Max Life Premium Return Protection Plan

Max Life Premium Return Protection Plan is a Term Insurance Plan with a return of premiums option whereby the policyholder can enjoy comprehensive life cover with the added benefit of the return of capital on maturity thus safeguarding his investments.

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Get ₹1 Cr. Life Cover at just ₹411/month*
No medical
checkup required
Save more with
upto 10% discount**
Covers
COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount**
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Key Features

  • It is a term insurance plan with a fixed limited premium payment term of 11 years
  • There is an inbuilt Accident Benefit Rider providing an additional 50% of the SA in case of accidental death

Benefits

  1. Death Benefit

    • On the death of the policyholder, Guaranteed Death Benefit is payable which is higher of 10 times the annual premium or 105% of all premiums paid till death or Guaranteed Maturity SA or Guaranteed Death Sum Assured
    • The Guaranteed Maturity SA is equal to the sum of total premiums payable and Guaranteed Death SA is equal to 100% of the SA or 150% of SA in case of accidental death
  2. Maturity Benefit

    On maturity, the Guaranteed Maturity SA is paid. Guaranteed maturity sum assured is the premium installments paid till the till of policy maturity date.

  3. Tax Benefit

    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)

21 years

55 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

20, 25, 30

Premium Paying Term (PPT) in years

11

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

8500

440,000

Sum Assured

5,00,000

1 crore

Details About Premium

Annual premium in Rupees for a SA of 20 lakhs

Age / Term

(in years)

Term = 20

Term  = 25

Term = 30

Male

Female

Male

Female

Male

Female

25

18,980

18,040

19,380

18,440

20,000

18,840

30

21,800

19,860

22,420

20,260

24,400

21,500

35

27,320

23,620

28,660

24,580

31,500

26,840

40

36,080

30,440

38,140

32,000

42,140

35,280

45

48,800

40,560

51,780

42,980

57,440

47,660

Policy Details

  1. Grace Period:

    15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes.

  2. Policy Termination or Surrender Benefit:

    The policy acquires a surrender value after 3 full years’ premiums have been paid. The Surrender Value is higher than the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) where both GSV and SSV is expressed as a % of total premiums paid

  3. 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.

Additional Features or Riders

  • Rebates for choosing high Sum Assured levels of 30 lakhs and above @ 0.13%
  • Female lives are offered lower premium rates

Exclusions

In case of suicide committed within 12 months of policy inception or revival, higher of SSV or total premiums paid is payable if the policy acquires a Surrender Value or total premiums paid are returned if the policy does not acquire a Surrender Value

Documents Required

The policyholder has to fill up an ‘Application form/ proposal form’ and provide self-attested copies of KYC/AML Documents. Medical tests may be required as per underwriting norms.

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