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  • Max Life Life Gain Premier Savings Plan

    Max Life Life Gain Premier 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 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

    Benefits of Max Life Whole Life 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 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 age criteria for the plan and associated riders can be summarised in the table mentioned below -

    The minimum age at entry is 18 years and the maximum age at entry is depicted as below -

    Policy/Rider

    Premium Payment (in years)

    Maximum Entry Age (in years)

    Max Life Life Gain Premier (main policy)

    15 years

    55 years

    20 years

    55 years

    25 years

    50 years

    Payor Rider

    Same as main policy term

    Same as main policy term

    Term Plus Rider

    Same as main policy term

    Same as main policy term

    Accidental Death and Dismemberment Rider

    Same as main policy term

    Same as main policy term

    Waiver of Premium Plus Rider

    Same as main policy term

    Same as main policy term

    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 the death of the life insured
    • 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
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