Bankbazaar

Max Life Platinum Protect II Plan

The Platinum Protect II Plan from Max Life Insurance Company is a regular pay, non-participating term insurance plan that provides excellent insurance coverage at comparatively very affordable premiums. The plan also offers the insured party the flexibility to choose the coverage required, and the term of coverage – in addition to giving discounts for high sum assured options.

Key Features of Max Life Platinum Protect II Plan

  • Non-participating regular pay term insurance plan.
  • Flexibility to choose policy term, between:
    • 10 years.
    • 15 years.
    • 20 years.
    • 25 years.
    • 30 years.
  • The premium paying term is equal to the policy term, as this is a regular pay policy.
  • The premium paying mode can be either annual, semi-annual, quarterly, or monthly.
  • The minimum sum assured is Rs.25,00,000.
  • There is no maximum ceiling on the sum assured allowed, but it is subject to underwriting.
  • Adopting a healthy lifestyle can reduce the amount of premium you have to pay, and medical underwriting will determine the underwriting class of the insured party and classify them as under:
    • Preferred non-smoker category.
    • Non-smoker category.
    • Smoker category.

    The rate of premium payable will be determined based on which category the customer falls into.

  • Discounts on premium for female lives insured are available, and the premium payable is calculated based on the female applicant’s current age minus a 3 year setback.
  • Tax benefits as per prevailing tax laws.
  • If premiums are paid for at least 15 years and then discontinued, the Max Life Term plan has a feature that will still keep your dependents covered – called reduced insurance cover.
  • Discounts for higher sum assured options chosen (Rs.50,00,000 and above).

Benefits of Max Life Platinum Protect II Plan

  1. Death benefit:

    In the unfortunate event of the death of the life insured, his / her dependents will be paid a sum that’s equal to the sum assured chosen under the policy.

Eligibility Criteria of Max Life Platinum Protect II Plan

  1. Entry age
    • Minimum: 18 years.
    • Maximum: 60 years.
  2. Maturity age
    • The immediate policy anniversary just after the life insured attains the age of 75 years.

Example

Mr. Babu has a wife and a child, and he is the sole earner in his family. He does his calculations and arrives at the conclusions that a payout of Rs.50,00,000 should be enough to support his family in the case of his untimely demise.

Mr. Babu chooses a sum assured of Rs.50,00,000 for a policy term of 30 years.

He pays his premiums regularly, till his death during the policy term – in which case his wife and child will receive the sum assured chosen of Rs.50,00,000.

If he had paid his premiums regularly for 15 years, and then stopped for a couple of years, and then passed away, his family would be entitled to receive the Reduced of 25% of the sum assured, which is 25% of Rs.50,00,000 = Rs.12,50,000.

If Mr. Babu had stopped paying premiums before 15 policy years had passed, and then died, his family would not be entitled to receive any benefit from the company.

FAQ

  1. How long is the free look period for this plan?

    The free look period for the Platinum Protect II Plan is 15 days from the date of receipt of policy document.

  2. How long is the grace period for premium payments for this plan?

    There is a grace period of 30 days for all premium paying modes except monthly mode – which has a grace period of 15 days – for the payment of overdue premium.

  3. How can a lapsed policy be revived?

    A policy that lapses can be revived by following these steps:

    • Pay all overdue premium with interest and late fees.
    • Submit a document as evidence of insurability.
    • The case will be reviewed by the company and will be reinstated with the Board’s approved underwriting policy.
    • Lapsed policies will be terminated if they are not revived within 2 years of them lapsing.
  4. Is there a survival or maturity benefit for this policy?

    No, there is no survival or maturity benefit payable under this policy.

  5. Are there any riders available to provide additional coverage under this policy?

    No, there are no riders that can be taken in addition to this policy to add extra coverage against the occurrence of specific incidents or conditions.

    *Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, features, benefits, exclusions, calculations, ratios, ratings, terms and conditions mentioned above are as of January, 2016, and are subject to change at any time. All banks / NBFCs / insurance providers / financial service providers / companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank / company / NBFC / insurance provider / financial service provider, etc. before making any financial commitments.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

 4.0 / 5.0   by 591 users
Used this product? Write a review >>

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Max Life Platinum Protect II 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
Common Loader Icon
Page 1 of 30 1 2 3 4 5
reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.