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Max Life Premium Return Protection Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

The Premium Return Protection plan from Max Life Insurance Company is a term insurance plan that provides both, a death benefit in case the worst should come to pass for you, and a survival benefit that returns all your paid premiums. The death benefit protects your family from financial insecurity in the absence of your financial contributions and the survival benefit gives you a payout at the end of the policy term. It’s a win for you or your family, whether or not you survive till plan maturity.

Key Features of Max Life Premium Return Protection Plan

  • Flexibility to choose policy term between 20 years, 25 years, and a 30 years policy term.
  • Premium payment term is 11 years.
  • There are 4 premium payment modes – monthly, quarterly, semi-annually, and annually.
  • Minimum premium for annual mode is Rs.8,500 p.a. – minimum premium for different modes changes with modal factors.
  • Option to change premium paying mode at any time during the term of the policy, and changes will take effect from the next policy anniversary.
  • Additional rider is available – the Max Life Waiver of Premium Plus Rider.
  • Minimum sum assured is Rs.5,00,000.
  • Maximum sum assured is Rs.1,00,00,000.
  • Sum assured chosen can be increased in multiples of Rs.50,000 till the maximum sum assured.
  • There are discounts for high sum assured options chosen – Rs.130 per Rs.1,00,000 for sum assured of over Rs.30,00,000.
  • Tax benefits as per prevailing tax laws.
  • Benefits payable to dependents in the unfortunate event of the demise of the life insured.
  • Benefits payable to the life insured on his / her survival till the end of the policy term – on reaching the maturity date.

Benefits of Max Life Premium Return Protection Plan

  1. Death benefit:

    In the unfortunate event of the demise of the life insured, a death benefit will be payable to his / her dependents, and the amount will be equal to the death sum assured, which is the higher of:

    • 10 times the annualized premium.
    • 105% of the total premiums paid to date.
    • Guaranteed Maturity Sum Assured.
    • Guaranteed Death Sum Assured.
  2. Maturity benefit:

    In the event that the life insured survives till the maturity date, he / she will be paid a maturity benefit, and the amount of this benefit will be equal to the Guaranteed Maturity Sum Assured.

Eligibility Criteria of Max Life Premium Return Protection Plan

  1. Entry Age:
    • Minimum: 21 years.
    • Maximum:
      • 55 years for a 20 year policy term.
      • 50 years for a 25 year policy term.
      • 45 years for a 30 year policy term.
  2. Maturity Age:
    • Maximum: 75 years.

Example

Mr. Babu has a wife and child, and is the only earning member of the family. He decides that he needs to secure his family against financial insecurity in the event of his death, and opts for this plan .

Mr. Babu chooses a 30 year policy term with a sum assured of Rs.20,00,000. The fixed policy paying term of 11 years means that Mr. Babu’s annualized premium payable is Rs.24,400.

If Mr. Babu dies during the policy term, his family will be paid the death benefit, which is the higher of:

  1. 10 times the annualized premium: 10 x Rs.24,400 = Rs.2,44,000.
  2. 105% of total premiums paid: 105% of (11 x Rs.24,400) = Rs.2,81,820.
  3. Guaranteed Maturity Sum Assured: 11 x 24,400 = 2,68,400.
  4. Guaranteed Death Sum Assured (100% of Sum Assured for non-accidental death / 150% of Sum Assured for accidental death): Rs.20,00,000 for non-accidental death / Rs.30,00,000 for accidental death.

But if Mr. Babu survives till the end of the policy term and reaches the maturity date, he will be paid 11 times the annualized premium: 11 x 24,400 = 2,68,400.

FAQ

  1. Are there any riders available with this policy?

    Yes, the Max Life Waiver of Premium Rider is available with this policy – it waives off all future due premiums in case of death, dismemberment, or disease.

  2. What are the modal factors for different premium payment modes?
    • Annual – 1.00.
    • Semi – annual – 0.52.
    • Quarterly – 0.265.
    • Monthly – 0.09.
  3. Does the premium paying term change based on the policy term chosen?

    No, the premium paying term stands unaffected at 11 years despite whatever policy term is chosen.

  4. 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.

  5. What are the premium paying modes and premium paying term for the rider?

    Same as base plan.

    *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

Max Life Premium Return Protection Plan Reviews

Page 1 of 26 1 2 3 4 5
  • 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
  • Max Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken a personal loan from one bank they have offered me with the MAX LIFE insurance. I ma holding it from past five years where i pay the premium for yearly once through online. The maturity period of this policy is for 15 years and the coverage is for self.
    Was this review helpful? 1
    , bhubaneshwar
    Reviewed on Nov 07, 2018
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