Bankbazaar

Max Life Future Secure II Savings Plan

Max Life Future Secure II is a non-linked, participating limited pay endowment life insurance plan that allows one to build a secure financial future and plan for important goals. Bonus options if included, add to the growth of investment and an additional 50% of sum assured is paid as financial protection in case of death by accident. The plan is a limited premium paying policy that offers the option to include additional riders and subsequently increase risk cover.

Key features of Max Life Future Secure II:

This traditional plan from has the following features

  • Sum assured - The Guaranteed Maturity Sum Assured is an amount that the policyholder achieves once the policy completes the policy term. Accrued Paid Up Additions (if any) are also included. In addition to that, Terminal Bonus (if any) is paid to the policyholder or nominee as the case may be. The minimum guaranteed maturity sum assured is Rs. 1,50,000 and the maximum amount is Rs. 2 crore
  • Premium paying term - Premiums under this policy are payable for a duration of 12 years for a policy term of 20 years and this accounts for the limited premium paying period
  • Premiums - Under this limited premium paying plan, the policyholder needs to pay a minimum of Rs. 12,500 annually in order to continue availing the benefits of the policy. For any Sum Assured greater than or equal to Rs. 5,00,000, a discount of Rs. 2.50 per mille Sum Assured will be applicable. While extra premium may be charged for unhealthy lives, the sample premium rates per Rs. 1000 of Guaranteed Maturity Sum Assured are mentioned in the table below -

Age of Life Insured (Years)

Rates per 1000 Sum Assured (INR)

10

84.55

35

83.85

45

86.08

55

91.88

  • Premium paying modes - The premiums can be paid only in an annual mode
  • Premium paying method - Premiums for the policy can be paid through internet banking, ECS, cheques, demand drafts, credit cards and other applicable transaction medium
  • Basis - This is a participating endowment insurance, which means it allows the policyholder to garner benefits of investment through loyalty additions and bonuses offered through the plan, along with providing a
  • Policy validity - The policy is valid for the chosen policy term and is liable to lapse if premium payment is not done within the provided grace period and its benefits will cease
  • Free Look period - This policy offers a free look period of 15 days from the date of receipt of the policy documents during which the policyholder can review the terms and conditions of the policy.
  • Grace period - A 30 day grace period is offered in the Life Gain Premier Savings plan where the policyholder can make the premium payment within 30 days from the due date.

Benefits of Max Life Future Secure II Plan:

This traditional policy from Max Life is aimed at providing many benefits to the policyholder and his/her family and focuses on ensuring a healthy financial scenario on retirement or in the case of unfortunate demise. The following are a detailed list of the benefits offered under this policy -

  • Death benefit - The death benefit under this plan is payable on the death of the life insured, provided the policy is in force. The policy terminates with the death of the life insured and the death benefit is a total of the following (subject to a minimum of 105% of all the premiums paid as on the date of death) -

    • Guaranteed Death Benefit (Guaranteed Maturity Sum chosen at the time of policy inception)

    • Accrued Reversionary Bonuses (if any)

    • Terminal Bonus (if any)

    • Additional Benefit - If the death occurs due to accident, the nominees will receive an additional 50% of the Sum Assured

    • In case the life insured and proposer are discrete individuals and the life insured is a minor, the policy will continue till the the end of the policy term with future premiums being waived off

  • Maturity benefit - The maturity benefit under this plan is payable on survival of the life insured on the date of maturity, provided the policy is in force and it will include Guaranteed Sum Assured, Accrued Reversionary Bonuses (if any) as well as Terminal Bonus (if any)

  • Surrender Benefit - The policy acquires a surrender value post full payment of premiums on three years of policy term. Provided the policy is in force, it can be surrendered to obtain a Guaranteed Surrender Value. The amount thus payable as surrender benefit is at the discretion of the bank

  • Loan Facility - Loans can be availed under this policy provided the policy has acquired a Special Surrender Value after payment of three years’ annual premiums in full and the loan is subject to a maximum of 80% of the Surrender Value. The applicable rate of interest on the loan will be 11% per annum

  • Bonuses - Being a participating endowment plan, this plan offers many bonuses and they are as follows -

    • Reversionary Bonus - Announced every year from the second policy year onwards, if applicable, this will be a compound rate determined each year and applied as a percentage of the base Sum Assured

    • Terminal Bonus - Will be payable, if applicable, on claims made post 120 months of the policy initiation. The terminal bonus is payable only once on the earlier event of maturity, surrender or death

  • Tax benefits - One might be eligible for availing tax benefits for premiums under Section 80C and for maturity/death benefits under Section 10(10D) as per the prevailing tax laws

Eligibility Criteria for Max Life Future Secure II:

Life insured and proposer can be different in this policy and while the life insured can be within the age group of 1 year to 55 years, the proposer needs to be within the age group of 18 years to 60 years. The maximum age at maturity of the policy will be 75 years.

How Max Life Future Secure II Works?

Mr. A is a 28 year old salaried professional and lives along with his wife Mrs. A, aged 26 years and they have a 2 year old daughter.

The scenarios for Mr. A could be as follows -

Scenario 1 - He opts for with a Guaranteed Maturity Sum Assured of Rs. 5,00,000 and a premium payment term of 12 years on the fixed policy term of 20 years. His premium contribution amounts to Rs. 50,000 annually (not inclusive of taxes and any other charges) ensuring a successful policy processing. With the above policy details, Mr. A becomes the proposer and his 2 year old daughter is the life insured.

Total Premium Paid (12 years)

Sum Assured

Minimum Guaranteed Payout on Maturity

Total Maturity Payout @ 4% (Guaranteed + Non Guaranteed)

Total Maturity Payout @ 8% (Guaranteed + Non Guaranteed)

Rs. 4,86,540

Rs. 5,00,000

Rs. 5,00,000

Rs. 6,27,072

Rs. 9,88,133

In case of the eventuality that Mr. A passes away anytime during the payment term, the policy shall continue without requiring the payment of due premiums post his death. The plan for his daughter’s education comes to fruition. These amounts are indicative and do not include any taxes or charges.

Scenario 2 - Mr. A plans to have an easy retirement option and make his hobby of photography into a profession. He opts for Max Life Future Secure II with a Sum Assured of Rs. 3,00,000 and pays an annual premium of Rs. 25,404.

Total Premium Paid (12 years)

Sum Assured

Minimum Guaranteed Payout on Maturity

Total Maturity Payout @ 4% (Guaranteed + Non Guaranteed)

Total Maturity Payout @ 8% (Guaranteed + Non Guaranteed)

Rs. 3,04,848

Rs. 3,00,000

Rs. 3,00,000

Rs. 3,76,243

Rs. 5,92,880

Other Max Life Insurance Saving Plans

  • Whole Life Super
  • Life Life Gain Premier
  • Guaranteed Income Plan
  • Other Poular Max Life Insurance Plans

  • Max Life Insurance Child Plans
  • Max Life Insurance Pension Plans
  • Max Life Insurance Investment Plans
  • Max Life Insurance Savings Plans
  • Max Life Insurance Group Plans
  • Max Life Term Insurance Plans
  • GST of 18% is applicable on life insurance effective from the 1st of July, 2017

     4.0 / 5.0   by 557 users
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    Max Life Future Secure II Savings Plan Reviews

    Page 1 of 28 1 2 3 4 5
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a term insurance in MAX LIFE INSURANCE 2 years before. The policy is for 40 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online. The policy coverage up to myself.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 14, 2019
    • Max
      Max Life Insurance
      "Pretty Good Policy"
      0.5 4.0/5 "Great!"
      I pay the premium amount of Rs. 50000 every year. Total term period is 12 years. I took the life insurance policy from Met LIFE. Once the maturity is over, i will get Rs. 6000 for every month for the next 10 years. This is a fixed value with guaranteed along with that 4% or 5% appreciation amount i will get which is an optional one. I make the premium through online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 14, 2019
    • Max Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken life Insurance through Max life it is a Maturity benefit policy is for the tenure of 15years .The premium is paid online ,The premium is amount is Rs. 36000.The premium is paid on yearly basis ,policy is still active and the agent gave all the relevant details about the policy .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 07, 2019
    • Max Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Life Insurance policy through Max Life directly This is a maturity policy is for the tenure of 10 years ,The premium is monthly basis,premium is very nominal ,The premium paid was yearly and then i have changed it as now monthly basis , Axis bank referred this Max life policy .I have received the policy documents on time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 02, 2019
    • Max Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Life Insurance policy through Max Life Insurance company directly.This is a maturity policy ,it is for the tenure 15years ,premium is very nominal ,policy documents got on time ,it will be closed after 15years.I have got all the required information about the policy .This policy is very useful .
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 02, 2019
    • Max Life Insurance
      "Good Service"
      0.5 2.0/5 "Expected more"
      I have taken Life insurance policy directly taken through Max Life Insurance company .The agent gave all information about the life insurance through the agent ,it is for the tenure of 8years ,The premium is paid through online ,premium is very nominal policy documents received on time ,The agent gave all the details .so far not faced any difficulties , I have closed this policy .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 30, 2019
    • Max Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Max Life insurance year policy through Online ,it is valid till age 50 years and i need to pay till 60years ,policy documents got on time ,The agent gave all information about the policy .The payment is done through online and using credit card for making the payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 29, 2019
    • Max Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I have been paying the premium recently with MAX LIFE for the term plan. The premium is good and they are providing better benefits than other insurer. The customer service is good. I make monthly premium of Rs.1900 through online. They have explained about the policy well.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 29, 2019
    • Max Life Insurance
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      I have purchased the life insurance policy with the MAX LIFE INSURANCE where using it since from last 3 years the policy has the coverage for self and i have purchased the pension plan with this policy. The customer support is good also it is a good policy to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 28, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX LIFE INSURANCE for the past 3 years ago. The policy is for 30 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an agent. The coverage up to myself.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 26, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX LIFE INSURANCE. The policy is for 20 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. The coverage for my whole family members. Through an online I used to payments.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 24, 2019
    • Max Life Insurance
      "Best way to protect the family"
      0.5 5.0/5 "Blown Away!"
      I have term plan with Max life, per month I make Rs. 1900 it has term upto 50 years old, the sum assured for Rs. 1 crore to protect my family. I checked the claim settlement and grievance resolved ratio its good. They need improvement on support remain all fine, they do have waiver on the critical illness and disability.
      Was this review helpful? 0
      , pune
      Reviewed on May 21, 2019
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have purchased the life insurance policy with the MAX LIFE INSURANCE where the policy has the maturity period of 25 years also the coverage is for self. The premium paying for yearly once added on that i am using it since from last 1-15 years policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2019
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      MAX LIFE INSURANCE is the insurance company where i am holding the ENDOWMENT POLICY since from last 10 years the policy has the coverage for self and the policy has the maturity period of 20 years. The documentation process was simple and good.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2019
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I am using from last 1 year the life insurance with the MAX LIFE INSURANCE documentation process was done through the online. The customer support explained the policy details. The maturity period is for 25 years and paying the premium yearly once, coverage for self. It has the coverage of little premium higher with disability.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 19, 2019
    • Max Life Insurance
      "Good flexible investment"
      0.5 5.0/5 "Blown Away!"
      Its some thing like a money back plan, I need to pay the premium for six year then Max Life will provide the bonus interest hence its so flexible for me. I make the premium around Rs. 52,000 per annum and its really good for the tax saving and life coverage.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 15, 2019
    • Max Life Insurance
      "GOOD"
      0.5 4.5/5 "Excellent!"
      I have purchased the life insurance policy with the MAX LIFE INSURANCE where the maturity period of this policy is for 20 years also the policy coverage is for self. The premium paying for yearly once added on that the policy has the life coverage.
      Was this review helpful? 0
      , pune
      Reviewed on May 13, 2019
    • Max Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the life insurance policy with the MAX LIFE INSURANCE where the where the policy has the coverage for family added on that the maturity has the long term plan and it is has the life coverage also the accidental coverage with this policy.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 10, 2019
    • Max Life Insurance
      "NOT SATISFIED"
      0.5 1.0/5 "Really Bad"
      It is not good the life insurance with the MAX LIFE INSURANCE because the premium not paid with this policy and asked for closing then they have given return money after detecting the one month premium. It is the child plan. Maturity period is for 16 years. I am using from last more than 7-8 yeras.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 08, 2019
    • Max Life Insurance
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      I have purchase the EULIP PLAN with the MAX LIFE INSURANCE where i am using it since from last 10 years the maturity period of this policy is for 10 years and i got the policy matured and sot the sum assured too, The premium paid was yearly once with this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 29, 2019
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