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.
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 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:
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||Rs.4,40,400 p.a. for annual payment mode, where policyholder is a 55 year old male who has a policy term of 20 years and his maximum Sum Assured is Rs.1 Crore. (The amount will increase for sub-standard lives and non-annual payment modes.)|
|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.
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.
|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:
|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:
|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:
Max Life Premium Return Protection Plan does have any Add-on plans or additional coverage.
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).
Max Life Premium Return Protection Plan policy has many other important features. Some of them are:
|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.|
|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.|
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.
Section 80C or 80CCC says that:
If your policy is terminated within 2 years from inception, then the benefits under this Section will be reversed.
*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.
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 toll free 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.|
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.
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.
A. Annualised Premium is the sum total of extra premium and Annual 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.
A. Guaranteed Maturity Sum Assured (GMSA) is the total premium that is payable over the premium payment term.
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.
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.
A. Guaranteed Surrender Value or GSV is a percentage of the total paid premiums.
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.
A. No, Max Life Premium Return Protection Plan does not provide loan facility.
A. The Modal Factors for the different premium payment modes are as follows:
A. To make a claim, people have to submit the following to Max Life Insurance: