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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:
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 55 years
75 years
Sum Assured
Tenor of cover
20 years
Death Benefit
Riders available*
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
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)
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)
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 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
75 years
Sum Assured
Tenor of cover
Death Benefit
Riders available*
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
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)
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)
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
Maturity age
Sum Assured
Rs 50,000 onwards
3,7,10,20 years
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;
Rs 100,000
Rs 5,42,069
Rs 18,09,773
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
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: