Max Life Platinum Protect Plan
Max Life Platinum Protect is a term insurance plan. It offers high life cover at low rates. An additional feature is the continuance of life cover even if you stop paying the premiums after 15 consecutive years.
Key Features of Max Life Platinum Protect Insurance Plan
- It is a pure Term Insurance Policy with Death Benefit only
- After paying for 15 years, if customer chooses not to pay any more, then also reduced life coverage continues till the end of the policy term.
- Discount is provided for female and non smokers and amazing discount for healthy non-smokers above Rs 50 Lakhs Sum Assured.
- Additional benefit of Accidental Benefit and 10 most common Dread Disease Benefit available as rider.
Benefits you get from Max Life Platinum Protect Insurance Policy
Death Benefit – The nominee of the policy holder would receive the Sum Assured in case of death of the policy holder.
Maturity Benefit – There are no maturity benefits under this plan as this is a pure term insurance product.
Income Tax Benefit - Premiums paid towards life insurance policies up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C.
Eligibility conditions in Max Life Platinum Protect Policy
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Minimum
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Maximum
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Sum Assured (in Rs.)
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Rs.25,00,000
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No Limit
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Policy Term (in years)
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10
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30
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Premium Payment Term (in years)
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Equal to Policy Term
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Entry Age of Policyholder
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18
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60
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Age at Maturity
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28
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75
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Annual Premium
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Rs.5,000
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No Limit
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Single premium
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NA
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NA
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Payment modes
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Yearly, (Half-Yearly, Quarterly and Monthly - ECS)
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Sample illustration of premium amount in Max Life Platinum Protect Plan
Male, Preferred Non-smoker
Policy Term of 20 years for a Sum Assured of Rs.50 lakhs
Additional Features and Benefits of Max Life Platinum Protect Plan
Riders – Some additional benefits can be taken in the form of riders by paying extra premium
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Type of Rider
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Available with Policy
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Personal Accident Rider
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Yes
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Waiver of premium benefit
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No
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Critical illness (or dread diseases) benefit
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Yes
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Increased death benefit / Term rider
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No
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Hospital cash benefit
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No
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Reduced Insurance Cover – This is applicable only for policies with 20, 25 or 30 year term plans. If a person stops paying the premium after 15 years, the insurance cover would continue though with a reduced amount. See how this works with the help of this example.
Suppose the person has taken a cover of Rs. 50 lakhs with a term of 20 years. And the customer stops paying the premium after 15 years, the policy would continue for the remaining 5 years but with a lower cover which is as follows:{ [No. of premiums paid/Policy Term]% - 25%} of the Sum Assured. So it would be {(15/20)%-25%] of Sum Assured = 50% of Sum Assured. So a cover of 25 lakhs would continue till the end of the policy term even if the remainder 5 years of premiums are not paid.
Alternate Term plans from different insurance companies
ICICI Prudential iProtect
Aegon Religare i-Term plan
SBI Life Smart Shield
Kotak Preferred Term Plan
