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Max Life Pay Money Back Plan
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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.
How the plan works – In this plan, 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 Benefit. The last instalment 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 Death Benefit irrespective of the Survival Benefit already paid. There are 6 additional riders available in this plan.
Key Features of Max Life Pay Money Back Insurance Plan
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
COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS
Benefits you get from Max Life Pay Money Back Insurance Policy
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.
Eligibility conditions & other restrictions in Max Life Pay Money Back Policy
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
Sample illustration of Premium of Max Life Pay Money Back (Par) Plan
Policy Term= 20 Years Sum Assured= Rs.5,00,000
Additional Features and Benefits of Max Life Pay Money Back Plan
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— 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.
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.
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.
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