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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 591 users
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    Max Life Future Secure II Savings Plan Reviews

    Page 1 of 30 1 2 3 4 5
    • Max Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in MAX LIFE INSURANCE on 6 years before. The policy is for 50 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It covers up to myself.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 03, 2019
    • Max
      Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      The reason for selecting Max life is I felt, the benefits are good and convenient for me. The customer service is better. I have taken a 5years policy and the premium was 50K per year. In the 10th year, I will be getting sum assured of 6L which is double the amount what I have paid.
      Was this review helpful? 0
      , kakinada
      Reviewed on Sep 27, 2019
    • Max Life Insurance
      "Good policy for future"
      0.5 4.0/5 "Great!"
      I had chosen my term insurance from Max Life. Since my friend has recommended about the policy i have taken it. I am paying the premium amount of Rs. 6000 every year. They have given me a coverage value of Rs. 50 lakhs. They do provide cover for partial disability cover also.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Sep 24, 2019
    • Max Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in MAX LIFE INSURANCE on 1 year before. The policy is for life term. I am paying premium in the yearly package for 50 thousands. While getting a policy my agent has given an information about the policy details. I visit to office directly to pay the premium amount.
      Was this review helpful? 0
      , anantapur
      Reviewed on Sep 22, 2019
    • Max Life Insurance
      "Good claim settlement ratio and very good service"
      0.5 4.0/5 "Great!"
      I have life insurance with MAX because of the claim settlement ratio around 98.9% . Yearly I make Rs. 52,000 it has the maturity period of 25 years, its a traditional plan, I get around Rs. 22 lakhs overall and it has life coverage if there is no any demise my nominee get the life cover. I do have flexi pay option.
      Was this review helpful? 0
      , sonipat
      Reviewed on Sep 19, 2019
    • Max Life Insurance
      "Need improvement on the benefits"
      0.5 4.0/5 "Great!"
      AXIS bank have recommended Max life insurance comes along with ULIP. I need to invest upto 7 years but the ULIP has the locking period of 12 years, the premium is economical as per the policy. They do have good life cover for the financial security for unforeseen events. It has tax saving under 80c section, I have online credential for max life to check my insurance details and every day I get sms as well. I make the premium on yearly basis through online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 19, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      The payment mode is online and making the premium through debit card or credit card. I have taken short term life policy with MAX LIFE. The benefits are good. They have provided me a life cover of 12L with the locking period of 5 years. I have not gone through the documents so cannot tell about this policy much. Their claim settlement rate is good and giving 98.8%.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 16, 2019
    • Max Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance policy through Max Life agent .This policy tenure is for 20 years.I am paying the premium through citi bank credit card .The agent gave all the information about the insurance policy .I have received the policy documents on time .This policy is really useful and it is still active .
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 05, 2019
    • Max Life Insurance
      "Moderate"
      0.5 3.0/5 "Satisfactory"
      I have taken a term plan from MAX LIFE because am employee of Axis Bank and that time have take a term plan of 75L. There is no benefits, just am paying the premium. If any demise happens the family will be getting the benefit. The customer service is average. I am doing online payment and its 7K per year.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 03, 2019
    • Max Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance with MAX LIFE INSURANCE on 2 years before. The policy is for 15 years and it is gain plan policy. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details. I use to pay for 2500 rupees.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 28, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have chosen MAX LIFE for a life insurance. It is for future savings and life insured cover. I am doing yearly premium of Rs.52,000, it will be automatically debited from my account. I receive a statements from them. The sum assured is 5Lakhs.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 26, 2019
    • Max Life Insurance
      "Good for the family protection"
      0.5 4.0/5 "Great!"
      I have one term plan with Max life for the sum assured of Rs. 70 lakhs, yearly I paid Rs. 22,000 for the term of 16 years and the life cover upto 70 years of age. I have option to add only nominee however the claim settlement is good for this insurance company.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 24, 2019
    • Max Life Insurance
      "Good Investment"
      0.5 4.0/5 "Great!"
      I am having MAX LIFE which was suggested by their staff, the premium is economical. I used to pay Rs. 50,000 per annum it has the term of 19 years, after the maturity I get the lump sum amount along with the monthly bonus. I got the policy bond from the insurance company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 23, 2019
    • Max Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have purchased a term plan with MAX LIFE because their claim settlement ratio is high compared to other insurance company and also premium is affordable. Their executive is regularly calling me and helpful too. The payment mode is online.
      Was this review helpful? 0
      , jaipur
      Reviewed on Aug 21, 2019
    • Max Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      Taken my life insurance policy from Max life. I am paying the premium amount of Rs. 50000. I did the ECS facility hence the amount will be automatically deducted from my account. I need to pay the premium for 10 years and after 10 years the bonus will get added. Total sum assured amount of the policy is 6 lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 20, 2019
    • Max Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I took a life insurance from Max life because the premium is affordable. I have not used the customer service but heard they are doing good. I am paying 35K yearly through online. The payment mode is convenient and am getting notifications immediately. I took it for savings plan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 19, 2019
    • Max Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance with MAX LIFE INSURANCE on 6 months before. The policy is for 38 years. I use to do payment through an online. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 16, 2019
    • Max Life Insurance
      "Fast and quick policy"
      0.5 4.0/5 "Great!"
      I have just booked the policy through online and i have got my insurance documents within a day to my mail id. They have sent the documents after 10 days. Axis bank had a tie up with Max life thats the reason i opted this policy. I'm satisfied with the coverage value.No medical examination is required.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2019
    • Max Life Insurance
      "Excellent card"
      0.5 4.0/5 "Great!"
      I have purchased a life insurance policy from Max Life through online. I am paying premium of Rs.700 monthly through cash and sometimes online. The customer service is good. The policy coverage is 32L. I need to pay the premium upto age of 60K.
      Was this review helpful? 0
      , bikaner
      Reviewed on Aug 12, 2019
    • Max Life Insurance
      "Good for the family protection"
      0.5 4.0/5 "Great!"
      Reason to select Max life, I found the claim settlement ratio is good around 98% this year. They also providing critical illness waiver, waiver on disability. The customer care is very prompt they shared terms and condition before availing the plan. It has the life cover upto 80 years and premium 60 years. I paid the premium around Rs. 850 per month, I sum assured of Rs. 1 crore, I have option to add nominees, I avoided half of the lum sum amount and they give monthly payment.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 11, 2019
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