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Product Features
Name of Policyholder
Rs 32,97,179
38 Years
Policy Term
6 Years
Gender of Policyholder
Male
6 Years
FULCHAND CHATE
Annual
38 Years
State
Other
Male
PREMIUM SUMMARY
First 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
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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Year
Guaranteed Benefit
Premium Payment
Term
Payout Period
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
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
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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