Here are some of the top MAX endowment plans along with their features and benefits:
- You get the advantage of the Policy continuance benefit where if the life insured is a minor at the time of the proposal this benefit ensures guaranteed continuance of the policy and benefits in the case of an unprecedented case of death of the proposer during the premium payment term.
- Your family gets instant financial support in the unfortunate case of your death which includes 100% of the sum assured as well as the the accrued bonuses, if entitled.
- You also get the convenience of paying for only the first 12 years and then enjoying the coverage on the life insurance for 20 years along as well as the maturity benefit.
- Premiums are to be paid annually and the minimum age of entry for the insurance policy is 18 years.
- For this policy the Minimum Basic Sum Assured should be Rs. 150,000 and Maximum Basic Sum Assured does not have any limit, although keeping in mind that the annual premium for this policy is Rs. 12,500.
- This is a Savings Traditional Participating Money Back Life Insurance Plan
- The plan gives the account holder the flexibility to choose premium payment terms based on their like. You have the option of choosing 7, 10, 15 or 20 years as your premium payment term, based on your financial goals.
- You get Life insurance coverage as well as maturity benefit till the age of 75 years.
- Money back feature, allows you to get 7.5% of the Guaranteed Maturity Sum Assured every year for 15 years to help you take care of your needs after your retirement years.
- You also have access to some riders to help you get more coverage by paying additional charges or premiums, based on the Benefit rider.
- You have the flexibility of choosing from Premium Payment Terms and Policy Terms where the plan offers you 6 options to choose from, based on your requirements which include:
- You pay for 6 or 8 years with a Policy Term of 15 and 20 years
- You pay for 10 years with a Policy Term of 20 years.
- You pay for 12 years with a Policy Term of 25 years
- You have the flexibility to choose from 3 bonus options based on your needs and when you need it.
- The maturity benefit includes 100% of Guaranteed Maturity Sum Assured, Accrued Paid-Up Additions (if eligible) as well as the Terminal Bonus (if eligible) on maturity of the policy.
- This plan from Max Life Endowment plans, offers a guaranteed death benefit to ensure financial security of the policy holder’s loved ones in case of any exigencies.
- In the unfortunate case of you being diagnosed with a disease which is terminal and likely to death within six months, the insurance provider will pay upto 50% of Guaranteed Maturity Sum Assured or upto a maximum of Rs.10 lacs (whichever is lower) to you and your family as an advance.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017