Max Life Traditional Plans

Updated: 14-03-2019 10:29:02 AM

Traditional plans are also known as conventional/investment plans. These are the insurance plans where the money of the insured is invested on the basis of the insurance act. The policy owners are promised several benefits payable on maturity, death or as returns. Max Life is one of the topmost insurance companies in India and offers the following investment or traditional plans to its customers:

• Max Life Savings Advantage Plan
• Max Life Monthly Income Advantage Plan
• Max Life Assured Wealth Plan
• Max Life Guaranteed Income Plan
• Max Life Whole Life Super
• Max Life Life Gain Premier
• Max Life POS Guaranteed Benefit Plan

Let us discuss Max Life Investment Plans in detail.

Max Life Savings Advantage Plan

This plan is designed to accelerate the growth of savings and help the insured build a corpus to address all their life goals along with life insurance cover. This insurance plan comes with a number of benefits and some of them are listed below:

• Flexibility: It gives the policy owner the flexibility to select their policy term and premium paying term as per their needs.
• Maturity Benefit: Policyholders will get the lump sum amount at the end of the policy term (on maturity) that is partially guaranteed.
• Tax Benefits: This insurance plan also provides the insured with tax benefits under sections 10 (10D) and 80C as per the current income tax laws.Premiums paid for the entire policy term along with the benefits received at the end of policy can be deducted at the time of filing ITR.
• Family Security: This insurance not only covers the insured, but financially secures their family too.
• Additional Riders: Apart from the aforementioned benefits, there are three extra options called riders that you can choose from at the time of purchasing the policy. These are:

1. Max Life Term Plus Rider
2. Max Life Waiver of Premium Rider
3. Max Life Accidental Death & Dismemberment Rider

Eligibility

Look at the following table to know the eligibility criteria for this plan:

Particular	Details
	For Single Pay	For Limited Pay	For Regular Pay
Policy Term	10 year	10-30 years	20-30 years
Entry Age	8-65 years	0-55 years	0-45 years
Maturity Age	18-75 years	18-80 years	18-65 years
Premium Paying Term	–	5-12 years	–
Guaranteed Sum Assured on Maturity	Minimum: Rs.78,738	For less than 15 years : Rs.1,69,379 For equal to or more than 15 years : Rs.24,425

Max Life Monthly Income Advantage Plan

This plan helps policyholders meet their life goals and financially secure the future of their loved ones. Under this insurance plan, the customer can get the life cover of up to 25 years along with the following benefits:

• After completing all the premiums, the policyholder will get the monthly income for the next 10 years which is the basic idea behind this plan, to give you continued monthly income disguised as savings.
• Policy owners can get accrued bonuses at the end of the policy term along with terminal bonus, if any.
• In case of an unforeseen event like death of the policy owner, this insurance plan continues the same but premium payment is waived off. The insurer pays for all the future premiums so that family of the policyholder doesn’t go through financial havoc.

Eligibility

More details of this plan have been tabulated below:

Particular	Details
	For 12 Pay Variant	For 15 Pay Variant
Policy Term	Premium paying term of 12 years + 10 years = 22 years	Premium paying term 15 years+ 10 years = 25 years
Entry Age	18-55 years	18-50 years
Maturity Age	77 years	75 years
Sum Assured (Minimum)	Rs. 3,24,000	Rs. 4,05,000
Premium Paying Term	12 years or 15 years

Max Life Assured Wealth Plan

This is a non-participating, non linked and limited pay insurance plan that promises guaranteed returns and following benefits:

• Policyholders will get fully assured lump sum maturity benefit to plan their future ahead.
• The premium payment term is only 5 years. This helps the insured build wealth in such a short period of time by systematically saving a significant amount.
• Lump sum death benefits are also paid instantly on the demise of policyholder ensuring comprehensive financial protection to their family in their absence.

Eligibility

Refer to the table below to know more about this plan:

Particular	Details
Policy Term	10 years
Entry Age	8-55 years
Maximum Maturity Age	65 years
Sum Assured (Minimum)	Rs. 2,09,600
Premium Paying Term/Mode	5 years/ Annual

Max Life Guaranteed Income Plan

This is a savings plan that offers life cover along with the benefits of assured payouts as monthly income for 10 years. Below are the benefits of this plan:

• Guaranteed monthly income is provided for 10 years and it doubles after the period of 5 years.
• Immediate payout facility is provided at the end of the policy term without any waiting period.
• Assured death benefit is provided with options to get the benefits as monthly income or lump sum amount.

Eligibility

Here are more details of this plan:

Particular	Details
	For 6 Years	For 12 Years
Policy Term	6 years or 12 years
Entry Age	25-60 years	25-55 years
Maturity Age	66 years	67 years
Guaranteed Sum Assured on Maturity	Minimum: 4,62,960 Maximum: As per the policy term	Minimum: 2,80,887 Maximum: As per the policy term
Premium Paying Term	6 years or 12 years

Max Life Whole Life Super

 This savings plan helps the policy holder systematically increase their corpus to ensure a financially secure future for their loved ones. This plan offers life cover along with added bonuses and the following benefits:

• Policyholders will get life coverage till 100 years of age.
• The insurer will provide the policy owner with assured payouts along with additional bonuses at the end of the policy term.
• Policyholders will get the flexibility to take out their money to fulfill financial commitments or certain requirements.

Eligibility

Here are some of the details of this insurance plan:

Particular	Details
Policy Term	100 years minus entry age
Entry Age	18-60 years
Guaranteed Sum Assured on Maturity (Minimum)	Rs. 50,000
Premium Paying Term	10, 15 and 20 years

Max Life Life Gain Premier

This insurance plan provides the customers with long-term life cover and the flexibility to choose from a number of premium payment terms. Depending on specific needs of the customers and their families, they can customize or enhance the benefits by opting for riders. Look at some more benefits of this plan:

• Policy owners will get guaranteed sum assured at the end of the policy term or on maturity.
• This insurance plan gives policyholder the flexibility to select policy term and premium payment term.
• Insured can withdraw their money whenever needed which means complete liquidity.

Eligibility

Below are the product specifications and eligibility criteria:

Particular	Details
	For 15 Years		For 20 Years	For 25 Years
Entry Age	18-55 years		18-55 years	18-50 years
Maturity Age	70 years		75 years	75 years
Guaranteed Sum Assured on Maturity  (Minimum)	Rs. 50,000
Premium Paying Term	6 or 8 years	6, 8 or 10 years		12 years

Max Life POS Guaranteed Benefit Plan

This easy to comprehend and simple to buy plan is designed to provide the policyholders with assured benefits and to ensure financially secure future for themselves and their loved ones.

• Death benefits (lump sum) is payable on the policyholder’s death.
• Maturity benefit is guaranteed sum assured at maturity and it is payable at the end of the policy term.
• The insurance plan comes with a shorter policy term and premium paying term.

Eligibility

Look at the table below more details of this insurance plan:

Particular	Details
Policy Term	10 years
Entry Age	18-50 years
Maturity Age	60 years
Sum Assured	Rs. 92,285 – Rs. 6,95,421
Premium Paying Term	5 years

Calculate Premiums Online to Compare Plans

Max Life Insurance provides an online tool – premium calculator for online comparison to find the best insurance plan. An individual looking for the right savings and investment plan can follow the below-listed steps to calculate premium and to locate the right insurance policy:

• Visit the official website of Max Life Insurance.
• Select ‘Online Saving Plan Calculator’ from the option ‘Insurance Calculators’.
• To get the quotes, fill out all the requested details.
• After this, click on ‘Calculate Premium’ button to get the approximated value that you will need to pay towards the insurance plan.

An important point to keep in mind is that this online tool only shows an estimated value of the premiums. The actual premium amount may differ from your calculation.

FAQs

 Q1. What are the modes of premium payment for Max Life?

The insurance company provides a number of convenient and easy modes for premium payments. These modes are:

• ECS which is available for all frequencies i.e. annually, half-yearly, quarterly and monthly.
• Internet banking.
• Cheques and demand drafts (drop boxes) at several locations.
• IVS – call on 1860-120-5577 for the request.
• Cash at Max Life’s branch offices.

Q2. Can an insured delete or add riders?

Yes, they can delete or add riders by sending a duly filled amendment request form to Max Life along with the required documents.

Q3. What is ECS?

ECS stands for Electronic Clearance System. This is a time-saving, hassle-free and convenient mode of paying premiums.

Q4. What is the process of availing ECS facility?

To avail this facility, customers need to submit a duly filled ESC/NACH/Debit Mandate Instruction Form at the nearest Max Life branch along with a cancelled cheque.