Max Life Future Secure Plan
Max Life Future Secure Plan is a Limited Pay Participating Endowment Plan. Thus, it is a Traditional Plan with Bonus facility.
How the plan works – The premium needs to be paid only for a period of 12 years while the policy continues till 20 years. When the policy matures, the policyholder would receive Sum Assured + total accrued Compound Reversionary Bonus + Terminal Additions (if any).
However, if the Life Insured dies within the policy tenure, then 100% of the Sum Assured + accrued Compound Reversionary Bonus + Terminal Additions (if any). This policy has a unique benefit of Policy Continuance Benefit, whereby if the Life of a minor is insured and the proposer dies within the Premium Paying Term, then the future premiums are waived off and the plan continues.
This plan has an inbuilt Accidental Death Benefit rider.
Key Features of Max Life Future Secure Insurance Plan
- This is a Traditional Limited Payment Endowment Plan
- Premium needs to be paid only for the first 12 years while the plan continues till the end of the 20 years
- This policy accrues Compound Reversionary Bonus every year starting from the end of the second policy year
- There is Terminal Bonus available in this plan as well
- This Plan offers Policy Continuance Benefit, in case the Life of a Minor is insured and the proposer dies within the Premium Paying Term, then the future premiums are waived off and the plan continues
- On policy Maturity, the Sum Assured along with accrued Bonus is paid as Maturity Benefit
- In case of death of the Life Insured within the Policy Tenure, the Sum Assured along with accrued Bonus is paid to the nominee as Death Benefit and the policy terminates
- This plan has an inbuilt Accidental Death Benefit rider of an Additional 50% of the Sum Assured
Benefits you get from Max Life Future Secure Insurance Policy
Death Benefit – In case of death of the Life Insured, the nominee would receive 100% of the Sum Assured + accrued Compound Reversionary Bonus + Terminal Additions (if any).
In case the life of a child in insured and the proposer dies within the premium paying term, then the future premiums would be waived off but the policy continues.
Also, in case the death happens by an accident, an additional Accidental Death Benefit of 50% of the Sum Assured would be paid to the nominee.
Maturity Benefit – On policy maturity the policyholder would receive Sum Assured + total accrued Compound Reversionary Bonus + Terminal Additions (if any).
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions
Eligibility conditions & other restrictions in Max Life Future Secure Policy
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Minimum
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Maximum
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Sum Assured (in Rs.)
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1,50,000
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2 Crores
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Policy Term (in years)
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20
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Premium Payment Term (in years)
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12
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Entry Age (in years)
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1
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55
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Age at Maturity (in years)
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-
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Annual Premium (in Rs.)
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12,500
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Payment modes
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Yearly, Half-Yearly, Quarterly & Monthly
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Sample illustration of Premium of Max Life Future Secure Plan
The below illustration is for a healthy Male (non-tobacco user) of 35, 35 and 55 years ofage respectively opting for a Sum Assured = Rs.1,00,000 and Policy Term = 20 years
Additional Features and Benefits of Max Life Future Secure Plan
Riders – There are 1 in built rider available in this policy
- Waiver of Premium in case of an Accidental Death, Disability or Dismemberment
You stop paying the premium – The policy will lapse if the premium is not paid within the grace period. However, it can be revived within 3 years from the first unpaid premium.
You want to surrender the policy – If premiums for 3 years have been paid up, then surrender of policy is allowed.
Guaranteed Surrender Value (during PPT) = discounted value of Sum Assured – 1st year premium term Guaranteed Surrender Value (after PPT) = discounted value of sum assured.
The discount rate used to calculate the Guaranteed Surrender Value is 12% p.a.
This plan also has Special Surrender Value.
You want a loan against your policy - There is Loan available under this plan after 3 policy years’ upto a maximum of 80% of Special Surrender Value.
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