Max Life Savings Advantage Plan

A Non-Linked Participating Individual Life Insurance Savings Plan

UIN: 104N111V02
PROSPECTUS

LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT.

ABOUT MAX LIFE INSURANCE

Max Life Insurance Company Limited (“Max Life”) is a Joint Venture between Max Financial Services Limited and Axis
Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation.

Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel
distribution including agency and third-party distribution partners. Max Life has built its operations over almost two
decades through need-based sales process, a customer-centric approach to engagement and service delivery and trained
human capital.

As per public disclosures, during the financial year 2019-20, Max Life achieved gross written premium of ₹ 16,184 crore.
As on 31st March 2020, the Company had ₹ 68,471 crore of assets under management (AUM) and a Sum Assured in Force
of ₹ 913,660 crore.

For more information, please visit the Company's website at www.maxlifeinsurance.com

MAX LIFE SAVINGS ADVANTAGE PLAN

All of us need a sound financial plan that can provide support to our family if an unexpected event were to happen. Life
Insurance is a key element of any good financial plan. Also, in your life, you have short term goals and goals that are
relatively longer in duration. For any kind of life stage need that you may have such as buying a car, planning for child’s
education/marriage, building corpus for your / spouse’s retirement, etc., you need a financial instrument where you can
systematically save for fulfilling all your life stage needs. What if your life insurance plan provides you a corpus at your
desired milestone to meet your goals while providing risk coverage against exigencies?

Presenting Max Life Savings Advantage Plan that will help you grow your systematic savings and build a corpus to
address all your life stage needs while providing for risk coverage at the same time to take care of your loved ones in case
of an exigency.

KEY FEATURES & BENEFITS OF MAX LIFE SAVINGS ADVANTAGE PLAN

This product offers you:

1. Choice of Premium Payment Terms and Policy Terms
You have the flexibility to choose from various premium payment terms & policy terms as per your requirement. Thus,
this feature enables you to decide the period for which you wish to save and the time when you need monies to fulfil
your particular life stage need.

2. Guaranteed Additions
This plan provides you guaranteed 5.5% of Guaranteed Sum Assured on Maturity as Guaranteed Additions at the end of
each year for first five policy years to boost your benefits.

3. Death Benefit
In case of death of the life insured on or before completion of 10 policy years, Guaranteed Death Benefit along with
accrued Guaranteed Additions, Paid Up Additions (if any) & Terminal Bonus (if any) shall be payable.

In case of death of the life insured after 10 policy years, 110% of Guaranteed Death Benefit along with accrued
Guaranteed Additions, Paid Up Additions (if any) & Terminal Bonus (if any) shall be payable.

4. Maturity Benefit

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 You enjoy 110% of Guaranteed Sum Assured on Maturity along with accrued Guaranteed Additions, accrued Paid-Up
Additions (if any) and Terminal Bonus (if any).

5. Settlement and Commutation Benefit

You / nominee, as the case may be, have the flexibility to convert the lumpsum maturity benefit / death benefit into
regular income for 10 years basis your requirement.

6. Tax Benefit
You may be entitled to tax benefits on the premiums paid and benefits received by you as per the prevailing tax laws.

MAX LIFE SAVINGS ADVANTAGE PLAN AT A GLANCE

Brief Description about the plan

Max Life Savings Advantage Plan is a Non-Linked Participating Individual Life Insurance Savings plan that
offers:
• Risk coverage throughout the Policy Term i.e.,
o A sum of Guaranteed Death Benefit, accrued Guaranteed Additions along with accrued Paid-Up Additions (if
any) and Terminal Bonus (if any) on Death of life insured on or before completion of 10 policy years
o A sum of 110% of Guaranteed Death Benefit along with accrued Guaranteed Additions, accrued Paid Up
Additions (if any) & Terminal Bonus (if any) in case of death of the life insured after 10 policy years
• A sum of 110% of Guaranteed Sum Assured on Maturity along with accrued Guaranteed Additions, accrued Paid Up
Additions (if any) and Terminal Bonus (if any) on Maturity
• An option to convert the lumpsum Maturity/Death Benefit in equal monthly or annual installments for 10 years. At
any time during the payout, you / nominee, as the case may be, can choose to commute the future incomes into lump
sum

Product Specifications

Type of Plan A Non-Linked Participating Individual Life Insurance Savings Plan

Coverage All individuals (Males, Females, Transgender)

Single Pay: 8 years

Limited / Regular Pay: 0 years (91 days at the time of applying for this plan)

Where the Life Insured is a minor in such a case the proposer should be either
Minimum
parent or legal guardian and must have insurable interest on the life of the
minor. The risk coverage for minors will commence from the inception of the
Age of the Life
policy. Where the Policy has been issued on the life of a minor, the Policy will
Insured at Entry
automatically vest on him on his attaining majority.
(age as on last
birthday)
Single Pay: 65 years
Limited Pay: 60years
Maximum If Entry age of Life insured is >=56 years then Entry age of Life Insured +
Premium Payment Term is <=65 years
Regular Pay: 45 years

Maturity Age of Minimum 18 years

the Life Insured
(age as on last Single Pay: 75 years
birthday) Maximum Limited Pay: 80 years
Regular Pay: 65 years

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 Single Pay
Premium Payment
Limited Pay: 5 to 12 years
Term (PPT)
Regular Pay

Single Pay: 10 years

Limited Pay: 10 to 30 years subject to Policy Term being greater than or equal to Premium
Policy Term (PT)
Payment Term plus 5 years
Regular Pay: 20 to 30 years

The product allows annual, semi-annual, quarterly and monthly premium paying modes. The modal
factors are as follows:
Modal Factors
Premium Payment Premium Mode Factor
Modes & Modal Annual 1.000
Factors Semi-Annual 0.520
Quarterly 0.265
Monthly 0.090
The Premium Payment mode can be changed anytime during the Policy term provided it meets
minimum premium requirement criteria (as mentioned below) and GSAM remains unchanged.

Single Pay variant: The minimum premium is ₹ 1,00,000.

Limited Pay and Regular Pay variant: The minimum premium varies as per Policy Term and
premium payment mode and is shown in table below:
Premium Policy Term
Policy Term
Payment greater than or equal to
less than 15 years
Minimum Annual Mode 15 years
Premium Annual ₹ 50,000 ₹ 8,500
Semi-annual ₹ 27,500 ₹ 6,000
Quarterly ₹ 15,000 ₹ 4,000
Monthly ₹ 5,250 ₹ 1,500

The minimum premium is exclusive of any applicable taxes, cesses and levies, as imposed by the
government from time to time, modal extra and underwriting extra premium (if any).

Maximum No limit subject to limits determined in accordance with the Board approved underwriting policy of
Annual Premium the Company.

Single Pay: ₹ 78,738

Guaranteed Sum Minimum Limited Pay & Regular Pay:
Assured on Policy Term less than 15 years: ₹ 1,69,379
Maturity (GSAM) Policy Term greater than and equal to 15 years: ₹ 24,425
(subject to
minimum
premium limit)
No limit subject to limits determined in accordance with the Board approved
Maximum
underwriting policy of the Company

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 For PT < 15 years:
Band GSAM Range (₹)
1 <2,50,000
2 2,50,000 - 4,99,999
3 5,00,000 - 7,49,999
4 7,50,000 & above
Guaranteed Sum
Assured on
Maturity Bands
For PT >= 15 years:
Band GSAM Range (₹)
1 < 1,00,000
2 1,00,000 - 2,49,999
3 2,50,000 - 4,99,999
4 5,00,000 & above

The bonus shall be declared in the form of Paid-Up Additions every year post completion of 2
Policy Years. Paid-Up Additions shall be payable on earlier of surrender, death or maturity.
However, in case of surrender, only surrender value of accrued Paid-Up Additions (if any) shall be
payable. Following bonus utilization options shall be available to You at the Proposal Form stage:

1. Paid-Up Additions: The bonus once declared shall accrue and be payable in full on earlier of
death or maturity. In case of surrender of policy, the surrender value of all accrued Paid Up
Additions shall be payable to you. Paid-Up Additions shall participate in future bonuses and
You shall have the flexibility to partially / fully surrender the Paid-Up Additions at any time
during the Policy Term in which case the surrender value of the surrendered Paid-Up Additions
shall be payable. The minimum surrender value of surrendered Paid-Up Additions shall not be
less than ₹ 5,000. Please note that this option will not be allowed in case the Policy is in Reduce
Paid-up mode.

2. Premium Offset: Upon declaration of Paid-Up Additions each year, the surrender value of
Paid-Up Additions shall be utilized to offset the future premium. In the event where the
surrender value of Paid-Up Additions exceeds the Premium payable by you to us under this
Annual Bonus Policy, we shall pay such balance to you. However, if the surrender value of Paid-Up Additions
is not sufficient to offset the Premium payable by you to us under this Policy, then, you shall
pay the balance Premium to us. After completion of the Premium Payment Term, surrender
value of Paid-Up Additions shall be payable to you every year till the end of Policy Term.
There is no minimum limit for utilizing Paid-Up Additions to offset future premiums.

3. Paid in Cash: Upon declaration of Paid-Up Additions each year, the surrender value of Paid-
Up Additions shall be payable to You every year till the end of Policy Term.

The surrender value of the Paid-Up Additions will be determined basis the surrender value factor
for Paid-Up Additions. Please note that these rates are fixed but may be revised by Us basis the
actual experience of the company, subject to prior approval from the IRDAI.

You can change the bonus option anytime during the Policy Term by giving us a written request,
which shall than be effective from the subsequent Policy Anniversary.

The bonus option will automatically change to Paid-Up Additions, if not already the case, in case of
assignment of the Policy.

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 Terminal Bonus is an additional bonus paid only ONCE, on earlier of death, surrender or maturity,
provided the policy has been in force for at least five years i.e., payable in case of claims made
Terminal Bonus
from end of 60th month onwards. However, in case of Surrender, only the Surrender Value of
Terminal Bonus shall be payable.

In case the life insured has survived till the end of policy term, following shall
be payable on maturity:

Sum of:
a) 110% of Guaranteed Sum Assured on Maturity
b) Accrued Guaranteed Additions
c) Accrued Paid Up Additions, if any
d) Terminal Bonus, if any

Settlement and Commutation Option

You have following two settlement options available to receive the ‘Maturity
Benefit’:
a) Lump Sum Benefit: You can choose to take the entire ‘Maturity Benefit’
as lump sum payout.

b) Regular Monthly/Annual Income for 10 years: You can choose to take

Payable on the ‘Maturity Benefit’ as monthly income payable over 120 months or
Maturity of the annual income payable over 10 years.
Maturity Benefit policy provided
the policy is in- The terms of the settlement option shall vary depending upon the prevailing
force investment conditions at the time of settlement. The then interest rate at
which the settlement option shall be valued will be based on the 5 year G-
Sec yield, prevailing at that time.

Each year, on April 1, we shall set the rate for Settlement option equal to the
yield on 5 year G-Sec as on March 31 of that year (basis FBIL website).

At any time during the income phase, you shall have the right to commute
the remaining payouts by submitting a written request to us. On receipt of
such a request, we shall pay present value of all future payouts to you
discounted at the rate applicable at the time of exercising the settlement
option.

Once the option for settlement is exercised by you, the rate declared shall
become guaranteed. The same rate shall also get applicable in case you opt
for commutation of remaining payouts during the income phase.
Please note that this option can be exercised by you by submitting a written
request to us at least 15 days prior to the date of maturity of the policy.

For Single Pay variant

A sum of following shall be payable:

Payable on the
a) Guaranteed Death Benefit
Death Benefit death of the
b) Accrued Guaranteed Additions
Life Insured
c) Accrued Paid Up Additions (if any)
d) Terminal Bonus (if any)

where, Guaranteed Death Benefit for Single Pay variant is defined as higher of:

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• 125% of the Single Premium
• Guaranteed Sum Assured on Maturity
• Any absolute amount assured to be paid on death (which is 110% of
Guaranteed Sum Assured on Maturity)

For Limited Pay and Regular Pay variant

Death of Life Insured before or on completion of 10 policy years

A sum of following shall be payable:

a) Guaranteed Death Benefit
b) Accrued Guaranteed Additions
c) Accrued Paid-Up Additions (if any)
d) Terminal Bonus (if any)

Death of Life Insured after completion of 10 policy years

A sum of following shall be payable:

a) 110% x Guaranteed Death Benefit
b) Accrued Guaranteed Additions
c) Accrued Paid Up Additions (if any)
d) Terminal Bonus (if any)

where, Guaranteed Death Benefit for Limited Pay and Regular Pay variant is
defined as higher of:
• 11 times the (Annualised Premium plus underwriting extra premium, if any)
• 105% of (total premiums paid plus underwriting extra premium plus loading
for modal premiums as on the date of death of Life Insured)
• Guaranteed Sum Assured on Maturity
• Any absolute amount assured to be paid on death (which is 110% of
Guaranteed Sum Assured on Maturity)

”Annulised Premium means Premium amount payable during a Policy Year

chosen by Policyholder, excluding Underwriting Extra Premium, loading for
modal premium, Rider Premiums and applicable taxes, cesses or levies if any.
Total Premiums Paid means the total of all Premiums received, excluding
Underwriting Extra Premium, loading for modal premium, Rider Premiums,
and applicable taxes, cesses or levies, if any.
Underwriting Extra Premium means an additional amount charged by Us, as
per Underwriting Policy, which is determined on the basis of disclosures made
by Policyholder in the Proposal Form or any other information received by Us
including medical examination report of the Life Insured.

Settlement and Commutation Option

Settlement Option can be exercised by You/nominee only at the time of
receiving the ‘Death Benefit’ under this plan.

You/nominee have following two settlement options available to receive the

‘Death Benefit’:
a) Lump Sum Benefit: You/nominee can choose to take the entire ‘Death
Benefit’ as lump sum payout.

b) Regular Monthly / Annual Income for 10 years: You/nominee can

choose to take 12.46% of ‘Death Benefit’ as annual income payable for 10
years, or 1.07% of ‘Death Benefit’ as monthly income payable for 120
months. The income will be payable from the monthly policy anniversary
following the date of death of Life Insured.

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 At any time during the income phase, you / nominee shall have the right to
commute the remaining payouts by submitting a written request to Us. On
receipt of such a request, we shall pay present value of all future payouts
discounted at the rate of 5.25% p.a. to you / nominee.

While this Policy is in force (including RPU mode), should the Life Insured be
diagnosed to be suffering from a disease which, in the opinion of a Medical
Practitioner and the concurrence of Company’s appointed doctor, is likely to
lead to the death of the Life Insured within six months from the date of such
certification from the Medical Practitioner, the Company shall, at the your
request, pay the Benefits to the Life Insured under this policy as follows: Up to
50% of the Guaranteed Maturity Sum Assured at the date of intimation (or RPU
Sum Assured, if applicable), subject to maximum cumulative amount of 10
lakhs under all policies which provide for the Terminal Illness Benefit, then in
Life Insured
force with the Company, on the approval of Terminal Illness claim filed; and
Terminal Illness suffering from
upon the payment of Terminal Illness Benefit(s), the benefits under all policies
Terminal Illness
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.
The Terminal Illness Benefit paid will be offset from the policy proceeds at the
time of termination of the policy (Death, Surrender or Maturity). Terminal
Illness benefit can be availed only once during the policy term. During the
period of survival of the Life Insured all premiums due shall be paid to keep this
policy in force and the bonuses will be paid on the original Guaranteed Sum
Assured on Maturity.

The product offers following 3 riders:

1. Max Life Term Plus Rider (UIN - 104B026V03)

This rider provides additional risk coverage in case of death of life insured.

2. Max Life Accidental Death & Dismemberment Rider (UIN - 104B027V03)

This rider provides additional benefit in case of death of life insured or dismemberment of life
insured caused due to accident.
Riders
3. Max Life Waiver of Premium Plus Rider (UIN - 104B029V03)
This rider provides waiver for all future premiums under a policy on earlier happening of either
of the following events, provided the policy is in force:
a) Critical Illness; or
b) Dismemberment; or
c) Death (only when Life Insured and Policyholder are different individuals)

Please refer to the respective Rider Prospectus for more details or visit www.maxlifeinsurance.com

Premium rates and the benefits are uni-sex (same for male, female and transgender) and uni-
smoker.
Rates
This plan can also be offered to sub standard lives with extra mortality charges subject to limits
determined in accordance with the Board approved underwriting policy of the Company.

After the policy Policy loans will be available under this product subject to the maximum limits
Loan Provision has acquired as defined below. Deferment period is equal to Policy Term less the Premium
Surrender Value Payment Term as chosen by you.

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 Deferment Period Maximum Loan Amount as
(Policy Term less PPT) % of SSV
<=15 80%
>15 50%

The loan conditions will be similar to existing Terms and Conditions of policy
loans at Max Life Insurance.

The minimum loan amount that can be granted under the policy at any time will
be ₹ 10,000.

The current loan interest rate is set at 9.9% p.a. compounded annually

HOW DOES MAX LIFE SAVINGS ADVANTAGE PLAN WORK FOR YOU?

Case Study: Mr. Bajaj, aged 35 years, pays a premium of ₹ 50,000 in Max Life Savings Advantage Plan on an annual
mode. He opts for 10 year Premium Payment Term & 20 year Policy Term. His GSAM is ₹ 4,55,000. Let’s see how this
plan would work for him:

Scenario 1: Mr. Bajaj survives through the Policy Term

*Important Notes
1. Kindly note that the above case studies are only examples and do not in any way create any rights and/or obligations. The actual
experience of the policy may be different from what is shown above. The above scenarios are depicted at assumed rate of returns with
4% and 8% and these are not the upper or lower limits of what one can expect from this policy, as it is dependent on number of factors
including future investment performance.
2. 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 tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to change in tax
laws. It is advisable to seek an independent tax advice.
3. Bonuses are non-guaranteed and are declared at the sole discretion of the Company.
For more information, please request for your Policy specific benefit illustration.

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Scenario 2: Mr. Bajaj meets with an accident and dies in the 6th policy year:

*Important Notes
1. Kindly note that the above case studies are only examples and do not in any way create any rights and/or obligations. The actual
experience of the policy may be different from what is shown above. The above scenarios are depicted at assumed rate of returns with
4% and 8% and these are not the upper or lower limits of what one can expect from this policy, as it is dependent on number of factors
including future investment performance.
2. 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 tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to change in tax
laws. It is advisable to seek an independent tax advice
3. Bonuses are non-guaranteed and are declared at the sole discretion of the Company.

TAX BENEFIT

You may be entitled to certain applicable tax benefits under Section 80 (C) and Section 10(10D) of Income Tax Act 1961
on your premiums and Policy benefits respectively as per prevailing tax laws. Tax benefits are subject to change in tax
laws. It is advisable to seek an independent tax advice.
SURRENDER / PREMIUM DISCONTINUANCE/POLICY REVIVAL TERMS

What happens when you surrender the policy?

The Policy cannot be surrendered before it has acquired the Surrender Value. However, if the Policy has been surrendered
post it has acquired the Surrender Value, then the same shall be payable to you.

The policy acquires a Surrender Value for:

• Single Premium variant: On payment of premium.
• Limited and Regular Pay variant: On payment of two full years’ premium

Surrender Value is defined as the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) where,
Guaranteed Surrender Value (GSV) is defined as sum of:
i) GSV of Base
ii) GSV of accrued Guaranteed Additions (if any)
iii) GSV of accrued Paid up Additions (if any)

where,
GSV of Base = GSV Factor * (Total Premiums paid plus loading for modal premiums for base policy)

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‘Total Premiums paid for Base Policy’ refers to the total annualized premium including modal extra (if any) paid under the
Policy

The GSV factor of the policy is as follows:

% of (Total Premiums paid for Base policy
excluding Extra
Policy Year Premium (if any))
Single Pay Limited and Regular Pay

1 75% NIL

• 30%
2 75%
•

3 75% 35%
4 90% 50%
5 90% 52%
6 90% 54%
7 90% 56%

Graduating linearly from 56% to 90%

during the last two policy years
8+ 90% Minimum (56% + [(34% x (N-7)) /
(Policy Term - 8)], 90%)
N: Year of Surrender

Special Surrender Value (SSV)

In practice, Special Surrender Value will be paid to you which will always be higher than or equal to the Guaranteed
Surrender Value.

The SSV is defined as sum of:

• SSV of Base
• Surrender Value of Accrued Guaranteed Additions (if any)
• Surrender Value of Accrued PUA (if any)
• Surrender Value of Terminal Bonus (if any)

The SSV is not guaranteed and may be revised subject to prior approval from the IRDAI, (but will never be below GSV)
basis changing investment returns and/or market values of underlying assets.

What happens when you discontinue paying the Premiums?

In case the premium is not paid by the premium due date, a Grace Period of thirty (30) days from the due date for payment
of each premium will be allowed for all premium paying modes except for monthly mode, where a grace period of only
fifteen (15) days will be allowed. During this Grace Period, the risk cover will continue.

In case the premium is not paid by the expiry of the Grace Period, the following provisions will apply:

A) Discontinuance of Payment of Premium before the Policy has acquired surrender value

If you don’t pay the due premium during the grace period, on expiry of the grace period, the Policy shall Lapse w.e.f.
the due date of unpaid premium, insurance cover will be stopped and no benefits shall be payable, however, you will
have the option to revive the Policy within 5 years from the due date of unpaid premium.

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B) Discontinuance of Payment of Premium after the Policy has acquired surrender value

If you don’t pay the due premium during the grace period, on expiry of the grace period, the Policy shall become
Reduced Paid-Up (RPU) Policy w.e.f. the due date of unpaid premium.

Following benefits will be reduced and calculated using the formulae mentioned below:
• RPU Guaranteed Sum Assured on Maturity = (Total Premiums Paid for base policy plus loading for modal
premiums (if any)) / Total Premiums payable plus loading for modal premiums (if any))) X Guaranteed Sum
Assured on Maturity

• RPU Guaranteed Death Benefit = Guaranteed Death Benefit X (Total Premiums Paid for base policy plus loading
for modal premiums (if any) / Total Premiums payable plus loading for modal premiums (if any)).

The Death Benefit and Maturity Benefit for a Policy in RPU mode will be as follows:
• Maturity Benefit for a RPU Policy: On maturity of Policy in RPU status, the following benefits will be paid:
o 110% of RPU Guaranteed Sum Assured on Maturity
o Accrued Guaranteed Additions
o Accrued Paid Up Additions (if any)
• Death Benefit for a RPU Policy on or Before Completion of 10 policy years: On death of life insured on or
before completion of 10 policy years, the following benefits will be paid
o RPU Guaranteed Death Benefit
o Accrued Guaranteed Additions
o Accrued Paid Up Additions (if any)
• Death Benefit for a RPU Policy After Completion of 10 Policy Years: On death after completion of 10 policy
years of a Policy, the following benefits will be paid
o 110% x RPU Guaranteed Death Benefit
o Accrued Guaranteed Additions
o Accrued Paid Up Additions (if any)

Settlement and Commutation Options are available for policy in Reduced Paid Up mode.

RPU policies will not participate in future bonuses. Once the policy becomes RPU, all rider benefits will cease.
Surrender of accrued Paid-Up Additions will not be allowed for RPU policies

What happens when you wish to revive your Policy?

A) Revival of lapsed Policy

Once the policy has lapsed, it can only be revived within a revival period of five years from the due date of first unpaid
premium subject to following conditions:
• You paying all overdue premiums, together with interest and / or late fee determined by us from time to time
No. of Days between lapse and
Late fee
revival of policy

0 - 60 Nil
RBI Bank Rate + 1% p.a. compounded annually on due
61 - 180
premiums.
RBI Bank Rate + 3% p.a. compounded annually on due
>180
premiums.

• You producing an evidence of insurability of the life insured at your own cost which is acceptable to us

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 • The revival of the Policy shall take effect only after revival of the Policy is approved by Max Life Insurance basis
the Board approved underwriting policy and communicated to you in writing If a lapsed Policy is not revived
within five years, the Policy shall be terminated and no value is payable to you

If a lapsed policy is not revived within five years, the Policy shall be terminated and no value is payable to you.
However, if a Policy under Reduced Paid-Up Mode is not revived within the Revival Period then, it will not terminate
and will continue to be under Reduced Paid-Up Mode for the remaining part of the Policy Term.

B) Revival of Reduced Paid Up Policy

After a policy has acquired Surrender Value, the policy shall not lapse. In case of premium discontinuance, the policy
will by default become Reduced Paid-Up (RPU). A Reduced Paid Up policy can be revived within a revival period of
five years from the due date of first unpaid premium subject to the following conditions:

• You paying all overdue premiums, together with interest and / or late fee determined by us from time to time The
‘RBI Bank Rate’ for the financial year ending 31st March (every year) will be considered for determining the
revival late fee.
• You producing an evidence of insurability of the Life Insured at your own cost which is acceptable to Us.
• The revival of the Policy shall take effect only after revival of the policy is approved by Max Life Insurance and
communicated to you in writing.

Once the policy has been revived, all the accrued bonuses, Guaranteed Additions and other benefits will get reinstated to
original levels, which would have been the case had the policy remained premium paying all throughout.

If a reduced paid up policy is not revived within five years of it becoming reduced paid up, then the policy cannot be
revived and will continue as reduced paid up for the rest of the policy term

TERMINATION OF POLICY

This Policy will terminate upon the happening of any of the following events:
• the date on which We receive free look cancellation request
• the date of intimation of repudiation of the death claim by us in accordance with the provisions of this Policy;
• on the expiry of the Revival Period, if the Lapsed Policy has not been revived. However, if a Policy under Reduced
Paid-Up Mode is not revived within the Revival Period then, it will not terminate and will continue to be under
Reduced Paid-Up Mode for the remaining part of the Policy Term
• on the date of payment of Surrender Value
• on the Maturity Date
• on the death of the Life Insured

TERMS AND CONDITIONS

We urge you to read this prospectus and the benefit illustration, understand the plan details & how it works before you
decide to purchase this Policy.

Free Look Period

You have a period of 15 days (30 days if the policy is sourced through Distance Marketing modes) from the date of receipt
of the policy document, to review the terms and conditions of the policy, where if you disagree to any of those terms and
conditions, you have the option to return the policy stating the reasons for objection. You shall be entitled to a refund of the
premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred
by the company on medical examination of the life insured and stamp duty charges .

Grace Period
A grace period of thirty (30) days from the due date for payment of each premium will be allowed for all premium paying
modes except for monthly mode, where a grace period of only fifteen (15) days will be allowed. During the grace period,
the Company will accept the premium without interest.

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The insurance coverage continues during the grace period but if the Life Insured dies during the grace period, the Company
shall be entitled to deduct the unpaid premium from the benefits payable under the Policy.

Exclusion
Notwithstanding anything stated herein, if the Life Insured, whether minor or major, sane or insane, dies by suicide within
12 months of the effective date of risk commencement or the date of revival of policy, the policy shall terminate
immediately. In such cases, the Company shall pay either:
• Higher of Surrender Value or (total premiums paid plus underwriting extra premiums paid plus loadings for modal
premiums paid) in case the policy has acquired a surrender value; or
• Total premiums Paid plus underwriting extra premiums paid plus loadings for modal premiums paid in case the policy
has not acquired a surrender value.

Full Disclosure & Incontestability

We draw your attention to Section 45 and statutory warning under Section 41 of the Insurance Act 1938 as amended from
time-to-time - which reads as follows:
Section 45 of the insurance Act, 1938 as amended from time-to-time states that:
(1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from
the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of
revival of the policy or the date of the rider to the policy whichever is later.

(2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the
policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy,
whichever is later, on the ground of fraud:

Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees
of the insured the grounds and materials on which such decisions are based.

Explanation I - For the purposes of this sub-section, the expression “fraud” means any of the following acts committed
by the insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance
policy:
• The suggestion, as a fact of that which is not true and which the insured does not believe to be true
• The active concealment of fact by the insured having knowledge or belief of the fact
• Any other act fitted to deceive
• Any such act or omission as the law specially declares to be fraudulent

Explanation II - Mere silence as to facts likely to affect the assessment of the risk by the insurer is not fraud, unless the
circumstances of the case are such that regard being had to them, it is the duty of the insured or his agent, keeping
silence to speak, or unless his silence is, in itself, equivalent to speak.

(3) Notwithstanding anything contained in sub-section (2) no insurer shall repudiate a life insurance policy on the ground
of fraud if the insured can prove that the misstatement of or suppression of a material fact was true to the best of his
knowledge and belief or that such misstatement of or suppression of a material fact are within the knowledge of the
insurer:

Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the member is not alive.
Explanation - A person who solicits and negotiates a contract of insurance shall be deemed for the purpose of the
formation of the contract, to be the agent of the insurer.

(4) A policy of the life insurance may be called in question at any time within three years from the date of issuance of the
policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy,
whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of
the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or
revived or rider issued:

Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees
of the insured the grounds and material on which such decision to repudiate the policy of life insurance is based:

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 Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material
fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to

the insured or the legal representatives or nominees of the insured within a period of ninety days from the date of such
repudiation

Explanation – For the purposes of this sub-section, the misstatement of or suppression of fact shall not be considered
material unless it has a direct bearing on the risk undertaken by the insurer, the onus is on the insurer to show that had
the insurer been aware of the said fact no life insurance policy would have been issued to the insured

(5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and
no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent
proof that the age of the life insured was incorrectly stated in the proposal

Prohibition of Rebates: Section 41 of the Insurance Act, 1938 as amended from time-to-time states:
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or
continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part
of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or
renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the
published prospectuses or tables of the insurer:

Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out
by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this
sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he
is a bona fide insurance agent employed by the insurer.

(2) Any person making default in complying with the provisions of this section shall be liable for a penalty which may
extend to ten lakh rupees.

Nomination

Nomination shall be applicable in accordance with provisions of Section 39 of the Insurance Act 1938, as amended from
time-to-time.

Assignment

Assignment shall be applicable in accordance with provisions of Section 38 of the Insurance Act 1938, as amended from
time-to-time.

Rights and Responsibility of the Nominee

In case of death of the Life Insured during the term of the Policy, the nominee will be entitled to receive the benefits
secured under the Policy.
In addition, while processing claim for the death benefit / maturity benefit, the nominee will be required:
1) To produce all the necessary documents.
2) To give valid discharge for the payment of the benefits secured under the Policy.

Expert Advice at your doorstep

Our distributors have been professionally trained to understand and evaluate your unique financial requirements and
recommend a Policy which best meets your needs. With experienced and trained distributors, we are fully resourced to help
you achieve your life’s financial objectives. Please call us today. We would be delighted to meet you.

Important Notes:

• This is only a prospectus. It does not purport to be a contract of insurance and does not in any way create any rights
and / or obligations. All the benefits are payable subject to the terms and conditions of the Policy.
• Underwriting Extra Premium may be charged for substandard lives.

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• Benefits are available provided all premiums are paid, as and when they are due.
• Taxes, cesses & levies as imposed by the Government from time-to-time would be levied as per applicable laws.
• Insurance is the subject matter of solicitation.
• Life Insurance coverage is available in this product.
• All policy benefits are subject to policy being in force.
• “We”, “Us”, “Our” or “the Company” means Max Life Insurance Company Limited.
• “You” or “Your” means the Policyholder.
• Policyholder and Life Insured can be different under this product.

Should you need any further information from us, please do not hesitate to contact on the below mentioned address and
numbers. We look forward to have you as a part of the Max Life family.

For other terms and conditions, request your Agent Advisor or intermediaries for giving a detailed presentation of the
product before concluding the sale.

CONTACT DETAILS OF THE COMPANY

Company Website: www.maxlifeinsurance.com

Corporate Office:
Max Life Insurance Company Limited
419, Bhai Mohan Singh Nagar,
Railmajra, Tehsil Balachaur,
District Nawanshahr,
Punjab - 144 533
Tel: 01881-462000

Communication Address:
Max Life Insurance Company Limited
Plot No. 90A, Sector 18,
Gurugram – 122015, Haryana, India.
Tel No.: 0124-4219090

Customer Helpline Numbers: 1860 120 5577

Customer Service Timings: 9:00 AM - 6:00 PM Monday to Saturday (except National holidays) or ‘Life’ to 5616188

Disclaimers:
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.
Corporate Office: 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) – 122002.
For more details on risk factors, terms and conditions, please read the prospectus carefully before concluding a sale. You
may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are
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 tax laws. Insurance is the Subject matter of solicitation. Trade logos displayed belongs to Max Financial
Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co. Ltd.

ARN: Max Life/AURAA/Prospectus/SAP/May 2021 IRDAI - Registration No 104

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

• IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.

• Public receiving such phone calls are requested to lodge a police complaint

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