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  • Max Life Premium Return Protection Plan

    Max Life Premium Return Protection Plan is a non-participating limited pay plan offered by Max Life Insurance. It is a single life premium return policy that provides comprehensive life coverage to the policyholders. The policy has an in-built accidental death benefit and it also offers maturity benefit and tax benefit to the customers.This policy allows customers to choose a policy term of 20, 25 or 30 years by paying premiums for only 11 years. Premium for annual payment mode starts from Rs.8,500* p.a.

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

    (UIN: 104N083V01)

    Eligibility - Who is the Max Life Premium Return Protection Plan for?

    Max Life Premium Return Protection Plan can be availed only by people who fulfil the eligibility requirements. The eligibility criteria for this policy is mentioned below:

    Type Individual, non-participating limited pay plan
    Minimum Age at Entry (age as on last birthday) 21 years
    Maximum Age at Entry (age as on last birthday) 55 years, if the policy term is 20 years. 50 years, if the policy term is 25 years. 45 years, if the policy term is 30 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 that you get from the policy. The Sum Assured for Max Life Premium Return Protection Plan can be chosen only in multiples of Rs.50,000. The minimum and maximum Sum Assured offered by the policy is:

    Minimum Sum Assured Rs.5 Lakhs, provided the minimum Annual Premium is Rs.8,500.
    Maximum Sum Assured Rs.1 Crore.

    This >Max Life term plan also offers High Sum Assured Discounts. For Sum Assured worth Rs.30 Lakhs and above, the plan offers a discount of Rs.130 for every Lakh of Sum Assured.

    Premium is the amount that you have to pay to receive benefits from the plan. The premium rates of Max Life Premium Return Protection Plan is not the same for everyone and differs depending on the gender and age of the Life Insured. The Plan offers low rates of premium for female lives. Max Life Premium Return Protection Plan offers 4 premium payment modes, which are as follows:

    • Annual.
    • Semi-Annual.
    • Quarterly.
    • Monthly.

    Policyholders can choose to change their premium payment mode at any time, but the change will come into effect only from the next policy anniversary.

    Minimum Premium Rs.8,500 p.a. for Annual Mode. The Modal Factors will be applied for non-annual payment modes.
    Maximum Premium Will vary subject to maximum sum assured
    Policy Term 20 years/ 25 years/ 30 years
    Premium Payment Term 11 years

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

    **Premium amount mentioned in the table above does not include extra premium, modal extra, tax, cess or levies.

    Plan Coverage – What the Max Life Premium Return Protection Plan Covers?

    Max Life Premium Return Protection Plan offers comprehensive protection to policyholders, which means their nominee will receive the Base Sum Assured from the company in case of death. The plan also has an in-built accidental death benefit, under which the nominee of a policyholder receives additional 50% of the Base Sum Assured apart from the Basic Sum Assured in case his/her death is caused due to an accident. Apart from this, the plan also offers maturity benefit, surrender benefit and Reduced Paid Up (RPU) benefit to all the policyholders.

    Benefit Details
    Death Benefit This benefit is paid if the Life Insured dies during the policy term. It is paid to the nominee of the Life Insured. Death Benefit is equal to Death Sum Assured, which is higher of the following:
    • 10 times of the Annualised Premium.
    • 105% of the total premiums that have been paid.
    • Guaranteed Death Sum Assured (GDSA).
    • Guaranteed Maturity Sum Assured (GMSA).
    Maturity Benefit Guaranteed Maturity Sum Assured is paid on policy maturity date if the Life Insured survives till the date of maturity and if policyholder has paid all premiums by the due dates.
    Surrender Benefit It is paid at the time of surrender of policy. The policy can be surrendered only after it gets a Surrender Value, which is gets immediately on payment of 1st three full year premiums. Surrender Value is the higher of the following:
    • Guaranteed Surrender Value.
    • Special Surrender Value.
    Reduced Paid Up Benefit When the policy gets a Surrender Value, then by default it will become Reduced Paid Up if the policyholder fails to pay further premium. In this case, the policy will continue with the following reduced benefits:
    • Reduced Death Benefit – It is reduced in proportion to the total paid premiums in relation to the total premiums that is payable.
    RDU = (Total Paid Premiums – Extra Premium (if any) – Rider Premium (if any)/ Total Payable Premiums – Extra Premium (if any) – Rider Premium (if any)) x Death Benefit
    • Reduced Maturity Benefit – Here, the total premiums that a policyholder paid during his/her policy term will be returned on the date of maturity.

    Add-On Plans – Additional Coverage Under the Max Life Premium Return Protection Plan:

    Max Life Premium Return Protection Plan does not come with any additional riders or add-on covers.

    Exclusions - What the Max Life Premium Return Protection Plan Doesn’t Cover?

    Suicide Exclusion – If the Life Insured commits suicide within 12 months from the start or revival date of the policy, then the policy will terminate immediately. In this case, the company will pay either the total paid premiums (if the policy has not got a surrender value) or Higher of total paid premium or Special Surrender Value (if the policy has got a surrender value).

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

    Max Life Premium Return Protection Plan policy has many other important features. Some of them are:

    Particulars Details
    Grace Period 15 days for monthly payment mode. 30 days for all other payment modes. Grace Period will start from the due date of every premium payment.
    Freelook Period 15 days, starting from the date of receipt of the policy document.For policies sourced through distance marketing, the free-look period is 30 days.
    Nomination Policyholders are allowed to select a nominee.
    Policy Revival Policy can be revived within 2 years, starting from due date of the 1st unpaid premium instalment and before the expiry of policy term.

    Tax Benefits – How you can Save with the Max Life Premium Return Protection Plan?

    Owners of Max Life Premium Return Protection Plan 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.

    • Deductions under Section 80C or 80CCC – Individuals and Hindu Undivided Families can avail benefits under this Section. The maximum amount that can be claimed is Rs.1,50,000.

    Section 80C or 80CCC says that:

    • If you pay 20% more premium than the actual capital Sum Assured in a year, then you can claim deductions only for premiums up to 20% of the sum assured.
    • If your policy was issued on or after 1st April, 2012, then you can claim deduction for only so much of the premiums payable as does not exceed 10% of the actual capital Sum Assured (15% if you have severe disability or specified ailment).

    If your policy is terminated within 2 years from inception, then the benefits under this Section will be reversed.

    • Deductions under Section 80D – Individuals and Hindu Undivided Families can avail benefits under this Section. The eligible amount for deduction is a maximum of Rs.25,000 for an individual, his/her spouse and children. An additional deduction of up to Rs.25,000 is allowed for parents. If parents are senior citizens, then deduction of up to Rs.30,000 can be claimed. Assessees are allowed to pay a maximum of Rs.5,000 for preventive health check-ups within the prescribed overall limit.
    • Deductions under Section 80DD – Under this Section, every year policyholders can claim up to Rs.75,000 worth premiums that they pay for their disabled dependent. A high deduction of Rs.1,25,000 will be permitted in case the dependent suffers from severe disability.
    • Exemptions under Section 10 (10D) – The amount policyholders receive from a life insurance policy (includes bonus) is exempted from tax. This rule is not applicable on the following:
      • Sum received under Section 80DD (3).
      • Sum received under a Keyman Insurance Policy.
      • Sum received other than as death benefit from a policy that was issued on or after 1st April, 2003 and if the premium payable during the term is not more than 20% of the sum assured. If the policy was issued on or after 1st April, 2012, exemption will be available only if the premium payable does not exceed 10% of the actual capital sum assured.

    *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 Premium Return Protection Plan?

    Max Life Premium Return Protection Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are:

    SMS Updates Policyholders can receive all the updates related to their policy via SMS. To activate the SMS Updates service, they have to simply SMS a message to the company.
    Online Payment Facility Policyholders can easily make their premium payments online on the website of Max Life Insurance.
    Download Premium Receipt Facility Policyholders have the option to download receipts of their premium from the website of Max Life Insurance.
    Customer Care Max Life Insurance provides 24x7 customer care service. If people have any queries related to the policy or claims process, they can contact the customer service on the helpline number or via an email, SMS or letter.
    Premium Calculator Before applying for Max Life Premium Return Protection Plan, applicants can use the premium calculator tool to calculate their premium. The tool is present on the website of Max Life Insurance.
    Doorstep Expert Advice The company offers expert advice at doorstep. People have to simply contact the company. The company’s trained distributor will meet them and help them in understanding the policy.

    Why you Should Buy the Premium Return Protection Plan from Max Life Insurance?

    You should buy the Max Super Term Plan from Max Life Insurance because it offers comprehensive long-term protection and returns all the premiums that you have paid if you survive till the end of the term. It is also one of the most popular among the 15 life insurance products that Max Life Insurance offers. The company has over 2,000 branches across India and it has an excellent customer service team, which you can contact at any time from any part of the world. Another reason why you must choose this policy from Max Life Insurance is that the company makes use of the latest technology to fasten the claim settlement process and to offer benefits such as Electronic Insurance Account and online premium payment option.

    FAQs about Max Life Premium Return Protection Plan:

    1. What does Annual Premium mean?

      A. Annual Premium is the amount of premium that is payable under the annual premium payment mode. It exclusive of extra premium, service tax and other cess, taxes or levies.

    2. What does Annualised Premium mean?

      A. Annualised Premium is the sum total of extra premium and Annual premium.

    3. What is Total Premium?

      A. Total Premium refers to all the premiums that is paid by the policyholder. It includes extra premium and loaded for modal factors, but it excludes service tax, other taxes, levies or cesses, if any.

    4. What is Guaranteed Maturity Sum Assured (GMSA)?

      A. Guaranteed Maturity Sum Assured (GMSA) is the total premium that is payable over the premium payment term.

    5. What is Guaranteed Death Sum Assured (GDSA)?

      A. Guaranteed Death Sum Assured (GMSA) is 100% of the Sum Assured in case of non-accidental claims and it is 150% of the Sum Assured in case of accidental claims.

    6. What does death by accident mean?

      A. Death by accident means an unforeseen, sudden, involuntary event that is caused by visible, violent and external means that is revealed by an autopsy report, provided such death was caused directly by such accident and is independent of any other mental or physical illness within 180 days of the accident date.

    7. What is Guaranteed Surrender Value?

      A. Guaranteed Surrender Value or GSV is a percentage of the total paid premiums.

    8. What is Special Surrender Value?

      A. Special Surrender Value is equal or greater than GSV and is determined from time to time by Max Life Insurance Company. SSV depends on the surrender year and is not dependent on the date when the premium was discontinued. It is a percentage of the total paid premiums. SSV is not guaranteed and may be revised.

    9. Does Max Life Premium Return Protection Plan provide loan facility?

      A. No, Max Life Premium Return Protection Plan does not provide loan facility.

    10. What are the Modal Factors for the different premium payment modes?

      A. The Modal Factors for the different premium payment modes are as follows:

      • For annual premium payment mode, the Modal factor is 1.000.
      • For semi-annual premium payment mode, the Modal factor is 0.52.
      • For quarterly premium payment mode, the Modal factor is 0.265.
      • For monthly premium payment mode, the Modal factor is 0.09.
    11. How to make a claim?

      A. To make a claim, people have to submit the following to Max Life Insurance:

      • Claimant’s statement in the form prescribed by the company. Policyholders can download the claim request documents from the website of the company.
      • Your original policy document.
      • Copy of F.I.R or policy complaint (to be submitted in case of death by accident).
      • Copy of certified post mortem report (to be submitted in case of death by accident).
      • Death certificate issued by the municipal or local authority.
      • Claimant’s and Nominee(s) Identity proof. It should have their photographs and signatures (to be submitted in case of death).
      • Any other documents requested by the company. 

    Max Life Premium Return Protection Plan Reviews

    • Max Life Insurance
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      I had been holding the life insurance policy with MAX LIFE INSURANCE where they have provided the maturity period is for 20 years and the name of the policy is PENSION plan it gives the coverage for my family completely and it is a good policy to use.
      Was this review helpful? 0
      , nagpur
      Reviewed on Sep 19, 2018
    • Max Life Insurance
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      I had been holding MAX LIFE SELECTION FORTUNE from MAX LIFE INSURANCE since last few years and the premium i am paying for yearly once. I get approximately sum assured amount as 1 crore. It gives the coverage for my complete family.
      Was this review helpful? 0
      , nagpur
      Reviewed on Sep 19, 2018
    • Max Life Insurance
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      I had been using the life insurance policy with MAX LIFE INSURANCE since last so many years. The plan what i am holding is LIFE GAIN PLUS plan where the maturity period is for 20 years it gives the coverage for my family. It provides the life coverage also with accidental coverage.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 19, 2018
    • Max Life Insurance
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      I have started using the life insurance policy with MAX LIFE INSURANCE since last 2009 and i have purchased the PLATINUM PROTECT plan where i pay the premium on yearly basis. The maturity period for this policy is for 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 19, 2018
    • Max Life Insurance
      "Average policy"
      0.5 2.0/5 "Expected more"
      I have bought the life insurance policy in 2018. Yearly 18000, i used make the premium amount. I used to make the payment yearly mode. After 20 years, i will sum assured amount of Rs. 20 lakhs. Its a risk coverage policy. One of my relative took this policy and he got the returns hence i chosen this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 12, 2018
    • Max Life Insurance
      "Really good plan with Good returns"
      0.5 5.0/5 "Blown Away!"
      I'm satisfied with the Max life policy. They are providing a very good service. I have a very good plan with Max Life. It was recommended by one of the family friend. The representative was explained the policy details are wonderful. I have bought this policy 5 years ago. I used to make the premium amount of Rs. 6000 annually. I have chosen the tenure period of 15 years.
      Was this review helpful? 0
      , nasik
      Reviewed on Sep 10, 2018
    • Max Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I have purchased the life insurance of MAX LIFE INSURANCE on 2015 but i had no reason to take this policy. The premium i pay 30k for yearly once also the maturity period they provided with 15 years added on that it covers for self only.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 04, 2018
    • Max Life Insurance
      "Claim rario is good"
      0.5 4.0/5 "Great!"
      I have purchased the policy anyway i have not availed any of the services. I have making the payment in the monthly mode. I have been paying the premium amount of around Rs. 800. I will get a sum assured amount of Rs. 60 lakhs. I have purchased the policy policy 6 months back. I have chosen the tenure period of 15 years. The premium amount and add on features are good in this policy. They will monthly Rs. 25000 in a nominee in abnormal case.
      Was this review helpful? 0
      , kottayam
      Reviewed on Sep 04, 2018
    • Max Life Insurance
      "Average policy"
      0.5 3.0/5 "Satisfactory"
      My endowment policy was taken with Max Life. Their services was not up to the mark. I'm satisfied the benefits and policy coverage provided by the Max life. I have different policies are taken my Max life. I pay my premium through Internet banking.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 03, 2018
    • Max Life Insurance
      "BETTER"
      0.5 4.0/5 "Great!"
      The reason behind taking the policy from MAX LIFE INSURANCE because it is lower premium when compared to the others also the premium i am paying 1100k for monthly once. The tenuity period of this policy is till my 65 years age also it covers only for self because it is term policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 03, 2018
    • Max Life Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      I have purchased the life insurance policy with the MAX LIFE INSURANCE where the documents submitted through online also the premium i pay yearly once 10658k where they have provided me with the 30 years of tenuity. They provide me with the accidental benefits too.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Sep 03, 2018
    • Max Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have purchased the policy in the month of January. The Max services is cleaxible for me while i'm comparing the policies with other companies. The have to improve the customer care service and the online payment mode. Its difficult to find the option for makin the payment. I have not availed any of the benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 02, 2018
    • Max Life Insurance
      "Excellent policy"
      0.5 5.0/5 "Blown Away!"
      I have not contacted with customer care much. I have not much aware of the policy. My relative recommended me to take the policy. They are offering a sum assured amount of Rs. 1 Cr. I have purchased the term insurance policy 3 months before. I'm satisfied with the policy
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 02, 2018
    • Max Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have purchased MAX LIFE INSURANCE because they provide with good coverage also with lower premium when compared with the others. The maturity period of this policy is for 30years also i pay the premium annually where it covers the self also there is a accidental benefits too.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 01, 2018
    • Max Life Insurance
      "AVERAGE"
      0.5 3.5/5 "Pretty good"
      The reason behind taking the policy with MAX LIFE INSURANCE is because of brand value and which covers only for self added on that the premium i am paying on yearly basis. The maturity period in this insurance policy they are providing me with 20 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 01, 2018
    • Max Life Insurance
      "Term insurance is must for everyone to protect the family"
      0.5 3.0/5 "Satisfactory"
      This premium amount is very less when i compared with other insurance companies. There is no comparison we can't made with the claim ration and other things. I have not remember about the premium amount since i made the payment on last January. I have got sum assured amount is 50 lakhs. I have chosen the tenure period of 30 years. I used to make the payment through debit card.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 31, 2018
    • Max Life Insurance
      "Service is very poor"
      0.5 2.0/5 "Expected more"
      The premium amount is very high. I have chosen the 50 lakhs as a sum assured amount. I planned to deduct through ECS and the same has not happened. They are not giving proper response for my request. Their service is not upto the mark. I spoke with the customer care and they are simply sending the ECS form and they are not giving the proper TAT for the updation.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 31, 2018
    • Max Life Insurance
      "Excellent policy"
      0.5 4.0/5 "Great!"
      In Jan 2018, i have purchased my term insurance. I have made a payment of Rs. 2093. There are some riders provided by this policy. There is additional benefits like KVR, health insurance given by this policy. Total tenure period of the policy 40 years. I'm very much satisfied with the benefits and sum assured amount by this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 31, 2018
    • Max Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken my life insurance with Max Life. The customer services and response is good. The total tenure is for 35 years. I would opted for the yearly payment mode. I am happy with the benefits and sum assured. This is a term insurance policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 31, 2018
    • Max Life Insurance
      "Good policy for the future"
      0.5 3.0/5 "Satisfactory"
      I have taken the policy with Max Term insurance. I have paid the premium for one year. I will make the premium for 1 years. This is a purely risk based policy. I have to pay this for 30 years. I have purchased this policy 8 months before. They will give Rs. 50 lakhs to the nominee.
      Was this review helpful? 0
      , salem
      Reviewed on Aug 31, 2018
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