Project On Max Life Insurance

Max Life Insurance Company Ltd
PROJECT REPORT ON
MAX LIFE INSURANCE COMPANY LTD
BACHELOR OF COMMERCE
BANKING AND INSURANCE
SEMESTER VI
2016-2017
GUIDED BY
PROF.PATRICIA PEREIRA
SUBMITTED
IN PARTIAL FULFILLMENT OF THE REQUIREMENT
FOR THE AWARD OF THE DEGREE OF
BACHELOR OF COMMERCE - BANKING & INSURANCE
BY
KISHORE NIKAM
ROLL NO: 8231
ST. ANDREW'S COLLEGE OF ARTS, SCIENCE AND COMMERCE

ST. DOMINIC ROAD, BANDRA (W), MUMBAI - 400050.
`
St. Andrew's College of Arts, Science and Commerce

St. Dominic Road, Bandra (West), Mumbai- 400050.
CERTIFICATE
This is to certify that Shri Kishore Sharad Nikam

of B Com Banking and Insurance
Semester V (2016-17) has successfully completed the project on Max Life Insurance Company
Ltd. Under the Guidance of
Prof. Patricia Pereira
Course Coordinator Principal
Project Guide/Internal Examiner
External Examiner
`
DECLARATION
I, Kishore Sharad Nikam the

student of B.Com. Banking & Insurance Semester V (2016-2017) hereby declare that I have
completed this Project on Max Life Insurance Company Ltd.
The information submitted is true and original to the best of my knowledge.
_____________________
Student's Signature
Kishore.S.Nikam
Roll No: 8231
`
ACKNOWLEDGEMENT
I would like to thank St. Andrew's College & the faculty members of BBI for giving me
an opportunity to prepare a project on " ". It has truly been an
invaluable learning experience. Completing a task is never one man's effort. It is often the result
of invaluable contribution of number of individuals in direct or indirect way in shaping success
and achieving it.
I would like to thank principal of the college Dr. Marie Fernandes and Co-ordinator
Prof. Shirley Pillai for granting permission for this project. I would like to extend my sincere
gratitude and appreciation to Prof. Patricia Pereira who guided me in the study of this project. It
has indeed been a great learning, experiencing and working under her during the course of the
project.
I would like to appreciate all my colleagues and family members who gave me support
and backing and always came forward whenever a helping hand was needed. I would like to
express my gratitude to all those who gave me the possibility to complete this project report.
Thanking You.
`
EXECUTIVE SUMMARY
Max Life Insurance is today one of India's leading life insurance companies who have sold more
than 5,09,000 policies and distributed insurance well in excess of over Rs. 16,700 crore.The
company offers a range of participating, non-participating and linked products covering life
insurance, pension, annuity and health benefits. Its products include individual and group life
insurance products such as protection, child, retirement, growth, savings and group plans. Max
Life Insurance Company Ltd distributes its products through individual agents, corporate agents,
bank, brokers and other channels. The company was formly known as Max New York Life
Insurance Company Ltd and changed its name to Max Life Insurance Company Ltd in July 2012.
Financial strength and security is one of their key differentiators. At Rs.466 crore they are among
the highest capitalized private life insurance companies and invest our money in safe debt
instruments with the highest credit ratings and take no equity exposure.
This insurance company has more than 9,000 Agent Advisors who are widely recognized as the
most professionally competent salespersons in the Indian marketplace. Not only they have
highest success rate in IRDA's license examinations, but they also have the highest productivity.
Max Life Insurance now has a pan-India presence with 49 offices and representatives spread
across 35 cities.
Insurance solutions from Max Life Insurance proven expertise to Indian life insurance. They
brought innovative life insurance based on NEWYORK LIFE's global experience of over 160
years and MAX INDIA deeply understands Indian market.
`
INDEX
Sr.No. TOPIC Pg.no.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14. CONCLUSION
15. INTERVIEW QUESTIONS
`
CHAPTER 1
INTRODUCTION
BACKGROUND
Insurance is a means of protection from financial loss. It is a form of risk management primarily
used to hedge against the risk of a contingent, uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, or insurance

carrier. A person or entity who buys insurance is known as an insured or policyholder. The
insurance transaction involves the insured assuming a guaranteed and known relatively small
loss in the form of payment to the insurer in exchange for the insurer's promise to compensate
the insured in the event of a covered loss. The loss may or may not be financial, but it must be
reducible to financial terms, and must involve something in which the insured has an insurable
interest established by ownership, possession, or preexisting relationship.
The insured receives a contract called the insurance policy, which details the conditions and
circumstances under which the insured will be financially compensated. The amount of money
charged by the insurer to the insured for the coverage set forth in the insurance policy is called
the premium. If the insured experiences a loss which is potentially covered by the insurance
policy, the insured submits a claim to the insurer for processing by a claim adjuster.
Meaning of Insurance:
Insurance is a policy from a large financial institution that offers a person, company, or other
entity reimbursement or financial protection against possible future losses or damages.
Definition of Insurance:
Insurance is an arrangement by which a company or the state undertakes to provide a guarantee

of compensation for specified loss, damage, illness, or death in return for payment of a specified
premium.
`
CHAPTER 2
PRINCIPLES OF INSURANCE
1. Utmost good faith

2. Indemnity
3. Subrogation
4. Contribution
5. Insurable Interest
6. Proximate Cause
1. Utmost Good Faith

As a client it is your duty to disclose all material facts to the risk being covered. A material fact
is a fact which would influence the mind of a prudent underwriter in deciding whether to accept
a risk for insurance and on what terms. The duty to disclose operates at the time of inception, at
renewal and at any point midterm.
2. Indemnity
On the happening of an event insured against, the Insured will be placed in the same monetary
position that he/she occupied immediately before the event taking place. In the event of a claim
the insured must:
 Prove that the event occurred

 Prove that a monetary loss has occurred
 Transfer any rights which he/she may have for recovery from another source to the
Insurer, if he/she has been fully indemnified.
`
3. Subrogation
The right of an insurer which has paid a claim under a policy to step into the shoes of the insured
so as to exercise in his name all rights he might have with regard to the recovery of the loss
which was the subject of the relevant claim paid under the policy up to the amount of that paid
claim. The insurer’s subrogation rights may be qualified in the policy.
In the context of insurance subrogation is a feature of the principle of indemnity and therefore
only applies to contracts of indemnity so that it does not apply to life assurance or personal
accident policies. It is intended to prevent an insured recovering more than the indemnity he
receives under his insurance (where that represents the full amount of his loss) and enables his
insurer to recover or reduce its loss.
4. Contribution
The right of an insurer to call on other insurers similarly, but not necessarily equally, liable to the
same insured to share the loss of an indemnity payment i.e. a travel policy may have overlapping
cover with the contents section of a household policy. The principle of contribution allows the
insured to make a claim against one insurer who then has the right to call on any other insurers
liable for the loss to share the claim payment.
5. Insurable Interest
If an insured wishes to enforce a contract of insurance before the Courts he must have an
insurable interest in the subject matter of the insurance, which is to say that he stands to benefit
from its preservation and will suffer from its loss.
In non-marine insurances, the insured must have insurable interest when the policy is taken out
and also at the date of loss giving rise to a claim under the policy.
6. Proximate Cause
An insurer will only be liable to pay a claim under an insurance contract if the loss that gives rise
to the claim was proximately caused by an insured peril. This means that the loss must be
directly attributed to an insured peril without any break in the chain of causation.
`
CHAPTER 3
MAX LIFE INSURANCE

COMPANY PROFILE
Max Life Insurance Company has positioned itself on the quality platform. In line with its vision
to be the most admired life insurance company in India, it has developed a strong corporate
governance model based on the core values of excellence, honesty, knowledge, caring, integrity
and teamwork. The strategy is to establish itself as a trusted life insurance specialist through a
quality approach to business.
In line with its values of financial responsibility, Max Life Insurance has adopted prudent
financial practices to ensure safety of policyholder's funds. The Company's paid up capital is Rs.
907.4 crore, which is more than the norm laid down by IRDA.
Max Life Insurance has identified individual agents as its primary channel of distribution. The
Company places a lot of emphasis on its selection process, which comprises four stages -
screening, psychometric test, career seminar and final interview. The agent advisors are trained
in-house to ensure optimal control on quality of training.
They invests significantly in its training programme and each agent is trained for 152 hours as
opposed to the mandatory 100 hours stipulated by the IRDA before beginning to sell in the
`
marketplace. Training is a continuous process for agents at Max Life and ensures development of
skills and knowledge through a structured programmed spread over 500 hours in two years. This
focus on continuous quality training has resulted in the company having amongst the highest
agent pass rate in IRDA examinations and the agents have the highest productivity among
private life insurers.
337 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership in
2007. MDRT is an exclusive congregation of the world’s top selling insurance agents and is
internationally recognized as the standard of excellence in the life insurance business.
Having set a best in class agency distribution model in place, the company is spearheading a
major thrust into additional distribution channels to further grow its business. The company is
using a five-pronged strategy to pursue alternative channels of distribution. These include the
franchisee model, rural business, direct sales force involving group insurance and telemarketing
opportunities, bancassurance and corporate alliances.
Max Life Insurance offers a suite of flexible products. It now has 43 life insurance products and
8 riders that can be customized to over 800 combinations enabling customers to choose the
policy that best fits their need.
SELECTED THE RIGHT DIRECTION FOR COMPANY
VISION
To become one of the most admired life insurance company of India.
MISSION
Become one of the top quartile life insurance companies in India
Be a national player
`
Be the brand of first choice

Be the employer of choice
Become principal of choice for agents
VALUES
Knowledge: Knowledge leads to expertise; and our expertise is in helping people protect
themselves. Perfectly combining global expertise with local knowledge, we are India's life
insurance specialist. Max Life insurance believes that for knowledge to be of value it must be
focused, current, tested and shared.
Caring: Max Life is redefining the life insurance paradigm by focusing on customers first. The
service process is responsive, personalized, humane and empathetic. Every individual who
represents the company is for us our brand champion.
Honesty: Honesty is the heart of the life insurance business. It is all about trust. Transparency,
integrity and dependability form the cornerstones of the Max Life experience. The company
ensures that everyone who represents the brand carries a promise : we care - in word as well as
deed.
Excellence: Excellence at Max Life Insurance implies the ability to perform at a consistently
high level. Focused on the value of continuous improvement in people, processes and the
organization, the company strives for the highest standards of quality in every aspect of its
business.
`
CHAPTER 4:
MAX LIFE INSURANCE PLANS
1. LIFE PLAN:-
Life is full of surprises. Unexpected events that strike without warning can disrupt the smooth
rhythm of life. You must be prepared at all times. As the primary earning member, you need to
make sure that your family is never lacking in anything even if you are taken away from them
forever. Do your best today to ensure that your family can always enjoy a comfortable lifestyle.
In double income families, both spouses should get adequate life covers especially if there are
dependent children involved. We have plans that guarantee maximum protection at a low cost.
A) WHOLE LIFE SUPER PLAN:-
In your journey through life, you plan and save for your child's education, marriage, your
retirement, etc. but what about creating a legacy for your loved ones after you.
To cater to this unique need, we have introduced Max Life Whole Life Super, a life insurance
plan in which you pay premiums for only a limited number of years and enjoy protection up to
the age 100 years. With the power of bonuses, life cover continues to increase as your age
increases. In case of your death, your family will get a comprehensive death benefit that will take
care of all the financial needs and provide a legacy for your family.
`
Additionally, this plan also provides the flexibility to withdraw money from your policy to
support major or minor events without having to surrender your policy.
 Features & Benefits of Max Life Whole Life Super
1.Get guaranteed life time protection:
The plan offers you guaranteed protection for life till age 100 which continues to grow through
bonuses. On attainment of age 100, this plan gives you 100% of Guaranteed Maturity Sum
Assured along with Accrued Paid Up Additions (if any) and Terminal Bonus (if any).
2.Flexible premium payment terms:
The plan offers you flexibility to choose your premium payment terms that suits your
requirement. You can choose either 10, 15 or 20 years as your premium payment term,
depending on your financial goals.
3.Flexible Bonus Option:
The plan offers the flexibility to choose among the following bonus options basis your need: a)
Paid in Cash – Bonus declared is paid to you in cash b) Premium Offset – Bonus declared is used
to offset future premiums payable by you c) Paid Up Additions – Bonus declared is used to
purchase additional sum assured that helps you boost the maturity value through power of
compounding. For more details, please refer ‘bonus features’ in this document.
4. Access your money through Paid Up Additions Withdrawal:
In case you have chosen Paid Up Additions as bonus option, you have the flexibility to withdraw
the cash value of the same in case of any need.
5.Customize Your Policy:
The plan offers additional rider(s) that can be taken with the policy to provide for additional
protection as per your need.
`
6. Tax Benefits:
You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. All
the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of
benefits by you. It is advisable to seek an independent tax consultation.
7. Free Look Period
You have a period of fifteen (15) days from the date of receipt of the policy document, to review
the terms and conditions of the policy, where if you disagree to any of those terms and
conditions, you have the option to return the policy stating the reasons for your objection. You
shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate
risk premium for the period of cover and the expenses incurred by the Company on medical
examination of the life insured and stamp duty charges.
8.Grace Period:
A grace period of thirty (30) days from the premium due date (15 days in case of Monthly mode)
for payment of each premium will be allowed. During the grace period the Company will accept
the premium
Ensure Safety of your Money with Max Life Whole Life Super :
Your premium will be invested in our participating fund which invests in highly secure
investments ensuring minimal risk and low volatility.
`
B) MAX LIFE ENDOWNMENT AT AGE 60 PLAN:-

There comes an age in life, when all one needs is peace of mind, and security in the life after
retirement when your sources of income reduce but your expenses don’t from medical costs to
children's marriage expenses. So it makes great sense to plan well in advance for a- secure life
after retirement. To make sure your expenses will be covered with dignity, to make sure you will
be there to provide for your children when they need you most. We at Max Life Insurance
understand this and to help you achieve that life of dignity and freedom, we are privileged to
present Max Life Endowment to Age 60 Participating Plan.
Max Life's Endowment to age 60 Participating Insurance is a policy that helps you to save
primarily for your retired life. It will mature on the policy anniversary after your 60th birthday,
and enables you to use the maturity proceeds in many ways such as, purchase a pension from any
life insurance company, purchase that house in your hometown where you want to lead your
retired life orS pay for your child's higher education or marriage. This plan also provides you
with an insurance cover to protect your family from financial uncertainties in case of your
untimely death before reaching age 60. Till age 60, this policy also builds cash value, and is
eligible for bonuses.
Key Benefits:-
1) Financial Security:
You get Sum Assured along with the accrued Bonuses (if any) at the age of 60 years. It is ideal
for saving money for covering your expenses after your retirement, such as your child's
marriage, your medical expenses or financing a house for your family, etc.
2) Death Benefit:
In case of the unfortunate event of your death during the tenure of the policy, the Sum Assured
plus Bonuses (if any) will be paid to the beneficiary.
3) Liquidity:
You have the facility to take a-loan (after your Policy has acquired Cash Surrender Value) to
fund unexpected-requirements.
`
4) Better Financial Planning: A guaranteed, fixed premium allows you to plan your finances
better.
Additional Benefits:-
Cash Surrender Value
After the policy has been in force for at least three years and provided all the premiums have
been paid for three full years, then the Company will grant a cash surrender value which will not
be less than 30% of the Premium(s) (excluding the first year premium) received.
Bonus
This is a participating plan, eligible for bonuses. The Company may declare bonuses, from time
to time, and these will be paid out to you, based on your choice of bonus options. There is no
bonus for the first two policy years and bonuses are declared from the third policy year onwards.
• Buy Paid Up Additions (PUA) - Use it to buy additional insurance cover in the existing policy.
• Premium offset - Use it to offset against future premiums payable;
• Cash - Get the amount in your hands;
 Sample Illustration
A healthy male, age 30 years, buys Endowment to Age 60 Plan for Rs. 5 lakh Sum Assured and
pays annual premium of Rs.15,005 per annum.
Guaranteed Value at Maturity Rs. 5,00,000
Maturity Value @6% Rs. 8,69,218
Maturity Value @6% Maturity Value @ 10% Rs.15,23,442
`
C) MAX LIFE 20 YEAR ENDOWNMENT PLAN:-

If you are looking for a money-saver plan, then we have got your perfect solution with the Max
Life 20 year Endowment Participating Plan. On its maturity at the end of 20 years, this plan not
only gives you a guaranteed sum but also any bonus it accumulates. This plan also offers a death
benefit (guaranteed for the term of the Plan) and most conveniently, in case you have any
unforeseen expenses during the Policy term, you can access any Cash Surrender Value that may
accumulate in the Policy.
KEY BENEFITS :-
1)Maturity Benefit:
Sum Assured along with accrued bonus (es), (if any), on life insured's survival to maturity.
2) Death Benefit:
Sum Assured along with accrued bonus (es), (if any), on death of the life insured.
3) Terminal Illness Benefit:
While the 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 Company’s
appointed Doctor, is likely to lead to the death of the Life Insured within six (6) months from the
date of such diagnosis of the disease (Terminal Illness), the Company at the request of the
Policyholder, advance the benefits payable to the life insured as follows:
A. Upto 50% of the Sum Insured, subject to a maximum cumulative of ` 5 lacs per life insured
under all the policies all of which provide for this Terminal Illness Benefit, then inforce with the
Company.
B. The remainder of the Sum Insured is payable upon the happening of the Insured Event.
4) Non-Forfeiture Options
(i) Reduced Paid-Up:
(A) Is – Total Premiums Paid/Total No. of Premiums Required X Original Sum Assured
`
If the premiums for at least three full years have been paid, and provided there is no indebtness
to the Company, then the minimum non-forfeiture benefit will be a reduced paid-up policy, the
amount of which will be the larger of (A) and (B), where,
(B) Is – the amount of paid-up insurance which can be purchased by the cash surrender value.
If at any time the outstanding indebtedness exceeds the cash 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 cash surrender value will be used as a Single
Premium to buy Term Insurance equal to the current Sum Assured of this Policy for a term,
which can be purchased with the Surrender Value. The maximum term for this ETI cannot
exceed the remaining term of the 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, and then such
excess amount will be returned to the policyholder. Such ETI is not eligible for bonus or loans.
Additional Benefits:-
Cash Surrender Value
After the policy has been in force for at least three years and provided all the Premiums have
been paid for three full years, then the Company will grant a cash surrender value which will not
be less than 30% of the Premium(s) (excluding the first year premium) received. The cash
surrender value payable will be subject to the condition that the policy is in full force and that
there are no statutory or other restrictions to the contrary. Indebtedness, if any, to the Company
will be deductible from the cash surrender value.
Loan(s)
After the Policy has acquired a Cash Value it will be eligible for loan/s. Policyholder will be
liable to pay interest on such loans as may be determined by the Company from time to time and
also comply with all other terms and conditions as stipulated by the Company. Any loan/s
granted will form a first charge against the Policy proceeds and will be deducted before any
payment is made on the Policy. At any point in time, should the loan and accumulated interest
exceed the Cash Value, the Policy will lapse.
`
Revival of Policy
Within three years after the Policy has lapsed and the Policy is under non-forfeiture, you may
apply to revive the Policy, if you have not surrendered it. All overdue Premiums must be paid
together with interest at such rates as declared by the Company from time to time at the time of
revival. The revival of the Policy shall take effect only after it is approved, in writing, by the
Company. At the time of revival any unpaid loan and any loan deducted when we determined the
non-forfeiture benefit, must also be repaid.
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.
• 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.
Sample illustration:-
A healthy 30-year-old male buys Max Life 20 Years Endowment Participating Policy for sum
assured Rs.1 Lakh with an annual premium of Rs.5,312.
Maturity Benefit Guaranteed Rs.100,000
Non-guaranteed rate @6% p.a Rs.1,45,092
Non-guaranteed rate @10% p.a. Rs. 2,05,409
`
Statutory Impositions:
Premiums payable and benefits secured under your policy will be subject to applicable statutory
levy, cess and taxes including service tax at the prevailing rates and Policyholder will be
responsible for paying these statutory impositions.
Free Look period:
The policyholder has a period of 15 days from the date of receipt of the policy to review the
terms. and conditions of the policy and where the policyholder disagrees with any of those terms
or conditions, he has the option to return the policy stating the reasons for his objections, upon
which he shall be entitled to refund of the premium paid subject to deduction of the proportionate
risk premium for the period of cover and the expenses incurred by the company on medical
examination and on account of stamp duty.
Suicide Exclusion :
Notwithstanding anything stated in the Policy, if the Life Insured under the Policy dies by
suicide, whether sane or insane, within one year from the Date of Policy or the Effective Date of
revival of this Policy, the Policy Coverage shall come to an end simultaneously. In such an
event, we will only refund the Premium(s) received from the Date of Policy or the effective date
of any revival; whichever is later, without interest, less any expenses incurred by us.
Expert Advice at Your Doorstep:
Our Agent Advisors have been professionally trained to understand and evaluate your unique
financial requirements and recommend a policy which best meets your needs. With experienced
agents, we are fully resourced to help you achieve your life’s financial objectives. Please call us-
today. We would be delighted to meet you.
`
D) MONTHLY INCOME ADVANTAGE PLAN:-

Life is all about fulfilling your dreams for your loved ones like providing for best of education &
extra- curricular activities for your child, adequate money to take care of your & your spouse's
retirement expenses. Thus, regular income is an eminent need for everyone at all stages of life.
Presenting Max Life Monthly Income Advantage Plan, a comprehensive savings & protection
plan that provides you guaranteed monthly income for 10 years to meet your recurring expenses
and lump-sum benefit, which comprises of non-guaranteed bonuses, at maturity to cater to your
long term financial goals, thus, ensuring that your dreams for your loved ones are addressed at all
times.
KEY FEATURES & BENEFITS OF MAX LIFE MONTHLY INCOME ADVANTAGE

PLAN
This product offers you:
1. Guaranteed Monthly Income: The product provides you guaranteed monthly income for a
period of 10 (ten) years immediately after completion of Premium Payment Term thereby
helping you cater to expenses towards your child's education/extra-curricular activities or
retirement needs.
`
2. Lump-sum Maturity Benefit: A sum of accrued compound reversionary bonuses and

terminal bonus is payable on maturity to cater to your long term financial goals.
3. Risk Coverage: The product also offers a lump-sum benefit immediately on death of the Life
Insured to ensure financial security of your loved ones.
4. Policy Continuance Benefit: In case of an eventuality, in addition to the lump-sum benefit,

the Company also waives off all future premiums payable by you to ensure that all benefits i.e.
Income Benefit & Maturity Benefits are paid to your beneficiary as and when due, thus, ensuring
that your dream for your child's future/Spouse's retirement is taken care of even in your absence.
5. Tax Benefit: Tax benefits apply to the premiums paid and benefits received by you as per the
prevailing tax laws.
Brief Description about the plan
Max Life Monthly Income Advantage Plan is limited premium paying, participating, money
back life insurance plan that offers:
 Guaranteed monthly income for a period of 10 years immediately after the completion of
Premium Payment Term and;
 Sum of accrued compound reversionary bonuses and terminal bonus on maturity i.e.
completion of the Policy Term Where, monthly income payable is defined as one twelfth
(1/12th) of 10% of Sum Assured.
You have the option to choose from the following two variants available under the plan:
1. Premium Payment Term of twelve (12) years and Policy Term of twenty two (22) years;
2. Premium Payment Term of fifteen (15) years and Policy Term of twenty five (25) years.
Risk coverage is available throughout the Policy Term where Policy Term is Premium Payment
Term plus ten (10) years benefit payout period.
`
What happens when you discontinue paying the Premiums ?
In case the premium is not paid by the premium due date, a Grace Period of 30 days from the due
date of first unpaid premium will be allowed. During this Grace Period, the risk cover will
continue.
In case the premium is not paid by the expiry of the Grace Period, the following provisions will
apply:
A) Discontinuance of Payment of Premium before the Policy has acquired surrender value
If you don't pay the due premium during the grace period, on expiry of the grace period, the
Policy shall Lapse w.e.f. the due date of unpaid premium, insurance cover will be stopped and no
benefits shall be payable, however, you will have the option to revive the Policy within 2 years
from the due date of unpaid premium.
B) Discontinuance of Payment of Premium after the Policy has acquired surrender value
If you don't pay the due premium during the grace period, on expiry of the grace period, the
Policy shall become Reduced Paid Up (RPU) Policy w.e.f. the due date of unpaid premium.
Following benefits will be reduced and calculated using the formulae mentioned below:
 RPU Sum Assured = [{Total Premiums Paid less Extra Premium (if any)} / {Total
Premiums payable less Extra Premium (if any)}] X Sum Assured
 RPU Death Benefit = [{Total Premiums Paid less Extra Premium (if any)} / {Total
Premiums payable less Extra Premium (if any)}] X Death Benefit
The Death Benefit, Monthly Income Benefit, Maturity Benefit and Surrender Benefit for a Policy
in RPU mode will be as follows:
 Death Benefit for a RPU Policy: On death during the term of the Policy in RPU status,
the following benefits will be paid: RPU Death Benefit paid immediately on death, plus
o Outstanding Income Benefit and Maturity Benefit (as defined below for a Policy in
RPU mode) payable as and when due.
`
 Income Benefit for a RPU Policy: Monthly Income payable shall be equal to one twelfth
(1/12th) of 10% of the RPU Sum Assured.
 Maturity Benefit for a RPU Policy: Accrued Compound Reversionary Bonus (if any)
shall be payable on date of maturity.
TERMINATION OF POLICY
This Policy will terminate upon the happening of any of the following events:
 on the date on which We receive free look cancellation request;
 the date of intimation of repudiation of the death claim by Us in accordance with the
provisions of this Policy; on the expiry of the Revival Period, if the Lapsed Policy has
not been revived. However, if a Policy under Reduced Paid Up Mode is not revived
within the Revival Period then, it will not terminate and will continue to be under
Reduced Paid Up Mode for the remaining part of the Policy Term;
 on the date of surrender of this Policy; or
 on the Maturity Date.
`
E) MAX LIFE GUARENTEED INCOME PLAN:-
Life is all about fulfilling your dreams for your family, like providing for children's education,
planning for retirement, etc. However, in an environment which is full of uncertainty and
volatility, you need surety that these dreams will be fulfilled, even if you are not around.
To ensure that your dreams for your family are fulfilled, Max Life Insurance brings to you a plan
that takes care of your worries related to volatility. Max Life Guaranteed Income Plan offers
guaranteed benefits from the very outset. The plan provides a Guaranteed Income for a period of
10 years after the Policy Term. The income payable monthly in the last 5 years of the payout
period is twice the income payable monthly in the first 5 years of the payout period. This is
followed by a one-time guaranteed Terminal Benefit payable at the end of the Payout Period.
Additionally, it ensures that the lifestyle of your family is protected against any exigencies
during the Policy Term through death benefit in the plan.
Key Features & Benefits of Max Life Guaranteed Income Plan:
1. Policy Term options The plan offers flexibility to choose from two Policy Term options. You
can choose either 6 year or 12 year Policy Term, depending on your financial goals. The
Premium Payment Term for the chosen option would be same as the Policy Term.
2. Guaranteed Income for a Payout Period of 10 years after the Policy Term The plan lets you
choose the guaranteed monthly income you desire. The annualized premium payable is linked to
`
the chosen income under the plan. The income provided is fully guaranteed and will be paid for a
period of 10 years (120 months) starting immediately after the end of the Policy Term. The
income payable monthly in the last 5 years of the payout period is twice the income payable
monthly in the first 5 years of the payout period. Apart from the income benefit, the plan also
offers guaranteed Terminal Benefit at the end of the Payout Period.
3. Get Guaranteed Protection The plan offers you protection for the entire Policy Term by
providing guaranteed death benefit. The death benefit is payable as a lump sum benefit to the
nominee. However, the nominee also has an option to avail the death benefit in monthly
installments for a period of 10 years post the date of death of the life insured.
F) MAX LIFE ONLINE TERM PLAN:-
You have always strived to give your family the best in life and have ensured they fulfill their
dreams. However, in your heart, you always feel insecure about their future in your absence.
Will your family be able to sustain the same lifestyle even in your absence?
To put all your fears to rest and to provide you with peace of mind, Max Life Insurance offers
Max Life Online Term Plan Plus. A comprehensive protection solution for your loved ones at an
affordable price. Not only that, you can now avoid the hassle of tedious paper work and easily
get yourself insured online.
`
Key features of Max Life Online Term Plan Plus:
 Choice of 3 death benefit options: Max Life Online Term Plan Plus helps you customize
the protection required at affordable prices by offering 3 death benefit options to choose
from at the time of purchase.
 Comprehensive protection against Death, Dismemberment & Critical Illness by adding

Max Life Comprehensive Accidental Death Benefit Rider & Max Life Waiver of
Premium Plus Rider.
 Hassle free online application process.
Apply for comprehensive protection in 4 easy steps:
Step 1: Choose the sum assured, policy term, death benefit option and calculate premium.
Step 2: Fill up the online proposal form.
Step 3 :Make online payment using net banking, credit or debit card.
Step 4 :Upload relevant documents and schedule medical examination
Benefits under the Plan:
The Death Benefit under the Max Life Online Term Plan Plus is highest of:
 10 times the annualized premium.
 105% of all the premiums paid as on date of death.
 Minimum guaranteed sum assured on maturity.
 Absolute amount assured to be paid on death
`
Under this Plan, the 'Minimum guaranteed sum assured on maturity' is zero and no benefit is
payable on maturity of the Policy. Further, absolute amount assured to be paid on death will
depend on the Death Benefit option chosen by the Life Insured at inception of the policy. Max
Life Online Term Plan Plus is a pure term plan that provides only death benefit on death of Life
Insured, provided the policy is in force.
Other features:
 Rider: You can now make your term cover more comprehensive by adding the below
mentioned riders:
 Max Life Comprehensive Accidental Death Benefit Rider (UIN 104B025V01): get
additional cover by way of rider Sum Assured in case of Death or Dismemberment
(impairments are listed under the Rider contract) due to accident. You have the option
to add this rider at the time of purchase of the base policy.
 Max Life Waiver of Premium Plus Rider (UIN 104B029V01): get waiver of all future
premiums under a policy and all other attaching riders on happening of earlier of either
of the following events provided the base policy and attaching riders are in force:
 Critical Illness; or
 Dismemberment; or
 Death (only when Life Insured and Policyholder are different individuals, rider
benefit will be paid on death of the Policyholder)
`
2) CHILDREN PLAN:
A) MAX LIFE SHIKSHA PLUS SUPER:

The Policyholder (who shall also be the Life Insured) should have a child (own or legally
adopted) aged between 0 days to 18 years to propose for the plan. As parents, you want to
provide the best education to your children. With the rising cost of education, you need a savings
plan that is designed to provide adequate funds at key educational milestones and take care of
your child's future even if you are not around. Presenting Max Life SHIKSHA PLUS SUPER a
product that helps you plan for your child's education by providing multiple options and let you
decide how you would like to grow your savings and secure his future at the same time.
Max Life Shiksha Plus Super offers the following Benefits:
1. Comprehensive Life insurance coverage including Family Income Benefit and Funding
of Future Premiums in case of your (same as Life Insured) death.
2. Option to choose Policy Term and Premium Payment Term to let you decide your key
milestone.
3. Choice of 5 (five) Funds for investors with different risk appetites.
4. Systematic Fund Transfer and Dynamic Fund Allocation mechanism to protect your
investments against market volatility.
`
5. Flexibility to make Partial Withdrawals to meet unplanned expenses.
Benefits
Maturity Benefit:
On maturity, you will be eligible to receive an amount, provided settlement option has not been
exercised, equal to the Fund Value, where the Fund Value will be calculated as: Fund Value =
Summation of Units accumulated in Fund(s) X NAV of respective Fund(s) as on the Maturity
Date Please Note: In case the Maturity Date is a non working day for the Company or markets
then the following working day's NAV will be applicable.
For Example, Maturity Benefit at sample ages:
Age of Life Annualised Policy term Premium Assumed Fund value at

insured Premium payment term rates of return maturity
(in Rs.) (p.a) (in Rs.)
40 50,000 20 20 8% 1,718,137
40 50,000 20 20 4% 1,069,152
35 40,000 20 20 8% 1,452,987
35 40,000 20 20 4% 9,11,871
40 1,00,000 10 5 8% 6,69,737
40 1,00,000 10 5 4% 4,82,102
35 75,000 10 5 8% 5,20,546
35 75,000 10 5 4% 3,76,841
`
Death Benefit:
In case of death of the Life Insured anytime during the Policy Term, following shall be payable :
1. Lump sum Payout on death - Higher of [Sum Assured or 105% of all premiums paid or (0.5
times Policy Term times Annualised Premium)] shall be payable immediately on death.
2. Family Income Benefit (FIB) - A Family Income Benefit equal to 10% of the Sum Assured
will be paid on each Policy anniversary following or coinciding with the date of death of the Life
Insured till the end of the Policy Term, but not exceeding 10 such installments. Please note that
irrespective of the balance Policy Term left over, a minimum of three installments each equal to
10% of Sum Assured is guaranteed to be paid in all circumstances in case of death of the Life
Insured during the Policy Term. Please further note in case of death of Life Insured with less
than three Policy anniversary left till the end of Policy Term, any excess installments to meet the
minimum requirement of three installments will be paid by the Company on the date of maturity
of the plan. For example – For a policy with Policy Term of 10 years, if the policyholder dies in
9th policy year, then 1 installment equal to 10% of Sum Assured will be paid on 9th Policy
Anniversary and remaining 2 installments each equal to 10% of Sum Assured will be paid on the
date of maturity of the plan.
3. Funding of Premium (FOP) - Under this Benefit, the Company will fund all future
outstanding premiums as and when due under the Policy and the Fund Value will be paid on
maturity.
The Policy will continue even after the death of the Life Insured till the end of the Policy Term.
All the benefits under the Policy shall be payable to the beneficiary. Please note that after the
death of Life Insured, the beneficiary will not be allowed to exercise switches, premium re-
direction, partial withdrawals, surrender and settlement option.
`
B) MAX LIFE SHIKSHA PLUS II :
It was all about focusing on education and ensuring that the children get the best opportunities
for their education. Now it goes beyond that. Its more about having a multi-faceted personality,
being an all-rounder and excelling in various fields.
We understand this desire that every parent has for their child. Therefore, our child plan is
designed specifically to ensure that your child not only gets the best of education but also can
explore and develop his/her hidden talent.
`
Max New York Life Shiksha Plus II is a 360 degree child plan that provides for over all
development of your child in all the circumstances.
FEATURES:-
Particulars Features
Eligibility Life insured should have a child (which may
include legally adopted child) between age 0
to 18 years, to propose for this plan
Minimum/ Maximum Age of Life Assured at Regular pay: 21 years to 50 years
Entry (Last Birthday) Limited Pay: 21 years to 55 years
Also, you must have a child.
Policy Term 5 pay - 10 years term or
15 to 20 years, pick a term, Regular Pay
Maximum Age of Life Assured at Maturity 65 years (For both Regular and Limited Pay
option)
Premium Payment Term Regular pick a term from 15 to 20 years or
5 pay for 10 year term
Premium payment Mode Annual, Semi Annual, Quarterly or Monthly
Non-annual mode through ECS only
Minimum Annual Target Premium Regular Pay
Annual Mode: Rs. 24,000
Non-annual mode: Rs. 30,000
Limited Pay
All modes minimum Premium is Rs. 50,000
Sum Assured Annual Premium X Cover Multiple
Cover multiple: 20 (fixed)
`
Maturity Benefit:
University Education Pool On maturity, you will be eligible for an amount equal to prevailing
Fund Value where the Fund Value will be calculated as:
Fund Value = (Accumulated Units * prevailing NAV)
Death Benefit: The following benefits shall apply:
 Immediate Family Support: 100% of applicable Sum Assured is paid immediately to

the nominee on the death of Life Insured.
 University Education Support: All future Premiums are funded by the Company on the
due dates to boost the University Education Pool. These Premiums will be directly
credited to the policy.
 School Fee Support: 10% of Base Sum Assured is paid out every year to provide for
school expenses, subject to a maximum of 100% of the Base Sum Assured till the Policy
Year immediately preceding the Maturity Date. The first installment of 10% of Sum
Assured will be paid immediately along with the “Immediate Family Support” and then
subsequently on each policy anniversary.
 University Education Pool: On the original Policy Maturity date, the prevailing Fund
Value is paid out for higher education.
`
C) MAX LIFE FUTURE GENIUS EDUCATION PLAN:
College education which is the most critical juncture of a child's life is the defining phase that
will shape their future. Therefore, it is essential that you start planning for your child's
professional education at the earliest, as the earlier you start, the better it will be towards meeting
the needs of your child's higher education. As a proud parent you want to see your child succeed
and achieve all his dreams. However, life is full of uncertainties and as a parent, a lot depends on
you to empower your children achieve all of their dreams.
We, at Max Life Insurance, understand your responsibility towards your child and present to you
Max Life Future Genius Education Plan - a plan that ensures your child has a financially secure
future and gets the very best college education experience to embark on a journey of glorious
career even in your absence.
`
Key features and benefits of Max Life Genius Education Plan:
This product offers you:
1. Guaranteed Money backs:
The product offers four guaranteed money backs payable annually in the last four years of
policy term. Each guaranteed money backs is equal to 25% of Sum Assured thus helping you
plan financially for your child's future college education expenses.
2. Maturity Benefit
The accrued Paid Up Additions (if any) and Terminal Bonus (if any) are payable at the end of
Policy Term to provide for a seed capital or to ensure financial planning for higher studies.
3. Complete financial security in case of death
The product offers comprehensive Death Benefit coverage as below:-
i) Death Benefit - The product offers Death Benefit to the nominee in case of death of Life
Insured. The nominee is offered settlement options under which he/she can choose to take Death
Benefit in any one of the following ways:-
a) Lump Sum Death Benefit option: Nominee can choose to take the Death Benefit as Lump
sum payable immediately.
b) Monthly Income Death Benefit option: Nominee can choose to take the Death Benefit as
income equal to 1% of Death Benefit payable monthly for 135 months starting from the month
following the death of Life Insured.
ii) Policy Continuance Benefit – In addition to Death Benefit, all future premiums will be
waived and all benefits, that is, Money back Benefits & Maturity Benefits are paid to your
beneficiary as and when due, thus, ensuring that your dream for your child‟s future is taken care
of even in your absence.
`
4. Customize the product as per your need:
The product offers you the freedom to choose your own policy term. Now, you can plan for
your child's needs by choosing any policy term from 13 years to 21 years. You also have an
option of two premium payment terms to choose from:
i) 8 years fixed premium payment term;
ii) Policy Term less three (3) years.
5. Flexibility to time your money backs through deferment or discounting option:
This unique feature allows you to customize the timing of your money backs and take them
during the last three (3) policy years as per your need, thus ensuring that you are not constrained
by the choice that you made years ago.
6. Tax Benefit:
Tax benefits apply to the premiums paid and benefits received by you as per the prevailing tax
laws.
7. Enhanced protection through Riders: The product offers additional rider(s) that can be
taken with the policy to provide for additional protection as per your need.
TAX BENEFIT:
You may be entitled to certain applicable tax benefits on your premiums and Policy benefits.
Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of
premium or receipt of benefits by you. It is advisable to seek an independent tax advice.
Surrender/ Premium Discontinuance /Policy Revival Terms
What happens when you surrender the policy?
The Policy cannot be surrendered before it has acquired the Surrender Value. However, if the
Policy has been surrendered post it has acquired the Surrender Value, then the same shall be
payable to you. The policy gets terminated after payment of surrender benefit.
`
Surrender Value is defined as the higher of Guaranteed Surrender Value (GSV) or Special
Surrender Value (SSV) where,
The policy can only be surrendered once it acquires a surrender value i.e.
 On payment of two full years premium for 8 Pay variant.

 On payment of three full years premium for Limited Pay variant.
Surrender value will be equal to the higher of Guaranteed Surrender Value (GSV) and
Special Surrender Value (SSV).
TERMINATION OF POLICY
This Policy will terminate upon the happening of any of the following events:
1. On the date on which Max Life receives free look cancellation request;
2. the date of intimation of repudiation of the death claim by Max Life in accordance with
the provisions of the Policy;
3. On the expiry of the Revival Period, if the Lapsed Policy has not been revived;
4. on the date of payment of surrender value; or
5. on the Maturity Date, however monthly incomes remaining under Settlement Option shall
continue, if not commuted.
`
What happens when you wish to revive your Policy?
1. Revival of lapsed Policy:
Once the Policy has lapsed, it can only be revived within a revival period of two years from the
due date of first unpaid premium, subject to following conditions:
i) Policyholder (who is also the Life Insured) paying all overdue premiums with interest and /or
late fee determined by the Company from time to time (currently 8.0% per annum compounded
annually);
ii) The Life Insured producing an evidence of insurability at his/her own cost which is
acceptable to the Company; and
iii) The revival of the Policy shall take effect only after revival of the Policy is approved by Max
Life Insurance and in accordance with the Board approved underwriting policy and
communicated to the Policyholder in writing.
Once the Policy has been revived, all the accrued bonuses (if any) and benefits will get reinstated
to original levels, which would have been the case had the Policy remained premium paying all
throughout.
However, if a lapsed policy is not revived within two years, the Policy shall be terminated and no
value is payable to the Policyholder.
2. Revival of Reduced Paid Up Policy (RPU Policy):
A RPU policy can be revived within a revival period of two years from the due date of the first
unpaid premium provided:
i) Policyholder (who is also the Life Insured) paying all overdue premiums with interest and /or
late fee determined by the Company from time to time (Late fees/interest rate currently
applicable is as specified in the table below);
`
ii) The Life Insured producing an evidence of insurability at his/her own cost which is
acceptable to the Company; and
iii) The revival of the Policy shall take effect only after revival of the Policy is approved by Max
Life Insurance and in accordance with the Board approved underwriting policy and
communicated to the Policyholder in writing.
If a RPU policy is not revived within two years of it becoming RPU, then the Policy cannot be
revived and will continue as RPU for the rest of its policy term.
Once the policy has been revived, all the accrued bonuses (if any) and benefits will get reinstated
to original levels, which would have been the case had the Policy remained premium paying all
throughout.
Please note the company currently charges Late Fee and/or interest on the overdue premiums on
revival for all policies depending upon the number of days between the date of revival and lapse
of Policy:
No. of days between date of revival and date Late Payment Fee (in `)
of lapse of Policy
30-60 100
61-180 250
>180 250 plus interest on due premium @8% p.a.

compounded annually
`
3)HEALTH PLAN:-
Max Life Lifeline - Wellness Plus Plan:-
Max Life Lifeline – Wellness Plus A health insurance plan offering a fixed Cash benefit in case
of diagnosis or actual undergoing of surgeries covered under this plan.
Some happy predictions for the remaining part of this century
• Exercising at least 30 minutes each day will be only for Olympic athletes. Pressing the
keyboard and TV remote will suffice for others.
 Being Over Weight will not be a health problem at all
 Pollution and stress full lifestyle will only make people healthier and less prone to
sickness
 If you chose to, hereditary sickness will not pass onto you.
 Cost of Treatment in good hospitals will only get cheaper if not free!!
Health is Wealth Prevention is better than cure.
We have all read and heard that. We should all be following this as well.
But even so the fact remains that you still don’t get time to exercise, you still cannot always eat a
health diet, you cannot choose how the hereditary disease affect you, and you cannot tell how
pollution and 21st century 24*7 life style affect your health.
A lot of money
So while your wellness plans should have correct eating, correct exercising and correct lifestyle
as its basis, please have a plan to fall back on when emergency strikes. As they always do.
Max Life Insurance introduces Max Life Lifeline - Wellness Plus™ A health plan, which gives
you a 360-degree benefit in terms of long tenure of coverage, coverage for 38 critical illness,
permissible tax benefit under Income Tax Act, and protection against a wide variety of diseases
and conditions.
`
Benefits:-
• Confirmed by a registered medical practitioner, including a relevant specialist acceptable to the

company (the cost of which shall be borne by the policyholder) and
• Provided the life insured has survived for at least 28 (Twenty eight) days after the happening of
the insured event,
• The life insured filing with the company all the required claim documents within 60 days of the
date of the happening of the insured event.
• A claim with respect to any particular critical illness, if paid, shall not be payable again.
The company will pay 100% of the sum assured. This payout will be subject to a maximum
payment of 20 lakhs under critical illness / dead disease benefit attached to all policies issued by
the company on the life of the life insured then in force with the company taking into
consideration in-built dread disease benefit in Smart Steps Plus, Smart Assure Plans or any other
such plans as the company may launch in the future.
`
4) GROWTH PLAN:-
A)MAX LIFE FLEXI FORTUNE PLAN:-
Settling for the second best has never been an option for you. When it comes to a plan that will
help you plan for your financial goals be it a car, your dream home, a holiday abroad or the
protection and comfort of your family, you want to trust the best. Invest in the Max Life Flexi
Fortune, a unit linked Insurance plan, which offers a unique combination of protection with
returns to fulfill your goals.
Presenting Max Life Flexi Fortune that offers the following benefits:
 Comprehensive protection through high sum assured multiples.

 Progressively increasing sum assured for increasing liabilities without additional
underwriting
 Choice of premium payment options to suit cash flow patterns
 Choice of six well managed funds for investors of different risk profiles
 Flexibility to make partial withdrawals to meet unplanned expenses
 Flexibility to opt for Max Life Personal Accident Benefit Rider and Max Life Dread
Disease Rider
Flexibilities offered:
 Switching: A maximum of 12 switches are allowed in a Policy Year and these would be
free of charge. You may switch the Units between available Funds at any time during the
term of the Policy, subject to a minimum switch amount of Rs.5,000. Following receipt
`
of your written notice, we will cancel Units in the Fund you wish to exit and purchase
Units in the Fund you wish to enter. We may at any time impose a complete or partial
ban on switches for a time period (but not exceeding 30 days) with prior approval from
the Authority, if in our sole and absolute discretion, we consider this to be in the interest
of maintaining the stability of the Funds, or necessary to protect the interests of
Policyholders. Such a situation may arise under extraordinary circumstances such as non-
availability of market prices or occurrence of any catastrophe where the declaration of
unit price is not possible.
 Premium Re-direction: A maximum of 12 premium re-directions are allowed in a policy
Year and these would be free of charge. You may redirect your future Premiums between
available Funds at any time by giving Us 7 day’s prior written notice. If you choose to
redirect your future Premiums to more than one Fund, the percentage of such Premiums
redirected to each Fund shall be subject to a minimum percentage limit at the relevant
time. Your notice must quote your Policy number and it must specify precisely the Fund
in which you wish to redirect the Premiums.
 Partial Withdrawal: A maximum of 12 partial withdrawals are allowed in a policy year

and these are free of charge. An investment under insurance plans is viewed on a long-
term horizon and the maximum benefits are also reaped if you stay invested for longer
duration, therefore for the first five Policy Years, the plan is not eligible for a partial
withdrawal. Therefore, you can make lump-sum partial withdrawals from your Funds at
any time after the Policy has completed five years and within the Policy Term chosen.
The maximum amount of partial withdrawal allowed in any policy year is 20% of the
fund value (as on the last monthly anniversary before the date of request) subject to the
fund value immediately after partial withdrawal being at least equal to 1.5 times annual
target premium. The Sum Assured shall not reduce to the extent of partial withdrawals.
The minimum amount of partial withdrawal allowed per transaction is Rs. 5,000. Partial
withdrawals are not allowed until the Life Insured attains majority (i.e., on or after
attainment of age 18).
`
 Surrender: In case you decide to surrender the Policy due to any reason, you may do so
by giving us a prior written request any time during the course of the policy.
A) Surrender within five years of the inception of the Policy.
a) On the Date of Surrender, Max Life Insurance will close the Unit Account and credit the Fund
Value to the Discontinued Policy Fund after deducting applicable Surrender Charges. These
proceeds would earn an interest in accordance with prevailing Regulations or other Guidance
issued by the Authority subject to a minimum of 3.5% compounded annually based on
Regulations prevailing in September 2010.
b) On Completion of Five Policy Years, the Company shall pay the proceeds of the Surrendered
Policy together with interest earned as determined above.
B) After five years of the inception of the Policy.
The Company shall close the Unit Account and pay the prevailing Fund Value immediately.
Discontinuance
If the contractual Premium is not paid on its due date, Discontinuance provisions will apply as
set out below.
A Grace Period of Thirty (30) days (15 Days in case of monthly mode) from the due date shall
be allowed for payment of contractual Premium without any interest or penalty.
On expiry of Grace Period, the Company shall serve a notice within a period of 15 days to the
policyholder to exercise the below-mentioned options within a period of 30 days from the receipt
of such notice.
Option 1: Revival of policy .
Option 2: Complete withdrawal from the policy without any risk cover .
`
The policyholder can exercise Option 1 to revive the Policy if,
a. The Policyholder gives the Company a written request to revive the Policy; and
b. The Policyholder has produced evidence of insurability acceptable to the Company as per the
Company’s underwriting practices; and
c. The Policyholder pays the Company all overdue contractual Premiums along with a fixed late
payment fee of ` 100.
On revival, the amount of Premium paid on revival, less any Premium Allocation Charge
attributable to the Premium paid on revival, shall be allocated in the Funds, as specified by the
Policyholder. During the Grace Period and the Revival Period, the insurance cover under the
Policy and the Rider (if any) will continue and all the applicable charges shall be levied and
recovered. If the policyholder dies during the revival period, the amount equal to the prevalent
sum assured and fund value (as on date) will be paid.
A) Within five years of the inception of the Policy.
If the Policyholder does not revive the policy during the revival period, the Policy shall deem to
be completely withdrawn and discontinued with immediate effect.
a) On the Date of Discontinuance, the Company shall close the Unit Account and credit the
Fund Value to the Discontinued Policy Fund after deducting applicable Discontinuation Charges.
These proceeds would earn an interest in accordance with prevailing Regulations or other
Guidance issued by the Authority subject to a minimum of 3.5% compounded annually based on
Regulations prevailing in September 2010.
b) On Completion of Five Policy Years, the Company shall pay the proceeds of the
Discontinued Policy together with interest earned as determined above.
B) After five years of the inception of the Policy. If the Policyholder does not revive the
Policy, the Policy shall deem to be completely withdrawn and discontinued with immediate
effect. The Company shall close the Unit Account and pay the Fund Value immediately.
`
RETIREMENT PLAN:
MAX LIFE FOREVER YOUNG PENSION PLAN:-
Today, in the prime years of your life, you are striving hard to offer the best lifestyle to your
loved ones. Presenting Max Life Forever Young Pension Plan which provides the benefits of
equity participation to build a large retirement corpus and at the same time offers a guarantee to
protect your savings from market downturns. It also offers additional benefits to safeguard your
family against unforeseen eventualities so that you and your loved ones live life on your own
terms.
Max Life Forever Young Pension Plan offers the following benefits:
 Guaranteed Vesting Benefit of 101% of all premiums paid (including top up premiums, if
any), if you have opted for the Pension Maximiser Option and 110% of all premiums paid
(including top up premiums, if any) if you have opted for the Pension Preserver Option
will be available for vesting of policy.
 Option to choose the vesting age as per your requirement.
 Guaranteed Loyalty Additions added to the fund, starting 11th year .
`
 Option to guarantee the retirement benefit for your spouse in the unfortunate event of
your death, if you have opted for Max Life Partner Care Rider.
 Option to Save More Tomorrow to enhance your retirement corpus, through Top-up
premiums in the later years.
How does Max Life Forever Young Pension Plan work?
Step 1: Choose your vesting age (retirement age)
 Choose any Vesting age between the ages 50 to 75 years (55 to 75 years for policies
sourced under Qualifying Recognized Overseas Pension Scheme (QROPS), as per
prevailing Her Majesty's Revenue & Customs (HMRC) regulations), subject to a
minimum policy term of 10 years.
Step 2: Choose the investment option as per your risk profile
 Choose between Pension Maxisizer Option and Pension Preserver Option.
Step 3: Choose the premium that you want to pay
 Choose from Regular Pay or Single Pay variants with minimum premium of Rs.25,000
p.a. & Rs.1,00,000 respectively.
Step 4: Option to attach Max Life Partner Care rider to your policy
 Get additional benefits in the unfortunate event of death during the policy term.
1. Death Benefit:
Base Policy: Higher of Fund Value or 105% of the cumulative premiums paid (including top up
premiums, if any). The nominee shall have the option to utilise the death benefit in one of the
following ways:
`
 Utilize the entire proceeds of the policy or part thereof for purchasing an annuity at the
then prevailing rate of the Company; or
 Withdraw the entire proceeds of the policy;
 Utilize the entire proceeds of the policy or part thereof for purchasing a single premium
deferred pension accumulation plan, which will enable the nominee to buy an annuity at
a chosen date in the future. In such cases, the Company shall not refund more than the
extent allowed under the Income Tax Act from the policy proceeds of the Single
Premium accumulation plan.
2. Vesting Benefit:
The vesting benefit that you receive will depend on the investment option chosen by you. In case
you opt for the Pension Maximiser Option, you will receive an amount equal to the higher of
Fund Value or 101% of cumulative premiums (including top up premiums, if any) at vesting. If
you opt for the Pension Preserver Option, you will receive an amount equal to the higher of Fund
Value or 110% of cumulative premiums (including top up premiums, if any) at vesting. The
Pension Maximiser Option has a relatively higher proportion of assets invested in equity, with an
objective to achieve capital appreciation. The Pension Preserver Option provides stable returns
through investing primarily in fixed income instruments and thus provides a higher quantum of
guarantee on the investments made. Please note that the rider charge is excluded from the
guarantee available at vesting.
Fund Value = (Accumulated Units) * (Prevailing NAV)
Following options are available to you on vesting of policy:-
1. To commute to the extent allowed under the Income Tax Act and to utilize the balance amount
to purchase an immediate annuity from Max Life, which shall be guaranteed for life, at the then
prevailing annuity rates of the Company, or
2. To extend the accumulation period subject to the age of the Life Insured being less than 55
years (last birthday), or
`
3. To utilize the entire proceeds to purchase a single premium pension accumulation plan from
Max Life.
Age Policy Term Annual Premium Amount on Amount on

(Years) (Rs.) Vesting @4% Vesting @8%
(Rs) (Rs)
40 20 50,000 11,93,851 18,77,307
(To age 60)
50 15 50,000 8,31,469 11,62,499
(To age 65)
Discontinuance of Premium within first five policy years:
You shall have a Grace Period of thirty days (fifteen days in case of monthly mode) from the
premium due date to pay your premium. In case you do not pay the premium within the said
period, the Company shall send you a notice, giving you thirty days to exercise one of the
following options:
 Revive the policy by paying the due premiums during the revival period of two years.
 Completely withdraw (surrender) from the policy. In this case, conditions relating to
surrender within first five years shall be applicable.
Discontinuance of Premium after first five policy years:
You shall have a Grace Period of thirty days (fifteen days in case of monthly mode) from the
premium due date to pay your premium. In case you do not pay the premium within the said
period, the Company shall send you a notice, giving you thirty days to exercise one of the
following options:
 Revive the policy by paying the due premiums during the revival period of two years.
`
 Completely withdraw (surrender) from the policy. In this case, conditions relating to
surrender post first five years shall be applicable.
 Convert the policy into a paid up policy, in which case the policy will continue without
any further premiums payable. However, the coverage under the rider (if any) shall cease.
If you do not exercise any of the options above, the policy will be deemed to be surrendered and
the applicable surrender provisions will apply.
REVIVAL OF THE POLICY:
The Company shall revive your policy if:
 You give us a written request to revive the policy; and

 You provide us the evidence of insurability at your own cost and in accordance with our
underwriting practices; and
 You pay all the overdue premiums.
On revival, while restoring the unit account, the Company shall add back the
Discontinuance Charge as already levied to the fund (if the discontinuance was within the
first five years) and deduct the Premium Allocation Charge and the Policy Administration
Charge as applicable for the Discontinuance period.
`
`
COMPETITORS OF MAX LIFE INSURANCE:
The insurance sector in India has come a full circle from being an open competitive market to
nationalization and back to a liberalized market again.
It is known to all that now a day's Insurance sectors are going to boom in the Indian as well as
International market, so it is natural that there will be a great competition among all the
companies.
Similarly, Life has also many competitors, some of them are as follows:
 ICICI prudential
 Bajaj Allianz
 SBI Life
 HDFC Standard Life Insurance
 Reliance Life Insurance
 Birla Sunlife
 Aviva Life
 Tata AIG
 Kotak Mahindra
 ING Vysya
 Metlife
`
AWARDS AND RECOGNISATION
At Max Life Insurance, with each award and accolade received over the years, we have renewed our
promise of providing the best quality of products and services to our customers. Some of the awards
and recognition rewarded to us.
Awards won:
 Celent Asia Insurance Technology Award- New Business Model Leveraging Mobile
Applications.
Compliance 10/10 Award- Compliance Programme 2015
Asia's Most Admired Brand,2015-16-Life Insurance Category.
 Recognized as India's Most Trusted Brand 2015

Indian Insurance Awards-Bancassurance Leader Award abd Agent Productivity Award.
 Ranked 51st Amongst India's top 100 Best Companies to work for 2015-2nd Best
Insurance Company.
 World Finance Best Life Insurance-Company India,2015
 Won Two Awards at the ASQ World Conference 205-Qualify Impact Story Board and
Use of Emerging and Technology.
 Ranked No.1 in Claims Settlement in 2015
 2nd Runner up trophy in National Excellence Practice Competition(Service Category) by
Confederation of India Industry (CII).
 Won the Global Finance Best Life Insurance Company 2014,India.
 Won the trophy for Best Underwriting Imitative of the year in the Asia Banking,
Financial Services & Insurance Excellence Awards.
 Max Life i-genius won Silver and Bronze 'Abby' award at Goafest 2014
 Max Life Retirement PR campaign won Excellence award at Sabre Asia
 Recognised amongst India's Best Companies to work for 2014-Ranked 58th from 82nd
last year GPTW.
`
 Project CARS won QCI D.L.Shah Commendation Award 2014

 Project Proactive Retention won Bronze Award at World Conference for Quality &
Improvement 2014(WCQI) in Dallas, USA.
 Recognized amongst the top 100 companies "India's best Companies to work for 2013'' a
survey by Great place to work institute.
 Selected as super brand of the year 2013-14.
 Max life Insurance won the 6th National Conference & Competition on Six Sigma,2012
held by the confederation of Indian Industry (CII) for the Green Belt project "Power of
Speed-Settlement of Claims within 10 days. Overall 24 project presentations were made
by manufacturing and service sector companies that included HCL, Wipro, Times of
India,3M India &Quest Global from service sector.
 Awarded the 6th AIMIA Loyalty Award in the category Financials-Non Banking
Financial Services Sector''. AIMIA is a global leader in loyalty management and the
loyalty awards recognize excellence innovation and best practice in customer loyalty. The
selection criteria included a voice of customer study in addition to submissions by the
organizations.
 Silver EFFIE Award in 2012 for the 'Aapke Sachche Advisor' campaign organized by
The Advertising Club Bombay in India, the EFFIE's have become the gold standard
measuring marketing and communication effectiveness in India.
 QCI DL Shah Awards for Best Six Sigma Project on economies of Quality-2012
 Outlook Money survey-recognized as the only company to have funds amongst the top
quartile in all funds category.
 CII National Six Sigma recognisition for Best Six Sigma Project-2009
 CIO 100 Technology Award 2008-2011
 Golden Peacock Award for Excellence in Product Innovation for Max Vijay.
 Awarded for the Asia Insurance Industry 'Innovation of the year' Award 2009
 Gallup Great Work Place Award 2009.
 CII -Exim Bank Commendation Certificate for Strong Commitment to Excel for the year
2008-2010.
 Ranked 7th in BT Mercer-TNS Best Companies to work for Survey 2008.
`
`
`
`
`
`
`
`
`
`

Project On Max Life Insurance

Transféré par

Informations du document

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Project On Max Life Insurance

Transféré par

Droits d'auteur :

Formats disponibles

Max Life Insurance Company Ltd

MAX LIFE INSURANCE COMPANY LTD

BANKING AND INSURANCE

IN PARTIAL FULFILLMENT OF THE REQUIREMENT

FOR THE AWARD OF THE DEGREE OF

BACHELOR OF COMMERCE - BANKING & INSURANCE

ROLL NO: 8231

ST. ANDREW'S COLLEGE OF ARTS, SCIENCE AND COMMERCE

St. Andrew's College of Arts, Science and Commerce

This is to certify that Shri Kishore Sharad Nikam

Course Coordinator Principal

Project Guide/Internal Examiner

I, Kishore Sharad Nikam the

The information submitted is true and original to the best of my knowledge.

Roll No: 8231

Sr.No. TOPIC Pg.no.

15. INTERVIEW QUESTIONS

An entity which provides insurance is known as an insurer, insurance company, or insurance

Insurance is an arrangement by which a company or the state undertakes to provide a guarantee

1. Utmost good faith

1. Utmost Good Faith

 Prove that the event occurred

MAX LIFE INSURANCE

SELECTED THE RIGHT DIRECTION FOR COMPANY

Be the brand of first choice

MAX LIFE INSURANCE PLANS

A) WHOLE LIFE SUPER PLAN:-

 Features & Benefits of Max Life Whole Life Super

1.Get guaranteed life time protection:

2.Flexible premium payment terms:

3.Flexible Bonus Option:

4. Access your money through Paid Up Additions Withdrawal:

5.Customize Your Policy:

7. Free Look Period

B) MAX LIFE ENDOWNMENT AT AGE 60 PLAN:-

Cash Surrender Value

• Premium offset - Use it to offset against future premiums payable;

• Cash - Get the amount in your hands;

Guaranteed Value at Maturity Rs. 5,00,000

Maturity Value @6% Rs. 8,69,218

Maturity Value @6% Maturity Value @ 10% Rs.15,23,442

C) MAX LIFE 20 YEAR ENDOWNMENT PLAN:-

3) Terminal Illness Benefit:

(i) Reduced Paid-Up:

Cash Surrender Value

• Premium Offset - Use it to offset against future premiums payable;

• Cash - Get the amount in your hands.

Maturity Benefit Guaranteed Rs.100,000

Non-guaranteed rate @6% p.a Rs.1,45,092

Non-guaranteed rate @10% p.a. Rs. 2,05,409

Free Look period:

Expert Advice at Your Doorstep:

D) MONTHLY INCOME ADVANTAGE PLAN:-

KEY FEATURES & BENEFITS OF MAX LIFE MONTHLY INCOME ADVANTAGE

This product offers you:

2. Lump-sum Maturity Benefit: A sum of accrued compound reversionary bonuses and

4. Policy Continuance Benefit: In case of an eventuality, in addition to the lump-sum benefit,

Brief Description about the plan

What happens when you discontinue paying the Premiums ?

 on the date on which We receive free look cancellation request;

 on the date of surrender of this Policy; or

 on the Maturity Date.

E) MAX LIFE GUARENTEED INCOME PLAN:-