Max Life Group Credit Life Secure Plan
As a lending institution, your loan can transform someone’s life and turn their dream into reality. However, there are also tough times when the borrower’s family might be left just with a legacy of liabilities. Eventually, not only the family but also the overall finances of your company suffer. Though you take all the necessary measures to keep such defaults to the minimum through a recovery mechanism, you need to insure your lent assets against non-payment by the borrower in case of their death.
Choose Max Life Group Credit Life Secure Plan (UIN: 104N072V04), a plan that provides coverage against a loan in the event of a borrower's death during the lending period.
- Saves banks/financial institution from default payments in case of death of the policyholder
- An attractive low-cost value-added plan to cover against loan during uncertainties
- Safeguard borrower’s family from paying-off the rest of the loan liabilities in case of eventualities
What does Max Life Group Credit Life Secure Plan Offer to Banks/Financial Institutions?
Protection against Defaults
Safeguards against NPAs
Comprehensive Coverage
All You Need to Know about Max Life Group Credit Life Secure Plan
- Plan Benefits
- Eligibility Criteria
- Downloads
| Minimum Age at Entry | 15 years (age as on last birthday) |
| Maximum Age at Entry | 75 years (age as on last birthday) |
| Maximum Age at Maturity | 77 years (age as on last birthday) |
| Maximum Policy Term | Till 77 years (age as on last birthday) subject to a maximum of 40 years. Policy Term should be less than or equal to the loan tenure subject to the minimum duration of 1 month. |
| Minimum Group Size to Initiate a Group scheme | 50 members within a policy year |
| Maximum Group Size |
No limit |
| Minimum Sum Assured | Rs. 10,000 per member |
| Maximum Sum Assured | No limit, but subject to underwriting |
| Minimum Premium | No limit |
| Maximum Premium | No limit |
Eligible Groups
For a group to be considered eligible, the following aspects will be considered:
- There should be a clear relationship between individual members and the group policyholder
- Policyholder would be a legal authority to act on behalf of all members of group for the purpose of the group insurance contract
- Membership of group must be defined clearly and no ambiguity should arise on the definition of the membership
- Conditions for eligibility for insurance should be clearly defined
- The minimum group size should be 50 members to initiate a group scheme
- Commencement and cessation of risk cover must be clearly defined
- No Group should have been formed for the sole purpose of taking the insurance coverage
| Downloads | Actions |
| Prospectus |
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| Premium Rates Table |
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| Leaflet |
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| Policy Contract |
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| Customer Information Sheet |
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Wondering Why Companies Invest in Group Insurance Plans?
Why Choose Max Life?
99.65% Claims Paid Percentage
304 Offices Max Life's Presence
₹1,779,409 Cr. Sum Assured
₹150,836 Cr. Assets Under Management
ARN: PDP/GCLS/011024
- 0124 648 8900(09:00 AM to 09:00 PM Monday to Saturday)
- service.helpdesk@maxlifeinsurance.comEmail
- SMS ‘LIFE’ to 5616188Message
- Let us call you back
- 1860 120 5577(9:00 AM to 6:00 PM Monday to Saturday)
- Chat with us
- Write to usPlease write to us incase of any escalation/feedback/queries.
- 011-71025900, 011-61329950(9:00 AM to 6:00 PM Monday to Saturday)
- nri.helpdesk@maxlifeinsurance.comPlease write to us incase of any escalation/feedback/queries.