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Max Life Insurance 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.
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:
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.
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.
|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
|Guaranteed Maturity Sum Assured||Rs.5,000||No limit|
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.