Axis Max Life Premium Return Protection Plan
The Premium Return Protection Plan offered by Axis Max Life Insurance comes with a limited premium payment term of 11 years. It is a comprehensive insurance cover that offers guaranteed returns of the total premiums paid, including any extra premiums, on surviving the policy term.
Moreover, this plan offers female policyholders add-on benefits like discounted premium rates, making this plan a value-driven option for long-term financial security.
Key Features of Axis Max Life Premium Return Protection Plan
- This plan comes with a flexible policy term of 20 years, 25 years, and 30 years.
- The premium payment term for this plan is 11 years.
- There are 4 premium payment modes - monthly, quarterly, semi-annually, and annually.
- For this plan you will have to pay a minimum premium of Rs. 8,500 for annual mode. Do note that the minimum premium amount changes with payment modes.
- Option to change the 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.
- This plan also offers tax benefits as per prevailing law.
- Benefits payable to dependants 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 Axis Max Life Premium Return Protection Plan
- 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.
- 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.
- Free Look Period: With this plan, you get a free-look period of 15 days. This means you can cancel the policy within 15 days of receiving the policy document.
- Grace Period: A grace period of 30 days from the premium due date (15 days for monthly premium mode) is provided for the payment of each premium. During this period, the policy remains active, and the insurance coverage continues. The company will accept the due premium without charging any interest. However, if the policyholder passes away during the grace period, the unpaid premium will be deducted from the benefit amount payable under the policy.
Eligibility Criteria of Axis Max Life Premium Return Protection Plan
- Entry Age:
- Minimum Age: 21 years.
- Maximum Age:
- 55 years for a 20 year policy term.
- 50 years for a 25 year policy term.
- 45 years for a 30 year policy term.
- 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 .
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:
- 10 times the annualized premium: 10 x Rs.24,400 = Rs.2,44,000.
- 105% of total premiums paid: 105% of (11 x Rs.24,400) = Rs.2,81,820.
- Guaranteed Maturity Sum Assured: 11 x 24,400 = 2,68,400.
- 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.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
FAQs on Axis Max Life Premium Return Protection Plan
- 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.
- What is the minimum age criteria to apply for the Max Life Premium Return Protection Plan?
The minimum age criteria to apply for the Max Life Premium Return Protection plan is 21 years.
- How much is the minimum sum assured with this plan?
The minimum sum assured with this plan is Rs.5 lakhs, subject to a minimum premium of Rs. 8,500 annually.
- 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.
- 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.
- 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.
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