Needs Alway Grow, So Should Your Protection Cover.

Scenario 1: Death benefit with Fixed Sum Assured Option

Let’s take an example of Mr. Sharma, 35 year old and healthy (non - smoker), who opts for Axis Max Life Super Term Plan. He chooses to buy Level Sum Assured option with following plan details:

Policy Term: 30 years

Annualised Premium: Rs. 16,500

Sum Assured: Rs. 1 crore

On sudden demise of Mr. Sharma during 10th policy year (i.e. post payment of 10 annualised premiums), his wife (or the nominee) can opt to take up the death benefit in the following ways:

1. By choosing lumpsum payout option

His wife (or the nominee) can opt to take the entire proceeds of the Policy, i.e. Rs. 1 crore as lumpsum amount immediately after Mr. Sharma’s death.

2. By choosing lumpsum with monthly income payout option

His wife (or the nominee) can opt to take half the amount as lumpsum immediately and the remaining 50% as monthly income (starting from next Policy Anniversary after the date of death) increasing at 8.50% p.a. (simple rate) every year starting from the policy anniversary following the date of death.

Scenario 2: Death benefit with Increasing Sum Assured Option

Let’s take an example of Mr. Verma, 40 year old, healthy (non - smoker), who wants to buy a plan which provides an increasing Life Cover to withstand inflation. He opts for Axis Max Life Super Term Plan with Increasing Sum Assured option with the following plan details:

Policy Term: 30 years

Annualised Premium: Rs. 42,100

Sum Assured: Rs. 1 crore which increases every year by Rs. 5 Lakhs (5% of initial Sum Assured of Rs. 1 Crore) till the end of Policy Term

On sudden demise of Mr. Malhotra during 21st policy year (i.e. post payment of 21 annualised premiums), the sum assured has increased to Rs. 2 Crores. His wife (or the nominee) can take up the death benefit in following ways:

1. By choosing lumpsum payout option

His wife (nominee) opts to take the entire proceeds of the Policy as lump sum amount. In the 21st policy year immediately after Mr. Verma’s death.

2. By choosing lumpsum with monthly income payout option

His wife (nominee), instead of taking the entire amount as Lump sum, opts to take 1 crore, i.e., half the amount as lump sum immediately after death and the remaining Rs. 1 Crore as monthly income (starting from next Policy Anniversary) increasing at 8.50% p.a. (simple rate) every year starting from the policy anniversary following the date of death.

Scenario 3: Survival Benefit

In the fortunate cases when the policyholder survives till the end of the policy term, you (the policyholder) or the nominee don’t receive any sum as a part of this plan. This plan primarily aims to cover your family in the event of death.