Max Life Whole Life Participating Plan
Max Life Whole Life Participating Plan is a Whole Life Plan. This is a Traditional Whole Life Plan with Bonus Facility.
How the plan works – In this plan, premium needs to be paid till the end of the Policy Term and the policy continues till the Life Insured is 100 years of age. Thus, Premium needs to be paid till the Life Insured is 100 years of age or earlier death.
In this Plan, if the Life Insured survives till the end of the Policy Tenure, i.e. till 100 years of age, then the entire Sum Assured + Bonus if any would be paid as Maturity Benefit.
However, if the Life Insured dies within the Policy Tenure, i.e. dies before attaining 100 years of age, then the nominee would get the entire Sum Assured + Bonus if any as Death benefit of the plan.
There are 3 unique Bonus Options available in this plan- Cash Bonus, Premium offset and Paid Up Additions and offers 8 additional riders along with this plan
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Key Features of Max Life Whole Life Participating Insurance Plan
- This is a Traditional Participating Whole Life Plan
- 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 8 additional riders with this plan
- In this plan, there is an option to participate in Progressive Bonuses as well
- This plan continues till the Life Insured is 100 years of age.
- Bonus is declared every year after 3 policy years
- Fixed Premium is guaranteed for life
- Risk on the Life Insured’s life commences after he is 10 years of age
- There is an option in this Plan to Participate in Progressive Bonuses
- 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
Benefits you get from Max Life Whole Life Participating Insurance Policy
Death Benefit – In case of death of the Life Insured before attaining 10 years of age, only the premiums paid till date + interest would be refunded back as Death Benefit and the policy would terminate.
However, if the Life Insured dies after attaining 10 years of age but before attaining 100 years of age, then the nominee would get the entire Sum Assured + Bonus, if any as Death Benefit and the policy terminates.
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 as Maturity Benefit.
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
Eligibility conditions & other restrictions in Max Life Whole Life Participating Policy
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Minimum
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Maximum
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Sum Assured (in Rs.)
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1,00,000
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10 Crores
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Policy Term (in years)
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100 – Age of Entry
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Premium Payment Term (in years)
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Equal to Policy Term
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Entry Age of Life Insured (in years)
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91 days
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70
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Age at Maturity of Life Insured (in years)
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-
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100
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Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly
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Sample illustration of Premium of Max Life Whole Life Participating Plan
This is an illustration of a Male (non-smoker) with Sum Assured = Rs 10,00,000
Additional Features and Benefits of Max Life Whole Life Participating Plan
Riders – There are 8 additional riders available in this policy:
- Max Life Dread Disease Rider
- Max Life Personal Accidental Benefit Rider
- Max Life Term Rider
- Max Life Waiver of Premium (WOP) Rider
- Max Life Guaranteed Insurability Option (GIO) Rider
- Max Life Five-Year Term Renewable and Convertible Rider
- Max Life Payor Rider
- Option to Participate in Progressive Bonus (OPPB)
- 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.
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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.
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.
