MyInsuranceClub
menu

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.

Compare this plan with other Investment Plans
By clicking “Show Returns”, I authorize MyInsuranceClub to Call/Message & agree to Terms of Use

Key Features

key-feature-header-icon
This is a Traditional Money Back Plan with Bonus Facility
This plan offers a one-time Guaranteed Additions of 10% of the Sum Assured at maturity
Risk on the life of the insured starts after attainment of 10 years
Bonus is declared every year from the 3rd Policy Year onwards
Survival Benefit is paid at the end of every 4 years
If the Life Insured dies within the policy tenure, the Sum Assured + Bonus would be paid immediately as Death Benefit irrespective of the Survival Benefit already paid
There are 6 additional riders available in this plan
There are 3 Bonus Options available after completion of 3 Policy Years- Cash Bonus, Premium Offset and Paid Up Additions
Riders

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

Bonus Options

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

policy-benefits-header-icon
Death Benefit

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.

Survival 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
Maturity Benefit

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.

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.

How it works

tab-how-it-works-header-icon

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

tab-eligibility-header-icon
  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

tab-faqs-header-icon
angle down iconWhat happens if You stop paying the premium

The policy will lapse if the premium is not paid within the grace period.

angle down icon What happens if You want to surrender the policy

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.

angle down iconWhat happens if You want a loan against your policy

The maximum amount of loan shall not be more than 90% of the Cash Value. The minimum Loan Amount is Rs 10,000.