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:
- Max Life Term Plus Rider
- Max Life Waiver of Premium Rider
- 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 |
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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 |
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| 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 |
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| 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.