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Max Life Guaranteed Income Plan

UIN No: 104N085V01


Non Participating Non-Linked Savings Insurance Plan
Policy/Proposal No: [ _________________ ]
Date of Illustration - Dec 9, 2014 2:37:15 PM
Personal Details

Product Features

Name of Policyholder

Guaranteed Maturity Sum Assured

Rs 32,97,179

Age of Policyholder as at last birthday on the date of


commencement

38 Years

Policy Term

6 Years

Gender of Policyholder

Male

Premium Payment Term

6 Years

Name of Life Insured

FULCHAND CHATE

Premium Payment Mode

Annual

Age of Life Insured as at last birthday on the date of


commencement

38 Years

State

Other

Gender of Life Insured

Male

PREMIUM SUMMARY
First Year Premium

Renewal Year Premium

Annualised Premium

Rs 4,99,999.98

Rs 4,99,999.98

Premium

Rs 4,99,999.98

Rs 4,99,999.98

Service Tax including Cess on Premium


Premium Payable on Due Date along with Service Tax & Cess

Rs 15,450.00

Rs 7,725.00

Rs 5,15,449.98

Rs 5,07,724.98

MAX LIFE INSURANCE CO. LTD, 11th Floor, DLF Square, Jacaranda Marg, DLF City, Phase II, Gurgaon 122 002

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YEARLY ILLUSTRATIVE DETAILS


(This shall form a part of the policy document)
All cash flows are in Rs
General Details

Year

Guaranteed Benefit

Premium Payment
Term

Payout Period

Age of life Assured


(BOY)

Premium (BOY)

Income Benefit*
(BOY)

Terminal Benefit*
(EOY)

Guaranteed
Surrender Value**
for the year

Non Guaranteed
Benefit
Total Lump sum
Death Benefit for the
year***

Sum of Income
benefits on Death
payable over 10
years****

Special Surrender
Value** (EOY)

38

5,00,000

63,75,000

82,50,000

39

5,00,000

3,00,000

63,75,000

82,50,000

6,40,600

40

5,00,000

4,50,000

63,75,000

82,50,000

11,55,150

41

5,00,000

10,00,000

63,75,000

82,50,000

18,24,800

42

5,00,000

22,50,000

63,75,000

82,50,000

25,47,500

43

5,00,000

27,00,000

63,75,000

82,50,000

32,97,300

44

2,66,800

45

2,66,800

46

2,66,800

10

47

2,66,800

11

48

2,66,800

12

49

5,33,650

13

50

5,33,650

14

51

5,33,650

15

52

5,33,650

16

10

53

5,33,650

6,25,000

(BOY) - Beginning of Year


(EOY) - End of Year

MAX LIFE INSURANCE CO. LTD, 11th Floor, DLF Square, Jacaranda Marg, DLF City, Phase II, Gurgaon 122 002

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* Survival Benefit comprises of Income Benefit and Terminal Benefit and is payable over a 10 years period as illustrated in the table above. The Income Benefit is payable monthly and is expressed as a percentage of Annualised premium.
The Income Benefit payable monthly in the last 5 years of the payout period is twice the Income Benefit payable monthly in the first 5 years of the payout period.
** The illustrated surrender values are applicable assuming that all the due premiums have been received as on the date of surrender.
In case of death of the Life Insured within the Policy Term, the beneficiary shall receive the following death benefit:
The lumpsum death benefit payable is equal to the death sum assured, which is defined as the higher of:
i) 10 times the Annualised Premium;
ii) 105% of total premiums paid;
iii) Guaranteed Maturity Sum Assured (GMSA)
iv) Guaranteed Death Sum Assured (GDSA)
***Total Lump sum Death Benefit: The Death Benefit is payable as a lumpsum benefit to the beneficiary. It is the maximum of mentioned amount at any given point of time during the policy term.
****Sum of Income Benefits on Death: The beneficiary has the option to avail the death benefit in monthly instalments for a period of 10 years post the date of death. On exercising the option, the Death Benefit is paid as follows:
Period

Death Income Benefit (as % of Annualised Premium, payable monthly)

10 Years following the date of death of the Life Insured

165%/12

Extra premium, rider premium, service tax, cesses and any statutory levies are excluded from total Annualised premiums used for calculating the death benefit, income benefit and terminal benefit.
Important Notes:
Section A
-- Guaranteed Surrender Value (GSV): Guaranteed Surrender Value is the guaranteed amount that will be payable to the Policyholder on surrender of the policy.
-- Special Surrender Value (SSV): Special surrender value is the non guaranteed amount that will be payable to the Policyholder on surrender of the policy. SSV will be determined from time to time in consultation and with approval of IRDA and is not
guaranteed. The SSV will always be equal to or higher than GSV.
Section B
-- This is only an illustrative document. It does not purport to be a contract of insurance and does not in any way create any rights and/or obligations.
-- Please refer to the product brochures, for the understanding the product features and explanation of the terms used in this illustration.
-- Service Tax and Education Cess would be levied as per applicable laws.
-- Tax benefits are subject to the changes in tax laws. 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 the tax laws prevailing at the time of payment of premiums
or receipt of benefits by you. You may seek an independent advice on tax benefits from your tax advisor.
-- Guaranteed Death Sum Assured (GDSA) is defined as 12.75 times Annualised Premium for 6 years Policy Term variant and 18.5 times Annualised Premium for 12 years Policy Term variant.
-- Guaranteed Maturity Sum Assured (GMSA) is defined as the present value of survival benefits calculated at a discount rate of 5.7% p.a. and is expressed in terms of one Annualised Premium.
I ________________________________________________________ (Name), have explained the terms and conditions and the benefits of the policy to the prospect/policyholder.
Signature of Agent/Specified Person:
Name and ID:
Place:
Date:
Company Seal:
I _____________________________________________________________________________________ (Name), having received the information with respect to the above, have understood the above statement before entering into the contract. I understand
and intend to continue paying the above said premium amount for the complete Premium Payment Period and as per the opted frequency.
Policyholders Signature:
Policyholders Name:
Date:
MAX LIFE INSURANCE CO. LTD, 11th Floor, DLF Square, Jacaranda Marg, DLF City, Phase II, Gurgaon 122 002
2010.1.2.8.6.60.29rppun146138132250001110000 1000000600 10000018001000000 0 1

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