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Max Life Premium Return Protection Plan

Max Life Premium Return Protection Plan is a Term Insurance Plan with a return of premium option whereby the policyholder can enjoy comprehensive life cover with the added benefit of the return of premium payment at the end of the policy tenure, upon life assured’s survival.

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Max Life Term Insurance with Return of Premium - 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

Max Life Premium Return Protection Plan - Benefits

This max life term insurance plan offers the following 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 Death Sum Assured.

  2. Survival Benefit (Return of Premium)

    The plan offers a return of premium on the maturity of the policy i.e., at the end of the policy term. Under this, all the premiums paid till the end of the policy will be paid back after deducting some minor charges like admin charges and taxes. The maturity amount will include any voluntary top-ups that you might have availed of.

  3. Long Term Protection

    With the max life term return of premium plan, you can get long term protection as per your personal needs. You can select the policy term from 20 to 30 years with the available options of 20, 25, or 30 year policy terms.

  4. Limited Premium Payment Term

    The plan offers a limited premium payment term through which you can pay off the premiums and be relieved from the hassle of remembering and paying the premiums for the long term. With an 11-year premium payment term, you can get life cover for up to 30 years and be done with the premium payments by the 11th policy year.

  5. Multiple Premium Payment Modes

    You can choose to pay the premiums for the plan as per your suitability. You can pay the premiums on a regular basis in monthly, quarterly, annual, or semi-annual modes.

  6. Tax Benefit

    You can receive term insurance tax benefits as per the IT Act on the premium paid as per Section 80C and 80D and Section 10(10D) on the death or maturity benefits received.

How Max Life Premium Return Protection Plan Works?

Let us understand how Max Life Term Insurance with Return of Premium works with an example: Suppose Suresh bought the Max life return of premium plan for 1 crore life cover for a 25 year policy term. Since the premium payment term is 11 years, Suresh only has to pay the premiums for a limited period and can receive cover for a longer period. In case of the unfortunate death of Suresh, the insurer will payout the entire 1 crore sum assured to his family, but on survival of the policy term, Suresh will receive all the premiums he paid for the policy as a maturity benefit. This ensures financial protection for Suresh’s family during the policy term and ensures that he doesn’t lose all the premiums paid for the policy. He can use the benefit amount on survival to pay for his retirement, his lifelong goals, or pay for his child’s wedding.

Max Life Premium Return Protection Plan - Eligibility Conditions

Here is a list of conditions you need to satisfy to purchase Max life term insurance with return of premium plan:

  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
Base Sum Assured 5,00,000 1 crore

Max Life Premium Return Protection Plan - 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.


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

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