"Spending a whole day looking for insurance is fun," said nobody, EVER!
Close

Tell us about yourself & we'll find the best Term/Cancer Life Insurance offers for you.

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.

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 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.

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 have any Add-on plans or additional coverage.

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.
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 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.

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 policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance from Max Life. My total premium is around Rs. 536 per month and sum assured to me is around RS.60,00,000 for the period of 40 years. Based on the policy coverage I am satisfied with the policy, it's a good policy and I already recommended to my friends.
    Was this review helpful? 0
    , new delhi
    Reviewed on Feb 23, 2018
  • Max Life Insurance
    "Very good"
    0.5 5.0/5 "Blown Away!"
    I Have a life insurance from Max life. My total premium is around Rs. 26,314 and sum assured to me is around Rs. 50,00,000.The policy tenure is for 15 years.I am totally satisfied with the policy and I am happy with it. If I come across any I would tell them about the policy.
    Was this review helpful? 0
    , mohali
    Reviewed on Feb 16, 2018
  • Max Life Insurance
    "Average"
    0.5 3.5/5 "Pretty good"
    I have a Life insurance policy from Max Life. I have taken this policy for investment purpose, I make the payment for 7 years and get the benefit after 15 years. My total premium is around Rs 4,090 for every quarter and sum assured to me is around Rs. 1,65000. Only thing I had a bad experience with the payment systems with Max Life. They debit amount from y account after 5 days of due date sometimes it gets bounced from their end.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Feb 14, 2018
  • Max Life Insurance
    "Good Penison Scheme"
    0.5 3.0/5 "Satisfactory"
    Max life insurance has the term of 25 years, but I should make the payment of 15 years. From 18 years onwards I get the monthly premium around Rs. 18,000 . My yearly premium was around Rs. 1.04 lakhs, Max Life has good ratio on claim settle and grievance resolved.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Feb 05, 2018
  • Max Life Insurance
    "Good benefits"
    0.5 4.0/5 "Great!"
    I have taken a term insurance from Max life. The benefits and coverage is good. But the details on the proposal form does not match with the details on the soft copy. They have also not sent me any hard copy. The policy name is Online Term Plan Plus - Basic cum Standard Income Life Cover- Monthly. The Coverage is for 10000000 + a Monthly income of 40,000 for 10 years if there is any risk or critical illness. The tenure is for 40 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 01, 2018
  • Max Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance policy from Max. I would like to say the services are fine even the policy coverage and benefits. But only thing is the service and it is very rigid, I wanted to convert my premium from monthly to annually which they said is possible but later denied, in that way its disappointing!
    Was this review helpful? 0
    , anand
    Reviewed on Jan 25, 2018
  • Max Life Insurance
    "It's good"
    0.5 4.5/5 "Excellent!"
    I have taken a Life insurance policy from Max. It's a good policy, I have been given good benefits and payment options. My total premium is around Rs. 742 and sum assured to me is around Rs. 65,00,000. Over all the policy is very good I like it and I would like to recommend to others.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 25, 2018
  • Max Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am fully satisfied with this life insurance policy from Max. Online term plan plus, where everything went well,the service provided by them the benefits and even the coverage are excellent. Payment option could have given clear information however it is good. My premium amount is Rs.1202 and sum assured to me is Rs. 60,00,000. I already recommended this to my friends and families. Excellent.!
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 22, 2018
  • Max Life Insurance
    "Best in market"
    0.5 5.0/5 "Blown Away!"
    I had a good experience taking life insurance with Max. One term plan plus is a plan where it provides all the policy coverage,customer service, plan benefits were suitable along with the payment option. Hence, I would like to give 5 star to this policy . Further, I would recommend this to my family members and friends. This product is best in the market My premium amount is around Rs. 1114 and the sum assured to me is Rs. 75,00,000.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2018
  • Max Life Insurance
    "It's the best"
    0.5 4.0/5 "Great!"
    It's the best life insurance provided to me by Max. It is online term plan plus plan and it is the best in the market. The benefits provided to me is satisfactory and also the policy coverage, timely customer service was provided to me and good payment options were also provided. The premium amount of mine is around Rs. 1038 and sum assured to me is Rs 1,00,00,000. It's the excellent product and I would definitely recommend this policy to my friends and relatives.
    Was this review helpful? 0
    , udaipur
    Reviewed on Jan 22, 2018
  • Max Life Insurance
    "More than satisfactory"
    0.5 5.0/5 "Blown Away!"
    Max Life insurance is overall good. The customer services more than satisfactory. It is a traditional policy plan. The features are good and there is a good coverage too. The payment options are very convenient. The best is the services, they are supportive.
    Was this review helpful? 0
    , patna
    Reviewed on Jan 19, 2018
  • Max Life Insurance
    "Good for working professional who doesn't have any security"
    0.5 4.0/5 "Great!"
    Max Life insurance, brand value and claim settle ratio is good among all the insurance provider. At the time of term insurance activation, I paid the premium around Rs. 715, for the sum assured of Rs.1 crore it has the tenure of 30 years. Which included tax benefits, financial security for unforeseen events. But they have deducted the premium without any intimation last month, it would be great if they send some notification before the due date.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jan 16, 2018
  • Max Life Insurance
    "Payment gate way should be simpler"
    0.5 5.0/5 "Blown Away!"
    Max Life, premium is low with higher sum assured value, therefore I took term insurance with them. They have good features like no of critical illness, waiver on the disability. I have chosen the value of Rs. 50 lakhs, By the premium around Rs.2300, plan name called. Online Term Plan Plus - Basic Life Cover + Comprehensive Accident Benefit Rider. Everything is fine but in their website, there is no option to make the premium as per my convenience, It would be great if they improve their website.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 16, 2018
  • Max Life Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    I took one more term insurance on my spouse name, for that term insurance cover around Rs. 50 lakhs for the annual premium of Rs. 3800. It has tenure of 10 years but I would to change the tenure. I have got the confirmation from their end, this policy also has good benefits.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 09, 2018
  • Max Life Insurance
    "Good Coverage at a decent period"
    0.5 4.0/5 "Great!"
    My interaction with Max Life is smooth for the term insurance, I got my policy on time. Communication is also clear, the premium was cheapest one. The sum assured is best which I was chosen. The claim settle ratio is good, I took Online Term Plan Plus - Basic Life Cover , I paid the premium around Rs.. 14,000 on yearly basis. The Sum assured value around Rs. 1 crore it ha the term of 38 years.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 09, 2018
  • Max Life Insurance
    "Good policy to hold"
    0.5 5.0/5 "Blown Away!"
    I have my 20 years term insurance policy with Max Life Insurance company which is the only insurance company which agreed to give me a term insurance policy despite my past medical history. So they are surely a good insurance company which provides the customer satisfaction here in the first place then coming to the coverage they offered is Rs. 50,00,000 and also ADB is Rs. 50,00,000. The annual premium is Rs. 15,930.
    Was this review helpful? 0
    , faridabad
    Reviewed on Jan 05, 2018
  • Max Life Insurance
    "Good services and benefits"
    0.5 5.0/5 "Blown Away!"
    I have taken my term insurance from Max Life. It is a Online Term Plan Plus - Basic Life Cover plus Waiver Of Premium Plus- Monthly. There is a sum assured of 75 lakhs and the critical illness is also covered in this policy. The policy term is for 25 years. Coverage: 6000000 + Waiver Of Premium Plus + Waiver Of Premium Plus Policy Term: 25 years
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 05, 2018
  • Max Life Insurance
    "Good policy to hold"
    0.5 4.0/5 "Great!"
    My term insurance is with MAX LIFE INSURANCE. I took this term insurance as it has all the features and benefits like the other policies which I hold. I have been paying the premium monthly basis which is around Rs. 1100. This insurance policy is a 1 crore coverage policy and the tenure is for 40 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 05, 2018
  • Max Life Insurance
    "Good Protection for my family"
    0.5 4.0/5 "Great!"
    I have term policy from Max life, when I compared TATA AIG, HDFC Ergo, Max life, I found Max is best in term of sum assured towards the premium. Even the claim settlement and grievance resolve ratio is also good. My premium amount was around Rs. 14,000 for a year. It also has financial security against unforeseen events and income tax benefits. I selected the sum assured value around Rs. 50 lakhs as a lump sum amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 04, 2018
  • Max Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    Max life is best in term of premium and policy coverage, totally its a term insurance policy. I have selected the sum assured of Rs. 25 lakhs, for the monthly premium around Rs. 480. This term insurance includes accidental coverage of Rs.10 lakhs with tax benefit . Plan name is Basic Life cover for the term of 40 years.
    Was this review helpful? 0
    , pondicherry
    Reviewed on Jan 03, 2018
Common Loader Icon