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Max Amsure Bonus Builder Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Max Amsure Bonus Builder Plan
 
Max Amsure Bonus Builder Plan is a Money Back cum Whole Life Plan. This is a Traditional Participating Plan with Bonus Facility.
 
How the plan works – In this plan, the policy continues till the Life Insured is 100 years of age. However, premium needs to be paid for a period of 20 years or till age 60, whichever is longer.
 
There are 3 kinds of Living Benefit under this plan:
  1. Money Back Benefit: On Survival, the Life Insured would get 5% of Sum Assured every year from age 61 to 80 years of the Life Insured, under this plan. Thus, 100% of the Sum Assured is paid in instalments.
  2. Terminal Illness Benefit: If the Life Insured is diagnosed of a Terminal Illness with a life expectancy of 6 months or less, he will get upto 50 % of Sum Assured (subject to a maximum of Rs. 5 lacs) and the remaining Sum Assured when he dies.
  3. Maturity Benefit: Sum Assured + Bonus, if any would be paid if the Life Insured survives till 100 years of age.
Thus, on survival beyond 80 years of age or till 100 years of age, 200% of the Sum Assured is paid to the Life Insured or his nominee.
 
However, if the Life Insured dies within the Policy Tenure, i.e. before he attains 100 years of age, the nominee would get the entire Sum Assured + Bonus if any as Death Benefit of the plan and the plan would be terminated. There are 3 Bonus Options available in this plan- Cash Bonus, Premium offset and Paid Up Additions.
This plan offers 4 additional riders along with this plan.
 
 
Key Features of Max Amsure Bonus Builder Insurance Plan
 
  • This is a Traditional Participating Money Back cum Whole Life Plan
  • This plan offers a 5% of the Sum Assured as Money Back Benefit from age 61 to 80 years of the Life Insured
  • This is a Participating plan with bonus facility
  • There are 3 options 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
  • There are 4 additional riders with this plan
  • This plan continues till the Life Insured is 100 years of age
  • Bonus is declared every year after 3 policy years
  • If the Life Insured is diagnosed of a terminal illness with a life expectancy of six months or less, he will get upto 50 % of Sum Assured (subject to a maximum of Rs. 5,00,000) and the remaining Sum Assured when he dies
COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS
 
 
Benefits you get from Max Amsure Bonus Builder Insurance Policy
 
Death Benefit – In case of death of the Life Insured within the policy tenure, i.e. before attaining 100 years of age, then the nominee would get the entire Sum Assured + Bonus, if any as Death Benefit and the policy would terminate.
 
Survival Benefit— If the Life Insured survives beyond 60 years of age, then he would get 5% of the Sum Assured every year as Money Back Living Benefit till age 80.
 
Maturity Benefit – When the Policy matures, i.e. when the Life Insured attaining 100 years of age, he would receive the entire Sum Assured + accrued Bonus, 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. Maturity Benefit is tax free under section 10(10)D.
 
 
Eligibility conditions & other restrictions in Max Amsure Bonus Builder Policy
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
50,000
No Limit
Policy Term (in years)
100 – Age of Entry
Premium Payment Term (in years)
20 years to till age 60, whichever is longer
Entry Age of Life Insured (in years)
18
50
Age at Maturity of Life Insured (in years)
-
100
Payment modes
Yearly and Monthly
 
 
Sample illustration of Premium of Max Amsure Bonus Builder Plan
 
This is an illustration of a Male (non-smoker) with Sum Assured = Rs 10,00,000
Option Band 2
Max Life Amsure Bonus Builder Plan Sample Premiums
Additional Features and Benefits of Max Amsure Bonus Builder Plan
 
Riders – There are 4 additional riders available in this policy:
  1. Personal Accident Benefit Rider
  2. Term Rider
  3. Waiver of Premium Rider
  4. Dread Disease 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. However, the policy acquires a Paid Up Value and the benefits continue for a reduced coverage but without any further addition of bonus. The policy can however be revived within 3 years from the due date of the first unpaid premium.
 
You want to surrender the policy – This policy acquires a Cash Surrender Value only after completion of 3 policy years.
Minimum Cash Surrender Value= 30% of all premiums paid till date – 1st years’ premium
Maximum Cash Surrender Value= Basic Sum Assured of the Policy.
 
You want a loan against your policy – Loan is allowed after completion of 3 policy years.


 
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