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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
      "GOOD"
      0.5 4.0/5 "Great!"
      There is no particular reason for taking the life insurance policy with the MAX LIFE INSURANCE but the premium i pay on monthly basis for this policy added on that the policy coverage is for self and also the maturity period of this policy is for 20 years approximately.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 14, 2019
    • Max Life Insurance
      "GOOD POLICY"
      0.5 3.0/5 "Satisfactory"
      I have purchased the life insurance policy with the MAX LIFE INSURANCE but i am not satisfied with the payment mode with this policy. The premium is higher with this policy but it covers the critical illness but it gives the policy coverage for self.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 12, 2019
    • Max Life Insurance
      "Average"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance for wife separately with Max Life. At that time, I have been told that they are providing good coverage with less premium. The sum assured value is 80L. The monthly premium is 800 to 900 rupees via online. The payment mode is convenient.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 03, 2019
    • Max Life Insurance
      "Average"
      0.5 5.0/5 "Blown Away!"
      The customer service was very good. When I bought the term insurance for monthly EMI 800 to 900rupees when I saw the advertisement now the premium is less like 500 rupees with 1cr insurance and have some confusion on what terms and conditions which need to be clarified. I have received the documentation. The sum assured value is 80L. I pay the premium online.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 03, 2019
    • Max Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I had a good experience from Max Life in purchasing the term policy. I am paying monthly 1700 rupees through online. The online mode is convenient. I took the policy for 5 years and the sum assured is 5L. Max life has given better benefits with the lower premium.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 03, 2019
    • Max Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I would say bank bazaar is very good and it provide lot of information. I have been using the bankbazaarinsurance.com for the first time to purchase term policy and earlier I had enquired. I am comfortable with the website and have no issues.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 03, 2019
    • Max Life Insurance
      "Below Excellent"
      0.5 4.0/5 "Great!"
      I am happy with the customer service and explained about the terms and conditions well. Max Life offered a plan like If I pay premium of 40K after the death the policy holder will get 40K per month up to 10 years. I am paying the premium through credit card via online. I would like to suggest them to provide a proper software like mobile application to check the statements online.
      Was this review helpful? 0
      , surat
      Reviewed on Dec 29, 2018
    • Max Life Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      The customer service is better. First time I have chosen the policy from Aegon not satisfied then decided to go with Max Life because having other policy. I took the term plan for myself. The sum assured value is 50L. I have paid the premium near about 10K per a year. I have received the insurance paper.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Dec 29, 2018
    • Max Life Insurance
      "Excellent"
      0.5 4.0/5 "Great!"
      I have recently purchased a term insurance from Max Life through online portal. There is no interaction between the customer service. I have chosen, it has sum assured value and the policy covers some diseases. I have paid 7K for a year through online. I am happy with the benefits and I would continue the policy for next year.
      Was this review helpful? 0
      , lucknow
      Reviewed on Dec 29, 2018
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance with Max Life through agent. They have explained me about the benefits. The tenure period is whole life. The customer service is good. I am okay with the benefits and coverage. The sum assured is 2.4L. I need to pay the premium of 5K per year through online.
      Was this review helpful? 0
      , bhopal
      Reviewed on Dec 20, 2018
    • Max Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance with Max Life because of the low premium. They have explained me about the benefits and which am happy with it. I need to pay monthly 746rupees for the premium and done through online. I got the insurance papers and sum assured is 50L.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 15, 2018
    • Max Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I never contacted the customer service, there is no requirement and they have done it on time. I have received the call at the time of processing the policy and explained about the policy to me. I took a term insurance for myself with Max Life. The premium is reasonable and they are offering good benefits.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Dec 14, 2018
    • Max Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      The tenure period is 5 years, I have taken a term plan with Max Life through online before 1.5 years. I don't know about the premium since it was paid by my wife. The Sum assured value is 8L. They have explained about the policies and the payment mode is convenient. I pay the premium yearly.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 13, 2018
    • Max Life Insurance
      "Average"
      0.5 4.0/5 "Great!"
      I pay 50K per year for the premium by cash. I have life insurance which was taken through agent before 9 years with Max Life. The tenure period is 10 years, the customer service is average. Even plan benefits is also average, it has taken for the purpose of future investment. The sum assured value is 12L.
      Was this review helpful? 0
      , varanasi
      Reviewed on Dec 13, 2018
    • Max Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Max Life is good and they are providing good customer service. The plan benefits and coverage is also good. I am paying yearly 30K through online. It was taken before 3 years through agent and tenure period is 15 years. The sum assured value is 5L. Am getting updates whenever I pay the premium.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 13, 2018
    • Max Life Insurance
      "Better"
      0.5 4.5/5 "Excellent!"
      I do have a term insurance with Max along with Aegon. I don't have any problems with standing instructions and the customer service is good. I did not get any chance so far to connect with the customer support. Am happy with the policy coverage and plan benefits. The claim settlement ratio is much better.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 06, 2018
    • Max Life Insurance
      "Overall good features. "
      0.5 4.0/5 "Great!"
      The overall experience is good at Max life for the term insurance. The customer support and response is fine. The tenure is for 30 years. I have taken a Online Term Plan Plus - Basic Life Cover + Waiver Of Premium Plus- Monthly plan. The sum assured is of 50,00,000.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 30, 2018
    • Max Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance with Max life. It is a Online Term Plan Plus - Pay Till 60- Monthly plan. I need to pay my premium till the age of 60. The tenure is of 45 years and the sum assured is of 1,00,00,000. The payment can be done online and no hassles.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 27, 2018
    • Max Life Insurance
      "Good benefits"
      0.5 4.0/5 "Great!"
      It has been a good experience with Max life. I was able to get my life insurance with ease. It is a normal insurance policy. The tenure is for ten years. The sum assured and the plan benefits are good. I pay a premium online of 10K on a yearly basis.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 11, 2018
    • Max Life Insurance
      "Satisfactory"
      0.5 4.0/5 "Great!"
      Max life insurance is good overall in the term insurance policy. The customer support and response is good. I have taken a Online Term Plan Plus - Pay Till 60. I need to pay a premium till the age of 60 years. The tenure is for 40 years. The sum assured is for 70 Lakhs. The premium is of 13K which is paid online.
      Was this review helpful? 0
      , vellore
      Reviewed on Nov 11, 2018
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