Everything You Need to Know About MaxLife Premium Protection Plan

The Premium Return Protection plan from Max Life Insurance Company is a term insurance plan that provides both a death benefit and a survival benefit, which recovers all of your paid premiums if the worst happens to you. In the event that you do not make any financial contributions, the survival benefit pays out at the conclusion of the policy period. It's a triumph for you or your family whether you make it to plan maturity or not.

Read Here: Make the Most of Your Term Insurance Plan with Its Tax Benefits

Eligibility Criteria of Max Life Premium Protection Plan

1. Entry Age - The minimum entry age is 21 years, while the maximum entry age is 55 years for a 20-year policy term, 50 years for a 25-year policy term and 45 years for a 30-year policy term.
2. Maturity Age - The maximum age of maturity is 75 years old.

Features of the MaxLife Premium Protection Plan

Here are the key features of the MaxLife Premium Protection Plan.

• Tenure - The policyholder is offered the option to pick between a policy term of 20 years, 25 years, or 30 years. The payment period for premiums is 11 years.
• Death Benefits - If the insured person dies within the policy's term, the named nominee is entitled to a predetermined sum assured, which can range from Rs 5 Lakh to Rs 1 Crore. When the policyholder buys the policy, he determines the amount. The policy is no longer active once the death benefit has been paid. The death benefit under the Max Life Premium Return Protection Plan is defined as the greater of ten times the Annualised Premium, 105 per cent of the premiums paid till the insured's death, Guaranteed Maturity Sum Assured and Guaranteed Death Sum Assured.

• Maturity Benefits - If the policyholder outlives the policy, the total premiums paid during the policy term will be returned to him. The Survival Benefit is another name for this benefit. It's important to remember that the amount returned does not include any additional premiums or taxes that were paid.

• Special Premium Rates for Women - Women's premium rates are lower than men's premium rates.

• Premium Payment Flexibility - The policyholder can choose the method of the premium payment that is most convenient for him. Monthly, Quarterly, Half-Yearly, and Yearly are the four modes available.
• Save Taxes - Premiums paid, as well as the death and maturity benefits, are tax-free under Sections 80C and 10 (10D) of the Income Tax Act. Tax advantages, on the other hand, are subject to the current tax regulations at the time of premium payment.
• An application that is Easy to Use - Applying for the Max Life Premium Return Protection Plan is a breeze. This can be done either online or in person at a branch office near you.
• Surrender Benefits - The policyholder can surrender his Max Life Premium Return Protection Plan if the insurance reaches a surrender value. When the first three years' premiums are paid in full, a surrender value is obtained. In the annual form, for example, the policy can be relinquished once the third Annualised Payment is made in the 25th month. In the case of monthly mode, the insurance can be surrendered once 36 monthly payments have been made or after the 36th month. The higher of the Special Surrender Value or the Guaranteed Surrender Value is understood as the surrender value.

Benefits of the MaxLife Premium Protection Plan

Here are some benefits offered by the Max Life Premium Protection Plan.

• Comprehensive Protection - In addition to the basic sum assured, the Max Life Premium Return Protection Plan contains an Accident Death Benefit, under which the nominee receives half of the basic sum pledged as an Accident Death Benefit.
• Limited Premium Payment - The policyholder is only required to pay premiums for an 11-year period, after which he can get insurance benefits for up to 30 years or for the policy term he chooses.
• Guaranteed Premium Return - If the policyholder lives to the end of the policy's term, he will receive 100 per cent of the premiums he has paid in total. This figure will also include the additional premiums but not the taxes paid.
• Long Term Protection - The policyholder can select a policy term of 20, 25, or even 30 years. For the breadwinner, this long-term protection might be immensely rewarding.

Take Away

The Max Life Premium Return Protection Plan can help you secure your family's future. This plan not only provides life insurance but also reimburses all premiums paid throughout the years. As a policyholder, you get comprehensive and extended coverage as well as the benefit of returns when the policy matures. If you pass away, the death benefit will protect your family from financial hardship. The death benefit that you have left for your family will be a substantial source of support for them while you are gone. The Guaranteed Maturity Sum Assured is another wonderful benefit of the Max Life Premium Return Protection Plan if you outlive the insurance. 

Also read: Can I Claim Term Insurance Tax Benefits Under Section 80D?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.