Max Life Future Secure II is a traditional, non-linked, participating, limited pay endowment, life insurance plan offered by Max Life Insurance. It is a single life policy that helps people plan their finances in a way that will ensure a secure future. This policy provides policy continuance benefit, financial support to family, bonuses and additional sum assured. Max Life Future Secure II provides life insurance coverage and maturity benefit to individuals by taking premium for the initial 12 years only. Premium for this policy starts from Rs.12,500* p.a. Policyholders can enjoy tax benefits on their policy benefits and premiums.
*Premiums vary based on age, location, plan term and other factors.
Eligibility -Who is the Max Life Future Secure II for?
Max Life Future Secure II can be availed only by people who fulfil the eligibility requirements. The eligibility criteria for this policy is mentioned below:
|Type||Traditional, non-linked, participating, limited pay endowment, life insurance plan.|
|Minimum Age at Entry (age as on last birthday)||Life Insured – 1 year. Proposer (If Life Insured is a minor) – 18 years.|
|Maximum Age at Entry||Life Insured – 55 years. Proposer (If Life Insured is a minor) – 60 years.|
|Maximum Age at Maturity (age as on last birthday)||75 years.|
Sum Assured and Premium Range – What you get and what it costs?
Sum Assured is the amount policyholders receive from the policy. It is guaranteed at the start of the policy. The Sum Assured limit for Max Life Future Secure II is displayed in the table below:
|Minimum Sum Assured||Rs.1,50,000, provided minimum annual premium is Rs.12,500.|
|Maximum Sum Assured||Rs.2 Crore.|
The policy term and premium payment term for Max Life Future Secure II is fixed. The policy term is 20 years and the premium payment term is 12 years. Premium for this policy can be paid using the annual payment mode only. The premium limits for this policy is mentioned below.
|Minimum Premium||Rs.12,500 p.a.|
|Maximum Premium||Depends on the maximum Sum Assured and age.|
*Premiums vary based on age, location, plan term and other factors.
**The above rates are not inclusive of taxes and cesses.
Plan coverage – What the Max Life Future Secure II covers?
Max Life Future Secure II provides the following benefits:
|Maturity Benefit||On maturity, total of the following will be given:
|Death Benefit (Life Insured’s Death)||In case of death of the Life Insured, total of the following will be given:
|Death Benefit (Proposer’s Death)||If Life Insured and Proposer are not the same people and the proposer’s passes away during the premium payment term, then Max Life Future Secure II will continue and all the future premiums will be waived off. The policy will also continue to participate in bonuses and the nominees or appointees will receive maturity benefit at the end of the policy term. In case the Life Insured is a minor and the proposer dies, then the legal guardian of the minor (appointed by court) will become the policy owner. This benefit will apply only if the entry age of the Life Insured is below 18 years and entry age of the Propose is a maximum of 60 years. The benefit will be available after the Life Insured attains majority while the contract is active. If the Life Insured is a minor, then the policy cannot be surrendered until he/she attains majority. If the Proposer and Life Insured are different people, then the insurance interest principal amount should be met. If the Proposer (policyholder) passes away when the policy is Reduced Paid Up (RPU) or lapsed mode, then the company will permit the legal guardian to become the new Proposer and the Policy Continuance Benefit will be made available for his/her life on policy revival. There will be no change in the premium and the new Proposer will have to pay the outstanding premiums.|
|Surrender Benefit||Surrender value is acquired by the policy, provided premiums for 3 full years is paid. The Surrender Value is higher of Special Surrender Value (SSV) or Guaranteed Surrendered Value (GSV). Surrender will not be permitted until the policy gets the Surrender Value. GSV is calculated using the following formula: GSV = Base GSV + GSV of accrued bonuses. SSV is calculated using the following formula: SSV = (RPU Sum Assured + Accrued Reversionary Bonuses) x Surrender Value Factor + Cash Value of Terminal Bonus. Here, Terminal Bonus is a percentage of the Accrued Reversionary Bonus.|
|Non-forfeiture Benefit - Reduced Paid Up (RPU)||If the policy has got the surrender value and not the premiums by the due date, then it will not lapse, but automatically become RPU. The Sum Assured will be reduced in this case via the proportionate premiums method, which is: RPU Sum Assured = Sum Assured x (Total Premiums Paid/ Total Premiums Payable) Policyholders have the option to revive their RPU policy within a period of 2 years, from the 1st unpaid premium date. They can do so by paying the outstanding premiums and providing proof of insurability.|
|Loan Facility||Loan will be provided by this policy. A maximum of 80% of SSV will be offered at 11% p.a. The interest rate is compounded annually and loans will be provided based on the terms and conditions set by the company for policy loans. Minimum amount of loan that can be availed by policyholders is Rs.10,000. The loan amount plus the interest cannot be more than the surrender value. If it is, then the policy will terminate. If the policy is fully paid up and all premiums has been paid, then the policy will not terminate. Any pending loan amount will be deducted from the benefits during termination (death, maturity or surrender).|
Add-On Plans – Additional coverage under the Max Life Future Secure II:
Max Life Future Secure II does not offer add-on plans.
Exclusions - What the Max Life Future Secure II doesn’t cover?
Suicide Exclusion – If Life Insured (major/minor, sane/insane) kills himself/her within 12 months from start or revival of policy, then his/her policy will terminate and the following will be paid:
If the Proposer commits suicide within 12 months from start or revival date of the policy, then Policy Continuance Benefit will not be paid, but the company will permit the legal guardian (appointed by a court) to become the new Proposer. In this case, Policy Continuance Benefit will be applicable for the life of the new Proposer.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
Max Life Future Secure II policy has many other important features. Some of them are:
|Grace Period||30 days.|
|Bonuses||Reversionary Bonus – An applicant is eligible for Reversionary Bonus after the policy is in force for 2 years. A compound Reversionary Bonus will be paid, depending on certain conditions.
Terminal Bonus – It is a one-time additional bonus paid on earlier of the following:
|Nomination||Nomination is allowed by the company.|
|Free Look Period||15 days|
|Policy Revival||Within 2 years, starting from the 1st unpaid premium due date.|
Tax benefits – How you can save with the Max Life Future Secure II?
Max Life Future Secure II policyholders can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Deductions can be claimed under Sections 80C, 80CCC, 80D and 80DD of the IT Act and Exemptions can be claimed under Section 10 (10D) of the IT Act.
*Tax Benefits are dependent on the tax laws and may change at any time. It is advisable to consult someone who is an expert in tax matters.
Other benefits – How you can save with the Max Life Future Secure II?
Max Life Future Secure II has many other benefits to offer other than the ones mentioned above. Some of these benefits are:
|Online Payment Facility||Max Life Future Secure II policyholders can easily pay their premiums on the company website.|
|Premium Calculator||Before purchasing the policy, policyholders can calculate the premium using this tool that is available for free on the company website.|
|Customer Care||Customer care service is available and customers can contact the customer support team for any policy or claims related queries.|
|Download Premium Receipt Facility||Max Life Insurance helps policyholders to save time and paper by providing them with the facility of downloading their premium receipts online.|
Why you should buy the Max Life Future Secure II from Max Life Insurance?
Max Life Insurance has over 2,000 branches spread across India, which makes it easily accessible. The company is an award-winning insurance company that is known for its customer-centric approach. It has an excellent customer support team, which is available to answer the queries of customers 24x7. Max Life Future Secure II is one of the most popular products offered by Max Life Insurance because it helps customers plan their present in a way that ensures a financially secure future.
A. Base Guaranteed Surrender Value is a percentage of the total paid premiums.
|Surrender Year||Base GSV as a percentage of total paid premiums|
A. If loan is pending against Max Life Future Secure II policy, then no, you cannot take policy loan more than once during the policy term.
A. Accident is an unforeseen, involuntary and sudden event that is caused by visible, violent and external means.
A. Death by accident is referred to any death that is caused by violent, unforeseen, involuntary and sudden event, which occurs due to visible and external means. An autopsy will prove that such death was caused by an accident directly and is independent of any mental or physical illness within a period of 180 days from the accident date.
A. No, the policy does not provide rider protection.
A. Yes, the company might charge extra premium for insuring unhealthy lives.
A. The policy will lapse only if it has not received a surrender value and if the policyholder fails to pay the premium within the grace period.
A. A lapsed policy will terminate if you do not revive it during the revival period.
A. A lapsed Max Life Future Secure II policy can be revived by submitting a written request to the company along with the following within the revival period:
The policy will be revived only if the company approves your revival request.
A. Making a claim on Max Life Future Secure II is very easy. Claimants have to submit the following to make a claim: