Max Vijay :: FAQs

Some frequently asked questions to help you get more understanding about our Products.

Product Information

Question 1:	What are the Premium Payment Options for Max Vijay?
Answer:	Currently the available options are: Max Vijay Rajat Max Vijay Swarna Max Vijay Heera
Question 2:	How is Max Vijay different from Traditional Endowment or Whole Life Policies?
Answer:	In the current insurance world, premiums, frequency of renewal premium and Sum Assured are fixed; whereas in Max Vijay ONLY the initial premium or enrolment premium is fixed at Rs 1000, Rs 1500 and Rs 2500 while subsequent premium is completely flexible, subject to minimum of Rs 10 and and maximum Rs 2500 per day per policy

Question 3:	How is Max Vijay different from the existing Unit Linked Insurance Plan?
Answer:	After first premium, you can pay as you and when you can and there is no need to pay regular premiums Minimum contribution can be Rs.10 per day Double SA payable on Accidental Death
Question 4:	What are the benefits of this type of plan?
Answer:	Dual Benefit of Protection and Savings Flexible Premium Payment options and Frequency

Product Features

Question 1:	What is the Min/Max entry age?
Answer:	10yrs - 50yrs Last Birthday.

Question 2:	What is the Min/Max policy tenor?
Answer:	Fixed term of 10 years

Question 3:	What is the Min/Max maturity age?
Answer:	60 years

Question 4:	What is the Max Sum Assured for Natural Death?
Answer:	Five times of premium received subject to maximum of Rs. 5 000 to Rs 1, 00,000 (depending upon the premium payment option chosen by you.

Question 5:	What is the Max Sum Assured for Accidental Death?
Answer:	Rs. 10 000 to Rs 2, 00,000

Question 6:	What is the amount payable on Death? Natural or Accidental?
Answer:	Sum Assured + Account Value is paid. In case of Accidental Death, double sum assured + account value is paid. In the 1^st 6 months, the amount payable is 40% of SA + Account Value.

Question 7:	What is a subsequent Premium?
Answer:	Any amount paid into the policy after first policy is called subsequent premium.

Question 8:	Are there any Min/Max subsequent premium amount I can pay?
Answer:	You can pay as low as Rs 10 and maximum you can pay is Rs 2500 in one day.

Question 9:	What is the difference between Renewal Premium and Subsequent Premium?
Answer:	Renewal premium is fixed premium paid regularly by policyholder on the due date of the premium to keep the policy alive. This premium payment is a liability on the policyholder and has to be paid at fixed intervals. In Max Vijay, there is no concept of renewal premium. This plan operates on the concept of subsequent premium, which can be paid at anytime depending on the policyholder’s convenience and ease. This payment is not fixed and the customer can deposit as low as Rs 10/- whenever he wants.

Question 10:	Does the Sum Assured increase with Subsequent Premium?
Answer:	Yes, as you keep putting in more and more subsequent premium, the insurance cover or Sum Assured keeps increasing by 5 times of the total premium received subject to the maximum Sum Assured allowed under different premium payment option that is: Max Vijay Rajat- Rs 50,000 Max Vijay Swarna- Rs 75000 Max Vijay Heera- Rs 1, 00,000. Any subsequent premium added after the policy has attained the maximum allowed Sum Assured will be purely used as a savings component.

Question 11:	What is the no-lapse Guarantee?
Answer:	As long as there is enough balance in policyholder’s account value to cover the necessary charges under the policy, the policy will not lapse.

Underwriting/Operations

Question 1:	What are the Underwriting Requirements?
Answer:	This policy does not require medical examination or tests. Only a simple health declaration is enough. Even though the Sum Assured increases with subsequent premiums, there is no requirement of any underwriting in this plan.

Question 2:	What is the Documentation required?
Answer:	Ration Card/ Voter’s Identity Card/Electricity Bill/Telephone Bill/Bank Letter/Statement not older than 6 months/Letter or Identity Card issued by Recognised Public Authority/Public Servant/Employer’s Certificate/Class 10th or 12th School Certificate/Lease Agreement & Rent receipts not older than 3 months/Certificate from Panchayat

Question 3:	How soon does the Life Cover begin?
Answer:	The effective date of coverage will begin after 7 days of the date of policy.

Question 4:	What is the Suicide Exclusion Clause?
Answer:	If death occurs due to suicide during the first 12 months, the company will refund the premium received after deducting the premium allocation, mortality and policy administration charges and applicable service tax.

Question 5:	Can I surrender the policy? How much will I get in case I surrender the policy?
Answer:	The policy can only be surrendered after completion of 3 policy years. After 3rd policy anniversary Surrender Value = policyholder’s account value – Surrender Charges

Question 6:	Can I withdraw money in case I require it?
Answer:	Yes, you can withdraw partially upto 30% of the account value after 3rd policy year. First two partial withdrawals are free in one policy year up to policy year 6 & three withdrawals are free from year 7 onwards.

Question 7:	Can I make a nominee under the policy?
Answer:	Yes. The nominee will be the person who will be entitled to receive the Death Claim in case of unfortunate death of the policyholder whether it is accidental or natural death.

Question 8:	Who can be a nominee?
Answer:	Ideally the nominee should be parents, spouse or children, in case of minor nominee you will have to appoint a guardian / appointee as well.

Question 9:	Can I take a loan against the policy?
Answer:	The loan facility is not available under this policy, however you can request for partial withdrawal upto 30% of your policyholder’s account value.

Question 10:	Can I assign this policy to a Family member or to a Bank?
Answer:	Yes, assignment is permissible.

Question 11:	What if the age is under/over-stated?
Answer:	Any mis-declaration of important information will lead to rejection of claim if any and premium amounts are likely to be forfeited. Company may at its sole discretion pay the account value.

Question 12:	What if the Health Declaration turns out to be false?
Answer:	Any mis-declaration of important information will lead to rejection of claim if any and premium amounts are likely to be forfeited. Company may at its sole discretion pay account value.

Question 13:	How is the Max Vijay proposal form different from other forms?
Answer:	Max Vijay has a simple form that has to be filled and minimal documentation is required.

Distribution/Sales

Question 1:	Where can Max Vijay be purchased?
Answer:	It can be purchased from all the channel partners of the Company.

Question 2:	Where can I deposit my Subsequent Premium?
Answer:	All company authorized network or calling on TOLL free number 1800-419-4194 to identify nearest location.

Question 3:	Whom should money be paid?
Answer:	All company authorized network in cash or Cheque. In case customer wants to pay directly to company then Cheque should be handed over to authorized network which will be deposited by them in company’s account.

Question 4:	How can I know my policy status, account value etc.?
Answer:	Contact any authorized network or call TOLL free number 1800-419-4194.

Question 5:	How do I know if money has been credited to my account?
Answer:	Each time you pay subsequent premium in your policy account you will get a receipt and a confirmation from the company. You can also check the status on the TOLL free number within 3 days of deposit.

Question 6:	How can I change details – say nominee, address etc.?
Answer:	You can make the request on TOLL FREE number or send the filled form/ written request to the company authorized network. This request will be forwarded to the Max Vijay Operations team at Gurgaon and the request will be executed.