One of the easiest ways of protecting you and your family’s future is to purchase life insurance policies for long tenures. These policies take care of your dependents even when you are no more. Life insurance policies offered by various private and public life insurance companies come with a host of attractive benefits such as death benefits, maturity benefits, survival benefits, income tax benefits and many other attractive bonuses. Given that life is full of uncertainties, a life insurance plan taken for period of 20 years can help you face any challenges in life. With a term a plan like this, you can be rest assured that no matter what happens, you will always have a financial back up to support you. A 20 year plan is ideal for those individuals who are going to be retired soon and have a lot of family obligations. The plan is ideal for those who are expecting some life style changes in the coming days.
What are the benefits of taking a 20 year life insurance plan?
By opting for a 20 year life insurance policy , a policyholder can enjoy a host of attractive benefits. With a 20 year plan, you get cover for an extended period of time which makes your life easy and tension free. In case the policyholder dies, the nominee or dependents will receive death benefits. Besides, certain insurance companies may offer loans against a 20 year life insurance plan. These plans also provide tax benefits on the premium paid for the policy.
Types of Max Life Insurance 20 Year Plan:
Max Life Insurance Company, being one of the major providers of life insurance in India, provides life insurance term plans for tenures like 20 so that you can protect your near and dear ones against unforeseen situations in life. Individuals who purchase a 20 years life insurance plan form Max Life are entitled to receive protection for the entire tenure of this policy. However, in the event of death of the policyholder, the designated nominee would receive all the benefits and the policy remains active as long as premiums are paid.
Max Life Insurance Company offers Max Life 20 Year Endowment Participating Insurance Plan which provides coverage for 20 years so that you can secure your tomorrow. The plan is ideal for saving money and it offers guaranteed returns and accumulated bonus at the end of policy term which is 20 years.
Max Life 20 Year Endowment Participating Insurance Plan:
Listed below are the main features of Max Life 20 Year Endowment Participating Insurance Plan
Minimum entry age
Maximum entry age
Minimum: Rs. 1 lakh
Maximum: Rs.1 crore
Premium paying term
Yearly, half-yearly, quarterly and monthly
It offers the following riders:
- Max Life Personal Accident Benefit (PAB) Rider
- Max Life Term Rider
- Max Life Term Renewable and Convertible Rider
- Max Life Dread Disease (DD) Rider
- Max Life Waiver of Premium (WOP) Rider
The Max Life 20 Year Endowment Participating Insurance Plan enables you to enjoy the following benefits:
- Death benefits:The plan provides death benefits which is assured for the whole tenure of the policy.
- Maturity benefits:You get maturity benefits, provided the plan is continued till the end of policy tenure. Maturity benefits become an additional source of income for you.
- Tax benefits: The policyholder gets tax benefits on the premiums paid for this policy as per Section 80C of the Indian Income Tax Act, 1961.
- The plan provides attractive bonus, provided it is in force for 2 consecutive years.
- Enjoy flexible premium payment options which include yearly, half-yearly, quarterly and monthly premium payment terms.
- The policy offers cash surrender value after you pay premiums for 3 years. This allows you to access cash to meet your unforeseen expenses.
- You can take loan against this policy.
The Max Life 20 Year Endowment Participating Insurance Plan can your perfect companion if you want safeguard your family’s future for a longer period.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
Note: This policy has been withdrawn by Max Life Insurance.