Duplicate

Date 20-Feb-2020
To MR. HEMANT PURI GOSWAMI
S/O: NANHU PURI GOSWAMI, KAILASH NAGAR
(EKTA NAGAR), BIRGAON, BIRGAON, RAIPUR,
BIRGAON,
RAIPUR 493221
CHHATTISGARH
Branch: X1228
Policy no.: 335923595
Telephone: 9827141674

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 PART A
Welcome to Max Life Insurance
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Date 20-Feb-2020
To MR. HEMANT PURI GOSWAMI
S/O: NANHU PURI GOSWAMI, KAILASH NAGAR
(EKTA NAGAR), BIRGAON, BIRGAON, RAIPUR,
BIRGAON,
RAIPUR 493221
CHHATTISGARH
Branch: X1228
Policy no.: 335923595
Telephone: 9827141674
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Welcome Dear MR. HEMANT PURI GOSWAMI,
Thank you for opting for Max Life Future Genius Education Plan (A Non-Linked Participating Individual Life Insurance Savings
Plan). We request you to go through the enclosed policy contract.
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What to do in On examination of the policy, if you notice any mistake or error, proceed as follows:
case of errors 1. Contact our customer helpdesk or your agent immediately at the details mentioned below.
2. Return the Policy to us for rectifying the same.
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Cancelling the In case you are not satisfied with the policy, you have the option to cancel it by returning the original copy with a written request,
Policy stating the objections/reasons for such disagreement, to us within the Freelook period of fifteen (15) days, or thirty (30) days (for
policies sourced through distance marketing modes) from the date of receiving the policy document.
Result: Upon return, the policy will terminate forthwith and all rights, benefits and interests under the policy will cease immediately.
We will refund only the premiums received by us after deducting the proportionate risk premium for the period of cover, charges
of stamp duty paid and the expenses incurred on medical examination of the Life Insured, if any.
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Long term We are committed to giving you honest advice and offering you long-term savings, protection and retirement solutions backed by
protection the highest standards of customer service. We will be delighted to offer you any assistance or clarification you may require about
your policy or claim-related services at the address mentioned below. We look forward to being your partner for life.
Yours Sincerely,
Max Life Insurance Company Limited

R Krishnakumar
Chief Customer Officer
Digitally signed by DS MAX LIFE INSURANCE COMPANY LIMITED 01
Date: 2021.01.12 13:32:24 IST
Location: 90A, Gurugram

AGENT NAME : AXIS BANK LTD URLA (601860), PH NO.:

0771-4094023, ADDRESS: Dau Complex, Vyas Talab Chowk, Urla-Birgaon
Road , Urla, Raipur,
NB13
Max Life Insurance Company Limited
Plot No. 90A, Sector 18, Gurugram, 122015, Haryana, India
Phone 4219090 Fax 4159397 (From Delhi and Other cities: 0124) Customer Helpline: 1860 120 5577
Regd. Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab -144 533
Visit Us at: www.maxlifeinsurance.com E-mail: axis.helpdesk@maxlifeinsurance.com
IRDAI Registration No: 104 Corporate Identity Number: U74899PB2000PLC045626 .

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 Key Feature Document for Max Life Future Genius Education Plan
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Introduction This document is the summary of important points in your policy. You must read this to understand your policy
better.
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Your policy details The table below gives an overview of the details of this policy:
Policyholder Name Mr. Hemant Puri Goswami Policy No. (please use this for 335923595
/Life Insured Name: any communication with us):
Date of Commencement 17-FEB-20 Premium Payment Date: 17th of Feb every year
(date when the policy starts):
ECS Draw Date: 20th of Feb Every Year Policy Term: (period of 15
coverage - in years)
Premium Payment Term: 12 Maturity Date: 17-Feb-2035
(period for which premium is to
be paid - in years)
Premium Amount ` 39,999.94 Premium Payment Mode: Annual
(applicable taxes extra):
Sum Assured: ` 5,15,596.00 Death Benefit 5,15,596.00
(minimum amount payable on
the death of the life insured):
Bonus Option Chosen: Paid-up Additions Due date of first money back: 17-FEB-32

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Policy Benefits
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If the life insured lives If the life insured lives, and we have received all the premiums due, we will pay you the following:
• 4 guaranteed money backs, each equal to 25% of Sum Assured and paid in last 4 years of policy term
• additionally on the maturity date, we will pay:
- accrued paid up additions (additional sum assured purchased with bonus declared), if any
- terminal bonus, if any.
Note: Terminal bonus is an additional onetime bonus paid on earlier of : surrender or maturity. It accrues only
if the policy has been in force for at least 5 complete years.
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If the life insured During the policy term, if the life insured expires and we have received all the due premiums,
expires
• the claimant has an option to receive the death benefit payout as:
- one-time payment; or
- 1% of death benefit to be paid as monthly income for 135 months
Additionally,
• all the future premiums will be waived and the policy will continue as is ; and
• the guaranteed money back(s) and maturity benefit will be paid to the beneficiary as and when due.
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A. Managing Your Policy - Frequently Asked Questions

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What you need to do? You need to

• pay premiums on time for the entire premium payment term. There are various easy and convenient payment
options for you to choose from. To know more about payment options log on to www.maxlifeinsurance.com.
• read the details of the policy document, including the proposal form, to ensure the accuracy of information. For
any error you observe, contact us for correction.
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A. Managing Your Policy - Frequently Asked Questions
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How can you manage Manage your policy under the Customer Service section by visiting www.maxlifeinsurance.com to get easy access
your policy? to the following self-service options:
• Access policy statements, receipts and premium due information.
• Update your personal details.
• Change the premium payment mode to any of these - annual, semi-annual, quarterly or monthly modes.
• Pay renewal premiums online.
Note: For any support or claim-related query, you can reach us at 1860 120 5577 or
axis.helpdesk@maxlifeinsurance.com
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What happens if you To ensure continuous life insurance cover, please pay your premium on time.
delay your premium
payment? If for any reason, you are unable to pay by the due date, you have a grace period within which you can pay without
any late fee or interest.
Note: During the grace period, the insurance cover continues. If the life insured dies during this period, we will
pay the death benefit after deducting the unpaid premium, if any.
If you are unable to pay the premium by the end of the grace period
Where your policy has Then your
not acquired a surrender value policy shall lapse and no benefit will be payable.
acquired a surrender value policy will be converted to reduced paid up mode.
Note: The insurance cover will be reduced proportionately
in the ratio of the premiums received to the total premiums
payable.
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How can you revive You may revive your policy within five years from the due date of the first unpaid premium, once you
your policy?
• provide us with a written request to revive the policy
• pay all due premiums along with late fee/interest, and
• produce an evidence of insurability of the life insured.
However, if a reduced paid up policy is not revived within five years, then it will continue to be under reduced
paid up mode.
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Do you have an option If your policy does not meet your objective, you may contact us to understand the policy benefits. If you still feel
to cancel the policy? the need to cancel your policy, you have an option to cancel it within the free look period of fifteen days (thirty days
if the policy is sourced through Distance Marketing mode) from the day you receive the policy documents.
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How can you get During the premium payment term you can buy any of the applicable rider(s) (add-on benefit that you buy with
additional Protection your policy to increase coverage), at a nominal increase in the premium, and enhance your policy cover as per
your needs.
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B. Taxes and Others - Frequently asked questions

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Tax benefits Premium under the policy are tax deductible subject to fulfilling conditions prescribed under the Section
80C/80CCC/80D of Income Tax Act 1961. The benefits you receive in the policy will be exempt, subject to
fulfilling conditions prescribed under the Section 10(10D) else it will be subject to TDS as per applicable rate.
Please note that tax benefits are as per prevailing provisions of Income Tax Act 1961 at the time of payment of
premium or receipt of benefits by you. Consult your tax advisor for further details.
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B. Taxes and Others - Frequently asked questions
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Are there any All risks and benefits under this policy shall cease and no benefits will be payable under this policy, in the event
exclusions under of death of the life insured due to suicide within twelve months from the date of start of the policy or the date of
the policy? revival of your policy. In such an event:

If your policy has Then we pay

Sum of Total Premiums Paid, Underwriting Extra Premium and loading for
not acquired a surrender value
modal extra, if any
The higher of the Surrender Value or Sum of Total Premiums Paid,
acquired a surrender value Underwriting Extra Premium and loading for modal extra, if any, till the date
of death
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Disclaimers Please read the following carefully:

• The actual returns of the policy may be different from what is shown in the benefit illustration, enclosed in the
policy document as:
- it represents the guaranteed benefits, and
- the non-guaranteed benefits which are shown at investment returns of 4% and 8% p.a.
• Bonuses are not guaranteed and they depend on many factors including our investments, claims, costs, and
customer retention.
• The aim of this document is to summarize the key features of your policy and does not replace the policy, in
any way. In case of any discrepancy between the policy contract and this document, the terms and conditions
of the policy contract shall prevail.

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POLICY PREAMBLE
MAX LIFE INSURANCE COMPANY LIMITED
Regd. Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab -144533

Max Life Future Genius Education Plan

A Non-Linked Participating Individual Life Insurance Savings Plan

UIN [104N094V03]

Max Life Insurance Company Limited has entered into this contract of insurance on the basis of the information given in the Proposal Form
together with the Premium deposit, statements, reports or other documents and declarations received from or on behalf of the proposer for
effecting a life insurance contract on the life of the person named in the Schedule.

We agree to pay the benefits under the Policy on the happening of the insured event, while the Policy is in force subject to the terms and
conditions stated herein.

Max Life Insurance Company Limited

Place of Issuance : Gurugram, Haryana

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 POLICY SCHEDULE

Policy: Max Life Future Genius Education Plan Type of Policy: A Non-Linked Participating Individual Life
Insurance Savings Plan

UIN 104N094V03 Office AXIS BANK LTD Urla

Policy No./ Proposal No.:335923595 Client ID: 5014149020
Date of Proposal: 17-Feb-2020
Policyholder/Proposer : Age Admitted: Yes
Mr. Hemant Puri Goswami Gender: Male
PAN: BBVPG8001L Tel No./Mobile No.: 9753824835 / 9827141674
Identification Source & I.D No.: Email:
Relationship with Life Insured: Same Person
Date of Birth: 10-Mar-1985
Address(For all communication purposes):
S/O: NANHU PURI GOSWAMI, KAILASH NAGAR
(EKTA NAGAR), BIRGAON, BIRGAON, RAIPUR, BIRGAON,
RAIPUR 493221
CHHATTISGARH
Life Insured: Age Admitted: Yes
Mr. Hemant Puri Goswami
Gender: Male
Identification Source & ID No.:
Date of Birth: 10-Mar-1985
Age: 34
Address:
S/O: NANHU PURI GOSWAMI, KAILASH NAGAR(EKTA
NAGAR), BIRGAON, BIRGAON, RAIPUR, BIRGAON,RAIPUR
493221CHHATTISGARH

Nominee(s): Guardian (if Nominee is a minor) :

Nominee (s)Name Relationship of Date of Birth: Age: % N.A.
Nominee(s) with Of Nominee share
Policyholder:
Mrs. Fannu Spouse 18-Aug-1994 25 100
Goswami
Date of Commencement of Risk: 17-FEB-20 Premium Payment mode: Annual
Date of payment of first survival benefit:
17-Feb-2032 (Subsequent survival benefit, if any, shall be as per policy
terms)
Premium Payment Method: ECS Bill Draw Date: 20TH
Bank Name: Axis Bank
Bank Account Number: 916010083090113
Agent's name/Intermediary name: AXIS BANK LTD URLA Agent's code / Intermediary code: 601860
Email: Agent's/Intermediary License No.:
Address: CA0069
Dau Complex, Vyas Talab Chowk, Urla-Birgaon Road , Urla Mobile / Landline Telephone Number:
Raipur 493221
Details of Sales Personnel (for direct sales only): N/A

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 List of Maturity Insured Sum Assured Guaranteed Bonus Policy Premium Annualised Underwriting GST** and Modal Premium along Due Date
coverage Date Event/Sum (INR) Sum Assured Option Term Payment Premium Extra any other Factors with applicable when
Assured on on Maturity applicable Term A Premium taxes, cesses D taxes, cesses and Premium is
Death (as (INR) (INR) B & levies levies payable payable/Date
on Date of (INR) C as per premium when the Last
Commence- (INR) payment Premium is
ment mode selected payable
of Risk) E=
[(A+B+C)*D]
(INR)
Max Life 17-Feb- As per Clause 5,15,596.00 5,15,596.00 Paid-up 15 12 39,999.94 NA 900.00 1 40,899.94 17th of Feb
Future 2035 2 of Part C Additions every year;
Genius 17-Feb-2031
Education
Plan

**GST includes IGST, SGST, CGST, UGST (whichever is applicable) and applicable cesses

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PART B 29. "Reduced Paid Up Mode" means the Policy with reduced paid up benefits as
DEFINITIONS specified under Clause 3 of Part C;
The words and phrases listed below will have the meaning attributed to them wherever 30. "Reduced Paid Up Sum Assured" means an amount equal to the Sum Assured
they appear in the Policy unless the context otherwise requires. multiplied by the resultant of the sum of Total Premiums Paid and loading for modal
premiums (if any) paid by You divided by the total Premiums payable (excluding
1. "Actuarial Valuation Surplus" means the surplus arising in the Participating life Underwriting Extra Premium and Rider Premium, if any);
policyholders' fund, established by Us for Participating life insurance policies and
calculated by the appointed actuary in accordance with the standards or guidance 31. "Revival" means restoration of the Policy, which was discontinued due to
issued by the Institute of Actuaries of India and in accordance with the Insurance nonpayment of Premium, by Us with all the benefits stated in the Policy, upon the
Regulatory and Development Authority (Distribution of Surplus) Regulations, 2002 receipt of all the due Premiums and other charges / late fee as provided in Clause 3
as amended from time to time; of Part D of the Policy;
2. "Age" means Life Insured's age on last birthday as on the Date of Commencement 32. "Revival Period" means a period of 5 (Five) years from the due date of the first
of Risk or on the previous Policy Anniversary, as the case may be; unpaid Premium, during which period You are entitled to revive the Policy which was
discontinued due to the non-payment of Premium;
3. "Annualised Premium" is the amount specified in the Schedule, and means
Premium amount payable during a Policy Year chosen by You, excluding 33. "Rider" means benefits, which are in addition to basic benefits under the Policy;
Underwriting Extra Premiums, loadings for modal premiums, Rider Premiums and 34. "Rider Premium"means the premium amount payable in respect of a Rider
applicable taxes, cesses and levies, if any. applicable under the Policy and is the amount specified in the Schedule;
4. "Cash Bonus" means a bonus which may be declared by Us on the Sum Assured and 35. "Schedule" means the policy schedule and any endorsements attached to and
the accrued Paid Up Additions (if any), based on Our Actuarial Valuation Surplus; forming part of the Policy and if any updated Schedule is issued, then, the Schedule
5. "Claimant" means You (in case of maturity), Nominee(s) (if valid nomination is latest in time;
effected), assignee(s) or their heirs, legal representatives or holders of a succession 36. "Settlement Option" means an option exercised by Claimant as per Clause 2.1.2 of
certificates in case Nominee(s) or assignee(s) is/are not alive at the time of claim; Part C.
6. "Date of Commencement of Risk/ Inception of Policy" means the date as specified 37. "Special Surrender Value" means the special surrender value computed in
in the Schedule, on which the insurance coverage/risk under the Policy commences; accordance with Clause 1.6 of Part D;
7. "Force Majeure Event" means an event by which performance of any of Our 38. "Special Surrender Value Factors" means factors determined by Us which are
obligations are prevented or hindered as a consequence of any act of God, State, fixed but may be revised by Us basis change in investment returns, values of
strike, lock-out, legislation or restriction by any government or other authority or any underlying assets or demographic experience subject to prior approval of IRDAI;
circumstance beyond Our control; 39. "Sum Assured" means an amount as specified in the Schedule, which is payable in
8. "Free Look" means a period of 15 days (30 days if the Policy is sourced through accordance with Clause 2 of Part C.
distance marketing modes) from the date of receipt of the Policy, to review the 40. "Surrender Value" means an amount payable on surrender of this Policy, which
terms and conditions of the Policy, where if You disagree to any of those terms and will be the higher of the Guaranteed Surrender Value or the Special Surrender Value;
conditions, You have the option to return the Policy stating the reasons for objection. 41. "Terminal Bonus" means a bonus determined by Us as a percentage applied on the
Upon return, the Policy will terminate forthwith and all rights, benefits and interests sum of Sum Assured and accrued Paid Up Addition (if any);
under the Policy will cease immediately. You shall be entitled to a refund of the
Premium received by Us after deducting the proportionate risk premium for the period 42. "Total Premiums Paid" means the total of all Premiums paid under the Policy,
of cover, charges of stamp duty paid and the expenses incurred by Us on medical excluding Underwriting Extra Premium, loadings for modal premiums, Rider
examination, if any. Premium and applicable taxes, cesses and levies, if any.
9. "Grace Period" means a period of 15 (Fifteen) days from the due date of the unpaid 43. "Underwriting Extra Premium"means an additional amount mentioned in the
Premium for monthly Premium payment mode and 30 (Thirty) days from the due date Schedule and charged by Us, as per Underwriting Policy, which is determined on
of unpaid Premium for all other Premium payment modes; the basis of disclosures made by You in the Proposal Form or any other information
received by Us including medical examination report of the Life Insured;
10. "Guaranteed Sum Assured on Maturity" means the guaranteed sum assured
payable on maturity of the Policy, which is equal to zero or nil. "Underwriting Policy" means an underwriting policy approved by Our board of
44.
directors;
11. "Guaranteed Surrender Value" means the minimum surrender value computed in
accordance with Clause 1 of Part D, which is guaranteed by Us; 45. "We", "Us" or "Our" means Max Life Insurance Company Limited; and
12. "IRDAI" means the Insurance Regulatory and Development Authority of India; 46. "You" or "Your" means the policyholder as named in the Schedule who is also the
Life Insured in this Policy.
13 "Lapsed Policy" means a Policy which has not acquired the Surrender Value and
where the due Premium has not been received till the expiry of the Grace Period; PART C
14. "Life Insured" means the person named in the Schedule, who is also the POLICY FEATURES, BENEFITS AND PREMIUM PAYMENT
policyholder, on whose life the Policy is effected; 1. ELIGIBILITY
15. "Maturity Date" means the date specified in the Schedule, on which the Policy 1.1. The Policy has been written on a single life basis.
Term expires; 1.2. The minimum Age of the Life Insured on the Date of Commencement of Risk
16. "Modal Factor" means the applicable factor specified in the Schedule, which is used should be 21 (Twenty One) years.
by Us for determining the Premium. The Modal Factors for this Policy are as follows: 1.3. The maximum Age of the Life Insured on the Date of Commencement of Risk
i) for annual Premium payment mode - (1); cannot exceed 45 (Forty Five) years.
ii) for semi-annual Premium payment mode - (0.520);
iii) for quarterly Premium payment mode - (0.265); 1.4. The maximum Age of the Life Insured on the Maturity Date cannot exceed
iv) for monthly Premium payment mode - (0.090); 66 (Sixty Six) years:
17. "Money Back Payment" means an amount equal to 25% of the Sum Assured which 2. BENEFITS
is payable by Us at the end of each of the last 4 Policy Years of the Policy Term; 2.1. Death Benefit
18. "Nominee" means a person nominated by You in accordance with Clause 8 of Part F, 2.1.1. If Life Insured dies during the Policy Term provided the Policy is in
to receive the benefits under the Policy and whose name is mentioned in the Schedule; force and not under lapsed or Reduced Paid Up Mode, We will pay the
19. "Paid Up Additions" means the additional sum assured amounts which may be following benefits:
applied to the Policy in accordance with Clause 4.2.2.3 of Part C; 2.1.1.1. Death Benefit which will be highest of the following:
20. "Participating" means participating in the Actuarial Valuation Surplus of the
a) 11 (Eleven) times the sum of Annualised Premium and
participating life policyholders' fund;
Underwriting Extra Premium, if any; or
21. "Policy" means the contract of insurance entered into between You and Us as
b) 105% (One Hundred Five percent) of sum of Total
evidenced by this document, the Proposal Form, the Schedule and any additional
Premiums Paid, Underwriting Extra Premium and
information/document(s) provided to Us in respect of the Proposal Form along with
loadings for modal premiums till the date of death of the
any written instructions from You subject to Our acceptance of the same and any
Life Insured; or
endorsement issued by Us;
c) Guaranteed Sum Assured on Maturity, which is 'zero' or
22. "Policy Anniversary" means the annual anniversary of the Date of Commencement
'nil'; or
of Risk;
d) Any absolute amount assured to be paid on death, which
23. "Policy Term" means the term of this Policy as specified in the Schedule;
is equal to Sum Assured.
24. "Policy Year" means a period of 12 (Twelve) months commencing from the Date
of Commencement of Risk and every Policy Anniversary thereafter; Death Benefit will be payable in accordance with the
Settlement Option set out in Clause 2.1.2 below considering the
25. "Premium" means an amount specified in the Schedule, payable by You, by the choice specified by the Claimant when the payment becomes
due dates to secure the benefits under the Policy, excluding applicable taxes, cesses due; and
and levies, if any;
2.1.1.2. Policy Continuance Benefit under which We will waive all
26. "Premium Payment Term" means the term specified in the Schedule, during which the future Premiums, if any, coinciding or following the date of
the Premiums are payable by You; death of the Life Insured. The Policy will continue as is and the
27. "Proposal Form" means the form filled in and completed by You for the purpose Money Back Payments and maturity benefits shall be payable
of obtaining insurance coverage under the Policy; to the Claimant as and when due. The Policy will continue to
28. "Reduced Paid Up Death Benefit" means an amount equal to the Death Benefit participate in the bonuses and the benefits will continue to be
multiplied by the resultant of the sum of the Total Premiums Paid and loading applicable. All future benefits shall be paid to the Claimant, as
for modal premiums (if any) paid by You divided by the total Premiums payable if the Life Insured was alive and had paid the Premiums, as
(excluding Underwriting Extra Premium and Rider Premium, if any);
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 and when due. The Claimant will, however, not be entitled to these amounts are not guaranteed. Any instalment of the Money Back
exercise any of the following: Payment which is due on the Maturity Date is guaranteed.
2.1.1.2.1. Surrender the Policy; 3. REDUCED PAID UP BENEFITS
2.1.1.2.2. Withdraw the accrued Paid Up Additions (if any); 3.1. If this Policy has acquired a Surrender Value, then, in the event of non-payment
2.1.1.2.3. Change the bonus option applicable; or of the due Premiums by You to Us, on the expiry of the Grace Period this Policy
2.1.1.2.4. Discount or defer any Money Back Payments. will not lapse and will continue with reduced paid-up benefits as specified
below. A Policy under the Reduced Paid Up Mode will thereafter be free from
2.1.2. Settlement Option: The Claimant has the following options to receive all liabilities of payment of future Premiums to Us.
the Death Benefit:
3.2. If this Policy is under Reduced Paid Up Mode, then, the benefits payable shall
2.1.2.1. Lump Sum Benefit: To take the Death Benefit as lump sum be as follows:
payout; or
3.2.1. Reduced Death Benefit
2.1.2.2. Monthly Income for 135 months: To receive 1% of the
Death Benefit as a monthly income for 135 consecutive In the event of the death of the Life Insured during Policy Term, then,
months commencing from the monthly policy anniversary We will pay the following benefits:
following the date of the death of the Life Insured. Once the 3.2.1.1. Reduced Paid Up Death Benefit which is payable as a lump
Settlement Option is in force: sum or in accordance with the Settlement Option set out in
2.1.2.2.1 The Claimant may give Us a written request to pay Clause 3.2.2 below considering the choice specified by the
the remaining portion of the Death Benefit as a Claimant when the payment becomes due; and
lump sum and We will pay the Claimant an amount 3.2.1.2. Reduced Money Back Payment and maturity benefit, as and
equal to the value of the total payments remaining when due.
under the Settlement Option after applying a 3.2.2. Settlement Option Applicable under the Reduced Paid Up Death
discount of 5.5% per annum. Benefit: The Claimant has the following options to receive the
2.1.2.2.2 Payments in accordance with the Settlement Reduced Paid Up Death Benefit:
Option shall continue to be made even after
3.2.2.1 Lump Sum Benefit: To receive the Reduced Paid Up Death
termination of the Policy on the Maturity Date
Benefit as lump sum payout; or
unless the Claimant gives Us a written request to
pay the remaining portion of the Death Benefit as 3.2.2.2 Monthly Income for 135 months: To receive 1% of the
a lump sum. Reduced Paid Up Death Benefit as a monthly income for 135
consecutive months commencing from the monthly policy
2.1.3. On the Life Insured's death during the Policy Term provided the Policy anniversary following the date of the death of the Life
is in force, the Policy shall continue to participate in the future bonuses Insured. Once the Settlement Option is in force:
declared but the bonus option shall automatically change to Paid Up
Additions which will be payable on the Maturity Date only. 3.2.2.2.1 The Claimant may give Us a written request to
pay the remaining portion of the Reduced Paid Up
2.2. Money Back Payments/ Survival Benefit Death Benefit as a lump sum and We will pay the
Claimant an amount equal to the value of the total
2.2.1. The Money Back Payments are payable as per the following schedule: payments remaining under the Settlement Option
Payment Payable on after applying a discount of 5.5% per annum: and
Money Back 1 Policy Term less 3 years 3.2.2.2.2 Payments in accordance with the Settlement
Option shall continue to be made even after
Money Back 2 Policy Term less 2 years termination of the Policy on the Maturity Date
Money Back 3 Policy Term less 1 year unless the Claimant gives Us a written request to
pay the remaining portion of the Reduced Paid Up
Money Back 4 At the end of Policy Term Death Benefit as a lump sum.
We will send You a written communication at least 6 months before 3.2.3. Reduced Money Back Payment
the due date of the first Money Back Payment specifying the amounts
payable and the schedule for the payments of these amounts. This 3.2.3.1. We will pay an amount equal to 25% of the Reduced Paid Up
communication will also give You the option to discount and/or defer Sum Assured at the end of each of the last 4 Policy Years in
the Money Back Payment, under the Policy provided that: the Policy Term ("Reduced Money Back Payment").
3.2.3.2. You may discount or defer the Reduced Money Back
2.2.1.1. the Money Back Payments are discounted to the maximum
Payments due in accordance with the conditions set out in
limit of receiving all 4 (Four) Money Back Payments on
Clause 2.2.1 to Clause 2.2.2 above.
the date on which the first Money Back Payment would
otherwise have been due; 3.2.4. Maturity Benefit
2.2.1.2. the Money Back Payments are deferred to the maximum limit 3.2.4.1. On the Maturity Date, We will pay the accrued Paid Up
of receiving all the 4 (Four) Money Back Payments on the Additions (if any) and Terminal Bonus (if any) in addition to
Maturity Date; and any instalment of the Reduced Money Back Payment which
2.2.1.3. the interest rate for discounting/deferring the Money Back is due on the Maturity Date.
Payments will be declared by Us each year on 1st April and 4. BONUSES
shall be based on 2 year Govt. securities yields prevalent
as on March 31 of that year. The same interest rate 4.1. You shall be eligible to receive the following Bonus(es) under the Policy:
shall be applicable to all the Money Back Payments being 4.1.1. Cash Bonus; and
discounted/deferred. Once the option to discount/defer the 4.1.2. Terminal Bonus.
Money Back Payments has been exercised by You, the
interest rate declared by Us shall be guaranteed and will not 4.2. Cash Bonus
change. 4.2.1. The Cash Bonus (if declared by Us) will become payable from the
end of the 2nd (Second) Policy Year i.e. after the end of 24th (Twenty
2.2.2. If You wish to discount and/or defer the Money Back Payments, You
Fourth) Policy month onwards from the Date of Commencement of
shall give Us a written notice of the timing at which You wish to
Risk and thereafter at the end of every subsequent Policy Year. The
receive the payments at least 3 months before the due date of the
Cash Bonus on the accrued Paid Up Additions will be paid starting
first Money Back Payment. If We do not receive Your written notice
from the end of the 3rd (Third) Policy Year i.e. after the end of the 36th
specifying that You wish to discount and/or defer the Money Back
(Thirty Sixth) Policy month onwards from the Date of Commencement
Payments at least 3 months before the due date of the first Money Back
of Risk and thereafter at the end of every subsequent Policy Year.
Payment, it shall be deemed that You do not wish to discount/defer the
Money Back Payment and the payments shall be made as and when 4.2.2. The Cash Bonus may be utilized in accordance with the option You
the amounts fall due. have selected from those listed below. The option which is in force
will be specified in the Schedule:
2.2.3. If You exercise the option to discount and/or defer the Money Back
Payments, You shall not be permitted to subsequently change the 4.2.2.1. Paid in Cash: The Cash Bonus will be paid to You as and
option exercised. when declared by Us.
2.3. Maturity Benefit 4.2.2.2. Premium Offset: The Cash Bonus declared will be offset
against Premium payable. If the Cash Bonus exceeds the
2.3.1. If the Policy is in force and not under Reduced Paid Up Mode on the Premium payable, the excess will be paid to You and if the
Maturity Date (both in case of death or survival of Life Insured) , then, Cash Bonus is less than the Premium payable, You shall be
We will pay the sum total of the following, on the Maturity Date in liable to pay the balance Premium amount at the applicable
addition to any instalment of the Money Back Payment which is due due dates. If the option is in force on the completion of the
on the Maturity Date: Premium Payment Term, all future Cash Bonuses will be
2.3.1.1. Accrued Paid-up Additions, if any Or Cash Bonus (if any), paid in accordance with the Paid in Cash option specified
whichever is applicable; and in Clause 4.2.2.1.
2.3.1.2. Terminal Bonus, if any. 4.2.2.3. Purchase Paid Up Additions: The Cash Bonus declared
will be used to purchase Paid Up Additions. These Paid Up
2.3.2. The Accrued Paid-up Additions and Terminal Bonus are payable
Additions will also participate in the future Cash Bonuses
under the Policy only if they have accrued on the Maturity Date and
11 of 29
 declared by Us starting from the next Policy Anniversary. 1.6.1.1. Higher of:
The Paid Up Additions is payable in full on maturity and
in case of surrender of Policy, surrender value of the Paid (a) Guaranteed Surrender Value factors (as specified in the table
Up Additions will be paid. The following conditions are below) multiplied by sum of {Total Premiums Paid plus
applicable to Paid Up Additions: loadings for modal premiums} less the actual amount of
Money Back Payments already paid, if any; or
(a) You may withdraw the surrender value of Paid Up
(b) 0 (zero); and
Additions (partially or in full) if the Policy is not
in Reduced Paid Up Mode and provided that the 1.6.1.2. Guaranteed surrender value of the accrued Paid Up Additions, if
amount proposed to be withdrawn is not less than any.
INR 5,000 (Rupees Five Thousand) and not more than
the maximum amount of surrender value of Paid Up Policy
Additions. The Paid Up Additions remaining after the Year
Guaranteed Surrender Value Factors
of
withdrawal will continue to participate in future Cash
surrender
Bonus declared by Us.
(b) The surrender value of the Paid Up Additions will be 1 0%
determined basis the Paid Up Additions purchase rates. 2 30%
These purchase rates are fixed but may be revised basis
the actual experience subject to the prior approval of the 3 35%
IRDAI. 4 50%
4.2.3. You may give Us a written request to change the applicable Cash 5 52%
Bonus option selected at the proposal stage provided that this changed 6 54%
will be effective from the Policy Anniversary following the receipt of
the request. 7 56%
4.2.4. If this Policy is assigned to any person other than an individual by You, Graduating linearly from 56% to 90% during
then, the Cash Bonus option shall automatically be changed by Us to the last 2 Policy Years in the Policy Term
purchase Paid Up Addition option irrespective of any other option that 8+ Minimum (56% + [(40% *
may have been chosen by You. (N-7))/(Policy Term - 8)], 90%)
4.3. Terminal Bonus N: Policy Year of surrender
4.3.1. Under this Policy, We may at Our discretion pay an additional 1 (One) 1.6.2. The guaranteed surrender value of accrued Paid Up Additions, if any, will
time Terminal Bonus, provided this Policy is in force for at least 5 be calculated by Us by multiplying the accrued Paid Up Additions with
(Five) complete Policy Years from the Date of Commencement of the guaranteed surrender value factors for accured Paid Up Additions. The
Risk. In case of surrender, only surrender value of Terminal Bonus, if guaranteed surrender value factors of Paid Up Additions will be calculated
any, will be paid. at an interest rate of 12% p.a. These surrender value factors are guaranteed
for the Policy Term.
5. PREMIUMS
1.7. Special Surrender Value
5.1. You can pay the Premium annually, semi-annually, quarterly or on monthly
basis, as per the Premium payment mode chosen by You. 1.7.1. This Special Surrender Value will always be greater than or equal to
the Guaranteed Surrender Value.
5.2. You have an option to change the Premium payment mode by submitting a
written request to Us. Any change in the Premium payment mode will result in 1.7.2. Special Surrender Value will be higher of zero or the sum total of the
a change in the Premium amount basis the applicable Modal Factors. A change following:
in Premium payment mode will be effective only on the Policy Anniversary 1.7.2.1. Reduced Paid Up Sum Assured X Special Surrender Value
following the receipt of such request. Factor;
5.3. You can pay Premium at any of Our offices or through Our website 1.7.2.2. surrender value of accrued Paid Up Additions, if any;
www.maxlifeinsurance.com or by any other means, as informed by Us. Any 1.7.2.3. surrender value of Terminal Bonus, if any; and
Premium paid by You will be deemed to have been received by Us only after
1.7.2.4. the present value at the time of surrender of the future excess
the same has been realized and credited to Our bank account.
Money Back Payments (if any),
5.4. The Premium payment receipt will be issued in Your name, which will be
subject to realization of cheque or any other instrument/medium. 2. LOANS
6. GRACE PERIOD 2.1. You are not entitled to any loans under this Policy.
6.1 The Premium is due and payable by the due date specified in the Schedule. If 3. REVIVAL OF POLICY
the Premium is not paid by the due date, You may pay the same during the
Grace Period without any penalty or late fee. 3.1. A Lapsed Policy or a Policy under Reduced Paid Up Mode can be Revived as
per Underwriting Policy, within the Revival Period:
6.2 The insurance coverage continues during the Grace Period. However, if the
overdue Premium is not paid even in the Grace Period and the Life Insured 3.1.1. on receipt of Your written request to Revive the Policy by Us;
dies, then, We will pay the death benefit after deducting the due premium (if 3.1.2. if You produce an evidence of insurability (in form of declaration of
any) till the date of death. health condition and/or relevant medical reports) of Life Insured at
7. LAPSATION OF POLICY Your own cost which is acceptable to Us; and
3.1.3. on payment of all overdue Premiums (along with applicable taxes,
7.1 If You discontinue the payment of Premium before paying Premiums for first
cesses and levies, if any) to Us with late fee and/or charges at such rate
2 (Two) Policy Years, then, the Policy will become a Lapsed Policy on the
as may be determined by Us from time to time. Currently the applicable
expiry of the Grace Period and no benefits under the Policy shall be payable.
late fee and/or interest rates are as below:
PART D
POLICY SERVICING CONDITIONS
1. SURRENDER No. of days between
1.1. This Policy shall acquire a Surrender Value provided all the due Premiums for the first date of Revival and Late Payment Fee (in Rs.)
2 (Two) Policy Years have been received and applied by Us on or after the due dates: date of lapse of Policy
1.2. You may request in writing to surrender the Policy at any time only if the Policy has 30-60 100
acquired the Surrender Value. On receipt of such request, this Policy shall terminate 61-180 250
and the Surrender Value (if any) prevailing on the date of request for the surrender
of this Policy, shall be payable by Us. If the Policy has not acquired the Surrender 250 plus interest on due premium
>180
Value, then, nothing is payable by Us. @8% p.a. compounded annually
1.3. In the event of death of the Life Insured during the Policy Term, the Policy cannot be 3.2. The Revival of the Lapsed Policy or a Policy under Reduced Paid Up Mode
surrendered and the Policy shall continue till the end of the Policy Term. will take effect only after We have approved the same in accordance with
1.4. The Surrender Value payable will be subject to the condition that there are no statutory Our Underwriting Policy and communicated Our decision to You in writing.
or other restrictions to the contrary. Upon surrender of this Policy, this Policy will All accrued bonus(es) and original benefits including death, Money Back
terminate after payment of the Surrender value and thereafter no other benefits under Payments and maturity benefits which were originally payable will be restored
this Policy shall be payable. on such Revival. However, no interest shall be payable by Us on such
1.5. The Surrender Value will be equal to the higher of Guaranteed Surrender Value or restoration.
Special Surrender Value. 3.3. If a Lapsed Policy is not Revived within the Revival Period, this Policy will
1.6. Guaranteed Surrender Value terminate without value, on the expiry of the Revival Period.
3.4. If a Policy under Reduced Paid Up Mode is not Revived within the Revival
1.6.1. The Guaranteed Surrender Value will be determined in the Policy Year in Period then, it will continue to be under Reduced Paid Up Mode for the
which the surrender is effected. The Guranteed Surrender Value will be sum remaining part of the Policy Term.
total of the following:
3.5. The Policy cannot be Revived beyond the Policy Term.
3.6. In addition to the revival provisions stated above, You may also be eligible to

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 avail of one or more of the following revival schemes to revive Your Policy:
3.6.1. Reduction in the Sum Assured: You may be eligible to revive your
2.3. Subject to Section 45 of the Insurance Act, 1938 as amended from time to time,
Policy by reducing the Sum Assured. Please contact Us for details on
whether You are eligible for this revival scheme and, if so, the extent We reserve the right to scrutinize the documents submitted by the Claimant
to which the Sum Assured can be reduced, the total amount required and/or investigate the cause of death of the Life Insured and deny the claim
to be paid by You to revive the Policy and the applicable terms and partially or completely on the basis of Our scrutiny of the documents or
conditions for utilizing this revival scheme; investigation, as the case may be. We shall pay the benefits under this Policy
3.6.2. Change in the Premium Payment Term: You may be eligible to revive subject to Our satisfaction:
your Policy by changing the Premium Payment Term. Please contact 2.3.1. that the benefits have become payable as per the terms and conditions
Us for details on whether You are eligible for this revival scheme and of this Policy; and
if so, the extent to which the Premium Payment Term can be changed,
2.3.2. of the bonafides and credentials of the Claimant.
the total amount required to be paid by You to revive the Policy and
the applicable terms and conditions for utilizing this revival scheme; 2.4. Subject to Our sole discretion and satisfaction, in exceptional circumstances
3.6.3. Special Revival Schemes: We may also introduce special revival such as on happening of a Force Majeure Event, We may decide to waive all
schemes from time to time which are available for a particular period. or any of the requirements set out in Clause 3.1 of Part F.
Please contact Us for details on whether such revival scheme is
3. DECLARATION OF THE CORRECT AGE
available and, if You are eligible for the same, the total amount
required to be paid by You to revive the Policy and the applicable terms 3.1. Declaration of the correct Age and/ or gender of the Life Insured is important for
and conditions for utilizing such revival scheme. Our underwriting process and calculation of Premiums payable under the Policy.
3.7. We may, from time to time, at Our sole discretion, introduce new revival If the Age and/or gender declared in the Proposal Form is found to be incorrect
schemes or modify or terminate existing revival schemes. Please contact Us at any time during the Policy Term or at the time of claim, We may revise the
for details on 1860 120 5577 or visit Our website www.maxlifeinsurance.com. Premium with interest and/or applicable benefits payable under the Policy in
4. PAYMENT OF BENEFITS accordance with the premium and benefits that would have been payable, if the
4.1. The benefits under this Policy will be payable only on submission of correct Age and/ or gender would have made the Life Insured eligible to be
satisfactory proof to Us. The benefits under this Policy will be payable to the covered under the Policy on the Date of Commencement of Risk.
Claimant.
4. FRAUD, MISREPRESENATION AND FORFEITURE
4.2. Once the benefits under this Policy are paid to the Claimant, the same will
constitute a valid discharge of Our liability under this Policy. 4.1. Fraud, misrepresentation and forfeiture would be dealt with in accordance with
5. TERMINATION OF POLICY provisions of Section 45 of the Insurance Act, 1938 as amended from time to
5.1. This Policy will terminate upon the happening of any of the following events: time. [A leaflet containing the simplified version of the provisions of the above
section is enclosed in Annexure - (1) for reference]
5.1.1. on the date on which We receive Free Look cancellation request;
5.1.2. the date of intimation of repudiation of the death claim by Us in 5. SUICIDE EXCLUSION
accordance with the provisions of this Policy;
5.1. Notwithstanding anything stated herein, if the Life Insured commits suicide,
5.1.3. on the expiry of the Revival Period, if the Lapsed Policy has not been whether major/minor, whether sane or insane, within 12 (Twelve) months from
Revived;
the Date of Inception of Policy or from the date of Revival of this Policy, as
5.1.4. on the date of payment of Surrender Value; or
applicable, all risks and benefits under this Policy shall cease and We shall
5.1.5. on the Maturity Date, however monthly incomes remaining under
Settlement Option shall continue, if not commuted. cease and this Policy will terminate and We shall only pay the following to
the Claimant:
PART E
5.1.1. higher of the Surrender Value as on the date of death or sum of Total
POLICY CHARGES Premiums Paid, Underwriting Extra Premium and loadings for modal
1. APPLICABLE FEES/ CHARGES UNDER THE POLICY premiums, if any, paid under the Policy, till the date of death, if the
Policy has acquired a Surrender Value; or
1.1. This Policy is a non-linked participating Life insurance savings plan and therefore,
Part E is not applicable to this Policy. 5.1.2. sum of Total Premiums Paid, Underwriting Extra Premium and
loadings for modal premiums, if any, paid under the Policy, if the
PART F Policy has not acquired a Surrender Value.
GENERAL TERMS AND CONDITIONS 6. TRAVEL AND OCCUPATION
1. TAXES
6.1. There are no restrictions on travel or occupation under this Policy.
1.1. All Premiums are subject to applicable taxes, cesses and levies, which will
7. NOMINATION
entirely be borne by You and will always be paid by You along with the payment
of Premium. If any imposition (tax or otherwise) is levied by any statutory or 7.1. Nomination is allowed as per Section 39 of the Insurance Act, 1938 as amended
administrative body under the Policy, We reserve the right to claim the same from time to time. [A leaflet containing the simplified version of the provisions
from You. Alternatively, We have the right to deduct the amount from the of the above section is enclosed in Annexure - (2) for reference]
benefits payable by Us under the Policy. 8. ASSIGNMENT
1.2. Tax benefits and liabilities under the Policy are subject to prevailing tax laws. 8.1. Assignment is allowed as per Section 38 of the Insurance Act, 1938 as amended
Tax laws and the benefits arising thereunder are subject to change. You are from time to time. [A leaflet containing the simplified version of the provisions
advised to seek an opinion of Your tax advisor in relation to the tax benefits and of the above section is enclosed in Annexure - (3) for reference]
liabilities applicable to You. 9. POLICY CURRENCY
2. CLAIM PROCEDURE 9.1. This Policy is denominated in Indian Rupees. Any benefit/claim payments
2.1. For processing a claim request under this Policy, We will require all of the under the Policy will be made in Indian Rupees by Us or in any other currency
following documents: in accordance with the applicable guidelines issued by the Reserve Bank of
2.1.1. Claimant's statement in the prescribed form; India from time to time.
2.1.2. original Policy document; 10. ELECTRONIC TRANSACTIONS
2.1.3. a copy of police complaint/ first information report (only in the case 10.1. You will comply with all the terms and conditions with respect to
of death by accident of the Life Insured);
all transactions effected by or through facilities for conducting remote
2.1.4. a copy of duly certified post mortem report (only in the case of death
transactions including the internet, world wide web, electronic data
by accident of the Life Insured);
interchange, call centre, tele-service operations or by other means of
2.1.5. death certificate issued by the local/municipal authority (only in the
case of death of the Life Insured); telecommunication established by Us or on Our behalf, for and in respect of the
2.1.6. identity proof of the Claimant including Nominee(s) bearing their Policy or services, which will constitute legally binding and valid transactions
photographs and signatures (only in the case of the death of the Life when executed in adherence to and in compliance with the terms and conditions
Insured); and for such facilities.
2.1.7. any other documents or information required by Us for assessing and
11. AMENDMENT
approving the claim request.
11.1. No amendments to the Policy will be effective, unless such amendments are
2.2. A Claimant can download the claim request documents from Our website
expressly approved in writing by Us and/or by the IRDAI wherever applicable.
www.maxlifeinsurance.com or can obtain the same from any of Our branches
or offices.

13 of 29
 1.3.2. any partial or total repudiation of a claim by Us;
12. REGULATORY AND JUDICIAL INTERVENTION 1.3.3. any dispute with regard to the Premium paid or payable in terms of the
12.1. If any competent regulatory body or judicial body imposes any condition on Policy; or
the Policy for any reason, We are bound to follow the same which may include 1.3.4. any misrepresentation of policy terms and conditions at any time in the
suspension of all benefits and obligations under the Policy. policy document or policy contract;
13. FORCE MAJEURE 1.3.5. any dispute on the legal construction of the Policy in so far as such
dispute relate to a claim;
13.1. The performance of the Policy may be wholly or partially suspended during the
continuance of such Force Majeure Event under an intimation to or approval 1.3.6. policy servicing by Us, Our agents or intermediaries;
of the IRDAI. We will resume Our obligations under the Policy after the Force 1.3.7. issuance of insurance policy, which is not in conformity with the
Majeure Event ceases to exist. proposal form submitted by You;
14. COMMUNICATION AND NOTICES 1.3.8. non issuance of any insurance document after receipt of the Premium.

14.1. All notices meant for Us should be in writing and delivered to Our address 1.3.9. Any other matter resulting from violation of provisions of Insurance
as mentioned in Part G or such other address as We may notify from time to Act, 1938 or the regulation, circulars, Guidelines or instructions issued
time. You should mention the correct Policy number in all communications by the IRDAI from time to time on the terms and conditions of the policy
including communications with respect to Premium remittances made by You. contract, in so far as they relate to issues mentioned in this para 1.3
above.
14.2. All notices meant for You will be in writing and will be sent by Us to Your
address as shown in the Schedule or as communicated by You and registered 1.4. As per Rule 14 of the Insurance Ombudsman Rules, 2017, a complaint to the
with Us. We may send You notices by post, courier, hand delivery, fax or Insurance Ombudsman can be made only within a period of 1 (One) year after
e-mail/electronic mode or by any other means as determined by Us. If You receipt of Our rejection of the representation or after receipt of Our decision
change Your address, or if the address of the Nominee changes, You must which is not to Your satisfaction or if We fail to furnish reply after expiry of a
notify Us immediately. Failure in timely notification of change of address period of one month from the date of receipt of the written representation of the
could result in a delay in processing of benefits payable under the Policy. complainant, provided the complaint is not on the same matter, for which any
proceedings before any court, or consumer forum or arbitrator is pending.
14.3. For any updates, please visit Our website www.maxlifeinsurance.com.
15. GOVERNING LAW AND JURISDICTION
15.1 The Policy will be governed by and enforced in accordance with the laws of
India. The competent courts in India will have exclusive jurisdiction in all ENDORSEMENT
matters and causes arising out of the Policy.
PART G
STAMP DUTY AMOUNT : `103.2
GRIEVANCE REDRESSAL MECHANISM AND OMBUDSMAN DETAILS
1. DISPUTE REDRESSAL PROCESS UNDER THE POLICY Paid by e-Stamps Certificate no. 1093/Issue Date: 24/01/2020/ Vide Treasury
1.1. All consumer grievances and/or queries may be first addressed to Your agent or (E-CHALLAN) GRN NO. 61868744 for Rs. 50000000
Our customer helpdesk as mentioned below:
Max Life Insurance Company Limited
Plot No. 90A, Sector 18, Gurugram, 122015, Haryana, India
Helpline No. - 1860 120 5577
Email: axis.helpdesk@maxlifeinsurance.com
1.2. If Our response is not satisfactory or there is no response within 15 (Fifteen)
days: R Krishnakumar
1.2.1. the complainant or his legal heirs may file a written complaint with full Authorized Signatory
details of the complaint and the complainant's contact information to the
following official for resolution:
Chief Customer Officer,
Max Life Insurance Company Limited
Plot No. 90A, Sector 18,
Gurugram, 122015, Haryana, India,
Helpline No. - 1860 120 5577
Email: manager.services@maxlifeinsurance.com;
1.2.2. the complainant or his legal heirs may approach the Grievance Cell of
the IRDAI on the following contact details:
IRDAI Grievance Call Centre (IGCC)
Toll Free No:155255 or 1800 4254 732
Email ID: complaints@irda.gov.in
1.2.3. You can also register Your complaint online at
http://www.igms.irda.gov.in/
1.2.4. You can also register Your complaint through fax/paper by submitting
Your complaint to:
Consumer Affairs Department
Insurance Regulatory and Development Authority of India
Sy No. 115/1, Financial District,
Nanakramguda, Gachibowli, Hyderabad - 500032
Ph: (040) 20204000
1.2.5. You may approach Our Grievance Redressal Officer at - (0124)
4219090
1.3. If You are not satisfied with the redressal or there is no response within a
period of 1 (One) month,or rejection of complaint by Us, the complainant or his
legal heirs or nominee, or assignee may approach Insurance Ombudsman at the
address mentioned in Annexure A or on the IRDAI website www.irda.gov.in,
if the grievance pertains to:
1.3.1. delay in settlement of a claim;

14 of 29
 Annexure 1 8. On receipt of notice with fee, the insurer should grant a written acknowledgement to
Section 45 - Policy shall not be called in question on the ground of mis-statement the policyholder of having registered a nomination or cancellation or change thereof.
after three years 9. A transfer or assignment made in accordance with Section 38 shall automatically
Provisions regarding policy not being called into question in terms of Section 45 of cancel the nomination except in case of assignment to the insurer or other transferee
the Insurance Act, 1938, as amended from time to time are as follows: or assignee for purpose of loan or against security or its reassignment after repayment.
In such case, the nomination will get affected to the extent of insurer's or transferee's
1. No Policy of Life Insurance shall be called in question on any ground whatsoever
or assignee's interest in the policy. The nomination will get revived on repayment of
after expiry of 3 yrs from
the loan.
a. the date of issuance of policy or 10. The right of any creditor to be paid out of the proceeds of any policy of life insurance
b. the date of commencement of risk or shall not be affected by the nomination.
c. the date of revival of policy or 11. In case of nomination by policyholder whose life is insured, if the nominees die
d. the date of rider to the policy before the policyholder, the proceeds are payable to policyholder or his heirs or legal
whichever is later. representatives or holder of succession certificate.
12. In case nominee(s) survive the person whose life is insured, the amount secured by
2. On the ground of fraud, a policy of Life Insurance may be called in question within
the policy shall be paid to such survivor(s).
3 years from
13. Where the policyholder whose life is insured nominates his
a. the date of issuance of policy or
a. parents or
b. the date of commencement of risk or
b. spouse or
c. the date of revival of policy or
c. children or
d. the date of rider to the policy
d. spouse and children
whichever is later.
e. or any of them
For this, the insurer should communicate in writing to the insured or legal
representative or nominee or assignees of insured, as applicable, mentioning the the nominees are beneficially entitled to the amount payable by the insurer to the
ground and materials on which such decision is based. policyholder unless it is proved that policyholder could not have conferred such
beneficial title on the nominee having regard to the nature of his title.
3. Fraud means any of the following acts committed by insured or by his agent, with the
14. If nominee(s) die after the policyholder but before his share of the amount secured
intent to deceive the insurer or to induce the insurer to issue a life insurance policy:
under the policy is paid, the share of the expired nominee(s) shall be payable to the
a. the suggestion, as a fact of that which is not true and which the insured does heirs or legal representative of the nominee or holder of succession certificate of such
not believe to be true; nominee(s).
b. The active concealment of a fact by the insured having knowledge or belief of 15. The provisions of sub-section 7 and 8 (13 and 14 above) shall apply to all life
the fact; insurance policies maturing for payment after the commencement of Insurance Laws
c. Any other act fitted to deceive; and (Amendment) Act 2015.
d. Any such act or omission as the law specifically declares to be fraudulent. 16. If policyholder dies after maturity but the proceeds and benefit of the policy has not
been paid to him because of his death, his nominee(s) shall be entitled to the proceeds
4. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty
and benefit of the policy.
of the insured or his agent keeping silence to speak or silence is in itself equivalent
to speak. 17. The provisions of Section 39 are not applicable to any life insurance policy to which
Section 6 of Married Women's Property Act, 1874 applies or has at any time applied
5. No Insurer shall repudiate a life insurance policy on the ground of fraud, if the insured
except where before or after Insurance Act, 1938 as amended from time to time, a
/ beneficiary can prove that the misstatement was true to the best of his knowledge
nomination is made in favour of spouse or children or spouse and children whether or
and there was no deliberate intention to suppress the fact or that such mis-statement
not on the face of the policy it is mentioned that it is made under Section 39. Where
of or suppression of material fact are within the knowledge of the insurer. Onus of
nomination is intended to be made to spouse or children or spouse and children under
disproving is upon the policyholder, if alive, or beneficiaries.
Section 6 of MWP Act, it should be specifically mentioned on the policy. In such a
6. Life insurance Policy can be called in question within 3 years on the ground that any case only, the provisions of Section 39 will not apply.
statement of or suppression of a fact material to expectancy of life of the insured was
incorrectly made in the proposal or other document basis which policy was issued [Disclaimer: This is only a simplified version prepared for general information.
or revived or rider issued. For this, the insurer should communicate in writing to You are advised to refer to the Insurance Act 1938 as amended from time to time
the insured or legal representative or nominee or assignees of insured, as applicable, for complete and accurate details.]
mentioning the ground and materials on which decision to repudiate the policy of life Annexure 3
insurance is based. Section 38 - Assignment and Transfer of Insurance Policies
7. In case repudiation is on ground of mis-statement and not on fraud, the premium Assignment or transfer of a policy should be in accordance with Section 38 of the
collected on policy till the date of repudiation shall be paid to the insured or legal Insurance Act, 1938 as amended from time to time. The extant provisions in this
representative or nominee or assignees of insured, within a period of 90 days from regard are as follows:
the date of repudiation.
1. This policy may be transferred/assigned, wholly or in part, with or without
8. Fact shall not be considered material unless it has a direct bearing on the risk consideration.
undertaken by the insurer. The onus is on insurer to show that if the insurer had been
2. An Assignment may be effected in a policy by an endorsement upon the policy itself
aware of the said fact, no life insurance policy would have been issued to the insured.
or by a separate instrument under notice to the Insurer.
9. The insurer can call for proof of age at any time if he is entitled to do so and no
3. The instrument of assignment should indicate the fact of transfer or assignment and
policy shall be deemed to be called in question merely because the terms of the
the reasons for the assignment or transfer, antecedents of the assignee and terms on
policy are adjusted on subsequent proof of age of life insured. So, this Section will
which assignment is made.
not be applicable for questioning age or adjustment based on proof of age submitted
subsequently. 4. The assignment must be signed by the transferor or assignor or duly authorized agent
and attested by at least one witness.
[Disclaimer: This is only a simplified version prepared for general information.
5. The transfer or assignment shall not be operative as against an insurer until a notice
You are advised to refer to the Insurance Act 1938 as amended from time to time
in writing of the transfer or assignment and either the said endorsement or instrument
for complete and accurate details.]
itself or copy there of certified to be correct by both transferor and transferee or their
Annexure 2 duly authorised agents have been delivered to the insurer.
Section 39 - Nomination by Policyholder 6. Fee to be paid for assignment or transfer can be specified by the Authority through
Nomination of a life insurance policy is as below in accordance with Section 39 of Regulations.
the Insurance Act, 1938 as amended from time to time. The extant provisions in this 7. On receipt of notice with fee, the insurer should Grant a written acknowledgement
regard are as follows: of receipt of notice. Such notice shall be conclusive evidence against the insurer of
1. The policyholder of a life insurance policy on his own life may nominate a person or duly receiving the notice.
persons to whom money secured by the policy shall be paid in the event of his death. 8. If the insurer maintains one or more places of business, such notices shall be delivered
2. Where the nominee is a minor, the policyholder may appoint any person to receive the only at the place where the policy is being serviced.
money secured by the policy in the event of policyholder's death during the minority 9. The insurer may accept or decline to act upon any transfer or assignment or
of the nominee. The manner of appointment is to be laid down by the insurer. endorsement, if it has sufficient reasons to believe that it is
3. Nomination can be made at any time before the maturity of the policy. a. not bonafide;
4. Nomination may be incorporated in the text of the policy itself or may be endorsed b. not in the interest of the policyholder;
on the policy communicated to the insurer and can be registered by the insurer in the
records relating to the policy. c. not in public interest; or
5. Nomination can be cancelled or changed at any time before policy matures, by an d. is for the purpose of trading of the insurance policy.
endorsement or a further endorsement or a will as the case may be. 10. Before refusing to act upon endorsement, the insurer should record the reasons in
6. A notice in writing of change or cancellation of nomination must be delivered to the writing and communicate the same in writing to policyholder within 30 days from the
insurer for the insurer to be liable to such nominee. Otherwise, insurer will not be date of policyholder giving a notice of transfer or assignment.
liable if a bonafide payment is made to the person named in the text of the policy or 11. In case of refusal to act upon the endorsement by the insurer, any person aggrieved
in the registered records of the insurer. by the refusal may prefer a claim to IRDAI within 30 days of receipt of the refusal
7. Fee to be paid to the insurer for registering change or cancellation of a nomination letter from the insurer.
can be specified by the Authority through Regulations.
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12. The priority of claims of persons interested in an insurance policy would depend on
the date on which the notices of assignment or transfer is delivered to the insurer;
where there are more than one instruments of transfer or assignment, the priority will
depend on dates of delivery of such notices. Any dispute in this regard as to priority
should be referred to the Authority.
13. Every assignment or transfer shall be deemed to be absolute assignment or transfer
and the assignee or transferee shall be deemed to be absolute assignee or transferee,
except
a. where assignment or transfer is subject to terms and conditions of transfer or
assignment OR
b. where the transfer or assignment is made upon condition that
i. the proceeds under the policy shall become payable to policyholder or
nominee(s) in the event of assignee or transferee dying before the insured;
or
ii. the insured surviving the term of the policy.
Such conditional assignee will not be entitled to obtain a loan on policy or surrender
the policy. This provision will prevail notwithstanding any law or custom having force
of law which is contrary to the above position.
14. In other cases, the insurer shall, subject to terms and conditions of assignment,
recognize the transferee or assignee named in the notice as the absolute transferee or
assignee and such person
a. shall be subject to all liabilities and equities to which the transferor or assignor
was subject to at the date of transfer or assignment;
b. may institute any proceedings in relation to the policy; and
c. obtain loan under the policy or surrender the policy without obtaining the
consent of the transferor or assignor or making him a party to the proceedings
15. Any rights and remedies of an assignee or transferee of a life insurance policy under
an assignment or transfer effected before commencement of the Insurance Laws
(Amendment) Act, 2015 shall not be affected by this section.
[Disclaimer: This is only a simplified version prepared for general information.
You are advised to refer to the Insurance Act, 1938 as amended from time to time
for complete and accurate details.]

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 Annexure A: Names of Ombudsman and addresses of Ombudsman Centres

AHMEDABAD - Office of the Insurance Ombudsman,6th Floor, Jeevan Prakash Bldg, Tilak Marg, Relief Road, Ahmedabad - 380001 Tel nos:
079-25501201/02/05/06 Email: imalokpal.ahmedabad@ecoi.co.in (State of Gujarat and Union Territories of Dadra & Nagar Haveli and Daman and Diu.)
BENGALURU - Office of the Insurance Ombudsman, Jeevan Soudha Bldg. ,PID No. 57-27-N-19, Ground Floor 19/19, 24th Main Road, JP Nagar, Ist Phase,
Bengaluru - 560 078. Tel.:080-26652048/26652049 Email: bimalokpal.bengaluru@ecoi.co.in. (State of Karnataka)
BHOPAL - Office of the Insurance Ombudsman, Janak Vihar Complex, 2nd Floor, 6, Malviya Nagar, Opp. Airtel Office, Near New Market, Bhopal - 462
003. Tel.: 0755 - 2769201 / 2769202 Fax: 0755 - 2769203 Email: bimalokpal.bhopal@ecoi.co.in (States of Madhya Pradesh and Chattisgarh)
BHUBANESHWAR - Office of the Insurance Ombudsman, 62, Forest park, Bhubneshwar - 751 009. Tel.: 0674 - 2596461 /2596455 Fax: 0674 - 2596429 Email:
bimalokpal.bhubaneswar@ecoi.co.in (State of Orissa).
CHANDIGARH - Office of the Insurance Ombudsman, S.C.O. No. 101, 102 & 103, 2nd Floor, Batra Building, Sector 17 - D, Chandigarh- 160 017. Tel.:
0172 - 2706196 / 2706468 Fax: 0172 - 2708274 Email: bimalokpal.chandigarh@ecoi.co.in (States of Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir,
Union territory of Chandigarh)
CHENNAI - Office of the Insurance Ombudsman, Fatima Akhtar Court, 4th Floor, 453, Anna Salai, Teynampet, CHENNAI - 600 018. Tel.: 044
- 24333668/ 24335284 Fax: 044- 24333664 Email: bimalokpal.chennai@ecoi.co.in (State of Tamil Nadu, and Union Territories - Pondicherry Town and Karaikal
(which are part of Union Territory of Pondicherry)).
DELHI - Office of the Insurance Ombudsman, 2/2 A, Universal Insurance Building., Asaf Ali Road, New Delhi-110 002. Tel.:- 011-23232481/23213504 Email:
bimalokpal.delhi@ecoi.co.in (State of Delhi)
ERNAKULAM - Office of the Insurance Ombudsman, 2nd Floor, Pulinat Bldg., Opp. Cochin Shipyard, M. G. Road, Ernakulam - 682015. Tel.: 0484 - 2358759
/ 2359338 Fax: 0484 - 2359336 Email: bimalokpal.ernakulam@ecoi.co.in (State of Kerala and Union Territory of (a) Lakshadweep (b) Mahe-a part of Union
Territory of Pondicherry)
GUWAHATI - Office of the Insurance Ombudsman, "Jeevan Nivesh", 5th Floor, Nr. Panbazar over bridge, S.S. Road, Guwahati-781
001(ASSAM) Tel.:- 0361-2632204/2602205 Email: bimalokpal.guwahati@ecoi.co.in (States of Assam, Meghalaya, Manipur, Mizoram, Arunachal Pradesh,
Nagaland and Tripura.)
HYDERABAD - Office of the Insurance Ombudsman, 6-2-46, 1st floor, "Moin Court", Lane Opp. Saleem Function Palace, A. C. Guards, Lakdi-Ka-Pool,
Hyderabad - 500 004. Tel.: 040 - 67504123 / 23312122 Fax: 040 - 23376599 Email: bimalokpal.hyderabad@ecoi.co.in (State of Andhra Pradesh, Telangana,
and Union Territory of Yanam - a part of the Territory of Pondicherry)
JAIPUR - Office of the Insurance Ombudsman, Jeevan Nidhi - II Bldg., Gr. Floor, Bhawani Singh Marg, Jaipur - 302 005. Tel.: 0141 - 2740363 Email:
Bimalokpal.jaipur@ecoi.co.in (State of Rajasthan)
KOLKATA - Office of the Insurance Ombudsman, Hindustan Bldg. Annexe, 4th Floor, 4, C.R. Avenue, KOLKATA - 700 072. Tel.: 033 - 22124339 / 22124340
Fax : 033 - 22124341 Email: bimalokpal.kolkata@ecoi.co.in (States of West Bengal, Sikkim, and Union Territories of Andaman & Nicobar Islands)
LUCKNOW - Office of the Insurance Ombudsman, 6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow - 226 001. Tel.: 0522
- 2231330 / 2231331 Fax:0522 - 2231310 Email: bimalokpal.lucknow@ecoi.co.in (Following Districts of Uttar Pradesh : Lalitpur, Jhansi, Mahoba, Hamirpur,
Banda, Chitrakoot, Allahabad, Mirzapur, Sonbhabdra, Fatehpur, Pratapgarh, Jaunpur,Varanasi, Gazipur, Jalaun, Kanpur, Lucknow, Unnao, Sitapur, Lakhimpur,
Bahraich, Barabanki, Raebareli, Sravasti, Gonda, Faizabad, Amethi, Kaushambi, Balrampur, Basti, Ambedkarnagar, Sultanpur, Maharajgang, Santkabirnagar,
Azamgarh, Kushinagar, Gorkhpur, Deoria, Mau, Ghazipur, Chandauli, Ballia, Sidharathnagar)
MUMBAI - Office of the Insurance Ombudsman, 3rd Floor, Jeevan Seva Annexe, S. V. Road, Santacruz (W), Mumbai - 400 054. Tel.: 022 - 26106552
/ 26106960 Fax: 022 - 26106052 Email: bimalokpal.mumbai@ecoi.co.in (State of Goa, Mumbai Metropolitan Region excluding Navi Mumbai & Thane)
NOIDA - Office of the Insurance Ombudsman,4th Floor, Bhagwan Sahai Palace,Main Road, Naya Bans, Sector-15, Distt: Gautam Buddh Nagar, 201301. Tel:
0120-2514250/2514252/2514253 Email: bimalokpal.noida@ecoi.co.in (State of Uttaranchal and the following Districts of Uttar Pradesh:Agra, Aligarh, Bagpat,
Bareilly, Bijnor, Budaun, Bulandshehar, Etah, Kanooj, Mainpuri, Mathura, Meerut, Moradabad, Muzaffarnagar, Oraiyya, Pilibhit, Etawah, Farrukhabad,
Firozbad, Gautambodhanagar, Ghaziabad, Hardoi, Shahjahanpur, Hapur, Shamli, Rampur, Kashganj, Sambhal, Amroha, Hathras, Kanshiramnagar, Saharanpur.)
PATNA - Office of the Insurance Ombudsman, 1st Floor,Kalpana Arcade Building, Bazar Samiti Road, Bahadurpur, Patna 800 006. Tel.: 0612-2680952 Email:
bimalokpal.patna@ecoi.co.in (State of Bihar, Jharkhand)
PUNE - Office of the Insurance Ombudsman, 3rd Floor, Jeevan Darshan Bldg, C.T.S. No.s. 195 to 198, N.C. Kelkar Road, Narayan Peth, Pune - 411 030. Tel.:
020-41312555 Email: bimalokpal.pune@ecoi.co.in (State of Maharashtra, Area of Navi Mumbai and Thane excluding Mumbai Metropolitan Region)

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 Premium Receipt
Receipt No.: 335923595FEB2001 | Receipt Date: 20-FEB-2020
Personal Details
Policy Number: 335923595 Email ID: Please update on our website and help us serve you
better
Policyholder Name: Mr. Hemant Puri Goswami PAN Number: BBVPG8001L
Address: S/O: NANHU PURI GOSWAMI, KAILASH NAGAR (EKTA NAGAR), BIRGAON, BIRGAON, Customer GSTIN: Not Available
RAIPUR, BIRGAON, Current Residential State: Chhattisgarh
Raipur- 493221
Chhattisgarh
Mobile Number: 9827141674
Policy Details

Plan Name: Max Life Future Genius Education Plan Policy Commencement Date: 17-FEB-2020
Life Insured: Mr. Hemant Puri Goswami Policy Term: 15 Years Premium Payment Term: 12 Years
Premium Payment Frequency: Annual Date of Maturity: 17-FEB-2035 Modal Premium (incl. GST): ` 40,899.94
Late Payment Fee (incl GST): ` 0.00 Premium Received (incl. GST): ` 41,799.94
GST Details Connect for more details
Coverage Type IGST (`) CGST(`) SGST/UTGST(`) Name
Base ` 0.00 ` 900.00 ` 900.00
Axis Bank Ltd Urla
Rider ` 0.00 ` 0.00 ` 0.00
Late Payment ` 0.00 ` 0.00 ` 0.00
Contact Number
Total GST Value: ` 1,800.00 GSTIN:22AACCM3201E1ZD 1860 120 5577
GST Regd. State:Chhattisgarh
SAC CODE:997132
Mudrank: Paid by e-Stamps Certificate no. 742/Issue Date: 15/10/19/ Vide Treasury (E-CHALLAN) GRN NO.58140319

Minimum Guaranteed
Death Benefit (of base plan
and term rider (if any))
17-FEB-2020 to
` 5,15,596.00 ` 41,799.94 16-FEB-2021 17-FEB-2021
*Important Note:
1.For payment mode other than in cash, this receipt is conditional upon the credit in our account. Payment of premium amount does not constitute commencement of risk. The risk
commencement starts after acceptance of risk by us.
2.Amount received would be adjusted against the due premium as per terms and conditions of the policy.
3.Premiums may be eligible for tax benefits under section 80C/80CCC/80D/37(1) of the income Tax Act 1961. Kindly consult your tax advisor for more information. Tax benefits are liable
to change due to changes in legislation or government notification.
4.GST shall comprise CGST, SGST / UTGST or IGST (whichever is applicable) including cesses and levies, if any. All applicable taxes, cesses and levies, as per prevailing laws, shall be borne
by you. For GST purposes, this premium receipt is Tax invoice. Assessable Value in GST for Endowment First Year is 25%, Renewal Year is 12.5%, Single Premium Annuity is 10%, Term
and Health is 100%.

Authorised Signatory
PRM20 PRODUCT UIN: 104N094V03
E.&O.E

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