Max Life - Life Gain Premier
Product Info
UIN
104N079V01
Status
Active
Launch Date
11/11/2013
Withdrawn Date
Product Overview
Max Life - Life Gain Premier Plan is an endowment plan which offers guaranteed returns. The plan has bonus facility. In this plan, premium needs to be paid only for a limited period while the policy continues till the end of the policy tenure. This policy also has flexible Bonus options. On maturity, the guaranteed sum assured is payable along with Bonus.
Product Description
- It is a Limited Premium Traditional Endowment Plan.
- Guaranteed Sum Assured plus Paid Up Additions plus Terminal Bonus is paid on maturity.
- 3 Bonus Options available - Cash Bonus, Premium Offset and Paid Up Additions.
- Inbuilt Terminal Illness Benefit-whereby 50% of the Guaranteed Maturity Sum Assured would be paid as advance on diagnosis of any terminal illness.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Inbuilt Terminal Illness Benefit: Whereby 50% of the Guaranteed Maturity Sum Assured would be paid as advance on diagnosis of any terminal illness
- 3 Bonus Options available: Cash Bonus, Premium Offset and Paid Up Additions
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Minimum | Maximum | ||||
| Sum Assured | 50,000 | No Limit | |||
| Policy Term | 15 years, 20 years | 25 years | |||
| Premium Payment Term | 6, 8, 10 or 12 years | ||||
| Entry Age of Life Insured | 18 years | 55 years – for 15/20 year Plan | |||
| 50 years – for 25 year Plan | |||||
| Age at Maturity of Life Insured | NA | 70 years – for 15 year Plan | |||
| 75 years – for 20/25 year Plan | |||||
| Annualized Premium | Rs. 8,500 | No Limit | |||
| Payment modes | Yearly, Half-Yearly, Quarterly & Monthly | ||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Death Benefit:
- On death during the policy term, the following benefits will be paid.
- Guaranteed Death Benefit
- Accrued paid-up Additions (if any), plus
- Terminal Bonus (if any)
- Maturity Benefit:
- The plan offers 100% of Guaranteed Maturity Sum Assured on maturity of the policy
- Guaranteed Maturity Benefit= Guaranteed Maturity Sum Assured
- Total Maturity Benefit= Guaranteed Maturity Benefit +Accrued Paid Up additions (if any) + Terminal Bonus (if any)
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Flexible Premium Payment Terms and Policy Terms | Life Gain Premier offers as many as 6 options to choose from, basis your need: | |||||
| 6 Years Premium Payment Term with Policy Term of 15 and 20 years | ||||||
| 8 Years Premium Payment Term with Policy Term of 15 and 20 years | ||||||
| 10 Years Premium Payment Term with Policy Term of 20 years | ||||||
| 12 Years Premium Payment Term with Policy Term of 25 years | ||||||
| Flexible Bonus Option | The plan offers the flexibility to choose the bonus option basis your need. You can choose to take the bonus in cash or enjoy the power of compounding by purchasing Paid-up Additions. |
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| Terminal Illness Benefits | In case you are diagnosed to be suffering from a disease which is likely to lead to death within six months, the Company will pay 50% of Guaranteed Maturity Sum Assured (subject to maximum of `10 lacs) to you as an advance |
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| Annual Bonus | The product has a Cash Bonus system. Bonuses will be declared every year from the end of 2nd policy year (24th policy month) on the Guaranteed Maturity Sum Assured and from the end of 3rd policy year (36th policy month) on accrued Paid-up additions (if any) and every year end, thereafter. |
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| The Policyholder can take bonuses through any of the three options : | ||||||
| Purchase Paid-up Additions (PUA) | Bonus declared by the Company will be used to purchase Paid-up Additions. These PUA increase the Sum Assured under the policy and will be payable in full on the earlier of Death or Maturity. Also these PUAs will earn further bonuses to increase the value of the policy. |
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| Premium Offset | Policyholder can also opt to utilize the Cash Bonus declared by the Company to offset future premiums payable under the policy. |
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| Paid In Cash | Bonus declared by the Company is paid out to the Policyholder as and when declared |
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| Terminal Bonus | Terminal Bonus is an additional bonus paid only ONCE, on earlier of Death, Surrender or Maturity, provided the policy has been in force for at least ten years i.e. payable in case of claims made from the end of 120th month onwards. |
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| Surrender | The policy can be surrendered only after the policy has acquired a Surrender Value. The Surrender Value will be equal to higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). |
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| Reduced Paid-Up(RPU) | Once the policy acquires surrender value as mentioned above, by default the policy will become RPU in case of non-payment of any due premium. The Guaranteed Maturity Sum Assured will be reduced using the proportionate premiums method as mentioned below. Reduced Paid-up (RPU) Sum Assured = (Total Premiums Paid less Extra Premium (ifany) less Rider Premium (if any)) / Total Premiums payable less Extra Premium (if any) less Rider Premium (if any))) X Guaranteed Maturity Sum Assured |
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| Loan Facility |
Policy loans will be available under this product subject to a maximum of 50% of Special Surrender Value as per existing Terms and Conditions of policy loans at Max Life Insurance. The company will charge an interest rate on the loan, currently 11% p.a. compounded annually. |
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Add-ons
- Max Life Payor Rider:
Max Life Payor Rider provides policy continuance benefit in case of death or disability of the payor. This rider can be taken only if the Policyholder is different from life insured.
Exclusions
Not Available
Tax Benefits
You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax consultation.
Claim Process
Know claim process of Max Life - Life Gain Premier Plan
Company Overview
Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world.
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