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Max Life Life Gain Premier Savings Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Max Life Life Gain Premier is a traditional participating endowment life insurance plan that allows one to build a corpus through systematic savings and provides flexible bonus options that contribute to the growth of investment. The plan is a limited premium paying policy that offers the option to include additional riders and thus increase risk cover.

Key features of Max Life Life Gain Premier:

This traditional plan from Max Life has the following features

  • Sum assured - The Guaranteed Maturity Sum Assured is an amount that the policyholder achieves once the policy completes any of the chosen three policy terms. Along with the same, Accrued Paid Up Additions (if any) are also included. Terminal Bonus (if any) is also paid to the policyholder or nominee as the case may be. The minimum guaranteed maturity sum assured is Rs. 50,000 and there are no maximum caps for the same, subject to sufficient underwriting

Sum Assured Band

Sum Assured Range (INR)

1

50,000 to 1,49,999

2

1,50,000 to 2,99,999

3

3,00,000 to 4,99,999

4

5,00,000 and above

  • Premium paying term - Premiums under this policy are payable for a duration of 6 or 8 years for a policy term of 15 years, 6, 8 or 10 years for a policy term of 20 years or 12 years for a policy term of 25 years which accounts for the limited premium paying period
  • Premiums - Under this limited premium paying plan, the life insured needs to pay a minimum of Rs. 8500 annually, Rs. 6000 semi-annually, Rs. 4000 quarterly or Rs. 1500 monthly in order to continue availing the benefits of the policy. The sample premium rates for a Guaranteed Maturity Sum Assured of Rs. 3,00,000 are as below -

Variant (Premium Payment Term (PPT) by Policy Term (PT))

Annualised Premium (INR) (Age 35 years)

Annualised Premium (INR) (Age 50 years)

6 PPT 15 PT

42,405

45,582

6 PPT 20 PT

40,209

44,499

8 PPT 15 PT

29,409

30,870

8 PPT 20 PT

30,909

33,180

10 PPT 20 PT

25,170

26.541

12 PPT 25 PT

21,369

23,055

  • Premium paying modes - The premiums can be paid annually, semi-annually, quarterly or monthly and the modal factors for the same are 1.000, 0.520, 0.265, 0.090 respectively. Modal factors represent how the amounts paid towards premiums are affected through the multiplier numbers. The premium paying mode can be changed at any time during the payment term
  • 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 traditional 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 life cover
  • 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
  • Add-on covers - A total of four optional add-on covers or riders can be availed along with this policy and they can serve to increase the risk cover offered in the main policy
  • 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. For policies purchased through a distance marketing mode, the free look period is extended to 30 days.
  • 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 Gain Premier:

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 retirement financial scenario. 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 -

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

    • Accrued Paid Up Additions (if any)

    • Terminal Bonus (if any)

  • Maturity benefit - The maturity benefit under this plan is payable on survival of the life insured on the date of maturity (chosen policy term of 15 years, 20 years, 25 years), provided the policy is in force and it will include Guaranteed Sum Assured, Accrued Paid Up Additions (if any) as well as Terminal Bonus (if any)

  • Surrender Benefit - The policy acquires a surrender value post selective years of varying policy terms and they are as follows -

    • For 6 years or 8 years PPT - After payment of 2 full years’ premium (13th month in the annual mode and 24th month in the monthly mode)

    • For 10 years or 12 years PPT - After payment of 3 years’ premium (25th month in the annual mode and 36th month in the monthly mode)

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

  • Terminal Illness Benefit - In case the life insured is diagnosed with a disease that would likely lead to death within six months, the company will pay 50% of the Guaranteed Maturity Sum Assured (subject to a maximum of Rs. 10,00,000) as an advance

  • Loan Facility - Loans can be availed under this policy provided the policy has acquired a Surrender Value and the loan is subject to a maximum of 50% of the Surrender Value and 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 -

    • Annual Bonus - Announced every year from the second policy year onwards, if applicable, this cash bonus is either paid to the policyholder, used to offset future premiums or purchase Paid Up Additions that increase added benefits

    • Terminal Bonus - If the policy has been in force for at least ten years, 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 Life Gain Premier:

The minimum and maximum entry age for the Life Gain Premier plan by Max Life, along with the maximum maturity age, has been listed in the table below:

Policy Period (in years) Maximum Entry Age Maximum Maturity Age
15 years 55 years 70 years
20 years 55 years 75 years
25 years 50 75 years

How Max Life Life Gain Premier Works?

Mr. A is a 40 year old salaried professional who wishes to save for his son’s marriage and provide a backup fund for his family in case any unfortunate event transpired with him.

He opts for Max Life Life Gain Premier with a Guaranteed Maturity Sum Assured of Rs. 5,84,317 with a premium payment term of 10 years on a policy term of 20 years. As per his saving goals annually, he has to contribute Rs. 50,000 annually (not inclusive of taxes and any other charges) towards a successful policy processing. Additionally, he opts for PUA (Paid Up Additions).

The scenarios for Mr. A could be as follows -

Scenario 1 - Mr. A pays all the premiums and survives till the end of the policy term.

Time of Payment of Benefit

Benefit

Amount of Benefit

At 60 (Policy anniversary post attaining the age)

Guaranteed Maturity Sum Assured plus non guaranteed accrued paid up additions (if any) plus non guaranteed terminal bonus (if any)

Maturity Benefit Breakup

At 4%

At 8%

Guaranteed Maturity Sum Assured

Rs. 5,84,317

Accrued Paid Up Additions

Rs. 68,907

Rs. 4,46,191

Terminal Bonus

Rs. 16,331

Rs. 25,763

Total

Rs. 6,69,555

Rs. 10,56,271

Mr. A will receive a sum of Rs. 6,69,555 or Rs. 10,56,271 as Maturity Benefit at 4% or 8% respectively. These amounts are indicative and do not include any taxes or charges.

Scenario 2 - Mr. A passes away at the age of 45 in the 5th year after paying 5 annual premiums. The nominee in this case will receive the death benefits as depicted below -

Death Benefit Breakup

At 4%

At 8%

Guaranteed Death Benefit

Rs. 5,84,317

Accrued Paid Up Additions

Rs. 13,859

Rs. 74,252

Total

Rs. 5,98,176

Rs. 6,58,569

Riders:

Four riders can be availed along with this policy and premiums for the same are payable on the same terms as of the main policy. The three optional riders are as follows -

  • Payor Rider - In case the policyholder is different than the life insured, this rider allows policy continuance benefit
  • Term Plus Rider - This rider pays an additional benefit in the case of death of the insured individual.
  • Accidental Death and Dismemberment Rider - This rider provides additional protection in case of an unfortunate accident and subsequent death or disability
  • Waiver of Premium Plus Rider - In case of death, disability or critical illness, this rider allows future premiums to be waived off on the main policy as well as associated riders including itself

Other Max Life Insurance Saving Plans

  • Max Life Whole Life Super
  • Max Life Life Gain Premier
  • Max Life Future Secure II Savings 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

    Max Life Life Gain Premier Plan Reviews

    Page 1 of 26 1 2 3 4 5
    • Max Life Insurance
      "Good for tax saving"
      0.5 4.0/5 "Great!"
      AXIS bank suggested Max life its good for the income tax benefits under 80c section, the premium amount is around Rs. 50,000 for 6 years term. On time I got the policy copy, the payment option is good, I need to wait for 20 years but pre closure option is available.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • Max Life Insurance
      "Okay Policy"
      0.5 4.0/5 "Great!"
      I have purchased a term insurance policy from MAX LIFE. I have selected the MAX company because they have higher rating on their claim ratio. I'm really happy about the sum assured amount. Total tenure period is fine. In 2015, i have purchased this policy. I'm really satisfied with the services.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 03, 2019
    • Max Life Insurance
      "Too Good policy"
      0.5 5.0/5 "Blown Away!"
      Just recently 5 months back, i have purchased this life insurance policy. I bought the money back policy from Max Life. Total tenure period of the policy is 11 years. There is no particular reason for choosing this policy. I pay the premium amount of Rs. 50000 in a year. I am making the premium through online.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 02, 2019
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my Term insurance with Max life insurance, there service is good, there agent had clearly explain me about the policy, and benefit coverage , and there premium amount they have charged me was nominal, the premium amount is for half yearly basis, i use to pay through off line mode
      Was this review helpful? 1
      , surat
      Reviewed on Dec 30, 2018
    • Max Life Insurance
      "They are good in market"
      0.5 2.0/5 "Expected more"
      I have purchased a life insurance policy in 2012 from Max life. Because of my boss recommendation and reputation of the company, i find the claim ratio was very good hence i chosen same. Max life premium is slight costlier than other. The customers are completely satisfied with their services. They have class set of policies according the premium amount.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 29, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      MAX LIFE INSURANCE It is a good policy to access. The maturity period of this policy is for 15 years as it is very good added on that it is the user friendly policy to access. The premium i pay for yearly once with this policy. Also they provide coverage for self.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 26, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      The process is very good with the MAX LIFE INSURANCE as i have purchased the life insurance policy with this and also at the beginning the documentation is very good. The maturity period is for 30 years as the premium i pay for monthly once. This give the policy coverage for self.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 22, 2018
    • Max Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I had taken this insurance policy almost five years back and the premium amount has been nominal as well. I have been paying the premium half yearly and the payment method has been simple as well. Their customer care services has also been helpful at times.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 17, 2018
    • Max Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken my life insurance policy with Max life insurance, there service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Dec 16, 2018
    • Max Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken my money policy 2 years ago. I have selected the MAX because of the agent who explained me about the policy details. I pay the premium amount of Rs. 50000 per annum. I don't remember about the sum assured amount. This is the tax benefit policy. I pay the premium through cash in their branch office.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 03, 2018
    • Max Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance with Max Life and it was taken through an agent. This is a necessary for me and it was taken for tax benefits. The customer service is good. The policy coverage and plan benefits are fine, it could have been better. I make annual premium of around 30K.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 30, 2018
    • Max Life Insurance
      "Dissatisfied"
      0.5 1.0/5 "Really Bad"
      Its a fix guaranteed, I Have invested but I could take the capital amount if I cancel that policy. MY bank forced me but its not recommend from my end. The policy which I took its very disappointed, the customer service is good in one call they updated my KYC details. But the policy terms is not good I get my amount on retired age.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 30, 2018
    • Max Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have 2 life insurance policies with Max Life Insurance and am using the service for last 10 months. My friend is working in the company so I have taken the policy with them. I am paying the premium yearly 53K plus 24K through online. The policy is good.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Nov 29, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my life insurance with Max life insurance, it has been a month only, and they have charged me premium amount up to 50,000 it was nominal for me and it was based on yearly basis , there agent had explain me policy related norms clearly, overall service is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 21, 2018
    • Max Life Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance policy with the MAX LIFE INSURANCE since from past 2010 where the tenuity period of this policy is for 20 years also the policy coverage is for self as well as the nominee. The customer service is very good and supportive.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Necessary policy for any human being"
      0.5 4.0/5 "Great!"
      I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
      Was this review helpful? 1
      , faridabad
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my Life insurance with Max life insurance , they have many service center near and the process was smooth and there premium they have charge is nominal , i do payment through on line or off line and there agent are very friendly in nature.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 14, 2018
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