In our country, the average life expectancy has been increased due to better health care facilities. Hence, after retirement, everyone has to ensure smooth flow of regular income for the next 20 years or more. Also, after your unfortunate demise, you would like to ensure that your spouse sustains a smooth life without financial dependency on anyone else. Hence, it is essential to plan the pension income very systematically right from your working life only. Max Life Perfect Partner Super plan is an ideal investment to receive the pension income for yourself and your spouse.
Eligibility of Max Life Perfect Partner Super Plan
There are certain criteria of minimum and maximum age and minimum premium payable to avail the plan. The below is the snapshot to check your eligibility criteria:
| Policy Term | Minimum Entry Age | Maturity Age | Maturity Age |
| 7 Years | 91 Days | 55 Years | 75 Years |
| 10 Years | 91 Days | 55 Years | 75 Years |
| 15 Years | 91 Days | 50 Years | 75 Years |
| 20 Years | 91 Days | 45 Years | 75 Years |
Minimum premium payable for the seven-year term is Rs. 20,000 per year. While the same for 10, 15 and the 20-year term is Rs. 8,500 per year. The maximum limit for the premium payable is not reserved, so you can plan to invest the maximum amount to avail higher amount of pension in your retirement life. If yearly premium payment is not manageable for you, it is possible to pay the premium in installments on the half-yearly, quarterly or monthly basis. Minimum guaranteed sum assured is Rs.50,000 and there is no limit for a maximum sum assured.
Benefits of the Plan
Your Max Life Perfect partner super plan comes with several benefits at every stage of life. Below are the highlights of the benefits.
Guaranteed 212.5% of the Guaranteed Maturity Sum Assured
In total, 212.5% of the guaranteed maturity sum assured is paid by the insurance company irrespective of the fund performance or other market dynamics. 212.5% arrives as the sum of below two:
- 5% of the guaranteed maturity sum assured is paid every year for 15 years (Total 112.5%). This benefit is paid during the age of 61 to 75 years.
- 100% of the guaranteed maturity sum assured is paid at the maturity of the policy.
Annual Bonus Benefits
Once your policy completes two years and if you have paid the premium dues regularly, you are eligible for annual bonus benefits. First, the bonus is decided on the entire fund value and then it is distributed among policyholders proportionately based on the sum assured. Although annual bonus benefits are not guaranteed, usually the insurance company declares the same for the benefit of the policyholders, if the fund performance is better.
The annual bonus benefit is paid to the policyholder in one of the below three methods:
(1) Paid in Cash Bonus
Every year the insurance company reviews the performance of the fund and declares the bonus if it finds a surplus amount or the distribute able profit. Such a profit is shared in proportionate to the sum assured among policyholders. The bonus is paid out to the bank account of the policyholder directly.
(2) Premium Offset
Instead of paying the cash bonus to the policyholder, it is adjusted against the next premium payable. Such feature reduces the premium payment liability of the policyholder.
(3) Purchase Paid-Up Additions (PUA)
Whenever the bonus is declared, it may be used to purchase additional units in the existing policy. It has a similar effect as if you have enhanced the sum assured by way of paying an additional premium. Your sum assured, bonus eligibility, fund value and every benefit associated are increased in proportion to the units added. Hence, it gives the compounding effect to your portfolio without any additional outgo from your end.
Terminal Bonus
If the policy is in force for last 10 years and premiums are paid regularly, the company may declare the terminal bonus at maturity of the policy or death of the life assured, whichever is earlier. The terminal bonus depends on the performance of the fund during policy terms, and hence it is not guaranteed.
Survival Benefit
If your insurance policy is in force and all due premiums are paid, you are eligible for survival benefit. Once you attain the age of 61 years, the insurance company pays the amount equivalent to 7.5% of the sum assured to your bank account every year. Such annual benefit is payable to you till you attain the age of 75 years. Hence, the significant 15 years of your retirement age is taken care by regular pension earnings for you.
Maturity Benefit
Maturity benefit is payable on either the policyholder attains the age of 75 years or on the anniversary of the policy, whichever happens later. The policyholder shall be paid 100% amount of the guaranteed sum assured at maturity. In addition to the guaranteed amount, accrued paid-up additions in previous years and terminal bonus if applicable shall also be paid with maturity.
Death Benefit
In case of the death of the life assured during the term of the policy, guaranteed death benefit accrued paid up additions (if any), and Terminal Bonus (if any) is payable to the nominee of the policyholder.
The Guaranteed death benefit is the higher amount of below three options:
| Option-1 | 11 times the total of annual premium |
| Option-2 | 105% of the total premium paid till date |
| Option-3 | Guaranteed maturity sum assured selected at the beginning of the policy |
Kindly note that accrued paid-up additions and the terminal bonus are not guaranteed; it is only paid based on the performance of the fund during the tenure of the policy.
Surrender Value of Max Life Perfect Partner Super Plan
- To avail the desired benefit from the policy, it is advisable to keep it in force till the terms of the policy. However, in exceptional cases, you may be compelled to discontinue the policy.
- The surrender value is applicable after three years of the successful premium payment for a policy with 10, 15 or 20 years’ term. It is applicable after two years of the successful premium payment for a policy with seven years’ term.
- If you surrender the policy between four and seven years, you are eligible for the surrender value of 30% to 50% of the total premium paid by you.
- After seven years, the surrender value ranges from 50% to 90% of the total premium paid.
- The exact surrender value depends on the number of years you have paid the premium.
- Although not guaranteed, there is a provision for Special Surrender Value(SSV) in the policy. The SSV is granted based on the performance of the fund and profit generated when the policy was in force.
FAQs
Q1. How can I buy Max Life Perfect Partner Super Plan?
Ans. You have the choice to buy the plan either online or offline mode. Many individuals prefer online mode, as it is convenient to buy without any restriction of time or place. Moreover, you can read the terms and condition, policy document in detail, before you sign up for the policy. You can also use online pension calculators to know your premium payment and benefits available to you. It helps you to predict the future payments precisely and transparently.
However, some individuals are not comfortable with the online mode of purchase, particularly for online payment. While others may need consultations to select the right policy for themselves. In such cases, you can call helpline number of the insurance company. The executive available at the help-desk will arrange your meeting with the adviser at the suitable time. You can understand the plan details and get your queries resolved. The adviser will further help you to compile the document, fill the application form and submit the same to the insurance company.
Q2. Can I cancel my policy after I purchase the same?
Ans. Max Life Insurance company gives you “Free Look Period” of 15 days after it issues the policy to you. During these 15 days, you can review the terms and conditions, premium payable, applicable benefits and other aspects from your end. In case you have any question, you can ask the insurance company for clarification. If there is any correction needed on the company part, it will be done for you. If you are not convinced with the solution offered by the insurance company, you can request the insurance company to cancel the policy within “Free Look Period.” Your entire money paid shall be refunded to your bank account after a nominal deduction of stamp duty.
Q3. How can I customize my policy to cater to my specific need?
Ans. The insurance company offers many riders at a nominal premium to cover certain events or benefits that are significant to your life. For example, you may want to get additional cover against accidental death, or you may want to extend the benefits to your life partner. Based on your need, you can avail additional riders with your regular policy to get yourself insured against specific events.