24th Main Road, JP Nagar, Ist Phase,
Bengaluru - 560 078. Tel.:080-26652048/26652049 Email: bimalokpal.bengaluru@ecoi.co.in. (State of Karnataka)
BHOPAL - Office of the Insurance Ombudsman, Janak Vihar Complex, 2nd Floor, 6, Malviya Nagar, Opp. Airtel Office, Near New Market, Bhopal - 462 003.
Tel.: 0755 - 2769201 / 2769202 Fax: 0755 - 2769203 Email: bimalokpal.bhopal@ecoi.co.in (States of Madhya Pradesh and Chattisgarh)
BHUBANESHWAR - Office of the Insurance Ombudsman, 62, Forest park, Bhubneshwar - 751 009. Tel.: 0674 - 2596461 /2596455 Fax: 0674 - 2596429
Email: bimalokpal.bhubaneswar@ecoi.co.in (State of Orissa).
CHANDIGARH - Office of the Insurance Ombudsman, S.C.O. No. 101, 102 & 103, 2nd Floor, Batra Building, Sector 17 - D, Chandigarh- 160 017. Tel.:
0172 - 2706196 / 2706468 Fax: 0172 - 2708274 Email: bimalokpal.chandigarh@ecoi.co.in (States of Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir,
Union territory of Chandigarh)
CHENNAI- Office of the Insurance Ombudsman, Fatima Akhtar Court, 4th Floor, 453, Anna Salai, Teynampet, CHENNAI - 600 018. Tel.: 044
- 24333668/ 24335284 Fax: 044- 24333664 Email: bimalokpal.chennai@ecoi.co.in (State of Tamil Nadu, and Union Territories - Pondicherry Town and Karaikal
(which are part of Union Territory of Pondicherry)).
DELHI- Office of the Insurance Ombudsman, 2/2 A, Universal Insurance Building, Asaf Ali Road, New Delhi - 110 002. Tel.: 011 - 2323481 / 23213504
Email: bimalokpal.delhi@ecoi.co.in (States of Delhi).
GUWAHATI - Office of the Insurance Ombudsman, Jeevan Nivesh, 5th Floor, Nr. Panbazar over bridge, S.S. Road, Guwahati- 781001(ASSAM). Tel.:
0361 - 2132204 / 2132205 Fax: 0361 - 2732937 Email: bimalokpal.guwahati@ecoi.co.in (States of Assam, Meghalaya, Manipur, Mizoram, Arunachal
Pradesh,Nagaland and Tripura)
HYDERABAD - Office of the Insurance Ombudsman, 6-2-46, 1st floor, "Moin Court", Lane Opp. Saleem Function Palace, A. C. Guards, Lakdi-Ka-Pool,
Hyderabad - 500 004. Tel.: 040 - 65504123 / 23312122 Fax: 040 - 23376599 Email: bimalokpal.hyderabad@ecoi.co.in (State of Andhra Pradesh, Telangana,
and Union Territory of Yanam - a part of the Territory of Pondicherry)
JAIPUR- Office of the Insurance Ombudsman, Jeevan Nidhi - II Bldg., Gr. Floor, Bhawani Singh Marg, Jaipur - 302 005. Tel.: 0141 - 2740363
Email:Bimalokpal.jaipur@ecoi.co.in (State of Rajasthan)
ERNAKULAM - Office of the Insurance Ombudsman, 2nd Floor, Pulinat Bldg., Opp. Cochin Shipyard, M. G. Road, Ernakulam - 682015. Tel.: 0484 - 2358759
/ 2359338 Fax: 0484 - 2359336 Email: bimalokpal.ernakulam@ecoi.co.in (State of Kerala and Union Territory of (a) Lakshadweep (b) Mahe-a part of Union
Territory of Pondicherry)
KOLKATA - Office of the Insurance Ombudsman, Hindustan Bldg. Annexe, 4th Floor, 4, C.R. Avenue, KOLKATA - 700 072. Tel.: 033 - 22124339 / 22124340
Fax : 033 - 22124341 Email: bimalokpal.kolkata@ecoi.co.in (States of West Bengal, Sikkim, and Union Territories of Andaman & Nicobar Islands)
LUCKNOW - Office of the Insurance Ombudsman, 6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow - 226 001. Tel.: 0522
- 2231330 / 2231331 Fax:0522 - 2231310 Email: bimalokpal.lucknow@ecoi.co.in (Following Districts of Uttar Pradesh : Lalitpur, Jhansi, Mahoba, Hamirpur,
Banda, Chitrakoot, Allahabad, Mirzapur, Sonbhabdra, Fatehpur, Pratapgarh, Jaunpur,Varanasi, Gazipur, Jalaun, Kanpur, Lucknow, Unnao, Sitapur, Lakhimpur,
Bahraich, Barabanki, Raebareli, Sravasti, Gonda, Faizabad, Amethi, Kaushambi, Balrampur, Basti, Ambedkarnagar, Sultanpur, Maharajgang, Santkabirnagar,
Azamgarh, Kushinagar, Gorkhpur, Deoria, Mau, Ghazipur, Chandauli, Ballia, Sidharathnagar)
MUMBAI- Office of the Insurance Ombudsman, 3rd Floor, Jeevan Seva Annexe, S. V. Road, Santacruz (W), Mumbai - 400 054. Tel.: 022 - 26106552 / 26106960
Fax: 022 - 26106052 Email:bimalokpal.mumbai@ecoi.co.in (State of Goa, Mumbai Metropolitan Region excluding Navi Mumbai & Thane)
PUNE - Office of the Insurance Ombudsman, Jeevan Darshan Bldg., 3rd Floor, C.T.S. No.s. 195 to 198, N.C. Kelkar Road, Narayan Peth, Pune - 411 030. Tel.:
020-41312555 Email: bimalokpal.pune@ecoi.co.in (State of Maharashtra, Area of Navi Mumbai and Thane excluding Mumbai Metropolitan Region)
NOIDA - Office of the Insurance Ombudsman, Bhagwan Sahai Palace 4th Floor, Main Road, Naya Bans, Sector 15, Distt: Gautam Buddh Nagar, U.P-201301.
Tel.: 0120-2514250 / 2514252 / 2514253 Email: bimalokpal.noida@ecoi.co.in (State of Uttaranchal and the following Districts of Uttar Pradesh: Agra, Aligarh,
Bagpat, Bareilly, Bijnor, Budaun, Bulandshehar, Etah, Kanooj, Mainpuri, Mathura, Meerut, Moradabad, Muzaffarnagar, Oraiyya, Pilibhit, Etawah, Farrukhabad,
Firozbad, Gautambodhanagar, Ghaziabad, Hardoi, Shahjahanpur, Hapur, Shamli, Rampur, Kashganj, Sambhal, Amroha, Hathras, Kanshiramnagar, Saharanpur)
PATNA - Office of the Insurance Ombudsman, 1st Floor,Kalpana Arcade Building, Bazar Samiti Road, Bahadurpur, Patna 800 006.Tel.: 0612-2680952 Email:
bimalokpal.patna@ecoi.co.in (State of Bihar, Jharkhand)
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Benefit Illustration for 'Max Life Future Genius Education Plan' (UIN No: 104N094V02)
Savings - Non Linked Participating Plan
Policy/Proposal No: [ 510249899 ]
Date of Illustration - Jun 12, 2018 4:11:02 PM
Personal Details Product Features Rider Details
Name of Life Insured SANTOSH K SATAPATHY Sum Assured Rs 3,56,210.00 ADD Rider Sum Assured, if opted N/A
Age of Life Insured at Inception of the 32 Years Bonus Option Paid Up Additions ADD Rider Term, if opted N/A
policy
Gender of Life Insured Male Policy Term 14 Years Term Plus Rider Sum Assured, if opted N/A
Name of Policyholder SANTOSH K SATAPATHY Premium Payment Term 11 Years Term Plus Rider Term, if opted N/A
Age of Policyholder at Inception of the 32 Years Premium Payment Mode Annual WOP Plus Rider Term, if opted N/A
policy
PREMIUM SUMMARY
GST on Base premium and Total Rider premium payable annually Rs 1,350.00 Rs 675.00
Total Premium payable during the year exclusive of GST Rs 30,000.01 Rs 30,000.01
Total Premium payable during the year along with GST Rs 31,350.01 Rs 30,675.01
Refer Description of Goods and Service Tax (GST) under Important Notes section.
Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked "guaranteed" in the
illustration table on the next page. If your policy offers variable returns then the illustration on the next page will show two different rates of assumed future investment returns. These assumed rates of return are illustrative, not guaranteed and they are not
the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.
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This is only an illustrative document. The benefits if guaranteed, are clearly mentioned. For variable benefits, investment rate of return of 4% and 8% are used as an illustration.
Max Life Insurance Company Limited having its corporate office at 11th Floor, DLF Square, Jacaranda Marg, DLF City, Phase II, Gurugram 122 002
Page 1 of 4
YEARLY ILLUSTRATIVE DETAILS
(All cash flows are in Rs )
General Details Guaranteed Scenario 1 - Illustrated at 4% investment rate of return Scenario 2 - Illustrated at 8% investment rate of return
Policy Age of Premium Money Death Cash Net Accrued Terminal Money Maturity Special Cash Net Accrued Terminal Money Maturity Special
Year life Back Benefit Guarante Bonus (4) Outlay Value of Surrende Bonus (8) Back Benefit Surrende Bonus (4) Outlay Value of Surrende Bonus (8) Back Benefit Surrende
Assured Benefit (2) ed during PUA (6) r Value of Benefit (1) r Value during PUA (6) r Value of Benefit (1) r Value
(1) Surrende the year PUA (7) (1) (3) the year PUA (7) (1) (3)
r Value (5) (5)
(3)
(BOY) (EOY) (EOY) (EOY) (EOY) (EOY) (EOY) (EOY) (EOY) (EOY) (EOY) (EOY) (EOY) (EOY) (EOY) (EOY) (EOY) (EOY)
2 33 30,000 0 3,56,210 0 417 30,000 652 417 0 0 0 0 780 30,000 1,858 780 0 0 0 0
3 34 30,000 0 3,56,210 27,000 453 30,000 1,335 886 0 0 0 40,369 841 30,000 3,722 1,680 0 0 0 44,597
4 35 30,000 0 3,56,210 60,000 493 30,000 2,052 1,412 0 0 0 63,051 911 30,000 5,599 2,717 0 0 0 66,923
5 36 30,000 0 3,56,210 78,000 534 30,000 2,798 2,001 0 0 0 89,366 984 30,000 7,486 3,904 97,980 0 0 1,13,037
6 37 30,000 0 3,56,210 97,200 556 30,000 3,548 2,632 0 0 0 1,22,306 1,062 30,000 9,380 5,259 98,490 0 0 1,54,224
7 38 30,000 0 3,56,210 1,17,600 579 30,000 4,300 3,312 0 0 0 1,51,261 1,148 30,000 11,285 6,802 99,003 0 0 1,90,551
8 39 30,000 0 3,56,210 1,48,080 602 30,000 5,053 4,040 0 0 0 1,82,272 1,238 30,000 13,196 8,550 99,518 0 0 2,29,566
9 40 30,000 0 3,56,210 1,81,710 625 30,000 5,806 4,819 0 0 0 2,15,446 1,337 30,000 15,116 10,529 1,00,035 0 0 2,71,420
10 41 30,000 0 3,56,210 2,19,000 652 30,000 6,563 5,654 0 0 0 2,50,985 1,448 30,000 17,050 12,767 1,00,556 0 0 3,16,397
11 42 30,000 89,053 3,56,210 1,70,657 675 -59,052 7,317 6,543 0 89,053 0 2,26,488 1,564 -59,052 18,993 15,288 1,01,080 89,053 0 3,06,138
12 43 0 89,053 3,56,210 1,00,084 702 -89,052 8,073 7,493 0 89,053 0 1,66,430 1,688 -89,052 20,944 18,123 1,01,605 89,053 0 2,55,903
13 44 0 89,053 3,56,210 29,841 732 -89,052 8,833 8,510 0 89,053 0 92,943 1,825 -89,052 22,906 21,308 1,02,134 89,053 0 1,96,342
14 45 0 89,053 3,56,210 0 759 -89,052 9,593 9,592 0 89,053 9,593 9,593 1,971 -89,052 24,878 24,877 1,02,665 89,053 1,27,543 1,27,543
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This is only an illustrative document. The benefits if guaranteed, are clearly mentioned. For variable benefits, investment rate of return of 4% and 8% are used as an illustration.
Max Life Insurance Company Limited having its corporate office at 11th Floor, DLF Square, Jacaranda Marg, DLF City, Phase II, Gurugram 122 002
Page 2 of 4
IMPORTANT NOTES
Max Life Insurance Company is the name of the Company and Max Life Future Genius Education Plan is the name of the Savings-Non Linked Participating Insurance Plan and does not in any way indicate the future returns of the said plan.
(1) Money Back Benefit: Money Back Benefit is equal to four money backs, each equal to 25% of Sum Assured payable annually in each of the last four policy years. The policyholder has the flexibility to discount and/or defer money back payments.
Maximum discounting permissible is to receive all the four money backs, at the time first money back payment contractually becomes due. Maximum deferment permissible is to receive all the four money backs at the end of policy term.
Maturity Benefit is equal to sum of Accrued Value of Paid Up Additions (PUA), (if any) plus Terminal Bonus (if any), and shall be payable at the end of policy term.
(2) Death Benefit will be paid immediately on the death of the Life Insured and the policy will continue with all the other benefits under the policy remaining intact. The Death Benefit under the plan includes the following:
-- Death Benefit payable immediately on the death of the Life Insured. Death Benefit is defined as higher of 11 times the annualized premium, 105% of all premiums paid as on the date of death or Sum Assured. Please note that, the annualized premium
includes extra premium, if any, but does not include loading for modal premium, GST or cess(if any).
-- Policy Continuance Benefit - All the premiums (if any) coinciding with or following the date of death of the Life Insured, shall be waived off and the policy will continue as is and Money back & Maturity Benefits shall be payable to the nominee as and
when due.
Please note that on the death of the Life Insured, the nominee has the option to choose to receive the Guaranteed Death Benefit as an immediate lump-sum or receive 1% of Guaranteed Death Benefit as monthly income payable for 135 months. Subsequent to the
death of the Life Insured, the policy cannot be surrendered and shall continue till the end of the policy term with all the benefits being paid as and when due.
(3) Surrender Value: Upon surrender, the policyholder will be paid the higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
-- Guaranteed Surrender Value is the minimum guaranteed amount that will be payable to the policyholder on surrender of the policy.
-- Special Surrender Value is the non guaranteed amount that will be payable to the policyholder on surrender of the policy. SSV also includes the surrender value of PUA (if any) and surrender value of Terminal Bonus (if any). SSV will be determined
from time to time in consultation and with approval of IRDAI and is not guaranteed. The SSV will always be equal to or higher than GSV.
(4) Cash Bonus means a share in the Actuarial Valuation Surplus declared from time to time and communicated to the policyholder. Cash Bonus will be paid on the base policy (GMSA) and Accrued Paid Up Additions (if any). Cash Bonus will be declared
at every policy year end starting from the end of second policy year, depending on the experience of the company. Once declared, Cash Bonus is guaranteed to be paid. The mode / timing of payment will depend on the bonus option chosen by the
policyholder. Where the customer has opted for Paid Up Addition (PUA) option, Cash Bonus declared shall be converted to Paid Up Sum Assured or PUA. Accrued Value of PUA shall be paid out on maturity. Surrender Value of PUA shall be payable on
surrender of the policy.
Cash Bonus is primarily driven by investment in fixed interest securities such as government and corporate bonds and is expected to be relatively less volatile as compared to Terminal Bonus.
(5) Net Outlay during the year is defined as the difference between premiums paid and the policy proceeds. With PUA as bonus option, Net Outlay during a year is equal to premium(s) paid less Money Back Benefit paid in that year. With Cash
Bonus/Premium Offset as a bonus option, Net Outlay is equal to premium(s) paid less Money Back Benefit less Cash Bonus (if any) of that year.
(6) Accrued Value of Paid Up Addition (PUA) is the sum assured purchased from the declared Cash Bonuses, in case the policyholder has chosen PUA bonus option. Please note that the PUA Purchase Rates (conversion factors used to convert Cash Bonus
(if any) into PUA Sum Assured) are not guaranteed and can be changed by the Company with prior approval of the Insurance Regulatory Development Authority of India (IRDAI).
(7) Surrender Value of Paid Up Additions (PUA) is applicable, in case the policyholder has chosen PUA bonus option and is payable in case of surrender of policy.
Please note, that the policyholder can take surrender value of accrued PUA (partially or in full) subject to a minimum withdrawal limit of Rs. 5,000 and maximum withdrawal limit according to the PUA surrender value available. The remaining PUA will continue
to participate in bonuses.
(8) Terminal Bonus is an additional bonus paid only ONCE on the earlier of surrender or maturity, provided the policy has been in force for at least five years, payable starting from end of 5th policy year onwards. Unlike Cash Bonus which once declared
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This is only an illustrative document. The benefits if guaranteed, are clearly mentioned. For variable benefits, investment rate of return of 4% and 8% are used as an illustration.
Max Life Insurance Company Limited having its corporate office at 11th Floor, DLF Square, Jacaranda Marg, DLF City, Phase II, Gurugram 122 002
Page 3 of 4
becomes guaranteed, Terminal Bonus is NOT GUARANTEED and is expected to move in line with the value of the overall assets, more specifically with the value of the growth assets like equity/property. Under the economic scenario of lower investment
returns, the Terminal Bonus is likely to reduce. Please note that on surrender, only surrender value of Terminal Bonus, if any, is payable.
I ________________________________________________________ (Name), have explained the terms and conditions and the benefits of the policy to the prospect/policyholder.
I _____________________________________________________________________________________ (Name), having received the information with respect to the above, have understood the above statement before entering into the contract. I understand
and intend to continue paying the above said premium amount for the complete Premium Payment Term of ___________________ and as per the opted frequency. I also understand that some of the benefits under the plan are
11 Years ________________
non guaranteed.
Policyholder's Signature:
Policyholder's Name:
Date:
Max Life Insurance Company Limited having its corporate office at 11th Floor, DLF Square, Jacaranda Marg, DLF City, Phase II, Gurugram 122 002
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Page 4 of 4
Date: 12-Jun-2018
Receipt No.: 510249899JUN1801
GST Details
Coverage Type SAC Code IGST (INR) GSTIN 21AACCM3201E1ZF
Base 997132 ` 1,350.00 GST Regd. State Odisha
Rider 997132 ` 0.00 Affix
Reinstatement Interest ` 0.00 Re1
revenue
Total ` 1,350.00
stamp
Important Note:
*For payment mode other than in cash, this receipt is conditional upon the credit in our account. Payment of premium amount does not constitute commencement of risk. The risk
commencement starts after acceptance of risk by us. *Amount received would be adjusted against the due premium as per terms and conditions of the policy. *Premiums may be
eligible for tax benefits under section 80C/80CCC/80D/37(1) of the Income Tax Act 1961. Kindly consult your tax advisor for more information. Tax benefits are liable to change due
to changes in legislation or government notification. *Applicable Taxes, Cesses and Levies, as per prevailing laws, shall be borne by you. *For GST purposes,this premium receipt is
Tax Invoice.Assessable Value in GST for Endowment First Year is 25%, Renewal Year is 12.5%; Single Premium Annuity is 10%; Term and Health is 100%.
Authorised signatory
PRM20
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