MAXLIFE INSURANCE COMPANY LIMITED

Registered Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab -144533

03-Nov-2021

“Agency Circular No. 54”

Commission Schedule
To,

All Max Life Insurance Agents

This circular on commission schedule replaces Agency Circular No.53 of the Agent Handbook.

Entitlement to Commission:

The Agent will be entitled to commissions on proposals sourced by him in respect of which the premiums have been
collected and remitted by him to Max Life and the same have been received and accepted by Max Life and Max Life has
issued the policy against such proposals.

This entitlement to commission shall be subject to the provisions of applicable insurance laws, the terms of the Agent
appointment letter and the provisions detailed in this schedule of commission and all amendments made in respect thereof.

Renewal Renewal Renewal

Base FYC Commission Commission Commission
Product Name Variant
for Year 2 & for Year 4 & Year 6
3 5 onwards
6 Pay 10.50% 4.00% 4.00% 4.00%
8 Pay 14.00% 4.00% 4.00% 4.00%
Smart Wealth Income Plan 10 Pay 17.50% 4.00% 4.00% 4.00%
12 Pay 21.00% 4.00% 4.00% 4.00%
15 Pay 24.50% 4.00% 4.00% 4.00%
6 Pay 12.60% 2.00% 2.00% 2.00%
8 Pay 16.80% 2.00% 2.00% 2.00%
Monthly Income Advantage Plan 10 Pay 21.00% 2.00% 2.00% 2.00%
12 Pay 24.50% 2.00% 2.00% 2.00%
15 Pay 24.50% 2.00% 2.00% 2.00%
8 Pay 16.80% 5% 5% 5%
10 Pay 21.00% 5% 5% 5%
11 Pay 23.10% 5% 5% 5%
12 Pay 24.50% 5% 5% 5%
13 Pay 24.50% 5% 5% 5%
Future Genius Education Plan
14 Pay 24.50% 5% 5% 5%
15 Pay 24.50% 5% 5% 5%
16 Pay 24.50% 5% 5% 5%
17 Pay 24.50% 5% 5% 5%
18 Pay 24.50% 5% 5% 5%
 7 Pay 14.70% 5.00% 5.00% 5.00%
10 Pay 21.00% 5.00% 5.00% 5.00%
Life Perfect Partner Super
15 Pay 24.50% 5.00% 5.00% 5.00%
20 Pay 24.50% 5.00% 5.00% 5.00%
5Pay AFYP
3.5% 1% 1% NA
<1,00,000
5Pay AFYP
8.75% 1% 1% NA
>=1,00,000
8Pay AFYP
11.2% 1% 1% NA
<1,00,000
8Pay
14% 1% 1% NA
AFYP>=1,00,000
10 Pay 12 & 10 Pay
14% 1% 1% NA
15 AFYP<1,00,000
Smart Wealth Plan
10Pay 12 & 10 Pay
Lumpsum (Variant 1)
15 17.5% 1% 1% NA
AFYP >=1,00,000
10 Pay 20 AFYP
16.8% 1% 1% NA
<1,00,000
10 Pay 20 AFYP
17.5% 1% 1% NA
>=1,00,000
12 Pay 20 AFYP
21% 1% 1% NA
<1,00,000
12 Pay 20
21% 1% 1% NA
AFYP>=1,00,000
8 Pay AFYP
5.6% 1% 1% 1%
<1,00,000
8 Pay
14% 1% 1% 1%
AFYP>=1,00,000
10 Pay AFYP
14% 2% 2% 2%
Smart Wealth Plan <1,00,000
Short Term Income (Variant 2) 10 Pay
17.5% 2% 2% 2%
AFYP>=1,00,000
12 Pay AFYP
16.8% 2% 2% 2%
<1,00,000
12 Pay AFYP
21% 2% 2% 2%
>=1,00,000
6 Pay AFYP
8.4% 1% 1% 1%
<1,00,000
6Pay AFYP
12.6% 1% 1% 1%
Smart Wealth Plan >=1,00,000
Long Term Income (Variant 3) 10 Pay AFYP
14% 2% 2% 2%
<1,00,000
10 Pay
17.5% 2% 2% 2%
AFYP>=1,00,000
Smart Wealth Plan
Single Pay 1.4% NA NA NA
Whole Life Income (Variant 4)
Whole Life Super 10 Pay 21.00% 7.50% 5.00% 5.00%
5 Pay 10.50% 7.50% 5.00% 5.00%
Savings Advantage Plan 6 Pay 12.60% 7.50% 5.00% 5.00%
7 Pay 14.70% 7.50% 5.00% 5.00%
 8 Pay 16.80% 7.50% 5.00% 5.00%
9 Pay 18.90% 7.50% 5.00% 5.00%
10 Pay 21.00% 7.50% 5.00% 5.00%
11 Pay 23.10% 7.50% 5.00% 5.00%
12 Pay 24.50% 7.50% 5.00% 5.00%
Regular Pay 24.50% 7.50% 7.50% 7.50%
Single Pay 1.40% 0.00% 0.00% 0.00%
Guaranteed Life Time Income Plan # Single Pay 1.40% NA NA NA
Saral Pension Plan Single Pay 1.40% NA NA NA
Guaranteed Income Plan 12 pay 14% 2% 2% 2%
Single Pay 1.40% NA NA NA
1
Platinum Wealth Plan 5 Pay 2.10% 1.00% 1.00% NA
Regular Pay 2.10% 1.00% 1.00% 1.00%
Single Pay 1.4% NA NA NA
Limited & Regular
Flexi Wealth Plan Pay1 *
3.5% 1% 1% 1%
(Wealth & Whole
Life Variant)
Single Pay 1.40% NA NA NA
1
Fast Track Super 5 Pay 3.50% 1.00% 1.00% NA
Regular Pay 3.50% 1.00% 1.00% 1.00%
5 Pay
Annual Premium < 3.50% 1.00% 1.00% NA
75,000
5 Pay
Annual Premium 5.60% 1.00% 1.00% NA
>= 75,000
Shiksha Plus Super1
Regular Pay
Annual Premium < 3.50% 1.00% 1.00% 1.00%
75,000
Regular Pay
Annual Premium 5.60% 1.00% 1.00% 1.00%
>= 75,000
Single Pay 1.40% NA NA NA
Forever Young Pension Plan Regular Pay 5.25% 2.00% 2.00% 1.00%
Top Up 0.70% NA NA NA
Cancer Insurance All variants 28.00% 5% 5% 5%
Term Plus Rider All variants 28% 5% 5% 5%
Accidental Death and
All variants 28% 5% 5% 5%
Dismemberment Rider
Critical Illness and Disability Rider All variants 28% 5% 5% 5%
Waiver of Premium Plus Rider* All Variants 28% 5% 5% 5%
Single Pay 3.5% N.A. N.A.
Saral Jeevan Bima 5.00% in Year4
5 Pay 17.5% 5%
0% from Year 5 onwards
 5.00% in Year4
10 Pay 21% 5%
0% from Year 5 onwards
5.00% in Year4
Regular Pay 28% 5%
0% from Year 5 onwards
Single Pay 3.5% NA NA NA
5 Pay 17.5% 5% 5% 5%
10 Pay 21% 5% 5% 5%
Smart Secure Plus Plan* 5% 5% 5%
12 Pay 21%
(Non TROP)
15 Pay 21% 5% 5% 5%
Pay till 60 21% 5% 5% 5%
Regular Pay 28% 5% 5% 5%
Single Pay 1.4% N.A. NA NA
5 Pay 10.5% 5% 5% 5%
10 Pay 21% 5% 5% 5%
12 Pay 24.5% 5% 5% 5%
Smart Secure Plus Plan* 15 Pay 24.5% 5% 5% 5%
(TROP) Pay till 60 24.5% 5% 5% 5%
Regular Pay 10 P
21% 5% 5% 5%
10
Regular Pay 11 P
23.10% 5% 5% 5%
11
Regular Pay 24.5% 5% 5% 5%

1
No Renewal commission is payable year 10 onwards.
# Applicable for both Immediate & Deferred Annuity.
* Renewal commission is payable till PPT or 10 years, whichever is earlier

FOR GROUP PRODUCTS

Product Name Commission

Max Life Group Gratuity Premier Plan
Max Life Group Super Life Premier
Max Life Group Credit Life Secure Plan
Max Life Group Accelerated Terminal
Illness Rider
Max Life Group Critical Illness (Additional
Benefit) Premier Rider
Max Life Group Total and Permanent
Disability (Accident) Premier Rider
Max Life Group Accidental Death Benefit
The commission rates payable under this product would be 0.1% on Initial
Contributions and subsequent new Contributions subject to a maximum of
Rs 1 Lac per annum
5% of Premium subject to a maximum of Rs 10,00,000/- per scheme
including commission on base plan and on all attaching riders
5% of Premium without any maximum limit
5% subject to Maximum of Rs 10,00,000 per scheme including
commission on base plan and on all attached riders
5% subject to Maximum of Rs 10,00,000 per scheme including
commission on base plan and on all attached riders
5% subject to Maximum of Rs 10,00,000 per scheme including
commission on base plan and on all attached riders
5% subject to Maximum of Rs 10,00,000 per scheme including
Premier Rider
Max Life Group Credit Life Premier Plan
Max Life Group Term Life Platinum
Assurance
Max Life Group Critical Illness Secure
(Accelerated Benefit) Rider
commission on base plan and on all attached riders
2% of Premium subject to a maximum of Rs 200,000/- per scheme
5% subject to Maximum of Rs 10,00,000 per scheme including
commission on base plan and on all attached riders
5% of Premium without any maximum limit

* PMJJBY Commission June, Jul, Sep, Oct, Dec, Jan, Mar, Apr,
& Admin charges Aug (in Rs) Nov (in Rs) Feb (in Rs) May (in Rs)

Max Life Pradhan Mantri Administration charges 11 10.5 7 3.5

Jeevan Jyoti Bima Yojana* Commission charges 30 22.5 15 7.5

FOR CEIP POLICIES:

Renewal Renewal Renewal

Base Commission Commission Commission
Product Name Variant
FYC for Year 2 & for Year 4 & Year 6
3 5 onwards
6 Pay 8.93% 4.00% 4.00% 4.00%
8 Pay 11.90% 4.00% 4.00% 4.00%
Smart Wealth Income 4.00% 4.00%
10 Pay 14.88% 4.00%
Plan
12 Pay 16.00% 4.00% 4.00% 4.00%
15 Pay 19.50% 4.00% 4.00% 4.00%
6 Pay 10.71% 2.00% 2.00% 2.00%
8 Pay 14.28% 2.00% 2.00% 2.00%
Monthly Income 2.00% 2.00%
10 Pay 16.00% 2.00%
Advantage Plan
12 Pay 19.50% 2.00% 2.00% 2.00%
15 Pay 19.50% 2.00% 2.00% 2.00%
8 Pay 14.28% 5% 5% 5%
10 Pay 16.00% 5% 5% 5%
11 Pay 18.10% 5% 5% 5%
12 Pay 19.50% 5% 5% 5%
Future Genius 13 Pay 19.50% 5% 5% 5%
Education Plan 14 Pay 19.50% 5% 5% 5%
15 Pay 19.50% 5% 5% 5%
16 Pay 19.50% 5% 5% 5%
17 Pay 19.50% 5% 5% 5%
18 Pay 19.50% 5% 5% 5%
7 Pay 12.50% 5.00% 5.00% 5.00%
Life Perfect Partner 10 Pay 16.00% 5.00% 5.00% 5.00%
Super 15 Pay 19.50% 5.00% 5.00% 5.00%
20 Pay 19.50% 5.00% 5.00% 5.00%
 5Pay AFYP <1,00,000 2.98% 1% 1% NA
5Pay AFYP >=1,00,000 7.44% 1% 1% NA
8Pay AFYP <1,00,000 9.52% 1% 1% NA
8Pay AFYP>=1,00,000 11.90% 1% 1% NA
10 Pay 12 & 10 Pay 15
11.90% 1% 1% NA
AFYP <1,00,000
Smart Wealth Plan 10Pay 12 & 10 Pay 15
14.88% 1% 1% NA
Lumpsum (Variant 1) AFYP >=1,00,000
10 Pay 20 AFYP
14.28% 1% 1% NA
<1,00,000
10 Pay 20 AFYP
14.88% 1% 1% NA
>=1,00,000
12 Pay 20 AFYP
16.00% 1% 1% NA
<1,00,000
12 Pay 20
16.00% 1% 1% NA
AFYP>=1,00,000
8 Pay AFYP <1,00,000 4.76% 1% 1% 1%
8Pay AFYP>=1,00,000 11.90% 1% 1% 1%

Smart Wealth Plan 10 Pay AFYP <1,00,000 11.90% 2% 2% 2%

Short Term Income 10 Pay
14.88% 2% 2% 2%
(Variant 2) AFYP>=1,00,000
12 Pay AFYP <1,00,000 14.28% 2% 2% 2%
12 Pay AFYP
16.00% 2% 2% 2%
>=1,00,0000
6 Pay AFYP <1,00,000 7.14% 1% 1% 1%
6 Pay AFYP
Smart Wealth Plan 10.71% 1% 1% 1%
>=1,00,000
Long Term Income
(Variant 3) 10 Pay AFYP <1,00,000 11.90% 2% 2% 2%
10 Pay
14.88% 2% 2% 2%
AFYP>=1,00,000
Smart Wealth Plan
Whole Life Income Single Pay 1.19% NA NA NA
(Variant 4)
Whole Life Super 10 Pay 16.00% 7.50% 5.00% 5.00%
5 Pay 8.93% 7.50% 5.00% 5.00%
6 Pay 10.71% 7.50% 5.00% 5.00%
7 Pay 12.50% 7.50% 5.00% 5.00%
8 Pay 14.28% 7.50% 5.00% 5.00%
Savings Advantage 9 Pay 16.07% 7.50% 5.00% 5.00%
Plan 10 Pay 17.85% 7.50% 5.00% 5.00%
11 Pay 18.10% 7.50% 5.00% 5.00%
12 Pay 19.50% 7.50% 5.00% 5.00%
Regular Pay 19.50% 7.50% 7.50% 7.50%
Single Pay 1.19% 0.00% 0.00% 0.00%
Guaranteed Life
Single Pay 1.19% NA NA NA
Time Income Plan #
Saral Pension Plan Single Pay 1.19% NA NA NA
Guaranteed Income
12 pay 11.9% 2% 2% 2%
Plan
Single Pay 1.19% NA NA NA
Platinum Wealth
5 Pay 1.79% 1.00% 1.00% NA
Plan1
Regular Pay 1.79% 1.00% 1.00% 1.00%
Single Pay 1.19% NA NA NA
Limited & Regular Pay1
Flexi Wealth Plan *
2.98% 1% 1% 1%
(Wealth & Whole Life
Variant)
Single Pay 1.19% NA NA NA
1
Fast Track Super 5 Pay 2.98% 1.00% 1.00% NA
Regular Pay 2.98% 1.00% 1.00% 1.00%
5 Pay
Annual Premium < 2.98% 1.00% 1.00% NA
75,000
5 Pay
Annual Premium >= 4.76% 1.00% 1.00% NA
1 75,000
Shiksha Plus Super
Regular Pay
Annual Premium < 2.98% 1.00% 1.00% 1.00%
75,000
Regular Pay
Annual Premium >= 4.76% 1.00% 1.00% 1.00%
75,000
Single Pay 1.19% NA NA NA
Forever Young
Regular Pay 4.46% 2.00% 2.00% 1.00%
Pension Plan
Top Up 0.60% NA NA NA
Cancer Insurance All variants 23.00% 5% 5% 5%
Term Plus Rider All variants 23% 5% 5% 5%
Accidental Death and
Dismemberment All variants 23% 5% 5% 5%
Rider
Critical Illness and
All variants 23% 5% 5% 5%
Disability Rider
Waiver of Premium
All Variants 23% 5% 5% 5%
Plus Rider*
Single Pay 2.98% N.A. N.A.
5.00% in Year4 & 0% from Year
5 Pay 14.88% 5%
5 onwards
Saral Jeevan Bima 5.00% in Year4 & 0% from Year
10 Pay 16.00% 5%
5 onwards
5.00% in Year4 & 0% from Year
Regular Pay 23.00% 5%
5 onwards
Single Pay 2.98% N.A. N.A. N.A.
Smart Secure Plus 5 Pay 14.88% 5% 5% 5%
Plan* 10 Pay 16.00% 5% 5% 5%
(Non TROP) 12 Pay 16.00% 5% 5% 5%
15 Pay 16.00% 5% 5% 5%
 Pay till 60 16.00% 5% 5% 5%
Regular Pay 23.00% 5% 5% 5%
Single Pay 1.19% N.A. N.A. N.A.
5 Pay 8.93% 5% 5% 5%
10 Pay 16.00% 5% 5% 5%
Smart Secure Plus 12 Pay 19.50% 5% 5% 5%
Plan* 15 Pay 19.50% 5% 5% 5%
(TROP) Pay till 60 19.50% 5% 5% 5%
Regular Pay 10 P 10 16.00% 5% 5% 5%
Regular Pay 11 P 11 18.10% 5% 5% 5%
Regular Pay 19.50% 5% 5% 5%

1
No Renewal commission is payable year 11 onwards.
* Renewal commission is payable till PPT or 10 years, whichever is earlier
Note: Commission payouts will be as per statutory limits.

Requirements Concerning Commission

1) Subject to Insurance Laws, commission shall be due for payment to the agent only after the free look period (as
prescribed by the Company) has expired and the policyholder has not made a request for rescinding the policy.
2) If, for any reason, the Company terminates, rescinds, reforms, modifies or cancels a policy or if any insurance policy is
cancelled within the free look period or thereafter ,for any reasons whatsoever, including due to the Agent soliciting or
procuring an insurance policy contrary to the terms and conditions of the Appointment Letter or intentionally splitting
the policies, then, no commission shall be payable to the agent and if any commission has already been paid to the agent,
the same shall either be adjusted against future commission payable to the Agent in accordance with the Appointment
Letter or agent may be asked to return the same to the Company in full within 30 days of the Agent being notified of the
cancellation.
3) Company may set off /recover any amount, payable/refundable by the Agent, from any sum due to the Agent on account
of any commission or rewards due or any from any other amount payable to me by the Company or otherwise may
recover from any claim amount payable to the Agent under a life insurance policy with the Company.
4) Any adjustment in the premium payable on a policy shall result in corresponding adjustment in the commissions due to
the Agent on such policy.

Procedure for Payment of Commission

Subject to the terms of the appointment letter and the insurance laws, the procedure and mode of payment of the commission
to the Agent shall be as specified by the Company from time to time.

Others

1) This commission schedule is subject to the insurance laws and in no event the agent shall be entitled for
commission/reward exceeding the regulatory, statutory or File and Use limits or beyond limits prescribed by the
company irrespective the agent qualifies for any contest/scheme. This commission schedule is also subject to
change(s) or modification(s) including in accordance with or pursuant to direction/regulation/order of the IRDAI or
change of law. The same shall be binding on the agent. The Company shall not be liable to indemnify or compensate
the Agent for any loss or damage to the Agent pursuant to any such change or modification.
2) This commission schedule will also be subject to change as decided by the Company in its sole discretion, in whole
or in part, at any time by way of written notice to the Agent, and the new commission rates, terms and conditions
and rules will then apply as notified by the Company.
 3) The decision of the Company with respect to any dispute on the commission amount, commission rates, rewards and
mode of payment of commission, the number of new and renewal of life insurance policies and other related matters
shall be final and binding on the Agent.
4) The payment of commission to the Agent by Max Life shall be subject to any deduction of tax at source, as may be
statutorily required.
5) Commission rates for the products mention hereinabove shall be effective from the date of launch of the respective
version of such products irrespective of the date of this commission schedule. For effective date, you may connect
with respective agency manager.
6) For commission rates for the withdrawn products or withdrawn versions of the products, please refer to earlier
commission schedules or connect with respective agency manager.

Shiv Maheshwari
Director & Head - Agency
Max Life Insurance Company Limited