Max Life Premium Return Protection Plan

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 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 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.


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 .

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.


  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

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