Terms and Conditions

The Age of the Life Insured at the commencement of the Policy should be between 18 (Eighteen) years and 60 (Sixty) years (both inclusive).
The maximum Age of the Life Insured on the Expiry Date cannot exceed 70 (Seventy) years.
The Policy is only available to resident Indians.
BENEFITS: Upon death of the Life Insured during the Policy Term and on the approval of the claim, one of the benefits specified below shall be payable depending upon the death benefit option chosen:
OPTION 1: Sum Assured.
OPTION 2: Sum Assured and a level monthly income of 0.4% (Four Tenths percent) of the Sum assured, limited to a total of 120 (One Hundred Twenty) regular monthly incomes, payable every month from the Policy Anniversary following the date of intimation of death of the Life Insured, for a period of 10 (Ten) years (the “Payout Period”).
OPTION 3: Sum Assured and a monthly income during the Payout Period as defined above, shall be payable as follows:
During the first year of the Payout Period, a regular level monthly income of 0.4 % (Four Tenths percent),  
limited to a total of 12 (Twelve) regular level monthly incomes; and
From the second year of the Payout Period till the end of the Payout Period, the monthly income shall  
increase at a rate of 10% (Ten percent) per annum of the first year monthly income.
Any benefit/ claim payments under the Policy shall be made in Indian rupees (INR) or in any other currency in accordance with the applicable guidelines issued by the Reserve Bank of India from time to time.
SURRENDER: The Policy does not acquire any surrender value throughout the Policy Term and therefore there is no amount payable to Policyholder upon surrender of the Policy.
RISK ASSESSMENT: The receipt of the filled up online proposal form and the initial premium by the Company does not create any obligation upon the Company to underwrite the risk. The Company will not be liable until it has underwritten the risk and issued the Policy. Please note that the premium amount may increase or decrease basis the risk assessment done by the Company. In the event of the proposal being withdrawn/ cancelled by the proposer before the issuance of the Policy, the Company will refund the application money after deducting the expenses incurred in conducting the medical tests of the proposer/life assured.
PREMIUM: The Policy is a regular premium paying Policy and premiums are payable annually on the due dates that will be specified in the Policy document. All premiums are subject to applicable taxes including service tax and government levies, which shall be entirely borne by the Policyholder. If the premiums are not received within 30 days from the due date, the Policy will lapse. A lapsed Policy can be revived within 2 years from the due date of the first unpaid premium.
PAYMENT: The premium payments have to be made in INR and can be paid online by way of net banking or through a debit or a credit card or through standing instructions or through any other means as determined by the Company from time to time. Third party credit card payment of the premiums will not be accepted. Premiums are subject to applicable taxes including service tax and government levies, which shall be entirely borne by Policyholder.
ADDITIONAL TERMS FOR STANDING INSTRUCTIONS: In case the Policyholder chooses to pay through standing instructions, he will be bound by the following additional terms and conditions:
Policyholder will have to make payments to, and authorize the Company to debit the given credit card account with the amount of the due renewal premium(s) under the Policy on the due dates mentioned in the Policy document.
The Policyholder agrees that risk under the Policy will be assumed by Company only after the Policyholder’s credit card account is debited with the amount of the renewal premium and Company receives the same.
Non receipt of renewal premium(s) shall result in lapsation of the Policy, such lapsation being governed by the terms and conditions of the Policy.
The Policyholder confirms that the credit card issuing bank is not acting as an agent either on Company’s behalf or on his, in accepting the debit to the credit card account with the renewal premium amount(s), or otherwise dealing with the renewal premium amount(s) payable under the Policy, in any manner.
In the event the Policyholder’s credit card account expires, or is not renewed by him for any reason, he shall comply with the Company’s directions in ensuring that any premium amount payable by him is paid to the Company through any of the modes of payment prevailing.
The Policyholder agrees to fill as well as submit the duly filled up & signed Policy amendment form and credit card authorization form (as available on Company’s website) and the card details to the Company, as and when the card is renewed, along with the photocopy of the front and back, duly signed by him.
At any point of time, if the Policyholder wants to withdraw his standing instructions for the payment of renewal premium amount, he will have to submit a cancellation request to the Company in the Policy amendment form (as available on the Company’s website), at least 15 days before the renewal premium is due. On receipt of such a request, the Company will notify the Policyholder of the new payment method and due amount. The Company will cease to debit Policyholder’s credit card on the receipt of his withdrawal request.
DECLARATION OF THE CORRECT AGE AND GENDER: Declaration of the correct Age and gender of the Life Insured is important for the Company’s underwriting process. The premiums are calculated on the basis of the Age and gender of the Life Insured. If the Age and/or gender declared is found to be incorrect anytime during the Policy Term or at the time of claim subject to full disclosure and incontestability provisions, the Company may at its discretion:
Cancel the Policy and refund the premium for the unexpired period of coverage, or
Adjust the premium payable by Policyholder or benefits payable based on the true Age and/or gender.
FULL DISCLOSURE AND INCONTESTABILITY: Insurance is a contract of utmost good faith and the Company relies and trusts upon Policyholder’s representations. The Policy will be underwritten and issued by the Company based on the information provided by Policyholder in/with the proposal. In case of any concealment, non-disclosure or fraud or if any information or document or representation made by Policyholder to the Company is found to be incorrect, it shall lead to an absolute right in the Company’s favor to cancel the Policy and refund the premiums for the unexpired period of coverage, subject to such fraud or misrepresentation being established by the Company in accordance with Section 45 of the Insurance Act, 1938.
NOMINATION: Policyholder can nominate a person as his nominee in the proposal form. The nominee shall be the person to whom the benefits under the Policy will be paid in the event of death of the Life Insured. A change in nomination may be made by Policyholder at any time during the Policy Term by informing the Company in writing and registering the same with the Company. Where the Nominee is a minor, Policyholder is required to appoint an appointee to receive the monies in the event of the Life Insured’s death during the minority of the nominee. In case of a minor nominee, Policyholder must inform the Company of the name and relationship of the appointee to receive the benefits on behalf of the minor nominee.
GOVERNING LAW AND JURISDICTION: The Policy and the relationship between Policyholder and the Company shall be governed by Indian law. The competent courts in India shall have exclusive jurisdiction in all matters and causes arising out of the Policy.
INFORMATION AND ADVICE: The availability of any information, advice and guidance, if any, on the website, does not constitute a recommendation and is not a solicitation by Company or any of Company’s personnel or the experts used by Company, for buying policies. Any decision to purchase a policy will be based solely on the Policyholder’s own evaluation of the Policy offered by the Company, his financial and personal circumstances and needs.
SHARING OF INFORMATION: By applying for the Policy online, the Policyholder agrees to be contacted by the Company for any policy/regulatory/product related information through SMS/by email/phone. The Policyholder consents to the Company sharing the information provided in the proposal form including personal, confidential, medical and sensitive information with Company’s group companies, affiliates or other third party service providers etc. for the purposes for which, the said information is disclosed.
INFORMATION SECURITY: In the event that the certifying authorities and other infrastructure contemplated under the Information Technology Act, 2000, for ensuring secure electronic communication and secure digital signatures is notified by the concerned authorities and the infrastructure to enable the same is in place, the Company would have the right to require the Policyholder to authorize transactions on the website by means of secure digital signatures either in place of or in addition to any other authentication specified by the Company. The digital signatures shall be obtained by the Policyholder at his own cost and efforts.
RESTRICTIONS ON USE: The Policyholder agrees to use the website strictly for his personal use and not to use the website or the facilities provided herein for any illegal purpose or in any manner inconsistent with these terms and conditions. The Policyholder agrees not to use, transfer, distribute or dispose of any information contained in the website in any manner that could compete or conflict or compromise or imperil the Company’s interests. The Policyholder acknowledges that the website constitutes Company’s valuable intellectual property and agrees to protect at all times the Company’s proprietary rights therein. The Policyholder agrees not to do any act which violates Company’s intellectual property rights in the website. Except as permitted under these terms and conditions, the Policyholder also agrees and undertakes not to reverse engineer, decompile, disassemble, copy, reproduce, distribute, modify, transmit, perform, publish or create derivative works from or in any way exploit any content of the website or transaction, in violation of the terms and conditions or the laws of any country. The Policyholder agrees and undertakes not to create a database in electronic or structured manual form by systematically downloading and storing the entire website or part thereof save and except such information as relates or concerns him. The Policyholder also agrees and undertakes not to engage in any fraudulent, abusive or illegal activity, including but not limited to any communication or solicitation designed or intended to fraudulently obtain the password or any private information.
RESPONSIBILITY FOR CONTENT: The Policyholder understands and accepts that the Company is under no obligation and assumes no responsibility for defamatory, libelous, slanderous, falsehood, obscene, pornographic, profane or dangerous content posted on the website by any person. The Policyholder understands and undertakes not to post or transmit any unlawful, threatening, libelous, defamatory, obscene, scandalous, inflammatory, pornographic, profane or hate material or any material that could constitute or encourage conduct that would be considered a criminal offense, give rise to civil liability, or otherwise violate any law. The Policyholder understands that the Company will fully cooperate with any law enforcement authorities or court order requesting or directing Company to disclose the identity of anyone posting any such information or materials.
MODIFICATION OF THE TERMS AND CONDITIONS: The Policyholder understands that the Company has absolute discretion to amend or supplement any of these terms and conditions at any time. In the case the Policyholder does not wish to use the website on the new terms and conditions he understands that his only remedy is to terminate the usage of the website. In case he continues using the website on new terms and conditions, he shall be deemed to have accepted the modified terms and conditions.
E QUOTE: An e - quote is the unique number provided to Policyholder when Policyholder submits his personal information on the Company’s website, to generate a premium estimate. Each e-quote is valid for a period of thirty days from the date of its generation and may be used during this period to complete the transaction of purchase of a Policy. In case the Policyholder’s birthday falls within such validity period of the e – quote, the premium estimate generated under it will change. Policyholder agrees that he shall be the sole and exclusive user of any e-quote generated on his behalf using his personal information and accepts sole responsibility for use, confidentiality and protection of the same. The Policyholder may have to share the e-quotes generated on his behalf to third party service providers for processing the transactions that Policyholder carries out on the Company’s website. Please note that e-quotes should not be revealed to any person other than as mentioned above. In case the Policyholder is unable to recall the e-quote number, he may recover it by entering his mobile number and his date of birth on the Company’s website. It is the Policyholder’s responsibility to ensure that no unauthorized person has access to his computer, while he is accessing the website. Policyholder must immediately notify the Company in writing on becoming aware of any unauthorized use of any e-quote generated on his behalf. In case the Policyholder fails to notify the Company immediately upon becoming aware of any use of/unauthorized transaction using the e-quote, neither the Company nor any of its officers, directors, employees, advisors, affiliates or subsidiaries can or will have any responsibility or liability to Policyholder or to any other person whose claim may arise through Policyholder, with respect to any of the circumstances described above. Notwithstanding the generation of a new e- quote, Policyholder shall be fully responsible and liable for all transactions carried out under any of the old e – quotes generated on his behalf. The Company would be entitled at its sole discretion to seek offline written or other confirmation from Policyholder regarding the genuineness of any transaction carried out under any e – quote generated on Policyholder’s behalf. Under no circumstances the Company or anyone involved in creating, producing, delivering or managing the website and the facilities offered therein, shall be liable to Policyholder for any direct, indirect, incidental, special or consequential damages that result from the use of or inability to use the services which are provided on the Company’s website or out of any breach of any warranty.
EVIDENCE OF TRANSACTIONS: The Company’s records of the transactions using an e- quote, including the recording of the time of the transactions, maintained on the Company’s computer systems or otherwise shall be accepted as conclusive and binding for all purposes and shall be conclusive proof of the genuineness and accuracy of the transactions.
POLICY TERMS AND CONDITIONS: In addition to these online terms, as laid out herein, Policyholder will also be bound by and will have to observe the terms and conditions of the Policy as enumerated in the Policy document that will be issued and delivered to Policyholder.
(i)Age means age of the Life Insured as at last birthday.
(ii)Company means Max Life Insurance Company Limited.
(iii)Expiry Date is the date on which the Policy Term expires and the Policy terminates.
(iv)Life Insured means the person on whose life the Policy has been taken.
(v)Policy means this Max Life Online Term Plan.
(vi)Policy Anniversary means the annual anniversary of the effective date of the Policy contract.
(vii)Policy Term means the term of the Policy as selected by Policyholder at the time of the proposal.
(viii)Sum Assured means the guaranteed amount which is payable on the death of the Life Insured.
(ix)Policyholder means the person who has taken the Policy from the Company.

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