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Product Information
Group Plans Max Life Group Credit Life Premier Plan
Synopsis:
A group master policy for borrowers of banks/ financial institution. In case of eventualities, Max Life pays the rest of the premiums so that your family doesn’t get the additional burden of paying off the loan liability besides undergoing emotional trauma. This plan helps lending institutions to secure their assets and avoid loan defaults.

Features:

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  • Ensures liabilities don’t get passed on to your loved ones in case of your unfortunate demise
  • Saves banks/financial institution from running into losses due to default payments in case of death of the policyholder
  • An attractive low cost protection to cover against loan during uncertainties

Benefits:

  • Death Benefit -Payable in case of death of the borrower due to any cause (natural or accidental)
  • Moratorium Option-The time during the coverage term when the member does not make any payment towards the principal component of the loan
  • Surrender Benefit -Payable in case member surrenders the risk cover due to foreclosure or prepayment of loan or any other reason
Eligibility:
Minimum age at entry :
For education Loan : 14 years
For any other type of loan (except education loan) : 18 years
Maximum age at entry : 75 years
Maximum age at Maturity : 77 years
Minimum Policy Term : 2 years
Maximum Policy Term : 40 years
Minimum group size  : 50 members within a policy year
Maximum group size : No limits
Minimum face amount : Rs. 5000 per member
Maximum face amount : No Limit, but subject to underwriting
Minimum Premium : Rs. 0.81 per member assuming standard life and excluding taxes, cesses, and levies as imposed by the Government
Maximum Premium : No Limit
More Points to be noted : This policy covers both natural and accidental death-causing events.
There should be a clear relationship between individual members and the group policyholder.
The policyholder will have a legal authority to act on behalf of all the members of the group under the group insurance contract.
No group should have been formed for the sole purpose of taking the insurance coverage.