Max Life Pay Money Back Plan

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Max Life Pay Money Back Plan
 
Max Life Pay Money Back (Par) Plan is a simple Money Back Plan. This is a Traditional Plan with Bonus Facility.
 
How the plan works – In this plan, Premium needs to be paid for the entire Policy Tenure as selected at the policy inception. This policy provides for a Money Back facility at the end of every 4 years by paying Survival Benefit. The last instalment would be paid when the policy matures along with Bonus as Maturity Benefit and the policy would terminate. However, if the Life Insured dies within the policy tenure, the Sum Assured + Bonus would be paid as Death Benefit irrespective of the Survival Benefit already paid. There are 6 additional riders available in this plan.
 
 
Key Features of Max Life Pay Money Back Insurance Plan
 
  • This is a Traditional Money Back Plan with Bonus Facility
  • This plan offers a one-time Guaranteed Additions of 10% of the Sum Assured at maturity
  • Risk on the life of the insured starts after attainment of 10 years
  • Bonus is declared every year from the 3rd Policy Year onwards
  • Survival Benefit is paid at the end of every 4 years
  • If the Life Insured dies within the policy tenure, the Sum Assured + Bonus would be paid immediately as Death Benefit irrespective of the Survival Benefit already paid
  • There are 6 additional riders available in this plan
  • There are 3 Bonus Options available after completion of 3 Policy Years- Cash Bonus, Premium Offset and Paid Up Additions
 
 
Benefits you get from Max Life Pay Money Back Insurance Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the Sum Assured + Bonus, if any, would be paid immediately as Death Benefit irrespective of the Survival Benefit already paid.
However, if the Life Insured dies before attaining 10 years of age, then the premium paid till date would be returned along with interest as Death Benefit.
 
Survival Benefit— Money is paid at the end of every 4 years as Survival Benefit
 

End of the Policy Term
PT= 16 years
PT= 20 years
PT= 24 years
4 years
10% of the SA
10% of the SA
10% of the SA
8 years
20% of the SA
15% of the SA
10% of the SA
12 years
30% of the SA
20% of the SA
15% of the SA
16 years
Remaining 50%
of the SA
25% of the SA
15% of the SA
20 years
-
Remaining 40%
of the SA
20% of the SA
24 years
-
-
Remaining 40%
of the SA

 
 
Maturity Benefit – On maturity, the Life Insured would receive the last instalment of the Sum Assured + Bonus (if any) as Maturity Benefit and the policy would terminate.
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. Maturity Benefit is tax free under section 10(10)D.
 
 
Eligibility conditions & other restrictions in Max Life Pay Money Back Policy
 

 
Minimum
Maximum
Sum Assured (in Rs.)
50,000
No Limit
Policy Term (in years)
16/20/24
Premium Payment Term (in years)
Equal to Policy Term
Entry Age of Life Insured (in years)
91 days
55 for PT=16/20
51 for PT=24
Age at Maturity of Life Insured (in years)
-
75
Payment modes
Yearly, Half-Yearly, Quarterly & Monthly

 
 
Sample illustration of Premium of Max Life Pay Money Back (Par) Plan
 
Policy Term= 20 Years
Sum Assured= Rs.5,00,000
Max Life Pay Money Back Plan Sample Premiums
Additional Features and Benefits of Max Life Pay Money Back Plan
 
Riders – There are 6 additional riders available in this policy
  1. Personal Accident Benefit Rider
  2. Term Rider
  3. Dread Disease Rider
  4. Waiver of Premium Rider
  5. Term Renewable and Convertible Rider
  6. Payor Rider
 
Bonus Options— After completion of 3 Policy Years, There are 3 options available for Bonus:
  • Cash Bonus, where you can take the bonus in cash
  • Premium Offset, where you can use the bonus to pay a part of your premium
  • Paid Up Additions, where you can use the bonus to permanently increase the Sum Assured.
 
                                             
What happens if?
 
You stop paying the premium – The policy will lapse if the premium is not paid within the grace period.
 
You want to surrender the policy – This policy acquires a Surrender Value only after completion of 3 policy years.
Minimum Guaranteed Cash Value= 30% of all premiums paid till date – 1st years’ premium
The Surrender Value payable will be equal to Cash Value - Loan Amount, including interest accrued to date of surrender.
 
You want a loan against your policy – The maximum amount of loan shall not be more than 90% of the Cash Value. The minimum Loan Amount is Rs 10,000.
 
 
Other Money Back Plans from Max New York Life Insurance
 
Max Life Guaranteed Monthly Income Plan
Max Amsure Bonus Builder
 
 
Some Money Back Plans from other insurance companies
 
IDBI Federal Incomesurance Endowment and Money Back Plan

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