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Max Life Future Secure II

What is the Plan all About?

Max Life Future Secure II is a traditional, participating & limited pay endowment plan that ensures financially secure future for your child. This plan offers financial security for a long term, when you are not around. With the benefits of this endowment plan, it helps to build a secure and beautiful future for your loved ones.

What are the Key Features?

Immediate financial support to the family on death

Enjoy coverage up to 20 years of paying premiums for the first 12 years

Inbuilt policy continuance benefit

Get the bonus to enhance the benefits

Additional 50% of sum assured in the event of an accident

What are the Plan Benefits?

Death Benefit

On death of the life insured, 100% of the sum assured plus accrued reversionary bonus and terminal bonus is payable. This payout is payable subject to a minimum of 105% of total premium paid.

Accidental death benefit: In case of death due to an accident, an additional amount up to 50% of the sum assured is payable to the nominee along with the base sum assured.

Policy continuance benefit: It is applicable when the life insured and proposer are the different individuals, and the insured’s age is less than 18 years and the proposer’s age does not exceed 60 years. The policy tends to continue even after the proposer’s death during the premium payment term and all the future premiums are then waived off. This benefit will continue even if the Life Insured attains 18 years of age during the tenure of the policy.

Maturity Benefit

If the life insured survives at the maturity of the policy term, Sum Assured + Accrued Reversionary Bonuses + Terminal Bonus will be payable to the life insured.

Reversionary Bonus

A compound Reversionary Bonus rate will be determined each year and applied as a percentage of the base Sum Assured and declared cumulative Reversionary Bonuses in previous policy years. Reversionary Bonuses will be given from the end of year two i.e. from the end of 24th policy month onwards and once allocated are guaranteed for the life of the contract.

Terminal Bonus

It is an additional bonus amount paid once on occurrence of death/surrender/maturity, whichever occurs earlier, provided the policy is in-force for at least 10 years. Terminal bonus is payable when the claims made after a 120nd policy month.

Loan Benefit

Loan facility under this policy can be availed up to 80% of the special surrender value and it is available after payment of 3 full policy years’ premiums. An interest rate of 11% per annum compounded annually is charged on the loan amount. The minimum loan amount that can be granted is Rs 10,000.

Revival Benefit

In reduced paid-up/lapsed policy status, revival of policy can be done within 2 years from the date of first unpaid premium.

Surrender Value

Surrender Value can be acquired on payment of all the due premiums for at least 3 policy years. Surrender Value is higher of Guaranteed Surrender Value or Special Surrender Value.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) Adult: 18 Years, Child: 1 Year, Proposer: 18 Years 55 Years, Proposer: 60 Years
Age at Maturity - 75 Years
Policy Tenure - 20 Years
Premium Paying Term - 12 Years
Premium Paying Mode Annually -
Premium Amount Rs 12,500 (Annually) As per age and the maximum Sum Assured (subject to underwriting)
Guaranteed Sum Assured Rs 1.5 Lacs Rs 2 Crores
Freelook Period 15 days from the receipt of the policy -
Grace Period 30 Days -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider(s) is available under this plan.However, inbuilt accidental rider is there in the plan.

Is the Plan, eligible for Tax Benefit?

Premiums paid is eligible for tax benefits as per Section 80C and the death/maturity benefit qualify for tax benefits under section 10 (10D) of the Income Tax Act.

(Subject to the provisions stated therein.)

How the Plan Works?

Life Insured: Mr. Kumar

Age: 32 years old

Occupation: salaried professional

Family Structure: He is married and the couple has a 3 year old child

Mr. Kumar wants to provide his daughter, Ananya a top-quality education, so she can become a successful and independent career woman. In order to ensure best-in-class higher education for his daughter, he takes Max Life Future Secure II for a Sum Assured of Rs. 500,000 with a premium (annually) of Rs. 40,545 (exclusive of service tax).

In case of unforeseen event of death of Mr. Kumar during the premium payment term, ‘policy continuance benefit’ ensures that the policy continues even without payment of all the future premiums.

Please note that the above case study is only an illustration and does not possess any rights and/or obligations. The actual experience of the policy may vary from what is depicted above. The scenarios shown above are depicted at 4% and 8% assumed rate of investment returns.

Bonuses are not guaranteed and are declared by the Company from time to time. You are entitled to avail applicable tax benefits on your premiums and policy benefits.