Max Life Life Gain Premier Plan

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Introduction/Overview

Max Life Life Gain Premier Plan is a traditional Endowment Assurance plan which aims to build a corpus for future needs and also provide life insurance cover.

Key Features

  • It is a participating plan with limited premium payment option which varies with the policy term
  • Bonuses are declared form the end of 2nd policy year which can be availed in the following 3 options:
  1. Purchase Paid-up Additions – the bonus can be used to increase the Sum Assured which also earn additional bonuses
  2. Paid in Cash – the bonus can be availed in cash payouts every year
  3. Premium Offset – the bonus can be used to offset subsequent premiums
  • Terminal Bonus is also paid after the completion of 10 years on maturity, surrender or death

Benefits

  • On death of the policyholder, Guaranteed Death Benefit + accrued paid-up additions + Terminal Bonus, if any is paid
  • The Guaranteed Death Benefit is higher of 11 times the annual premium or 105% of total premiums paid or Guaranteed Maturity SA chosen
  • On Maturity, Guaranteed Maturity SA + accrued Paid-up Additions + Terminal Bonus, if any is paid
  • There is also the provision of Terminal Illness Benefit where 50% of the SA is paid upfront if the insured is diagnosed with a terminal illness
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

55 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

15, 20, 25

Premium Paying Term (PPT) in years

6, 8, 10, 12

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Premium

8500

No limit

Sum Assured

50,000

No limit

Details About Premium

Annual premium in Rupees for SA of 3 lakhs

Term and PPT / Age (years)

35

50

Term = 15 PPT = 6

42,405

45,582

Term = 20 PPT = 6

40,209

44,499

Term = 15 PPT = 8

29,409

30,870

Term = 20 PPT = 8

30,909

33,180

Term = 20 PPT = 10

25,170

26,541

Term = 25 PPT = 12

21,369

23,055

Policy Details

Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 2 or 3 full years’ premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = GSV% of total premiums paid + GSV % of accrued paid-up additions

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • Loan is available under the plan with a minimum of Rs.10,000 and maximum of 50% of the Special Surrender Value

Additional Features or Riders

  • Max Life Payor Rider is available under the plan

Exclusions

  • In case of suicide committed within 12 months of policy inception or revival higher of  the premiums paid or the Surrender Value is refunded if the policy acquires a Surrender Value or total premiums paid is refunded where the policy has not acquired Surrender Value

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.