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  • Max Life Life Gain Premier Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

     

    Max Life Life Gain Premier is a traditional participating endowment insurance plan offered by Max Life Insurance. It is a single life policy that helps policyholders to build their wealth through systematic savings. Policyholders have the option to select the policy term and premium payment term. The plan offers bonus options, maturity benefit, withdrawal options, death benefit and tax benefit to the policyholders. Policyholders can choose to add the following riders to their policy:

    • Max Life Term Plus Rider.
    • Max Life Accidental Death & Dismemberment Rider.
    • Max Life Waiver of Premium Plus Rider.

    Premium for this policy starts from Rs.8,500* p.a. for annual mode, Rs.6,000* p.a. for semi-annual mode, Rs.4,000* for quarterly mode and Rs.1,500* for monthly mode.

    *Premiums vary based on age, location, plan term and other factors.

    Eligibility - Who is the Max Life Life Gain Premier for?

    Max Life Life Gain Premier can be availed only by people who fulfil the eligibility requirements. The eligibility criteria for this Max Life Savings policy is mentioned below:

    (UIN:104N079V03)

    Type Individual, Traditional participating endowment insurance plan
    Minimum Age at Entry (age as on last birthday) 18 years
    Maximum Age at Entry 55 years for 15 years or 20 years policy term. 50 years for 25 years policy term.
    Maximum Age at Maturity (age as on last birthday) 70 years for 15 years policy term. 75 years for 20 years and 25 years policy term.

    Sum Assured and Premium Range – What you Get and What it Costs?

    The Sum Assured Bands for Max Life Life Gain Premier are:

    • Band 1 – Rs.50,000 to Rs.1,49,999
    • Band 2 – Rs.1,50,000 to Rs.2,99,999
    • Band 3 – Rs.3,00,000 to Rs.4,99,999
    • Band 4 – Rs.5 Lakhs and above

    The Sum Assured limit for Max Life Life Gain Premier is displayed in the table below:

    Minimum Guaranteed Maturity Sum Assured Rs.50,000
    Maximum Guaranteed Maturity Sum Assured No Limit

    Max Life Life Gain Premier has 3 policy terms, which are:

    • 15 years.
    • 20 years.
    • 25 years.

    For policy term of 15 years, policyholders have the option to select a premium payment term of 6 years or 8 years. For policy term of 20 years, policyholders have the option to select a premium payment term of 8 years or 10 years and for policy term of 25 years, policyholders have the option to select a premium payment term of 12 years. Policyholders can pay premium using annual, semi-annual, quarterly and monthly payment modes. They can choose to change the payment mode at any time.

    Minimum Premium Rs.8,500 for annual mode. Rs.6,000 for semi-annual mode. Rs.4,000 for quarterly mode. Rs.1,500 for monthly mode.
    Maximum Premium No Limit.

    *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 Life Gain Premier Covers?

    Max Life Life Gain Premier provides the following benefits:

    Benefit Details
    Maturity Benefit Maturity Benefit = Guaranteed Maturity Benefit + Accrued Paid Up Additions (PUA) + Terminal Bonus Guaranteed Maturity Benefit = Guaranteed Maturity Sum Assured (GMSA)
    Death Benefit The following is paid as death benefit if the Life Insured dies during the policy term: Guaranteed Death Benefit + Accrued PUA + Terminal Bonus Guaranteed Death Benefit is the higher of the following:
    • 105% of the paid premiums until date of demise.
    • 11x of the Annualised Premium.
    • GMSA
    Surrender Benefit After the policy acquires a Surrender Value, it is allowed to be surrendered. Surrender Value = Higher of GSV (Guaranteed Surrender Value) or SSV (Special Surrender Value). Guaranteed Surrender Value – The policy acquires GSV in the following ways:
    • After payment of premium of 2 full policy years for 6 years and 8 years premium payment term.
    • After payment of premium of 3 full policy years for 10 years and 12 years premium payment term.
    GSV = (GSV Factor x Total Premiums Paid – Extra Premium – Rider Premium) + Guaranteed Cash Value of PUA Special Surrender Value – It is either higher than the GSV or equal to it. It is not guaranteed and maybe revised by the company from time to time.
    Non-forfeiture Benefit - Reduced Paid Up (RPU) The policy will become RPU after it has acquired Surrender Value and if a policyholder fails to pay pending premiums. The GMSA will be reduced in this case using the proportionate premiums method, which is: RPU Sum Assured = (Total Premiums Paid – Extra Premium – Rider Premium/ Total Premiums Payable – Extra premium – Rider Premium) x GMSA For RPU policy, the following benefits will be reduced using the proportionate premiums method:
    • Death Benefit = RPU Death Benefit + Accrued PUA (earned before policy becomes RPU).
    RPU Death Benefit = Guaranteed Death Benefit x {(Total Premiums Paid – Extra Premium – Rider Premium)/ (Total Premiums Payable – Extra Premium – Rider Premium)}
    • Maturity Benefit = RPU Sum Assured + Accrued PUA (earned before policy becomes RPU)
    RPU policies do not participate in future bonuses for this product.
    Terminal Illness Benefit On the policyholder’s request, Max Life Insurance will pay the following benefits to the Life Insured, if he/she is diagnosed with a disease that will lead to his/her death within 6 months from the date of diagnosis: GMSA or RPU GMSA up to 50% on the date of notification. *Terminal Illness Benefit will be paid as per the terms and conditions of the policy.
    Loan Facility Max Life Life Gain Premier offers loan facility to policyholders. Up to maximum of 50% of SSV is offered depending on the existing policy loan terms and conditions of the company. 11% p.a. is currently charged by the bank as interest on such loans, which can be changed at any time at the company’s discretion. The interest rate is compounded annually. Minimum Loan Amount – Rs.10,000 Once the loan is granted, the policy will be assigned in favour of Max Life Insurance until the policyholder pays off the full loan amount include interest and other fees and charges. On repayment of the loan, the company will re-assign the policy back to the policyholder. If at any time, the loan amount plus interest is more than the surrender value, the policy will terminate. If all premiums have been paid or the policy is fully paid up, then it won’t terminate. If loan is availed, then the default bonus options will become PUA. Only after repayment will the policyholder be allowed to change the bonus option. Also, all benefits will be first used to pay off the loan amount.

    Add-On Plans – Additional Coverage Under the Max Life Life Gain Premier:

    Max Life Life Gain Premier policyholders can choose to add the following riders to their policy:

    Max Life Accidental Death & Dismemberment Rider It offers lump sum benefit if death or dismemberment of Life Insured is caused by an accident.
    Max Life Waiver of Premium Plus Rider It offers future premium waiver in case of an unfortunate event.
    Max Life Term Plus Rider It offers additional risk cover in case of death.

    Exclusions - What the Max Life Life Gain Premier Doesn’t Cover?

    Suicide Exclusion – If Life Insured commits suicide within 12 months from start or revival of policy, then his/her policy will terminate and the following will be paid:

    • Higher of SSV or total premiums paid, if policy has acquired surrender value.
    • Total premiums paid, if policy has not acquired surrender value.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Max Life Life Gain Premier policy has many other important features. Some of them are:

    Particulars Details
    Annual Bonus Max Life Life Gain Premier has a Cash Bonus system. Bonuses are declared by the company every year from the end of 2nd policy year on the GMSA and from end of 3rd policy year on accrued PUA and after that end of every year. Policyholders can choose to receive the bonuses via one of the following options:
    • Premium Offset – The bonus declared is used to offset future premiums.
    • Paid In Cash – The bonus declared bonus is paid to the policyholder.
    • Purchase PUA – The bonus declared is used to purchase PUA.
    Terminal Bonus It is a one-time additional bonus that is paid on death, maturity or surrender of policy (whichever occurs earlier). It is paid only if the policy has been active for a minimum of 10 years.
    Grace Period 30 days for all modes except monthly mode. 15 days for monthly mode.
    Freelook Period 15 days
    Nomination Nomination is permitted.
    Policy Revival Within a period of 2 years from the 1st unpaid premium due date.

    Tax Benefits – How you can Save with the Max Life Life Gain Premier?

    Max Life Life Gain Premier 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 Life Gain Premier?

    Max Life Life Gain Premier has many other benefits to offer other than the ones mentioned above. Some of these benefits are:

    Online Payment Facility Policyholders have the option to pay their premium online on the company’s website.
    Customer Care Max Life Insurance offers customer care service through its customer care department, which customers can contact for any policy or claims related queries.
    Premium Calculator Policyholders can calculate their premium using this tool before purchasing the policy. It will help them understand the costs and plan their finances.
    Download Premium Receipt Facility Policyholders can save time and paper by downloading their premium receipts online from the company’s website.

    Why you Should Buy the Life Gain Premier from Max Life Insurance?

    You should buy Max Life Life Gain Premier from Max Life Insurance because it is an award winning company with countrywide presence. Max Life Insurance is well-known for its customer-centric approach and for using superior technology to provide the best insurance solutions to customers. The company offers over 15 insurance products, out of which Max Life Life Gain Premier is the most popular.

    FAQs about Max Life Life Gain Premier:

    1. What happens if a policy becomes Reduced Paid Up?

      A. If a policy becomes Reduced Paid Up, then all rider benefits will stop and PUA withdrawals won’t be permitted. The policy will also not participate in future bonuses in this case.

    2. What does Paid Up Additions (PUA) do?

      A. Paid Up Additions or PUA increase the death and living benefits of the policy, which will be paid fully on maturity or death (whichever occurs earlier). The PUA also increase the policy value by earning future bonuses.

    3. Are PUA rates guaranteed?

      A. No, PUA rates are not guaranteed and may be changed by Max Life Insurance.

    4. What will happen if the cash bonus is not enough to offset the full premium?

      A. If the cash bonus is not enough to offset the full premium, then policyholders will have to pay the balance to keep their policy active.

    5. What will happen if the cash bonus is more than the full premium?

      A. If the cash bonus is more than the full premium, then policyholders will receive the balance.

    6. Is Annualised Premium inclusive of extra premium?

      A. Yes, Annualised Premium is inclusive of extra premium.

    7. What are the modal factors for the premium payment modes?

      A. The modal factors for the premium payment modes are as follows:

      • 0.090 for monthly mode.
      • 0.265 for quarterly mode.
      • 0.520 for semi-annual mode.
      • 1.000 for annual mode.
    8. Can a RPU policy be revived after it lapses?

      A. Yes, a RPU policy can be revived after it lapses.

    9. How to revive a lapsed policy?

      A. To revive a lapsed policy, policyholders have to provide the following within a period of 2 years from the 1st unpaid premium due date:

      • All outstanding premiums along with interest and late fee.
      • Proof of insurability (Life Insured has to pay the cost for it).
      • Written request for revival.

      The revival will happen only if the company approves it.

    10. What is the claim process for Max Life Life Gain Premier?

      A. The claim process for Max Life Life Gain Premier is very simple. To make a claim, policyholders have to submit the following documents to Max Life Insurance:

      • Claimant’s statement is the form that is prescribed by the company.
      • Original document of the policy.
      • Death certificate that has been issued by the municipal or local authority.
      • ID proof of the Nominee(s) and beneficiary with photo and signature.
      • Any other documents that the company requires.