Max Life Saral Jeevan Bima
A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan
UIN: 104NXXXV01
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 Saral Jeevan Bima
In an already complicated world, simplify your search for life insurance. Let us take care of your peace of mind with Max Life
Saral Jeevan Bima, a standard term insurance plan with simple and standard options.
This easy-to-understand plan ensures that you are able to make an informed decision and choose a plan that suits your protection
needs.
Key features of Max Life Saral Jeevan Bima:
Saral Jeevan Bima is a simple, easy-to-understand pure term plan that provides adequate protection to meet your life insurance
needs. It is now more easy to make an informed choice and choose the right kind of protection. Some of the major features of
your plan are:
• Multiple Premium Payment Term and Policy Term options: Regular, Single and Limited Pay with 5 & 10 year
options
• Coverage up to 70 years of age and policy term of 5 to 40 years
• Maximum Sum assured up to ₹ 25,00,000 (only multiples of ₹ 50,000 allowed)
• Waiting period:
This Policy will cover death due to accident only during the Waiting Period of 45 days from the Date of
Commencement of Risk.
In case of the death of the Life Assured other than due to accident during the Waiting Period, an amount equal
to 100% of all Premiums received excluding taxes, if any, shall be paid and the Sum Assured shall not be paid.
Apply for protection in 3 easy steps
Step 1: Choose sum assured, policy term, premium payment term
Step 2: Calculate premium
Step 3: Fill up the proposal form. Medicals and financial documents may be called for, if needed. Enjoy protection that suits
your needs.
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Max Life Saral Jeevan Bima at a glance
Description Details
Policy term (PT) 5 to 40 years
The premium payment variant of the base benefit can only be chosen at policy inception and
cannot be changed subsequently.
Premium Payment Available Premium Available Policy Term
Premium payment term / Variant Payment Term (PPT)
Policy term Limited Pay 5, 10 years (PPT plus 5) to 40 Years
Regular Pay 5 to 40 years 5 to 40 Years
Single Pay Single (1) 5 to 40 Years
Minimum age: 18 years
Available issue ages*
Maximum entry age: 65 years
Maximum cover ceasing
age* 70 years
Minimum sum assured
(₹) ₹ 5 lakhs
₹ 25 lakhs, subject to limits determined in accordance with the Board approved underwriting
Maximum sum assured
policy of the Company.
(₹)
(SA allowed only in multiples of ₹ 50,000)
Minimum annualized
In accordance to the minimum Sum assured, ₹ 5 lakhs
Premium (₹)
In accordance to the maximum Sum assured, ₹ 25 lakhs
Maximum annualized
Please note that all applicable taxes, cesses and levies are collected over and above the policy
premium (₹)
premium.
Annual; Semi Annual, & Monthly
The modal factors for different premium payment modes under the product are as follows:
Premium Mode Factor
Premium payment
Annual 1.000
modes
Semi-annual 0.513
Monthly 0.088
Monthly payment mode will be accepted only with ECS / NACH
• A period of 45 (forty-five) days from the Date of Commencement of Risk is applicable.
Waiting period • In case of revival of Policy, the Waiting period shall not be applicable.
• Please refer the section on ‘Benefits under the Plan’ for details
The policy shall immediately and automatically terminate on the earliest occurrence of any
of the following events:
• The date on which benefit becomes payable; or
• The date on which refund, if applicable, is settled, in case of cancellation of the policy;
Policy Termination or
• The date of Maturity; or
• On expiry of the revival period (of 5 years), if the policy has not been revived; or
• On payment of free-look cancellation amount (during Free Look Cancellation Period of
15 days (30 days for distance mode))
*Age last birthday on the effective date
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Benefits under the Plan:
1) Death Benefit
Benefit is payable on death of the Life Insured, provided the policy is in force
Death during the Waiting Period:
• In case of accidental death of Life Insured, a benefit amount equal to chosen Sum Assured will be paid in lump sum to
the beneficiary
• In case the Life Insured dies of causes other than accident, the Death Benefit payable is equal to 100% of all premiums
paid excluding taxes, if any.
Death after the expiry of Waiting Period but before the expiry of policy term:
• Chosen Sum Assured will be paid in lump sum to the beneficiary on death of the Life Insured.
For regular premium or limited premium payment policy, chosen Sum Assured is equal to “Sum Assured on Death” and is the
highest of:
o 10 times of annualized premium; or
o 105% of all the premiums paid as on the date of death; or
o Absolute amount assured to be Paid on Death
For single premium policy, chosen Sum Assured is equal to “Sum Assured on Death” and is the higher of:
o 125% of Single Premium or
o Absolute amount assured to be Paid on Death
Waiting Period: A waiting period of 45 (forty-five) days from the Date of Commencement of Risk is applicable under the
policy. In case of revival of Policy, the Waiting period shall not be applicable.
Premiums referred above shall not include any extra amount chargeable under the Policy due to Underwriting decision and Rider
Premium(s), if any.
2) Maturity Benefit
No maturity benefit is payable under the product.
3) Surrender Benefit
No surrender benefit is payable under the product. For policy cancellation value, please see the section on non-forfeiture below.
4) Non-forfeiture Benefit
Policy Cancellation Value
Provided the policyholder has paid all due premiums, the policy shall acquire a Policy Cancellation Value subject to the
criteria given below:
i) Single Premium Policies: The Policy Cancellation Value acquires immediately after receipt of Single Premium and is
calculated as follows:
= 70% × 𝑆𝑖𝑛𝑔𝑙𝑒 𝑃𝑟𝑒𝑚𝑖𝑢𝑚 𝑝𝑎𝑖𝑑 × (Unexpired policy term) / (Original policy term)
Single Premium shall be inclusive of extra premiums, if any.
ii) Limited Premium Payment Term 5 years or 10 years: The Policy Cancellation Value acquires if at least two (2)
consecutive full years’ premiums are paid, and is calculated as follows:
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= 70% × 𝑇𝑜𝑡𝑎𝑙 𝑃𝑟𝑒𝑚𝑖𝑢𝑚𝑠 𝑝𝑎𝑖𝑑 × (Unexpired policy term) / (Original policy term)
Total Premiums Paid shall be inclusive of extra premiums, if any.
iii) No policy cancellation value shall be payable in respect of regular premium policies.
Please note that upon payment of policy cancellation value the policy shall terminate.
Lapse
If the policyholder discontinues paying premiums before the policy has acquired policy cancellation value as described
above, the policy shall lapse at the end of the grace period and all risk cover will cease and no benefits will be payable in
case of lapsed policies. The policyholder can revive a lapsed policy as mentioned in the section of revival below.
Few important terms and conditions: (For other terms and conditions, please refer to the Policy Contract and Benefit
Illustration)
• 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 late fee.
If the death of the Life Assured occurs within the grace period but before the payment of the premium then due, the policy
will still be valid. The benefits shall be paid - after deductions of the said unpaid premium(s), and/or, as also the balance
unpaid premium(s), if any, falling due from the date of death and before the next policy anniversary.
• 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 and where you disagree
to any of those terms or conditions, you have the option to return the Policy stating the reasons for objection. You will
be entitled to an amount which will be equal to premium received by us, less proportionate risk premium for the period
of cover, expenses incurred on medical examination and on account of stamp duty.
The following distance marketing modes are applicable for this product:
• Voice mode, which includes telephone-calling
• Short Messaging service (SMS)
• Electronic mode which includes e-mail, and interactive television (DTH)
• Physical mode which includes direct postal mail and newspaper and magazine inserts.
A request received by the Company for free look cancellation of the policy shall be processed and premium refunded
within 15 days of receipt of the request, as stated above.
The Policy shall terminate on payment of this amount and all rights, benefits and interests under this Policy will stand
extinguished.
• Nomination: Nomination shall be applicable in accordance with provisions of Section 39 of the Insurance Act 1938
respectively, as amended from time-to-time.
• Assignment: Assignment shall be applicable in accordance with provisions of Section 38 of the Insurance Act 1938
respectively, as amended from time-to-time.
• Revival of Policy:
In case of non-receipt of premiums, the policy will lapse (if no policy cancellation value has been acquired) and no benefits
shall be payable.
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 the following conditions:
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• Policyholder paying all overdue premiums, together with late fee applicable on the date of revival and as determined
by the Company from time to time depending upon the number of days between the date of lapse and the date of revival
of the policy. The current late fee structure is mentioned below:
No. of Days between lapse and
Late fee
revival of policy
0 - 60 Nil
61 - 180 RBI Bank Rate + 1% p.a. compounded annually on due premiums.
>180 RBI Bank Rate + 3% p.a. compounded annually on due premiums.
• The Policyholder producing an evidence of insurability at his / her own cost which is acceptable to the Company; and
• 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 the policyholder in writing. Once the policy has been revived,
all benefits will get reinstated to original levels, which would have been the case had the policy remained premium
paying all throughout.
If a lapsed policy is not revived within five years, the policy shall be terminated and no value is payable to the
policyholder.
The ‘RBI Bank Rate’ for the financial year ending 31 st March (every year) will be considered for determining the
revival late fee.
On grounds of simplicity and operational ease, the late fee is revised only if the RBI Bank Rate changes by 100 bps or
more from the RBI Bank rate used to determine the prevailing revival late fee (reviewed on every 31 st March).
As the interest rate will be reviewed at the beginning of each financial year, any change in revival late fee will be
applicable from 1st July to 30th June to allow sufficient time for making changes in the policy administration system.
The current revival late fee is based on RBI Bank rate of 4.65% p.a. prevailing as at 31 st March 2020 plus relevant
margins stated in the table above.
Any change in the basis of determination of interest rate shall be done only after prior approval of the Authority.
For the avoidance of doubt, the Policy cannot be revived beyond the Policy Term.
If a lapsed policy is not revived within the revival period but before the Date of Maturity, the policy will automatically
terminate. In case of Regular Premium policies, nothing shall be payable. However, in case of Limited Premium Payment
policies, the amount as payable in case of surrender shall be refunded and the policy will terminate.
• Policy loans:
No loan will be available under this policy
• Suicide Exclusion:
a) Under Regular / Limited Premium Policy:
This policy shall be void if the Life Assured commits suicide at any time within 12 months from the date of
commencement of risk, provided the policy is in force or within 12 months from the date of revival, and the Company
will not entertain any claim except for 80% of the premiums paid (excluding any extra amount if charged under the policy
due to underwriting decisions, taxes, if any) till the date of death.
This clause shall not be applicable for a lapsed policy as nothing is payable under such policies.
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b) Under single Premium Policy:
This policy shall be void if the Life assured commits suicide at any time within 12 months from the date of commencement
of risk and the Company will not entertain any claim except 90% of the Single Premium paid excluding any extra amount
if charged under the policy due to underwriting decisions, if any.
• Statutory impositions: Premiums payable and benefits secured under your policy will be subject to applicable statutory
levy, cess and taxes including taxes at the prevailing rates as imposed by the Government from time to time. The
Policyholder will be responsible for paying these statutory impositions.
Sample Premium Rates
Below are the premiums applicable for a sample male life paying premiums annually purchasing Max Life Saral Jeevan Bima:-
Age 25, term 40
Single Pay 5 Pay 10 Pay Regular Pay
Life Cover Amount
(in `) (in `) (in `) (in `)
25 Lakh 2,92,599 63,529 32,023 10,135
Age 35, term 35
Single Pay 5 Pay 10 Pay Regular Pay
Life Cover Amount
(in `) (in `) (in `) (in `)
25 Lakh 4,44,645 94,589 46,256 16,040
Age 45, term 25
Single Pay 5 Pay 10 Pay Regular Pay
Life Cover Amount
(in `) (in `) (in `) (in `)
25 Lakh 5,50,783 1,17,957 59,725 28,483
Age 55, term 15
Single Pay 5 Pay 10 Pay Regular Pay
Life Cover Amount
(in `) (in `) (in `) (in `)
25 Lakh 5,95,028 1,35,531 78,146 55,186
Age 65, term 5
Single Pay 5 Pay 10 Pay Regular Pay
Life Cover Amount
(in `) (in `) (in `) (in `)
25 Lakh 3,64,664 - - 1,27,584
*Please note all premiums mentioned in the above are excluding underwriting extra premium, taxes, cesses.
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Sample illustration
Mr. Afzal is a 25 year old software engineer. He buys Max Life Saral Jeevan Bima. The details of the policy are as follows:
Premium Payment Annual Premium
Sum Assured Policy Term
Term (Exclusive of GST)
₹ 25 Lakh 40 years 40 years ₹ 10,135
After paying 5 premiums, he passes away. A lump sum benefit of ₹ 25 lakh is paid out to his nominee and policy terminates
A lump sum benefit of ₹ 25 Lakh is
paid out to his nominee and policy
terminates
th
0 1 2 3 4 Unfortunate Death of Mr. Afzal in 5 policy year
Policy Mr. Afzal pays an annual premium of ₹ 10,135
Starts
Mr. Afzal’s beneficiary will receive the full death benefit equal to Sum Assured, if he suffers a fatal accident during the first 45
days (waiting period) from the Date of Commencement of Risk.
However, in case his death is due to any cause other than an accident during this waiting period, his beneficiary will only receive
the Death Benefit is equal to 100% of Total Premiums Paid including underwriting extra premium and loading for modal
premiums, if any and excluding any taxes, if any
Important Notes:
1. Kindly note that the above case study is only an example and does not in any way create any rights and/or obligations.
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. It is advisable to seek
an independent tax consultation.
3. Extra premium will be charged for substandard lives as per company’s Board approved underwriting policy.
4. Premium shown in all of the above illustrations is exclusive of GST.
• 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:
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a) the suggestion, as a fact of that which is not true and which the insured does not believe to be true;
b) the active concealment of fact by the insured having knowledge or belief of the fact;
c) any other act fitted to deceive; and
d) 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:
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:
(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.
• Tax Benefits: 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.
It is advisable to seek an independent tax consultation.
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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
• Benefits are available provided all premiums are paid, as and when they are due
• Extra premium may be charged for substandard lives
• All applicable taxes, cesses and levies as imposed by the Government from time-to-time, would be levied
• Life Insurance Coverage is available in this product
• All Policy benefits are subject to policy being in force
• Policyholder and Life Insured may 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.
CONTACT DETAILS OF THE COMPANY
Company Website: http://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
Office Address:
Max Life Insurance Company Limited
Plot No. 90A, Sector 18,
Gurugram – 122015,
Haryana, India. Tel No.: 0124-4219090
Customer Service Helpline Number: 1860 120 5577
Customer Service Timings: 9:00 AM - 6:00 PM Monday to Saturday (except National holidays) or SMS ‘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 / brochure carefully before concluding a sale. 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. 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.
ARN: Max Life/AURAA/Prospectus/SJB/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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