Max Life Premium Return Protection Plan

Introduction/Overview

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

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 additional 50% of the SA in case of accidental death

Benefits

• On 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
• On maturity, the Guaranteed Maturity SA is paid
• 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:

Details About Premium

Annual premium in Rupees for a SA of 20 lakhs

Policy Details

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

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

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

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