Quote Form
Request successfully submitted
Our representative will call you within few minutes
Investment Plans 478 views August 21, 2021
Max Life Life Gain Premier Plan is a traditional participating endowment insurance plan that helps individuals fulfill several important goals like children’s education, marriage, etc. This plan from Max Life ensures that you can build a corpus over the policy term in an organized and safe way. One of the best things about the policy is that you can opt for a loan against the policy once it acquires a surrender value.
Let’s check the key features of the plan mentioned below.
- Flexible premium payment and policy term options
- Multiple Sum Assured Band Options
- Availability of Bonus Option
- Guaranteed Death Benefit
- Terminal Illness Benefit
- Multiple Premium Payment Modes
- Rider Option – Max Life Payor Rider
- Loan Against Policy Facility
- A Grace Period of 15 or 30 Days
- Tax Benefits under Income Tax Act, 1961
- A 15-day Free Look Period
Continue reading this page to understand these features in detail. Let’s start without wasting any minute.
Table of Contents
Let’s Understand the Features and Benefits of the Max Life Life Gain Premier Plan in Detail
We have talked about the features in detail below. Please check.
Flexible Sum Assured Options
Under the Max Life Life Gain Premier Plan, policyholders can choose from multiple sum assured options as per the table below.
| Band Options | Sum Assured Range (In INR) |
|---|---|
| Band 1 | 50,000 - 1,49,999 |
| Band 2 | 1,50,000 - 2,99,999 |
| Band 3 | 3,00,000 - 4,99,999 |
| Band 4 | Above 5,00,000 |
Availability of Multiple Policy and Premium Payment Term Options
Policyholders can choose from multiple policy and premium payment term options. To know more, check the below table.
| Policy Term Options (In Years) | Premium Payment Term Options (In INR) |
|---|---|
| 15 | 6 or 8 |
| 20 | 6 or 8 or 10 |
| 25 | 12 |
Choose from Different Premium Payment Modes
You can prefer to pay the premium towards your policy on an annual, semi-annual, quarterly or monthly basis. The minimum premium amount depends on the frequency chosen by you. To know more, check the below table.
| Premium Payment Mode | Minimum Premium Amount (In INR) |
|---|---|
| Annual | 8500 |
| Semi-annual | 6000 |
| Quarterly | 4000 |
| Monthly | 1500 |
Death Benefit
If the life insured dies during the policy term, Max Life Life Gain Premier Plan will provide the following benefits to the nominee or beneficiary, provided the policy is in force.
- Guaranteed Death Benefit
- Accrued Paid-up Additions (if any)
- Terminal Bonus (if any)
Here, the guaranteed death benefit would be the highest of the following amounts.
- 11 times the annualized premium
- 105% of all premiums paid as on the date of death
- Guaranteed Maturity Sum Assured
Note: Once the insurer pays the death benefit, the policy will terminate.
Maturity Benefit
If a policyholder survives until the maturity of the policy, the policy will provide the following.
- Guaranteed Maturity Benefit
- Accrued Paid Up Additions (if any)
- Terminal Bonus (if any)
Terminal Illness Benefit
If a life insured is diagnosed with a terminal illness during the policy term, the plan will offer the following benefits.
- Up to 50% of the guaranteed maturity sum assured or reduced paid-up maturity sum assured (Up to INR 10,00,000)
- Remaining maturity benefit or remaining death benefit or the remaining surrender value after deducting the terminal illness benefit
Surrender Benefit
Once your policy acquires a surrender value, you can surrender it and get the benefit that will be higher of the following amounts.
- Guaranteed Surrender Value (GSV)
- Special Surrender Value (SSV)
To know the GSV factor, you can check the below table.
GSV Factors Applied to the Total Premium Amount
| Surrender Year | Policy with PPT of 6 years or 8 years and the PT of 15 years | Policy with PPT of 6 years or 8 years and the PT of 20 years | Policy with PPT of 10 years and the PT of 20 years | Policy with PPT of 12 years and the PT of 25 years |
|---|---|---|---|---|
| 1 | Nil | Nil | Nil | Nil |
| 2 | 30% | 30% | Nil | Nil |
| 3 | 30% | 30% | 30% | 30% |
| 4-7 | 50% | 50% | 50% | 50% |
| 8 | 56% | 53% | 52% | 52% |
| 9 | 61% | 57% | 55% | 55% |
| 10 | 67% | 60% | 60% | 57% |
| 11 | 73% | 63% | 63% | 59% |
| 12 | 79% | 67% | 67% | 62% |
| 13 | 84% | 70% | 70% | 64% |
| 14 | 90% | 73% | 73% | 66% |
| 15 | 90% | 77% | 77% | 69% |
| 16 | - | 80% | 80% | 71% |
| 17 | - | 83% | 83% | 74% |
| 18 | - | 87% | 87% | 76% |
| 19 | - | 90% | 90% | 78% |
| 20 | - | 90% | 90% | 81% |
| 21 | - | - | - | 83% |
| 22 | - | - | - | 85% |
| 23 | - | - | - | 88% |
| 24 | - | - | - | 90% |
| 25 | - | - | - | 90% |
Note: PPT and PT stands for the premium payment term and policy term, respectively.
Loan Against Policy
As mentioned in the introduction, you can also opt for a loan against policy after it has acquired a surrender value. The loan amount will be up to 50% of the surrender value at an interest rate of 11% per annum compounded annually. Under this facility, the minimum loan amount stands at INR 10,000.
Max Life Life Gain Premier Plan Eligibility Criteria
Have a look at the important conditions related to the plan mentioned below.
- The minimum age of life insured (on the date of commencement of risk) should be 18.
- The maximum entry age of an individual will depend on the policy term. For a 15 or 20-year policy term, it can be 55 years, while for a 25-year policy term, it remains 50 years.
- The maximum maturity age cannot exceed 70 and 75 years for policy terms of 15 and 20/25 years, respectively.