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Max Life Life Gain Premier Savings Plan

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 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 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

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    Max Life Life Gain Premier Plan Reviews

    Page 1 of 30 1 2 3 4 5
    • Max Life Insurance
      "Not a correct policy at a current situation"
      0.5 3.0/5 "Satisfactory"
      I had chosen Max Life Insurance policy without any reason. When I want to avail the life insurance policy, they have respond me properly. I bought the policy on 13 years before. They are providing the sum assured amount of Rs. 4.30 lakhs. I have been paying the premium on a monthly basis.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 04, 2019
    • Max
      Max Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      Laxmi Vilas Bank has offered a life insurance policy from Max Life since they have tied up. I am paying the premium amount of Rs. 15,000 every year. Automatically they deduct the premium amount from my account. They said sum assured amount will be 2.50 L. Total term period of the policy is 8 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 05, 2019
    • Max Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I have chosen a life insurance policy from Max life which was referred my agent. This policy is going to mature in next year and the tenure is 15years. The benefits are okay but at the period it was good. Sometimes, the executive will call me to check if any issues are there because they have started the payment through the application before 2 to 3years ago.
      Was this review helpful? 0
      , kochi
      Reviewed on Oct 19, 2019
    • 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? 2
      , jaipur
      Reviewed on Oct 03, 2019
    • 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
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