Max Life Partner Plus Insurance Plan
Max Life Partner Plus Plan is an Endowment Plan which is purely for Retirement. Since all benefits are from 61 years to 75 years of age, this plan has been categorized as a Retirement. This is a Traditional Plan with Bonus Facility.
In this plan, the premium has to be paid for the entire premium paying term selected which is 3/7/10 or 20 years. The policy continues till 75 years age of the Life Insured.
Every year from 61 years to 75 years, 7.5% of the Sum Assured is paid out as Guaranteed Payment while the Life Cover continues till the end of the Policy Term at 75 years of age. At the end of the Policy Term, i.e. when the Life Insured is 75 years of age, he receives 100% of the Sum Assured + Paid Up Additions (if any).
However, if the Life Insured dies within the policy tenure, i.e. before attaining 75 years of age, then the Death benefit of entire Sum Assured is paid irrespective of the Survival Benefits already paid. However, the risk cover of the Life Insured begins only after he attains 10 years of age.
This plan has 3 Bonus Option, namely Cash Bonus (where the Bonus is paid out as Cash), Premium Offset (such that the due premium is offset with the bonus) or Paid Up Additions (which is paid on Policy maturity or on earlier Death)
This plan also has 6 additional riders in this plan.
Key Features of Max Life Partner Plus Insurance Plan
Benefits you get from Max Life Partner Plus Insurance Policy
Death Benefit – If the Life Insured dies within the policy tenure, Death Benefit is paid to the nominee.
Survival Benefit – This plan has Survival Benefit of 7.5% of the Sum Assured for 15 years. It starts when the Life Insured is 61 years old and continues till the end of the Policy term when he is 75 years old.
Maturity Benefit – 100% of the Sum Assured along with Paid Up Additions (if any) are paid on the policy maturity when the Life Insured attains 75 years of age.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and the Survival and Maturity Benefits are exempted from tax under Section 10 (10D).
Eligibility conditions & other restrictions in Max Life Partner Plus Plan
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
50,000 |
No Limit |
Policy Term (in years) |
75 years – Age at Entry |
|
Premium Payment Term (in years) |
3/7/10/20 years |
|
Entry Age of Policyholder |
91 days |
55 years |
Maturity Age |
- |
75 years |
Premium Payment Options |
Yearly, Half-yearly, Quarterly and Monthly |
Sample illustration of premium amount in Max Life Partner Plus Insurance Policy
Premium has been calculated for
Age of Policyholder = 30, 35 and 40 years respectively
Additional Features and Benefits of Max Life Partner Plus Plan
Riders – There are 6 Additional Riders available in this policy:
Bonus- This plan has 3 Bonus Options:
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What happens if?
You stop paying the premium – If you stop paying the premiums, the policy acquires a Paid Up Value for a Reduced Sum Assured.
You want to surrender the policy – There is a Guaranteed Surrender Value in this plan. This policy also offers Extended Term Insurance, where the surrender value will be used as a single premium to buy term insurance equal to the current Sum Assured of the policy, for a term, which the surrender value can purchase.
You want a loan against your policy – Loan facility is not available under this policy.