Riders provide extra benefit at an affordable cost. By adding Max Life Term Plus Rider to your life insurance policy (base plan),the rider provides your family an additional protection against an unfortunate incident at an affordable cost. This rider provides additional death benefit over and above the benefit provided under the base policy in case of your death. The benefits under this rider are payable along with the base plan benefit(s).
Provides additional death benefit Available at an affordable cost Offers comprehensive protection Additional Rider Sum assured to the nominee in the event of death
Maturity Benefit
There is no maturity benefit available under this rider.
Surrender Value
No surrender value is available under this rider.
Loan
No surrender value is available under this rider.
Revival
In case the premium for the rider are not received up to the expiry of the grace period, the rider will lapse and benefits will be inapplicable. The rider can only be revived within a revival period of two years from the due date of first unpaid premium subject to the following company conditions:
The revival of the rider is subject to the approval from the company’s underwriting team and the decision is communicated to the policyholder in writing. If a lapsed rider is not revived within 2 years or before the expiry of rider term, whichever happens first, the rider stands terminated and no value is payable to the policyholder.
| Factor | Minimum | Maximum |
| Age (as on last birthday) | 18 Years | 65 Years |
| Age at Maturity | - | 70 Years |
| Rider Term | 5 Years | 35 Years (*Rider term cannot be greater than Maximum expiry age less entry age of Life Insured at inception of the rider) |
| Premium Paying Term | Same as rider term | - |
| Premium Paying Mode | Same as base policy | - |
| Sum Assured | Rs 50,000 | Rs 15 Lacs (subject to a maximum of base plan’s Guaranteed Death Benefit as at the inception of the base policy) |
| Premium | The Minimum Annual Premium is Rs. 9 per annum for age at entry of 18 years (age as at last birthday),Rider Term of 5 years and rider SA of 50,000. | The maximum rider premium for standard life is Rs 46,287 for age at entry of 65 years ,rider term 5 years and SA 15 lacs.The Term Rider Plus Rider premium shall, in no case exceed 30% of premiums (including extra premium, if any) payable under the base policy. |
You may be entitled to certain applicable tax benefits on your premiums and Rider benefits subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax Benefits are subject to changes in the tax laws.
Life Insured: Mr. Kumar purchases a Max Life insurance policy on his life.
Term: 20 Years as premium payment term
Nominee: Wife
Further, in order to ensure additional protection, he also buys Max Life Term Plus Rider (Rs. 10 lacs rider sum assured with 20 years rider premium payment term) at a nominal incremental price.