PART A

Welcome to Max Life Insurance

Date 31-Jan-2015
To <Name of the Policyholder>
<Address 1><Address 2>
<City> - <Pin Code><State>

Policy no.: <Policy number>

Telephone: <Telephone number>
Email id: <Email address>

7. Welcome Dear <Name of the Policyholder>,

Thank you for opting for Max Life Group Credit Life Secure Plan. (Non Linked and Non Participating Single Premium
Group Term Insurance Plan) .We request you to go through the attached policy document.
What to do in On examination of the policy, if you notice any mistake or error, proceed as follows:
case of errors 1. Contact our customer helpdesk or your agent immediately at the details mentioned below.
2. Return the policy to us for rectifying the same.

Free Look In case You and/or the Member are not satisfied with the policy, You and/or the Member, have a period of 15 (Fifteen) days
Cancellation (30 days if the Policy/Certificate of Insurance has been issued through distance marketing i.e. by any means of
communication other than in person) from the date of receipt of the Policy/Certificate of Insurance to review the terms and
conditions of the Policy/Certificate of Insurance. If You/ the Member disagree to any of the terms or conditions of the
Policy/Certificate of Insurance, You/the Member have an option to return the original Policy/Certificate of Insurance to Us by
stating the objections/reasons for such disagreement in writing.

Where free look cancellation is exercised by You, the Policy shall terminate forthwith and all rights, benefits and interests
under the Policy shall cease immediately. However, the cover in respect of existing Members will continue as per the terms of
Certificate of Insurance. No new Members will be enrolled under the Policy.

Where free look cancellation is exercised by Member, Certificate of Insurance shall terminate forthwith and all rights,
benefits and interests shall cease immediately. We will only refund the Premiums received by Us, after deducting the
proportionate risk Premium for the period of cover, charges of stamp duty paid and the expenses incurred on medical
examination of the Member(s), if any.
Long term We are committed to giving you honest advice and offering you long-term savings, protection and retirement solutions backed
protection by the highest standards of customer service. We will be delighted to offer you any assistance or clarification you may require
about your Policy/Certificate of Insurance or claim-related services at the address mentioned below. We look forward to being
your partner for life.

Yours Sincerely,
Max Life Insurance Co. Ltd.

Indeevar Krishna
Executive Vice President and Head (Customer Service and Operations)

Max Life Insurance Company Limited, Plot No. 90A, Sector 18, Gurugram, 122015, Haryana, India
Phone: 4219090 Fax: 4159397 (From Delhi and other cities: 0124) Customer Helpline: 1860 120 5577
Regd. Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab -144 533 Visit Us at:
[Link] E-mail: [Link]@[Link]
IRDAI Registration No: 104 Corporate Identity Number: U74899PB2000PLC045626

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 MAX LIFE INSURANCE COMPANY LIMITED

Regd. Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab -
144 533

MAX LIFE GROUP CREDIT LIFE SECURE PLAN

A Non Linked and Non-Participating Single Premium Group Term Insurance Plan

UIN- 104N072V02

Max Life Insurance Company Limited has entered into this contract of life insurance with the Master
Policyholder on the lives of the persons referred to in the Schedule to the Policy. This Policy has been
effected on the lives of the Members based on the Proposal Form, declarations, enrollment form and
Premium deposit made by the Master Policyholder.

The Company agrees to pay the Death Benefit under this Policy on the happening of the Insured Event,
while this Policy is in force, subject to the terms and conditions stated herein.

On examination of this Policy, if the Master Policyholder notices any mistake or error, this Policy should
be returned to Us for rectifying the same.

Max Life Insurance Company Limited

Place of Issuance: Gurugram, Haryana

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POLICY SCHEDULE

I. DETAILS OF POLICY
BASE POLICY – Max Life Group Credit Life Secure Plan

TYPE OF POLICY – Non-Linked and Non-Participating Single Premium Group Term Insurance Plan

OFFICE –

POLICY NO: PROPOSAL NO:

DATE OF PROPOSAL:

DATE OF COMMENCEMENT OF RISK (Effective Date of Coverage):

MASTER POLICYHOLDER:

IDENTIFICATION SOURCE & I.D NO.:

Details of Insured as at the Effective Date of Coverage: As per Register of Members provided by Master
Policyholder

ADDRESS (For all communication purposes):

TEL. NO.:

MOBILE NO.:

EMAIL:
Maturity Date: N/A

Date on which Survival Benefit is payable: N/A

NAME OF THE INSURANCE AGENT/ INSURANCE Intermediary:

INSURANCE AGENT/ INSURANCE Intermediary LICENSE NO.:

INSURANCE AGENT/ INSURANCE Intermediary CODE:

ADDRESS:

TEL. NO.:

MOBILE NO.:

EMAIL:

Details of Sales Personnel (for direct sales only):

II. ELIGIBILITY CRITERIA

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 Eligibility criteria for admission to the group and other special terms and conditions [The eligibility criteria
are to be mentioned on a case specific basis – below is only an indicative list]

(i) There must be a clear relationship between individual Members and the Master Policyholder.

(ii) The Master Policyholder would be the authorized person to act on behalf of all Members of group for the
purpose of this Policy.

(iii) The group should not be formed for the sole purpose of taking the insurance coverage under this Policy.

(iv) The minimum group size should be 50 (Fifty) Members for obtaining insurance coverage under this Policy.

III. DETAILS OF POLICY COVERAGE

Number of Members Admitted at the Date of Commencement of Risk /Effective Date of Coverage:

Total Sum Assured:

Total Premium:

Total applicable Taxes, cesses and levies:

Death Benefit Option Chosen:

i) Option A - Decreasing Cover:

Whether moratorium option chosen:

ii) Option B - Level Cover:

Date of Commencement of Risk /Effective Date of Coverage:

For existing Members:

Riders:

Premium Mode: Single Premium

Free Cover Limit (if any):

Policy Term: The Policy continues, until terminated by either of the parties in accordance with Section 10.

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 1. DEFINITIONS AND INTERPRETATION

1.1. Definitions

The words and phrases listed below shall have the meanings attributed to them wherever they
appear in this Policy unless the context otherwise requires:

i. “Age” means age of the Member as at last birthday on the Entry Date or the previous Policy
Anniversary, as the case may be;

ii. “Beneficiary” means a person who has been nominated by the Member as a beneficiary and whose
name, age and relationship with Member has been recorded by the Policyholder in the Register of
Members, along with name of guardian in case of minor person in accordance with Section 9.2 and
registered by Us or any person as specified in Section 4.1, who is eligible to receive the Death
Benefit payable under this Policy;

iii. “Borrower” or “Co-borrower” means a natural person who has been extended a loan facility or
advance in any form by the Master Policyholder;

iv. “Certificate of Insurance” means a certificate issued by Us on the basis of the details mentioned
in the Member’s enrollment form, to each Member evidencing the acceptance of risk on the life of
the Member under this Policy;

v. “Company”, “We”, “Us”, “Our” means Max Life Insurance Company Limited;

vi. “Death Benefit” means the Sum Assured payable by Us on the happening of the Insured Event;

vii. “Death Benefit Option” means the option chosen by the Master Policyholder, at the time of the
Proposal Form and as specified in the Schedule;

viii. “Date of Commencement of Risk /Effective Date of Coverage” means the date as specified in
the Schedule, on which the Insurance on the lives of the Members under this Policy commences
which will be later of:

a. the date of realization of the Premium by Us; or

b. the date of underwriting decision by Us;

ix. “Entry Date” means:

a. in relation to the existing Eligible Members, as at the date of commencement of this Policy
who are admitted to the Insurance, the Date of Commencement of Risk /Effective Date of
Coverage; and

b. in relation to Eligible Member(s) admitted to the Insurance under this Policy after the Date
of Commencement of Risk /Effective Date of Coverage (“New Members”), the date on
which they become eligible and their names are entered in the Register of Members,
provided:

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 (i) the loan is sanctioned by the Master Policyholder and the same has been intimated to
Us in writing by the Master Policyholder;

(ii) We have received the single Premium from the Master Policyholder/ the Member, as
the case may be; and

(iii) We have agreed to add the New Member under this Policy based on Our underwriting
decision.

x. “Eligible Member” means the Borrower or Co-Borrower, who has met the eligibility requirements
as specified in Section 2.1 of this Policy and the Schedule, to participate in the Insurance under this
Policy;

xi. “Expiry Date” means the date as specified in the Schedule and the Certificate of Insurance and
recorded in the Register of Members, on which the Insurance effected on the life of the Member
under this Policy expires;

xii. “Free Cover Limit” means the Sum Assured amount as specified in the Schedule, up to which
Insurance cover can be allowed based on simple insurability conditions without requiring any
evidence of health;

xiii. “Insurance” means the insurance cover effected on the lives of the Members under this Policy;

xiv. “Insurance Act” means the Insurance Act, 1938;

xv. “IRDA” means the Insurance Regulatory and Development Authority constituted under the
Insurance Regulatory and Development Authority Act, 1999;

xvi. “Insured Event” means the death of a Member while the Insurance is in force;

xvii. “Master Policyholder” means an institution or entity to whom this Policy is issued by Us, as
specified in the Schedule;

xviii. “Member” means the Eligible Member on whose life the Insurance has been effected in
accordance with the provisions of this Policy and who has been issued a Certificate of Insurance by
Us;

xix. “Nominee” means the person specified by the Member whose name is registered and recorded by
the Master Policyholder in the Register of Members in accordance with Section 9.7, who is
authorized to receive the Death Benefit secured under this Policy from Us, upon the death of the
Member;

xx. “Period of Coverage” means the period specified in the Certificate of Insurance, during which the
Insurance on the life of a Member continues under this Policy;

xxi. “Policy” means “Group Credit Life Secure Plan”, a non-participating single premium group term
insurance plan, the operation, regulation and management of which is governed by the documents
comprising the Policy documentation which is made up of the Proposal Form and any additional
information that the Master Policyholder provides in respect of the Master Policyholder’s proposal,

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 these terms and conditions, the Schedule, the Register of Members, declarations and other
particulars, if any received from the Members subject to Our acceptance of the same;

xxii. “Policy Anniversary” means the annual anniversary of the Date of Commencement of Risk
/Effective Date of Coverage;

xxiii. “Policy Term” means the term of the Policy as selected by the Master Policyholder and as
specified in the Schedule;

xxiv. “Premium” means the amount payable by the Master Policyholder under this Policy, as specified
in the Schedule, in respect of each Member on or before his Entry Date, in order to secure the
Death Benefit under this Policy;

xxv. “Proposal Form” means the Master Policyholder’s statements in the proposal for this Policy
submitted by or on behalf of the Members along with any other information or documentation
provided to Us prior to inception of this Policy;

xxvi. “Register of Members” means the register of Members maintained by the Master Policyholder in
accordance with Section 9.2, which register shall stand updated from time to time only after
intimating Us, which is deemed to be incorporated in and forms part of this Policy;

xxvii. “Schedule” means the schedule and any endorsements attached to and forming part of this Policy
and if an updated Schedule is issued, then, the Schedule which is latest in time;

xxviii. “Sum Assured” means the sum payable by Us upon the death of a Member during the Period of
Coverage, as determined in accordance with Section 3, based on the Death Benefit Option chosen
by the Master Policyholder, as indicated in the Schedule; and

xxix. “Surrender Value” means the surrender value as defined under Section 3.3.1 of the Policy.

1.2. Interpretations

i. References to the masculine or the singular will include references to the feminine and the plural,
and vice versa.

ii. References to any statute or statutory enactment shall include re-enactment or amendment to the
same.

iii. Section headings are for ease of reference only and have no interpretive value.

iv. Reference to days, unless context otherwise requires, means calendar days only.

2. ELIGIBILITY, PARTICIPATION AND TERMINATION

2.1. Eligibility

2.1.1. A person shall be eligible to be a Member, if such person fulfills all the conditions specified below
in addition to those specified in the Schedule:

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 i. is a natural person;

ii. is between 15 (Fifteen) years and 75 (Seventy Five) years (both inclusive) of Age on the Date
of Commencement of Risk /Effective Date of Coverage or the Entry Date and will not be more
than 77 (Seventy Seven) years of Age on the date the Insurance expires; and

iii. the proposed Period Of Coverage on the Date of Commencement of Risk /Effective Date of
Coverage or the Entry Date is not less than 1 (One) year.

2.1.2. If the loan is jointly availed, then, the Co-Borrowers must individually satisfy the eligibility
conditions mentioned in this Section 2.1 to become a Member. If any one Borrower does not satisfy
the eligibility criteria mentioned in this Section 2.1, We will only admit such Borrower, who
satisfies the eligibility criteria mentioned in this Section 2.1, to this Policy and provide the
Insurance to such person.

2.2. Participation

2.2.1. An Eligible Member may apply to Us through the Master Policyholder by completing the following
procedure:

i. by submitting an enrollment form for membership and satisfactory evidence of insurability

through the Master Policyholder to Us; and

ii. submission of reports based on the medical examination, as determined by Us, shall be
required for all Eligible Members whose total proposed Sum Assured, combined with amounts
already insured or proposed to be insured under other policies issued by Us, exceeds the Free
Cover Limit, as determined by Us and as specified in the Schedule.

2.2.2. The Free Cover Limit will only be applicable where Insurance coverage is compulsory for all
Members.

2.2.3. We reserve the right to refuse grant of Insurance without assigning any reason in respect of Eligible
Members that represent a sub-standard risk as determined by Us based on evidence of health and
other information received by Us during the participation process.

2.3. Termination of Insurance

2.3.1. The Insurance on the life of a Member shall automatically cease on the earliest of the following
dates:

i. on the Expiry Date; or

ii. on the date on which the death claim of the Member is admitted by Us; or

iii. on the date of receipt of a valid request for surrender of Insurance from the Member by Us.

3. BENEFIT

3.1. Death Benefit

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 Subject to Sections 4, 5 and 10 below, if this Policy and Insurance are in force, then, upon death of
the Member during the Period of Coverage, We shall pay one of the Death Benefit specified below,
depending upon the Death Benefit Option chosen by the Master Policyholder to the Beneficiary:

3.1.1. Option A - Decreasing Cover

If the Master Policyholder has chosen option – A as the Death Benefit Option under this Policy,
the Sum Assured payable by Us shall be the Sum Assured outstanding as per the schedule of Sum
Assured indicated in the Certificate of Insurance, irrespective of the actual loan outstanding on the
date of death of such Member.

3.1.2. Option B - Level Cover

If the Master Policyholder has chosen option – B as the Death Benefit Option under this Policy,
We shall pay the Sum Assured as chosen by the Master Policyholder or the Member and specified
in the Certificate of Insurance.

3.2. Moratorium Option

3.2.1. Under this Policy, the moratorium period option is available with option A – decreasing cover as
the Death Benefit Option, as set out in Section 3.1.1. The moratorium period can be chosen in
multiples of 3 (Three) months and the minimum moratorium period permitted is 3 (Three) months.

3.2.2. If the moratorium option is chosen by the Member, the Sum Assured for a Member shall remain
unchanged throughout the moratorium period. Upon the expiry of the moratorium period, the Sum
Assured will decrease during the remainder of the Period of Coverage. Upon death of such a
Member during the moratorium period and on approval of the claim by Us, We shall pay the Sum
Assured as specified in the Certificate of Insurance, irrespective of the actual loan outstanding.

3.3. Surrender Benefit

3.3.1. During the Period of Coverage, a Member may at any time, request for the surrender of his
Insurance by making a written request through the Master Policyholder or directly to Us. Upon
receipt of such written request and provided We have not received a claim request for Death
Benefit under Section 3.1 for such Member, We shall pay the Surrender Value to the Member,
based on the formula given below:
Surrender Value = 70% of Premium paid * (Unexpired Period of Coverage in months on the
date of Surrender^ / Total Period of Coverage in months) * (Sum Assured applicable on the
date of Surrender^^ / Sum Assured on the Date of Commencement of Risk /Effective Date
of Coverage)

^ Ignoring fraction of a month

^^ As per the schedule mentioned in the Certificate of Insurance

3.3.2. Upon receipt of a valid surrender request from the Member, the Insurance in respect of such
Member shall cease and on payment of the Surrender Value as per Section 3.3.1 above, all benefits
and rights under this Policy and/or Certificate of Insurance in respect of such Member shall
automatically cease.

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3.3.3. Payment of the Surrender Value under this Policy paid to a Member shall constitute a valid
discharge of Our liability in respect to such Member, under this Policy.

3.4. Maturity Benefit & Survival Benefit

No maturity or survival benefits are payable under the Policy.

4. PAYMENT OF DEATH BENEFIT

4.1. Subject to Sections 3, 5 and 10, the Death Benefit is payable under this Policy only on submission
of satisfactory proof of the Member’s death to Us by the Master Policyholder, subject to the Policy
and Insurance remaining in force. The Death Benefit under this Policy shall be payable to:

i. Nominee(s), where a valid nomination has been recorded and registered with the Master
Policyholder in the Register of Members in accordance with Section 9.7; or

ii. proving executors, administrators or other legal representatives who have obtained
representation to the Member’s estate from a competent court, if the Nominee is not living at
that time; or

iii. such person or persons as directed by a court of competent jurisdiction in India, limited at all
times to the monies payable under this Policy.

4.2. No Death Benefit under this Policy is payable, if the date of death of the Member precedes the
Entry Date of that Member.

4.3. Any Death Benefit/ claim payments under this Policy shall be made in Indian rupees by Us or in
any other currency in accordance with the applicable guidelines issued by the Reserve Bank of
India from time to time.

4.4. Once the Death Benefit under this Policy is paid to the Beneficiary, the same shall constitute a
valid discharge in respect of such Member of Our liability under this Policy.

5. CLAIM

5.1. Subject to Sections 9.6 and 10 and this Policy and Insurance remaining in force, the Master
Policyholder with respect to any Member must notify Us in writing of the happening of the Insured
Event, within 30 (Thirty) days from the date of happening of such an Insured Event. The claim
should be registered with Us at the address mentioned below or any other office of the Company:

Claims Department,
Max Life Insurance Company Limited,
Operations Centre, Claims Unit,
Plot 90A, Sector 18, HUDA, Gurugram 122002,
Haryana, India.

5.2. Upon receipt of satisfactory proof of the happening of the Insured Event and its cause, We shall
process the claim request under this Policy. For processing a claim request under this Policy, We
will require all of the following documents:

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 i. claimant’s statement in the prescribed form;

ii. original Certificate of Insurance;

iii. original death certificate issued by the local/municipal authority;

iv. identity proof of the Member and the Nominee(s) bearing their photographs and signatures;
and

v. any other documents or information required by Us for assessing and approving the claim
request.

5.3. We reserve the right to scrutinize the documents submitted by the claimant and/or investigate the
cause of death of the Member and repudiate the claim partially or completely on the basis of Our
scrutiny of the documents or investigation, as the case may be. We shall only pay the appropriate
Death Benefit under this Policy subject to Our satisfaction:

i. that the Death Benefit has become payable as per the terms and conditions of this Policy; and

ii. of the bonafides and credentials of the person(s) claiming the Death Benefit under this Policy.

5.4. Any person claiming the Death Benefit under this Policy can download the claim request
documents from Our website [Link] or can obtain the same from Our
branches or offices.

6. PREMIUM

6.1. A single Premium is payable by the Master Policyholder/ the Member, as the case may be, in
respect of each Member on or before his Entry Date, either at the Master Policyholder’s office or at
Our office, based on the Premium as determined by Us and specified in the Certificate of
Insurance.

6.2. In addition to the single Premium, We reserve the right to charge an extra Premium or deny
coverage in respect of Eligible Member(s) who in Our opinion pose a higher risk to Us, as
determined by Our underwriters, based on evidence of health and/or other information received by
Us during the underwriting process.

6.3. The single Premium is subject to applicable taxes levies and cesses, which shall be entirely borne
by the Master Policyholder/ the Member, as the case may be.

7. PREMIUM RATES

7.1. We reserve the right to revise the Premium rate from time to time during the Policy Term by giving
a written notice of not less than 30 (Thirty) days to the Master Policyholder.

7.2. The revised Premium rates will only be applicable to Eligible Members who will be covered under
this Policy, after the effective date of revision of the Premium rates by Us.

8. TAXES

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8.1. All applicable taxes, cesses and levies on this Policy shall be entirely paid by the Master
Policyholder. If any imposition (tax or otherwise) is levied on Us by any statutory or administrative
body under this Policy, We reserve the right to claim the same from the Master Policyholder.
Alternatively, We have the right to deduct the amount from the Premium paid or payable by the
Master Policyholder or from the Death Benefit payable by Us under this Policy.

9. GENERAL PROVISIONS

9.1. Certificate of Insurance

9.1.1. We shall issue in the name of each Member, an individual Certificate of Insurance certifying that
the person named therein has become a Member under this Policy.

9.1.2. In the event of any inconsistency or contradiction between the terms and conditions of this Policy
and the Certificate of Insurance, the terms and conditions contained in this Policy will prevail.

9.2. Register of Members

9.2.1. Under this Policy, the Master Policyholder shall always keep a record of all material information
with respect to each Member including the Member’s name, gender, Age, date of birth, address
Date of Commencement of Risk /Effective Date of Coverage or Entry Date, Certificate of
Insurance number, Death Benefit Option, original loan repayment schedule, moratorium option,
moratorium period, Expiry Date, the Death Benefit payable, Period of Coverage, Nominee,
Nominee’s relationship with the Member, Nominee’s address, appointee (in case of minor
Nominee) details, appointee’s relationship with the Nominee, appointee’s address and other
pertinent information, as may be necessary to carry out the terms and operation of this Policy, in
the Register of Members.

9.2.2. In the event the Register of Members is amended, such an amendment shall become effective only
after Our approval of the same. Any amendment to the terms and conditions of this Policy on
account of any amendment to the Register of Members shall be given effect to by issuance of
appropriate endorsements to the Policy issued by Us and signed by Our authorized officer.

9.2.3. The Master Policyholder shall furnish to Us all information, documentation and evidence which
We may require with regard to any matter pertaining to this Policy. All documents furnished to the
Master Policyholder by any Member in connection with the Insurance and other records which may
have a bearing on the Insurance under this Policy, shall be informed to Us and shall be open for
Our inspection at all reasonable times.

9.3. Suicide Exclusion

9.3.1. Notwithstanding anything stated herein, if a Member commits suicide, whether sane or insane,
within 1 (One) year from the Date of Commencement of Risk /Effective Date of Coverage or Entry
Date, as the case may be, such Member’s Insurance shall cease immediately and no Death Benefit
is payable under this Policy in relation to such Member. In such an event, We will only refund the
Premium received by Us (inclusive of extra premiums and excluding taxes, if any) in respect of
such Member, without interest and after deducting the proportional expenses incurred by Us for the
grant of Insurance. However, the refund of the Premium by Us in no case shall be less than 80%
(Eighty Percent) of the Premium received by Us in respect of such Member.

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9.3.2. For the sake of clarity, if a Borrower commits suicide, whether sane or insane, within 1 (One) year
from the Date of Commencement of Risk /Effective Date of Coverage or Entry Date, as the case
may be, such Borrower’s Insurance shall cease immediately and no Death Benefit is payable under
this Policy in relation to such Borrower. In such an event, We will only refund the Premium
received by Us (inclusive of extra premiums and excluding taxes, if any) in respect of such
Borrower, without interest and after deducting the proportional expenses incurred by Us for the
grant of Insurance, which refund of the Premium will in no case be less than 80% (Eighty Percent)
of the Premiums received by Us in respect of such Borrower. If Co-Borrower survives the
Borrower, then, the Insurance for such Co-Borrower shall continue in accordance with the terms
and conditions of this Policy.

9.4. Free Look Period

9.4.1. The Master Policyholder and/or the Member have a period of 15 (Fifteen) days or 30 (Thirty) days,
if this Policy/ Certificate of Insurance has been acquired through distance marketing (i.e. by any
means of communication other than in person) from the date of receipt of this Policy and/or the
Certificate of Insurance, as the case may be, to review the terms and conditions of this Policy
and/or the Certificate of Insurance. If the Master Policyholder and/or the Member disagrees to any
of the terms or conditions of this Policy, the Master Policyholder or the Member, as the case may
be, has an option to return this original Policy or original Certificate of Insurance to Us by stating
the objections/reasons for such disagreement. Upon return of this Policy by the Master
Policyholder or the Certificate of Insurance by the Member, this Policy or Insurance as specified in
the Certificate of Insurance shall terminate forthwith and all rights, benefits and interests under this
Policy shall cease. We will only refund the Premiums received by Us, after deducting the
proportionate risk Premium for the period of cover, charges of stamp duty paid and the expenses
incurred on medical examination of the Members, if any.

9.5. Declaration of Correct Age

9.5.1. Declaration of the correct Age of the Member(s) is important for Our underwriting process, before
issuance of this Policy and/or Certificate of Insurance(s). The Premiums are calculated on the basis
of the Age of the Member(s). If the Age declared in the Proposal Form and/or Member enrollement
application form is found to be incorrect anytime during the Policy Term and/or Period of
Coverage at the time of claim, then subject to Section 9.6, We may at Our discretion:

i. cancel the Policy and/or the Certificate of Insurance and pay the Surrender Value; or

ii. adjust the Premium payable by the Master Policyholder/ the Member or Death Benefit payable
to the Beneficiary, based on the true Age and/or gender of the Member.

9.6. Fraud, Misrepresenation and Forfeiture

Fraud, misrepresentation and forfeiture would be dealt with in accordance with provisions of
Section 45 of the Insurance Act, 1938 as amended from time to time. [A leaflet containing the
simplified version of the provisions of the above section is enclosed in Annexure – (1) for
reference].

9.7. Nomination

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 Nomination is allowed as per Section 39 of the Insurance Act, 1938 as amended from time to time.
[A leaflet containing the simplified version of the provisions of the above section is enclosed in
Annexure – (2) for reference].

9.8. Assignment

9.8.1. Assignment is not permitted under this Policy.

9.9. Administrative and Judicial Intervention

9.9.1. If any administrative or judicial body imposes any condition on this Policy for any reason, We are
bound to follow the same which may include suspension of the Death Benefit payable and
obligations under this Policy.

9.10. Travel and occupation

There are no restrictions on travel or occupation under this Policy.

9.11. Electronic Transactions

9.11.1. The Master Policyholder will adhere to and comply with all such terms and conditions as
prescribed by Us from time to time, and all transactions effected by or through facilities for
conducting remote transactions including the internet, world wide web, electronic data interchange,
call centres, tele-service operations (whether voice, video, data or any combination thereof) or by
means of electronic, computer, automated machines network or through other means of
telecommunication, established by Us or on Our behalf, for and in respect of this Policy, or in
relation to any of Our products and services, shall constitute legally binding and valid transactions
when executed in adherence to and in compliance with the terms and conditions for such facilities,
as may be prescribed by Us from time to time.

9.12. Amendment

9.12.1. No amendments to this Policy will be effective, unless such amendments are expressly approved in
writing by Us.

9.13. Force Majeure

9.13.1. If Our performance or any of Our obligations are in any way prevented or hindered as a
consequence of any act of God or State, strike, lock out, legislation or restriction by any
government or any other authority or any other circumstances beyond Our anticipation or control,
the performance of this Policy shall be wholly or partially suspended during the continuance of
such force majeure.

10. TERMINATION OF POLICY

10.1. This Policy may be terminated by either the Master Policyholder or the Company by giving 90
(Ninety) days prior written notice to the other party. In the event of such termination, each
Member’s coverage under the Insurance shall continue as an individual policy until the date of the
expiration of the Period of Coverage.

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10.2. Upon termination of this Policy, no new enrollment forms for Eligible Members will be accepted
by Us from the date of such termination, but all obligations in respect of the Members enrolled
under this Policy shall continue until the expiry of the Period of Coverage of each Member or
surrender of the Certificate of Insurance, whichever is earlier.

11. DISPUTE REDRESSAL PROCESS UNDER THE POLICY

11.1. All consumer grievances and/or queries may be first addressed to Our customer helpdesk as
mentioned below or the office as mentioned in the Schedule:

Group Business Operation,

Max Life Insurance Company Limited

Plot 90A, Sector 18, Gurugram, 122015,
Haryana, India.
Helpline No: 1860 120 5577
Email: [Link]@[Link]

11.2. In case the Master Policyholder and/or the Member are not satisfied with the decision of the above
office, or have not received any response within 15 (fifteen) days, the Master Policyholder and/or
the Member may contact by way of a written complaint signed by the Master Policyholder/
Member/ complainant or by the Master Policyholder’s/ Member’s/ complainant’s legal heirs with
full details of the complaint and the Master Policyholder’s /Member/complainant’s contact
information, to the following official for resolution:

Head, Operation and Delivery,

Max Life Insurance Company Limited
Plot No. 90A, Sector 18,
Gurugram, 122015, Haryana, India.
Helpline No. – 1860 120 5577
Email: [Link]@[Link]

11.3. the complainant or his legal heirs may approach the Grievance Cell of the IRDAI on the following
contact details:

IRDAI Grievance Call Centre (IGCC) Toll Free No:155255 or 1800 4254 732
Email ID: complaints@[Link]

11.4. You can also register Your complaint online at [Link]

11.5. You can also register Your complaint through fax/paper by submitting Your complaint to:

Consumer Affairs Department

Insurance Regulatory and Development Authority of India
Sy No. 115/1, Financial District,
Nanakramguda,Gachibowli,
Hyderabad – 500 032
Ph: (040) 20204000

Page 15 of 21
11.6. In case the Master Policyholder/Member/ complainant are not satisfied with Our decision, or have
not received any reply from Us within a period of 1 (One) month, or rejection of complaint by Us,
the Master Policyholder/ Member or his legal heirs or nominee, or assignee may approach the
Insurance Ombudsman at the address mentioned in Annexure A or at the IRDA website
[Link], if the grievance pertains to:

11.6.1. delay in settlement of a claim;

11.6.2. any partial or total repudiation of a claim by Us;

11.6.3. any dispute with regard to the Premium paid or payable in terms of the Policy; or

11.6.4. any misrepresentation of policy terms and conditions at any time in the policy document or policy
contract;

11.6.5. any dispute on the legal construction of the Policy in so far as such dispute relate to a claim;

11.6.6. policy servicing by Us, Our agents or intermediaries;

11.6.7. issuance of insurance policy, which is not in conformity with the proposal form submitted by You;

11.6.8. non issuance of any insurance document after receipt of the Premium.

11.6.9. Any other matter resulting from violation of provisions of Insurance Act, 1938 or the regulation,
circulars, Guidelines or instructions issued by the IRDAI from time to time on the terms and
conditions of the policy contract, in so far as they relate to issues mentioned in this para 1.3 above.

11.7. As per Rule 14 of the Insurance Ombudsman Rules, 2017, a complaint to the Insurance
Ombudsman can be made only within a period of 1 (One) year afterreceipt of Our rejection of the
representation or after receipt of Our decision which is not to Your satisfaction or if We fail to
furnish reply after expiry of a period of one month from the date of receipt of the written
representation of the complainant, provided the complaint is not on the same matter, for which any
proceedings before any court, or consumer forum or arbitrator is pending.

12. COMMUNICATION & NOTICES

12.1. Our contact details are mentioned in the Schedule. For any updates, please visit Our website
[Link]. The Master Policyholder and/or the Member should mention the
correct Policy number for all communication(s) made to Us and for all Premium remittances made
by the Master Policyholder.

12.2. All notices meant for Us must be in writing and delivered to Our address as mentioned in Section
11.1 above, or such other address as We may notify from time to time.

12.3. All notices meant for the Master Policyholder/Member will be in writing and will be sent by Us to
the Master Policyholder’s/Member’s address as shown in the Schedule/ Certificate of Insurance by
posting the same through fax or e-mail/electronic mode or hand delivery. If the Master
Policyholder/ Member/ Nominee change their address, the Master Policyholder/Member/Nominee
must notify Us immediately and should ensure that the updated information has reached Us.

Page 16 of 21
 Failure in timely notification of change of address could result in a delay in processing of
benefits payable under the Policy.

13. GOVERNING LAW AND JURISDICTION:

13.1. Indian law shall govern this Policy and the relationship between the Master Policyholder and Us.

13.2. This Policy, and all rights, obligations and liabilities arising hereunder, shall be enforced in
accordance with the laws of India.

13.3. The competent courts in India shall have exclusive jurisdiction in all matters and causes arising out
of this Policy.

Page 17 of 21
 Annexure A

List of Insurance Ombudsman

AHMEDABAD - Office of the Insurance Ombudsman, 6th Floor, Jeevan Prakash Bldg, Tilak Marg, Relief Road,Ahmedabad-380 001. Tel.:-
079-25501201/02/05/06 Email: [Link]@[Link]. (State of Gujarat and Union Territories of Dadra & Nagar Haveli and Daman
and Diu.)
BENGALURU -Office of the Insurance Ombudsman, Jeevan Soudha Bldg., PID No. 57-27-N-19, Ground Floor, 19/19, 24th Main Road,JP
Nagar, 1st Phase, Ground Floor Bengaluru – 560 078. Tel.: 080-26652049/26652048Email: [Link]@[Link]. (State of
Karnataka)
BHOPAL - Office of the Insurance Ombudsman, 2nd Floor, Janak Vihar Complex, 6, Malviya Nagar, Bhopal(M.P.)-462 003. Tel.:- 0755-
2769201/2769202 Fax : 0755-2769203 Email: [Link]@[Link] (States of Madhya Pradesh and Chattisgarh.)
BHUBANESHWAR - Office of the Insurance Ombudsman, 62, Forest Park, Bhubaneshwar-751 009. Tel.:- 0674-2596461/2596455 Fax :
0674-2596429 Email: [Link]@[Link] (State of Orissa.)
CHANDIGARH - Office of the Insurance Ombudsman, S.C.O. No.101-103,2nd Floor, Batra Building, Sector 17-D, Chandigarh-160017. Tel.:-
0172-2706468/2706196 Fax : 0172-2708274 Email:[Link]@[Link] (States of Punjab, Haryana, Himachal Pradesh, Jammu &
Kashmir and Union territory of Chandigarh.)
CHENNAI- Office of the Insurance Ombudsman, Fathima Akhtar Court, 4th Floor, 453 , Anna Salai, Teynampet, Chennai-600 [Link].:- 044-
24333668 /24335284 Fax : 044-24333664 Email: [Link]@[Link] [State of Tamil Nadu and Union Territories - Pondicherry
Town and Karaikal (which are part of Union Territory of Pondicherry).]
DELHI- Office of the Insurance Ombudsman, 2/2 A, Universal Insurance Building., Asaf Ali Road, New Delhi-110 002. Tel.:- 011-
2323481/23213504Email: [Link]@[Link] (State of Delhi)
GUWAHATI - Office of the Insurance Ombudsman, “Jeevan Nivesh”, 5th Floor, Nr. Panbazar over bridge, S.S. Road, Guwahati-781 001
(ASSAM) Tel.:- 0361-2132204/2132205 Fax : 0361-2732937 Email: [Link]@[Link] (States of Assam, Meghalaya, Manipur,
Mizoram, Arunachal Pradesh, Nagaland and Tripura.)
HYDERABAD - Office of the Insurance Ombudsman, 6-2-46, 1st Floor, Moin Court, Lane Opp. Saleem Function Palace, A.C. Guards, Lakdi-
Ka-Pool,Hyderabad-500 004. Tel : 040-65504123/23312122 Fax: 040-23376599 Email: [Link]@[Link] (State of Andhra
Pradesh, Telangana and Yanam – a part of the Union Territory of Pudhcherry.)
JAIPUR- Office of the Insurance Ombudsman, Ground Floor, Jeevan Nidhi II Bldg, Bhawani Singh Marg, Jaipur – 302 005 Tel : 0141-2740363
Email: [Link]@[Link] (State of Rajasthan)
ERNAKULAM - Office of the Insurance Ombudsman, 2nd Floor, Pulinat Bldg., Opp. Cochin Shipyard, M.G. Road, Ernakulam-682 015. Tel :
0484-2358759/2359338 Fax : 0484-2359336 Email: [Link]@[Link] (State of Kerala and Union Territory of (a) Lakshadweep
(b) Mahe-a part of Union Territory of Pondicherry.)
KOLKATA - Office of the Insurance Ombudsman, Hindustan Building. Annexe, 4th Floor, 4, C.R. Avenue, Kolkata-700 072. Tel : 033-
22124339/22124340 Fax : 033-22124341 Email: [Link]@[Link] (States of West Bengal, Bihar, Sikkim, Jharkhand and Union
Territories of Andaman and Nicobar Islands.)
LUCKNOW- Office of the Insurance Ombudsman,Jeevan Bhawan, Phase-2, 6th Floor, Nawal Kishore Road, Hazaratganj, Lucknow-226 001.
Tel : 0522 -2231331/2231330 Fax : 0522-2231310 Email: [Link]@[Link] (Following Districts of Uttar Pradesh Laitpur, Jhansi,
Mahoba, Hamirpur, Banda, Chitrakoot, Allahabad, Mirzapur, Sonbhabdra, Fatehpur, Pratapgarh, Jaunpur,Varanasi, Gazipur, Jalaun, Kanpur,
Lucknow, Unnao, Sitapur, Lakhimpur, Bahraich, Barabanki, Raebareli, Sravasti, Gonda, Faizabad, Amethi, Kaushambi, Balrampur, Basti,
Ambedkarnagar, Sultanpur, Maharajgang, Santkabirnagar, Azamgarh, Kushinagar, Gorkhpur, Deoria, Mau, Ghazipur, Chandauli, Ballia,
Sidharathnagar..)
MUMBAI - Office of the Insurance Ombudsman, 3rd Floor, Jeevan Seva Annexe, S.V. Road, Santacruz(W), Mumbai 400 054. Tel : 022-
26106960/26106552 Fax : 022-26106052 Email: [Link]@[Link] (State of Goa and Mumbai Metropolitan Region excluding
Navi Mumbai and Thane)
PUNE - Office of the Insurance Ombudsman,3rd Floor, Jeevan Darshan Bldg, C.T.S. No.s. 195 to 198, N.C. Kelkar Road,Narayan peth, Pune –
411 030. Tel: 020-41312555Email: [Link]@[Link] (State of Maharashtra including Navi Mumbai and Thane and excluding
Mumbai Metropolitan Region.)
NOIDA - Office of the Insurance Ombudsman,4th Floor, Bhagwan Sahai Palace,Main Road, Naya Bans, Sector-15, Distt: Gautam Buddh
Nagar, [Link]: 0120-2514250/2514252/2514253 Email: [Link]@[Link] (State of Uttaranchal and the following Districts of
Uttar Pradesh:Agra, Aligarh, Bagpat, Bareilly, Bijnor, Budaun, Bulandshehar, Etah, Kanooj, Mainpuri, Mathura, Meerut, Moradabad,
Muzaffarnagar, Oraiyya, Pilibhit, Etawah, Farrukhabad, Firozbad, Gautambodhanagar, Ghaziabad, Hardoi, Shahjahanpur, Hapur, Shamli,
Rampur, Kashganj, Sambhal, Amroha, Hathras, Kanshiramnagar, Saharanpur.)
PATNA - Office of the Insurance Ombudsman, 1st Floor, Kalpana Arcade Building, Bazar Samiti Road, Bahadurpur, Patna – 800 006, Tel No:
0612-2680952, Email id : [Link]@[Link] (State of Bihar, Jharkhand.)

Page 18 of 21
 Annexure 1

Section 45 – Policy shall not be called in question on the ground of mis-statement after three years
Provisions regarding policy not being called into question in terms of Section 45 of the Insurance Act, 1938, as
amended from time to time are as follows:
1. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.
2. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.
For this, the insurer should communicate in writing to the insured or legal representative or nominee or
assignees of insured, as applicable, mentioning the ground and materials on which such decision is based.
3. Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the
insurer or to induce the insurer to issue a life insurance policy:
a. The suggestion, as a fact of that which is not true and which the insured does not believe to be true;
b. The active concealment of a fact by the insured having knowledge or belief of the fact;
c. Any other act fitted to deceive; and
d. Any such act or omission as the law specifically declares to be fraudulent.
4. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the insured or his
agent keeping silence to speak or silence is in itself equivalent to speak.
5. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the Insured / beneficiary can prove
that the misstatement was true to the best of his knowledge and there was no deliberate intention to suppress the
fact or that such mis-statement of or suppression of material fact are within the knowledge of the insurer. Onus
of disproving is upon the policyholder, if alive, or beneficiaries.
6. Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression
of a fact material to expectancy of life of the insured was incorrectly made in the proposal or other document
basis which policy was issued or revived or rider issued. For this, the insurer should communicate in writing to
the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and
materials on which decision to repudiate the policy of life insurance is based.
7. In case repudiation is on ground of mis-statement and not on fraud, the premium collected on policy till the date
of repudiation shall be paid to the insured or legal representative or nominee or assignees of insured, within a
period of 90 days from the date of repudiation.
8. Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer. The
onus is on insurer to show that if the insurer had been aware of the said fact, no life insurance policy would have
been issued to the insured.
9. The insurer can call for proof of age at any time if he is entitled to do so and no policy shall be deemed to be
called in question merely because the terms of the policy are adjusted on subsequent proof of age of life insured.
So, this Section will not be applicable for questioning age or adjustment based on proof of age submitted
subsequently.

[Disclaimer: This is only a simplified version prepared for general information. You are advised to refer to
the Insurance Act 1938 as amended from time to time for complete and accurate details.]

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 Annexure 2
Section 39 - Nomination by Policyholder
Nomination of a life insurance Policy is as below in accordance with Section 39 of the Insurance Act, 1938 as
amended from time to time. The extant provisions in this regard are as follows:
1. The policyholder of a life insurance policy on his own life may nominate a person or persons to whom money
secured by the policy shall be paid in the event of his death.
2. Where the nominee is a minor, the policyholder may appoint any person to receive the money secured by the
policy in the event of policyholder’s death during the minority of the nominee. The manner of appointment is to
be laid down by the insurer.
3. Nomination can be made at any time before the maturity of the policy.
4. Nomination may be incorporated in the text of the policy itself or may be endorsed on the policy communicated
to the insurer and can be registered by the insurer in the records relating to the policy.
5. Nomination can be cancelled or changed at any time before policy matures, by an endorsement or a further
endorsement or a will as the case may be.
6. A notice in writing of Change or Cancellation of nomination must be delivered to the insurer for the insurer to
be liable to such nominee. Otherwise, insurer will not be liable if a bonafide payment is made to the person
named in the text of the policy or in the registered records of the insurer.
7. Fee to be paid to the insurer for registering change or cancellation of a nomination can be specified by the
Authority through Regulations.
8. On receipt of notice with fee, the insurer should grant a written acknowledgement to the policyholder of having
registered a nomination or cancellation or change thereof.
9. A transfer or assignment made in accordance with Section 38 shall automatically cancel the nomination except
in case of assignment to the insurer or other transferee or assignee for purpose of loan or against security or its
reassignment after repayment. In such case, the nomination will get affected to the extent of insurer’s or
transferee’s or assignee’s interest in the policy. The nomination will get revived on repayment of the loan.
10. The right of any creditor to be paid out of the proceeds of any policy of life insurance shall not be affected by
the nomination.
11. In case of nomination by policyholder whose life is insured, if the nominees die before the policyholder, the
proceeds are payable to policyholder or his heirs or legal representatives or holder of succession certificate.
12. In case nominee(s) survive the person whose life is insured, the amount secured by the policy shall be paid to
such survivor(s).
13. Where the policyholder whose life is insured nominates his
a. parents or
b. spouse or
c. children or
d. spouse and children
e. or any of them
the nominees are beneficially entitled to the amount payable by the insurer to the policyholder unless it is
proved that policyholder could not have conferred such beneficial title on the nominee having regard to the
nature of his title.
14. If nominee(s) die after the policyholder but before his share of the amount secured under the policy is paid, the
share of the expired nominee(s) shall be payable to the heirs or legal representative of the nominee or holder of
succession certificate of such nominee(s).
15. The provisions of sub-section 7 and 8 (13 and 14 above) shall apply to all life insurance policies maturing for
payment after the commencement of Insurance Laws (Amendment) Act, 2015.
16. If policyholder dies after maturity but the proceeds and benefit of the policy has not been paid to him because of
his death, his nominee(s) shall be entitled to the proceeds and benefit of the policy.
17. The provisions of Section 39 are not applicable to any life insurance policy to which Section 6 of Married
Women’s Property Act, 1874 applies or has at any time applied except where before or after Insurance Act,
1938 as amended from time to time, a nomination is made in favour of spouse or children or spouse and children
whether or not on the face of the policy it is mentioned that it is made under Section 39. Where nomination is
intended to be made to spouse or children or spouse and children under Section 6 of MWP Act, it should be
specifically mentioned on the policy. In such a case only, the provisions of Section 39 will not apply.

Page 20 of 21
[Disclaimer: This is a simplified version prepared for general information. You are advised to refer to the
Insurance Act 1938 as amended from time to time for complete and accurate details.]

Page 21 of 21