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Max Life- Life Gain Premier

What is the Plan all About?

Max Life- Life Gain Premier is a traditional participating endowment insurance plan helps you build a corpus that can be utilized to fulfill key milestones of your life, such as children’s education/marriage, enjoy post-retirement life, etc.A systematic savings plan which offers financial protection for your family also.

What are the Key Features?

Comprehensive systematic Saving Plan

Flexible Bonus Options to choose from

Flexible premium paying term & policy tenure

100% Guaranteed Maturity benefit

Option to make Withdrawal in case of exigencies

Choose Riders to enhance protection

What are the Plan Benefits?

Death Benefit

On the death of the life insured during the policy term, a death benefit is payable is Guaranteed Death Benefit+ Accrued Paid-Up Additions (if any)+ Terminal Bonus (if any).
Guaranteed Death Benefit is higher of 11 times the Annualised Premium, 105% of all premiums paid (on date of death), or Guaranteed Maturity Sum Assured.

Maturity Benefit

Maturity Benefit is payable on the completion of the policy term which equals to Guaranteed Maturity Benefit + Accrued Paid-Up Additions (if any) + Terminal Bonus (if any). Here, Guaranteed Maturity Benefit= Guaranteed Maturity Sum Assured

Terminal Illness Benefit

In case the Life Insured is suffering from an illness that may lead to the death of the life insured within six months of diagnosis, according to the opinion of a Registered Medical Practitioner and the company’s appointed doctor, the insured become entitled to receive 50% of the Guaranteed Maturity Sum Assured (up to the maximum cumulative amount of Rs 10 Lacs) immediately upon request from the policyholder, subject to approval of the claim filed.

Terminal Bonus

It is an additional bonus amount paid as one time on death or surrender or maturity (whichever is earlier) on a condition that the policy is premium paying for atleast 10 continuous years.

Loan Benefit

Loan facility is available under this policy. The minimum loan amount of Rs 10,000 can be granted under this policy, subject to a maximum of 50% of Special Surrender Value.

Revival Benefit

In case of lapse of the policy, it can be revived within the revival period of 2 years from the due date of the first unpaid premium. If the policy has acquired the surrender value, it does not lapse and In case of discontinuance of the premiums, the policy becomes Reduced Paid Up that can be revived within 2 years from the due date of the first unpaid premium.

Surrender Value

This policy acquires a surrender value after payment of 2 full years’ premium (for 6/8 years premium paying term) and 3 full years’ premium (for 10/12 years premium paying term).
Surrender benefit is higher of Special Surrender Value or Guaranteed Surrender Value.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 55 Years (for 15/20 Year policy term) 50 Years (for 25 Year policy term)
Age at Maturity - 70 Years (for 15 Year policy term) 75 Years (for 20/25 Year policy term)
Policy Tenure 15/20 Years 25 Years
Premium Paying Term 6/8 Years (15 Year policy term) 6/8/10 Years (20 Year policy term) 12 Years (25 Year policy term)
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Premium Amount Rs 8500 (annually) Rs 6000 (semi-annually) Rs 4000 (quarterly) Rs 1500 (monthly) No Limit (subject to underwriting)
Guaranteed Sum Assured Rs 50,000 No Limit (subject to underwriting)
Freelook Period 15 Days/ 30 Days (for distance marketing channel) from the receipt of the policy -
Grace Period 30 Days (15 Days for monthly mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

The following riders are available with this plan for the payment of an additional premium.

1. Max Life Term Plus Rider which provides additional risk coverage in case of death

2. Max Life Accidental Death & Dismemberment Rider provides a lumpsum benefit in case of death / dismemberment due to accident

3. Max Life Waiver of Premium Plus Rider which waives off future premiums on the death of the insured.

What are the Bous Options?

The plan offers flexibility to choose among the 3 Bonus Options:

  • Paid in Cash: Bonus declared will be paid to the life insured in cash.
  • Premium Offset: Bonus declared will be used to offset the future premiums.
  • Paid - Up Additions (PUA): Bonus will be used to purchase additional Sum Assured which increases the benefits under the policy.

Is the Plan, eligible for Tax Benefit?

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

(Subject to the provisions stated therein.)

How the Plan Works?

Let us understand the plan with an example
Below mentioned premium rates and benefits are assumed for a healthy male (without loading, levies, cesses and taxes). This is assuming that premium has been paid for entire Premium Payment Term, Bonus Option chosen is Paid - Up Additions and no cash value of Paid – Up Additions has been withdrawn.

 

Example 1

Example 2

Example 3

Age of Life Insured

35 years

35 years

35 years

Premium Payment Term / Policy Term

10 pay / 20 years

8 pay / 20 years

8 pay / 15 years

Annualised Premium

Rs 35,000

Rs 40,000

Rs 50,000

Guaranteed Maturity Sum Assured

Rs 4,17,163

Rs 3,88,236

Rs 5,13,769

Maturity Benefit - Guaranteed

Rs 4,17,163

Rs 3,88,236

Rs 5,13,769

Maturity Benefit (at 4% )**

Rs 4,78,024

Rs 4,49,785

Rs 5,13,769

Maturity Benefit (at 8% )**

Rs 7,54,139

Rs 7,35,754

Rs 7,21,738

** (Note: This includes Guaranteed Maturity Sum Assured along with non – guaranteed accrued Paid - Up Additions and Terminal Bonus. Kindly note that the above are only illustrations and do not create any rights and / or obligations. The assumed non - guaranteed rates of return chosen in the above illustration are 4% and 8%. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance. The actual experience on the contract may be different from the illustrated. The guaranteed and non - guaranteed benefits are applicable only if all due premiums are paid. The premiums mentioned above are exclusive of levies, cesses and taxes. Please note that Bonuses are NOT guaranteed and may be as declared by the Company from time to time. The Bonus Option chosen is Paid - Up Additions).