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.
+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
On maturity, the Guaranteed Maturity SA is paid. Guaranteed maturity sum assured is the premium installments paid till the till of policy maturity date.
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.
|
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 |
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 |
15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes.
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
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
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.