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Max Life Life Gain Premier Plan

Max Life Life Gain Premier is a traditional savings-oriented plan which pays an enhanced maturity and death benefit. The policyholder can choose any combination of policy term and premium paying terms. Bonuses are declared under the plan which can be used in any of the available flexible options. The plan also allows liquidity by allowing withdrawal of bonuses accumulated during the term.

Key features of the plan

  • The plan participates in bonus declarations which enhance the benefits payable. Bonuses can be taken in cash, used to reduce future premiums or used for buying additional coverage units. Bonuses can also be withdrawn by the policyholder if required.
  • Limited premiums are required to be paid during the plan term.
  • A terminal bonus is also paid if the policy completes 10 years.
  • Three riders are available under the plan which enhances the coverage.
  • There is an inbuilt Terminal Illness Benefit under the plan which pays 50% of the Guaranteed Maturity Sum Assured in case the insured suffers from any terminal illness during the plan term.
  • Choosing a higher Sum Assured entitles the policyholder to earn premium discounts.
  • Accrued paid-up Additions are added from the end of the 3rd policy year.
  • Loans are also provided under the plan for meeting any financial requirement.

How does the plan work?

Step 1 – the policyholder chooses the Guaranteed Maturity Sum Assured, the policy term, premium paying term and frequency. Based on the insured’s age and the above factors, the premiums are calculated.

Step 2 – the policyholder also chooses the option of receiving bonus. There are three options of availing bonus which are as follows:

  • Paid in cash – the bonuses are received in cash by the policyholder as and when declared.
  • Premium Offset – bonus declared is used to set-off the subsequent renewal premium.
  • Paid-up Additions – The bonus can be used to buy paid-up additions which increase the benefit payable under the plan.

Step 3 – if the insured survives the plan tenure, the guaranteed maturity Sum Assured, accrued paid-up additions and bonuses are paid.

Step 4 –if the insured faces any terminal illness during the plan tenure, 50% of the Guaranteed Maturity Sum Assured is paid.

Step 5 – in case of death during the term of the plan, the guaranteed death benefit, accrued paid-up additions, if any and vested bonuses are paid.

Example

Ram, aged 40 years, buys the plan. He also chooses to use the bonus to offset subsequent premiums. The guaranteed maturity Sum Assured is Rs.5 lakhs, the policy term is 15 years and premiums are paid for 8 years.

Option 1 – if Ram dies during the plan term, higher of the guaranteed maturity Sum Assured or 11 times the annual premium or 105% of premiums paid is paid as guaranteed death benefit. Any paid-up Additions are also paid along with terminal bonus. Accrued bonuses are declared every year when they accrue.

Option 2 – If Ram suffers from any terminal illness during the plan tenure, Rs.2.5 lakhs is paid under the plan.

Option 3 –On maturity, guaranteed maturity Sum Assured + paid-up additions and terminal bonus is paid.

Plan benefits

  • Death benefit – if the life insured dies during the term of the plan, and all premiums have been paid, the guaranteed death benefit, Paid-up Additions (if any) accrued bonuses and any terminal bonus is paid. The guaranteed death benefit is higher of the guaranteed maturity Sum Assured, 11 times the annual premium paid or 105% of total premiums paid till maturity.
  • Maturity Benefit – when the chosen tenure of the plan comes to an end, and all premiums have been paid, the guaranteed maturity Sum Assured, Paid-up Additions (if any), accrued  bonuses and any Terminal Bonus is paid.
  • Terminal Illness Benefit – if the life insured suffers from any terminal illness during the plan tenure which would likely result in death within 6 months of diagnosis, 50% of the guaranteed maturity Sum Assured is paid to the policyholder on request.
  • Bonus – simple reversionary bonuses are declared every year if due premiums are paid. The bonus rate depends on the performance of the company. On maturity or death, a terminal bonus might also be paid. Bonus can be taken in cash, used for offsetting premiums or can be used to buy additional Paid-up Units.
  • Loans – up to 50% of the Special Surrender Value is allowed as loan subject to a minimum amount of Rs.10, 000.

Eligibility

  Minimum Maximum
Age at entry (in completed years) 18 years Policy term 15 and 20 years – 55 years
Policy term 25 years – 50 years
Age at maturity (in completed years) NA Policy term 15 years – 55 years
Policy term 20 and 25 years – 75 years
Term of the plan 15,20,25 years
Premium paying options Limited pay
Premium Paying term Policy term 15 and 20 years – 6 or 8 years
Policy term 20 years – 10 years
Policy term 25 years – 12 years
Premium amount Annually – Rs.8500
Half-yearly – Rs.6000
Quarterly – Rs.4000
Monthly – Rs.1500
No limit
Guaranteed Maturity Sum Assured Rs.5,000 No limit

What is not covered in the policy?

  • In case of suicide committed within 12 months of inception, 80% of the premiums paid are refunded.
  • If suicide is committed within 12 months of revival, higher of 80% of the premiums paid or the surrender value under the plan is paid.

Premium Illustration

Below are the sample rates of premium payable by a non-tobacco user male for a combination of different ages, policy term and premium paying term (PPT). The premiums are excluding taxes and are assumed to be paid annually. The guaranteed maturity Sum Assured is Rs.3 lakhs.

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