Max Life Life Gain Premier Plan: Brief Overview
You may be so busy sometimes that you are always consumed by what is happening in your life at the moment losing the sight of the future. It can create problems since life can be unpredictable and it is essential to prepare for the future. This is exactly where the Max Life Life Gain Premier Plan comes into picture. It offers a Guaranteed Sum Assured on the maturity of the policy and the flexibility to choose the premium payment term and policy term. You can also withdraw money from your savings to address any urgent requirements.
Max Life Life Gain Premier Plan: Review and Features
Max Life Life Gain Premier Plan is a non-linked participating savings insurance plan offered by Max Life Insurance. Here are the key features of this insurance plan:
- Guaranteed Sum Assured on Maturity of the Policy:When you opt for Max Life Life Gain Premier Plan, you get Guaranteed Maturity Sum Assured with the accrued bonus at the end of the policy term. On completion of the policy term, you will get a guaranteed payout along with Accrued Paid Up Additions and Terminal bonus.
- Flexibility to Choose Premium Payment Term and Policy Term:Max Life Insurance gives you the flexibility to choose premium payment term and policy term for the Max Life Life Gain Premier Plan. You can choose to pay your insurance premium on an annual, semi-annual, quarterly or monthly basis.
- Withdraw Money to Meet Any Urgent Requirement: One of the biggest benefits of Max Life Life Gain Premier Plan is that you can avail your savings invested in this plan to meet any urgent financial need. This takes away the need to take unnecessary loans or dipping into other savings since you can withdraw money from this savings plan.
Max Life Life Gain Premier Plan: Details
| Particulars | Details |
| Policy | Max Life Life Gain Premier Plan |
| Policy Type | Non-linked Participating Savings Insurance Plan |
| Entry Age |
|
| Policy Term | 15, 20, 25 years |
| Maximum Age on Maturity |
|
| Minimum Premium |
|
| Sum Assured (Minimum) | Rs. 50,000 |
| Premium Paying Term | 6, 8, 10, 12 years |
| Premium Payment Modes | Annual, Semi-annual, Quarterly, Monthly |
| Guaranteed Maturity Sum Assured |
|
| Riders for Additional Benefits |
|
Max Life Life Gain Premier Insurance Plan: Benefits and Eligibility
For the Max Life Life Gain Premier Plan the applicant must be at least 18 years of age. The maximum age at entry for this insurance plan is 50 years for the 25-year policy term. For 15-20 policy term, the maximum age of entry is 55 years. The premium payment term is up to 12 years and the policyholder can choose to pay the premium on an annual, semi-annual, quarterly or monthly basis.
Listed below are some of the major benefits associated with the Max Life Life Gain Premier Plan:
Maturity Benefit: On the completion of the policy term, you will get the guaranteed payout that you chose at the time of policy inception along with any applicable bonuses. The minimum sum assured for this insurance plan is Rs. 50,000 and there is no upper limit for the maturity benefit since the maximum sum assured depends on limits determined by the Board approved underwriting policy of the company.
Total Maturity Benefit = Guaranteed Maturity Sum Assured + Accrued Paid Up Additions (if any) + Terminal Bonus (if any)
Death Benefit: On the untimely death of the Life Insured during the policy term, the Max Life Insurance would be liable to pay: Guaranteed Death Benefit + Accrued Paid-up Additions (if any) + Terminal Bonus (if any) to the legally authorised beneficiary.
- Guaranteed Death Benefit:The guaranteed death benefit is defined as the higher of:
- 11 times the Annualized Premium
- Guaranteed Maturity Sum Assured
- 105% of all premiums paid by Policyholder as on the date of Death
- Accrued Paid-up Additions: These are the bonus payouts that are payable if you choose the PUA mode for receiving annual bonuses announced by the company.
- Terminal Bonus: This is an additional bonus that is paid only once if the policyholder dies during the policy term, on surrender of the policy or the maturity of the policy. The policy must have been in force for at least 10 years for the policyholder to be eligible for the terminal bonus.
Surrender Benefit: The surrender benefit of the policy can be availed once it has acquired a surrender value. Here are the scenarios when the Max Life Life Gain Premier Plan acquires a Guaranteed Surrender Value.
- For 6 to 8 years PPT : After payment of 2 full year’s premium (Annual premium payment mode – 13th month, monthly premium payment mode – 24th month).
- For 10 to 12 years PPT : After payment of 3 full year’s premium (Annual premium payment mode – 25th month, monthly premium payment mode – 36th month).
Terminal Illness Benefit: If the Life Insured is diagnosed by a Medical Practitioner to be suffering from a disease that is likely to cause lead to death within 6 months from the diagnosis then the Life Insured can avail the terminal illness benefit offered by Max Life Insurance company. Under the terminal illness benefit of Max Life Life Gain Premier Plan, the policyholder can get the 50% of the Guaranteed Maturity Sum Assured up to Rs. 10 lakh paid immediately upon request.
Loan Facility: Once the policy has acquired a surrender value, the Life Insured can avail loan facility against the Max Life Life Gain Premier Plan. The loan amount is subject to a maximum of 50% of Special Surrender Value as per the terms and conditions of the policy. The current interest rate applicable on a loan availed against the Max Life Life Gain Premier Plan is 11% compounded annually.
Tax Benefit: Since Max Life Life Gain Premier Plan is a savings and income plan, the policyholders may be entitled to certain applicable tax benefits of their premiums and policy benefits depending on the prevailing government norms for determining tax exemptions under Section 80C, 80D, 80DD and 10 (10D).
Calculate Max Life Life Gain Premier Insurance Premium Online
Max Life Insurance provides a range of insurance calculators to help its customers find the best insurance plan based on their needs. Here are the steps you need to follow to calculate your insurance premium online:
- Visit the official website of Max Life Insurance
- Go to the ‘Insurance Calculators’ option in the header menu
- Click on the ‘Explore our Insurance Premium Calculators’ button
- Now, click on the ‘Calculate Premium’ link under the Max Life Life Gain Premier option
- Fill out all the requested details such as date of birth, gender, sum assured, premium payment term, premium payment frequency, policy term, etc.
- Then, the insurance premium calculator will give you an estimated value of insurance premium. The actual amount may differ when you apply for the policy
Frequently Asked Questions (FAQs):
- What is a lapsed policy? How can I revive a lapsed insurance policy?
- A. If the premium is not received by the insurer within the grace period and the policy has not acquired a surrender value then the policy is labelled as “lapsed”. All the benefits secured under the policy also lapse. However, the company allows policyholders to revive the lapsed policy within a revival period of 2 years from the due date of first unpaid premium if:
- You pay all the overdue premiums with late fee or interest determined by Max Life Insurance
- You produce evidence of insurability at your own cost which is acceptable to the company
If you do not revive the lapsed policy within 2 years then it cannot be revived and is terminated.
- How Can I contact Max Life Insurance company?
- If you do not want to go to your nearest Max life Insurance branch then you can contact the company in the ways mentioned here:
- Call: 1860 120 5577
- SMS: LIFE to 5616188
- Email: online@maxlifeinsurance.com
- Why should I opt for a Savings Plan like Max Life Life Gain Premier Plan?
- The Max Life Life Gain Premier Plan is suitable for people who want an insurance policy that also gives them the option to create a corpus that they can use whenever a financial need arises. The flexibility of choosing a suitable premium payment mode/frequency and policy term is an added advantage. So if you are looking for a savings plan that can protect your family’s future even in your absence then Max Life Life Gain Premier Plan is suitable for you.