Maturity Benefit = Guaranteed Maturity Sum Assured + Accrued Paid Up Additions (PUA, if any) + Terminal Bonus (if any)

Accrued Paid-up Additions (PUA) are the bonus payouts payable, in case you choose the PUA mode for receiving annual bonuses announced by Max Life Insurance (explained under Bonus Payout Options).

Terminal Bonus is an additional bonus paid only once, on earlier Death, Surrender or Maturity, provided the policy is in force for a minimum of 10 years.

Death Benefit = Guaranteed Death Benefit + Accrued Paid-up Additions (if any) + Terminal Bonus (if any)

Guaranteed Death Benefit is defined as higher of:

• 11 times the (Annualised premium* plus Underwriting Extra Premium***, if any)
  

• 105% of all the (Total Premiums Paid** plus Underwriting Extra Premium*** plus Loading for modal premiums paid by the Policyholder as on the date of death of the life insured)
  

• Guaranteed Sum Assured on Maturity chosen by the Policyholder at policy inception
  

Accrued Paid-up Additions (PUA) are the bonus payouts payable in case you choose the PUA mode for receiving annual bonuses announced by Max Life Insurance (explained under Bonus Payout Options).

Terminal Bonus is an additional bonus paid only once, on earlier Death, Surrender or Maturity, provided the policy is in force for a minimum of 10 years.

* 'Annualised Premium' means Premium amount payable during a Policy Year chosen by the policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any and remains the same irrespective of the premium payment mode

** “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 the policyholder in the Proposal Form or any other information we received, including medical examination report of the Life Insured

You have the option to receive the annual cash bonus announced by Max Life Insurance in three different ways depending on your needs.

You can choose to receive bonuses in the form of:

• Cash: You can receive the annual bonus in cash as and when declared by the company.
• Premium Offset - You can use the accumulated cash bonus to pay your future premiums.

Paid-up Additions (PUA) - You can use your bonus amount to purchase Paid-up Additions (PUA). Buying these PUA increases the policy’s cash value thereby increasing the living and death benefits under the policy. PUA are payable in full on the Maturity of the policy. These PUA will earn further bonuses to increase the value of the policy. In case of surrender, the Surrender Value of the PUA will be paid to the Policyholder.

In case the Life Insured is found to be suffering from a disease that is likely to lead to the Death of the Life Insured within 6 months of diagnosis in the opinion of a Registered Medical Practitioner and the concurrence of the Company’s appointed doctor, then the Company will advance 50% of the Guaranteed Maturity Sum Assured (up to a maximum of Rs. 10 Lakhs  across all policies which provide this benefit) immediately upon policyholder’s request.

Please check prevailing government norms for determining your tax exemptions¹.