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.
Key Features
There are 6 additional riders available in this policy
Personal Accident Benefit Rider
Term Rider
Dread Disease Rider
Waiver of Premium Rider
Term Renewable and Convertible Rider
Payor Rider
fter 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.
Benefits
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.
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 |
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.
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.
How it works
In this plan, a 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 Benefits. The last installment 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 a Death Benefit irrespective of the Survival Benefit already paid. There are 6 additional riders available in this plan.
Eligibility
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 |
FAQs
The policy will lapse if the premium is not paid within the grace period.
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.
The maximum amount of loan shall not be more than 90% of the Cash Value. The minimum Loan Amount is Rs 10,000.