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DATA ANALYSIS AND INTERPRETATION:

MAHESH BANK has tie up with max life insurance.they are selling three products to the
customers of the bank.
As a part of the study I am working on two products they are as follows:

LIFE GAIN PLUS


LIFE PARTNER PLUS

About Max Life Insurance


Max Life Insurance, one of the leading life insurers, is a joint venture between Max Financial
Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a
leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of
MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life
Insurance offers comprehensive life insurance and retirement solutions for long-term savings
and protection to around thirty lakh customers. It has a country-wide diversified distribution
model including the country's leading agent advisors, exclusive arrangement with Axis Bank
and several other partners. Max Life Insurance is a quality business focused on delivering
excellence to customers through advice based sale process, customer centric approach to
business, financial stability & investment expertise and strong human capital.

Max Life - Life Gain Plus 20 (Participating Plan)

Max Life Life Gain Plus 20 is a limited pay endowment plan to meet your financial goals to
ensure you complete peace of mind.

Regular Premium
Entry Age

Minimum 18 years

Maximum Maturity Age

Maximum 55 years
75 years

Premium Payment Term

You can choose between 6 / 10 years

Sum Assured

Minimum Rs. 50,000

Tenor of cover

20 years

Death Benefit

Double sum assured after 5 years of commencement


plus sum assured of paid up addition, if any

Riders available*

Max Life Term Rider (UIN: 104B019V01)


Max Life Dread Disease Rider (UIN: 104C010V02)
Max Life Waiver of Premium (WOP) Rider (UIN:
104B018V01) Max Life Five-Year Renewable and
Convertible Term Rider (UIN:
104B012V01)
Max Life Personal Accidental Benefit Rider (UIN:

Benefit at Maturity

104C007V02)
110% of Sum Assured + sum assured of paid up
additions, if any

Minimum Premium

Rs. 2,500

BENEFITS
1)

Maturity

Upon maturity of the policy we shall pay you 110% of the Sum Insured as specified in the
Schedule together with sum assured of all paid up additions, if any.
2)
I)

Death Benefits
Subject to the Policy remaining in full force, on the death of the Life Insured, we

shall pay the following Benefits under this policy:


i) On death this product gives 100% of the sum assured plus sum assured of paid up
additions, if the policy is in force for less than 5 years.
ii) On death this product gives double the sum assured plus sum assured of paid up
additions, if any, if the policy has been inforce for 5 years or more
II) On Death of the Policy Holder (if the Policy Holder and the Life Insured are
different persons)
Subject to the Policy remaining in full force, on the death of the Policy Holder, the Life
Insured shall have the option to continue the policy by payment of premiums.
3)

Terminal Illness benefits

While this Policy is in force, should the Life Insured be diagnosed to be suffering from a
disease which, in the opinion of a Registered Medical Practitioner and the concurrence of the
Companys appointed doctor, is likely to lead to the death of the Life Insured within six
months from the date of such diagnosis (Terminal Illness), the Company shall at the Policy
Holders request, pay the Benefits to the Life Insured under this Policy as follows:

a)Upto 50% of the Sum Insured, subject to a maximum cumulative of Rs 5 lakhs (Rupees
Five Lakhs only) under all policies which provide for this Terminal Illness Benefit, then in
force with the Company, on the approval of Terminal Illness claim filed; and
Upon the payment of Terminal Illness Benefit(s) , the benefits under all policies then in force
with the Company with respect to the Life Insured, which provide for this Terminal Illness
Benefit, will be proportionately reduced and will be payable in accordance with the terms of
the respective policies. If any claim has already been made under the Max Life Dread Disease
Rider, the Policy Holder shall not be entitled to the Terminal Illness Benefit under this Policy.
Additionally, all Riders, pertaining to Life Insured under this Policy, will end upon such
payment .During the period of survival of the Life Insured all premiums due shall be paid to
keep this policy in force.
b) The remainder of the Sum Insured, upon the occurrence of the Insured
Event.
4)

Non-Forfeiture Benefits

If the Policy has Surrender Value, you may surrender your policy for cash or exercise any one
of the following non-forfeiture options, as opted for by you in the Proposal Form.
(i)

Reduced Paid Up Insurance

A reduced paid up insurance is the amount of paid up insurance which can be purchased by
the Surrender Value. This reduced paid up insurance may acquire cash value, which entitles
you to take loan/s. If at any time the outstanding indebtedness exceeds the surrender value of
the paid up policy, the paid up policy will lapse. Such paid up policy is not entitled to any
bonus.
(ii)

Extended Term Insurance (ETI)

The Surrender Value will be used as a single Premium to buy Term Insurance equal to the
current Sum Insured of this Policy for a term which the Surrender Value can purchase. The
maximum term for this ETI cannot exceed the remaining term of this Policy. Should the

Surrender Value be sufficient to buy a single premium Term Insurance for a term longer than
the remaining term of this Policy, then such excess amount will be returned to the Policy
Holder. Such ETI is not eligible for bonus or cash value.

Max Life - Life Gain Plus 25 (Participating Plan)

Max Life Life Gain Plus 25 is a limited pay endowment plan to meet your financial goals to
ensure you complete peace of mind.
Regular Premium
Entry Age

Minimum 18 years
Maximum 50 years
Age is as at last birthday

Maximum Maturity Age

75 years

Premium Payment Term

You can choose between 6 / 10 /15 years

Sum Assured

Minimum Rs. 50,000

Tenor of cover

Maximum-no upper limit,subject to underwriting


25 years

Death Benefit

Double sum assured after 5 years of commencement


plus sum assured of paid up addition, if any

Riders available*

Max Life Term Rider (UIN: 104B019V01)


Max Life Dread Disease Rider (UIN: 104C010V02)
Max Life Waiver of Premium (WOP) Rider (UIN:
104B018V01) Max Life Five-Year Renewable and
Convertible Term Rider (UIN:
104B012V01)
Max Life Personal Accidental Benefit Rider (UIN:

Benefit at Maturity

104C007V02)
110% of Sum Assured + sum assured of paid up
additions, if any

Minimum Premium

Rs. 2,500

BENEFITS
1)

Maturity

Upon maturity of the policy we shall pay you 110% of the Sum Insured as specified in the
Schedule together with sum assured of all paid up additions, if any.
2)
I)

Death Benefits
Subject to the Policy remaining in full force, on the death of the Life Insured, we

shall pay the following Benefits under this policy:


i) On death this product gives 100% of the sum assured plus sum assured of paid up
additions, if the policy is in force for less than 5 years.
ii) On death this product gives double the sum assured plus sum assured of paid up
additions, if any, if the policy has been inforce for 5 years or more
II) On Death of the Policy Holder (if the Policy Holder and the Life Insured are
different persons)
Subject to the Policy remaining in full force, on the death of the Policy Holder, the Life
Insured shall have the option to continue the policy by payment of premiums.
3)

Terminal Illness benefits

While this Policy is in force, should the Life Insured be diagnosed to be suffering from a
disease which, in the opinion of a Registered Medical Practitioner and the concurrence of the
Companys appointed doctor, is likely to lead to the death of the Life Insured within six
months from the date of such diagnosis (Terminal Illness), the Company shall at the Policy
Holders request, pay the Benefits to the Life Insured under this Policy as follows:

a)Upto 50% of the Sum Insured, subject to a maximum cumulative of Rs 5 lakhs (Rupees
Five Lakhs only) under all policies which provide for this Terminal Illness Benefit, then in
force with the Company, on the approval of Terminal Illness claim filed; and
Upon the payment of Terminal Illness Benefit(s) , the benefits under all policies then in force
with the Company with respect to the Life Insured, which provide for this Terminal Illness
Benefit, will be proportionately reduced and will be payable in accordance with the terms of
the respective policies. If any claim has already been made under the Max Life Dread Disease
Rider, the Policy Holder shall not be entitled to the Terminal Illness Benefit under this Policy.
Additionally, all Riders, pertaining to Life Insured under this Policy, will end upon such
payment .During the period of survival of the Life Insured all premiums due shall be paid to
keep this policy in force.
b) The remainder of the Sum Insured, upon the occurrence of the Insured
Event.
4)

Non-Forfeiture Benefits

If the Policy has Surrender Value, you may surrender your policy for cash or exercise any one
of the following non-forfeiture options, as opted for by you in the Proposal Form.
(i)

Reduced Paid Up Insurance

A reduced paid up insurance is the amount of paid up insurance which can be purchased by
the Surrender Value. This reduced paid up insurance may acquire cash value, which entitles
you to take loan/s. If at any time the outstanding indebtedness exceeds the surrender value of
the paid up policy, the paid up policy will lapse. Such paid up policy is not entitled to any
bonus.
(ii)

Extended Term Insurance (ETI)

The Surrender Value will be used as a single Premium to buy Term Insurance equal to the
current Sum Insured of this Policy for a term which the Surrender Value can purchase. The
maximum term for this ETI cannot exceed the remaining term of this Policy. Should the

Surrender Value be sufficient to buy a single premium Term Insurance for a term longer than
the remaining term of this Policy, then such excess amount will be returned to the Policy
Max Life Life Partner Plus Plan

In your journey through life, you will need to take care of changing needs like asset
creation, investing for retirement, childrens education and marriage and so on. At Max
Life Insurance, we understand your desire to take care of these needs and yet
simplify your financial planning and investment.
That is why we have introduced Max Life Life Partner Plus Plan (Limited Pay Endowment to
Age 75), a life insurance plan that offers you protection for life, cash bonuses, and multiple
options to utilize these cash bonuses to meet all your individual requirements.

Key Benefits
On Maturity
Sum Assured plus Sum Assured of paid up additions, if any.
Living Benefits
From age 61 to 75 of life insured, a guaranteed amount equal to 7.5% of the Sum Assured
will be paid every year.
On Death of life insured
Sum Assured plus Sum Assured of paid up additions, if any, is paid to the nominee without
deducting any living benefits that may have already been paid.
Additional Benefits
Bonus This is a participating plan, eligible for bonuses. The Company may declare bonuses,
from time to time, from the third policy year and these will be paid out, based on your choice
of bonus options.
Please refer to our Bonus Options brochure for more details.
Tax Benefits The premiums paid by the individual under this plan may qualify for deduction
from your income under Section 80C of the Income Tax Act (if applicable), while the payback
and maturity benefits are exempt from tax under Section 10(10D) of Income Tax Act.

91 days to 55 years
Entry age

20 year to 55 years (for all riders except

Maturity age

Term Renewable and Convertible rider


75 years

Sum Assured

Rs 50,000 onwards

Premium payment term

3,7,10,20 years

Premium payment options

Annual, Semi-annual, Quarterly, Monthly

Premium Payment Frequency Factor Annual = 1, Semi-annual = 0.52, Quarterly


= 0.265, Monthly = 0.09
Customised Options
My Options
To enhance the value of your Max Life Life Partner Plus Whole of Life Plan or customise
it to suit your individual needs, you can add the following riders:
Max Life Dread Disease Rider (UIN: 104C010V02)
Max Life Personal Accidental Benefit Rider (UIN: 104C007V02) Max Life Term Rider
(UIN: 104B019V01)
Max Life Waiver of Premium (WOP) Rider (UIN: 104B018V01)
Max Life Five-Year Renewable and Convertible Term Rider (UIN: 104B012V01) Max Life
Payor Rider (UIN: 104B013V02)

Please note that rider sum assured should not exceed the sum assured of the base plan.
For details on these riders, please refer to our My Options brochure

Bonus Options
Buy Paid Up Additions (PUA) - Increase the death benefit of your base policy;
Premium offset Use it to offset against future premiums payable;

Cash Get the amount in your hands;


For details on these options, please refer to our Bonus Options brochure
Sample Illustration *
A healthy male, age 30, buys Max Life Life Partner Plus for Rs 1 lakh Sum
Assuredand chooses to pay for 20 years and pays annual premium of Rs 7069 per annum.
Living Benefit
From age 61 to 75

Rs 7,500 every year

Maturity Benefit at age 75


Guaranteed

Rs 100,000

Non-guaranteed Low rate @6%p.a.

Rs 5,42,069

Non-guaranteed High rate @10%p.a.

Rs 18,09,773

Death Benefit During the Term of the Plan


Rs 1 lakh plus Sum Assured of paid up additions, if any without deducting any living
benefits already paid.
* Kindly note that above is only an illustration and does not in any way create any
rights and/or obligations. The actual experience on the contract may be different from
illustrated. The non-guaranteed low and high rates mentioned above relate to assumed
investment returns at different rates and may vary depending upon market conditions.
Surrender Value
After the Policy has acquired Cash Value, you may opt to surrender this Policy. This
Policy will acquire a guaranteed cash value if it has been in force for at least three years
and provided all premiums that have fallen due have been received. The guaranteed
cash value in this Policy will be the higher of (a) 30% of all premiums received
excluding the first year premium or (b) a net level premium reserve as per table filed with
IRDA. The Surrender Value payable will be equal to the Cash Value.
Non-Forfeiture Benefits

At any time after the policy has acquired a Surrender Value, you may exercise the
following non-forfeiture option or surrender your policy for cash.
1) Reduced Paid Up Insurance (RPU)
The guaranteed Cash Value under this Policy will be applied as a single premium
to purchase a reduced paid up insurance which will be the higher of (a) reduced
paid up insurance calculated at RPU conversion rates filed with IRDA or (b) the
extent of the paid up Sum Assured as prescribed by law. The reduced paid up insurance
shall not be entitled to any bonus
2) Extended Term Insurance (ETI)
The guaranteed Cash Value to be used as a single premium to buy term Insurance equal
to current Sum Assured of this policy for a term not less than 5 years but not exceeding
the remaining term of the Policy which the guaranteed Cash Value can purchase. This
ETI is not eligible for bonus or cash value.
BANC ASSURANCE BUSINESS FOR THE YEAR 2014-2015
YEAR

NO. OF POLOCIES

SUM ASSURED

PREMIUM

2014-2015

107

1954141.35

2671862.98

2015-2016

130

1595508.04

3519768.00

140
120
100
80

no. of policies

60

sum assured(in lakhs)


premium(in lakhs)

40
20
0
2015

2016

YEAR

TURNOVER(Rs. in lakhs)

INCOME(amt in Rs.)

2014-2015

33957618.56

148062.00

2015-2016

52077842.12

182046.00

INTERPRETATION: