Max Life Insurance T&Cs

Following are the Terms and Conditions of Max Life Insurance Plans:

1. Grace Period: According to the Insurance Regulatory Authority of India (IRDAI) a grace period of 30 days is allowed from the due date of the premium. If the mode of the premium is monthly then 15 days is allowed. During this time frame, the insurance company will accept the premium without late fee charges.

2. Lapse: If the policy premium is not received by Max Life Insurance by the end of the Grace Period, then your Policy will lapse with effect from the due date of unpaid premium and no benefits under the policy cover will be paid.

3. Nominations and Assignment: Nomination and Assignment will be applicable in accordance with Section 39 and Section 38 respectively of the Insurance Act 1938.

4. Suicide Exclusion: If the Policyholder, dies by suicide within 12 months from the date of inception of the policy or the date of revival of the policy, then the policy will discontinue immediately. In such scenarios, the Max Life Insurance will only refund total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid to the beneficiary or nominee.

5. Statutory Impositions: The policyholder is responsible for paying statutory impositions. (Benefits under the policy and Premiums payable established under your policy will be subject to statutory levy, cess, and taxes at the prevailing rates)

6. Free Look Period: The policyholder has a period of 30 days of free look period if the policy is purchased through Distance Marketing modes from the date of receipt of the Policy in order to carefully go through and agree to the terms and conditions mentioned in the policy. If the policyholder disagrees with any of the terms or conditions, he has the option to return the policy stating reasons for rejections, upon which the policyholder will be entitled to an amount which will be equal to the premium received by the insurance company and all the expenses incurred on medical examination and on account of stamp duty.

7. Tax Benefits: The policyholder may be entitled to certain tax benefits on his premiums and benefits. All the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by the policyholder.

8. Section 45

According to the Insurance Act, 1938 (sec 45):

• Any of the life insurance policy shall not be bought into any kind of question on the basis of any grounds post 3 years of expiry from the date of the life insurance policy i.e from the policy issuance date, or the commencement date of the risk, or the renewal date of the policy, or the date of rider to the insurance policy (whichever comes later).
• Insurance policy can be called for the question on the ground of fraud within 3 years from the date of issuance of the policy, the date of rider to the policy, the date of revival of the policy, or the date of commencement of risk (whichever is later).
• Mere silence of facts is not fraud unless, depending on the circumstances of the case, it is the duty of the insurance company to keep silent to speak or silence is in itself equivalent to speak.
• Max Life Insurance company will repudiate a life insurance policy on the ground of Fraud if the policyholder or the nominee can prove that the suppression or misstatement of material facts was correct according to his information and there wasn’t any intentional suppression of material facts within the insurer’s knowledge.

9. Revival of Policy: If the policy gets lapsed then it can be revived by the policyholder within 5 years from the due date of the premium and before the expiry of the policy term. The revival of policy will take place only after approval by Max Life Insurance as per their Underwriting standards. In case, a lapsed insurance policy does not get revived within the duration allowed for the insurance policy revival, the policy would terminate and no value will be payable to the policyholder.