Max Life Life Gain Premier Plan 2024 Benefits, Features, Details, Review

Highlights of Max Life Life Gain Premier include

If you’re looking for high-quality life insurance, you’ll want to check out Max Life Life Gain Premier. Plus, the coverage is comprehensive – it includes income protection, health insurance, and even pet insurance. So whether you’re looking to protect your loved ones or build a secure financial future for yourself, Max Life Life Gain Premier is a great option to consider. This traditional plan from has the following features

Sum assured

• When one of the three terms of the policy is completed, the policyholder is entitled to the Guaranteed Maturity Sum Assured. Accrued Paid Up Additions (if any) and the same are also included. The policyholder or nominee, as the case may be, receives any Terminal Bonus that may be paid. The guaranteed minimum maturity sum is Rs.50,000, and there are no upper limits, provided there is sufficient underwriting

Premium paying term

• This policy’s premium payments are limited to six or eight years for a policy term of fifteen years, six or eight years for a policy term of twenty years, or twelve years for a policy term of twenty-five years.

Premiums

• The life insured must pay at least Rs. under this limited premium-paying plan. Rs. 8,500 annually Rs. 6,000 every two years,4,000 monthly, or Rs.1500 per month in order to maintain access to the policy’s benefits. The typical premiums for a Guaranteed Maturity Sum Assured of Rs.3,000 are as follows:

Premium paying modes

• The modal factors for the premiums, which can be paid annually, semiannually, quarterly, or monthly, are 1.000, 0.520, 0.265, and 0.090, respectively. Modal factors show how the multiplier numbers affect the amounts paid toward premiums. During the payment period, the mode of premium payment can be altered at any time.

Premium paying method

• The policy’s premiums can be paid with credit cards, cheques, demand drafts, ECS, internet banking, and other acceptable payment methods.

Basis

• As a traditional participating endowment insurance, it provides life insurance in addition to allowing the policyholder to reap the benefits of investment through plan bonuses and loyalty additions.

Policy validity

• If the premium is not paid within the grace period, the policy will expire and the benefits will cease. The policy is only valid for the chosen policy term.

Add-on covers

• This policy comes with a total of four optional add-on covers or riders that can be used to increase the risk coverage in the main policy.

Free Look period

• This strategy offers a free look time of 15 days from the date of receipt of the arrangement reports during which the policyholder can survey the agreements of the strategy. The free look period for policies purchased via distance marketing mode is extended to 30 days.

Grace period

The Life Gain Premier Savings plan gives policyholders a 30-day grace period to pay their premiums within 30 days of the due date.

Max Life Gain Premier’s advantages

Max Life’s traditional policy focuses on providing the policyholder and his or her family with numerous benefits and a secure financial future during retirement. A comprehensive list of the benefits provided by this policy is as follows:

Death benefit

When the life insured passes away, the plan’s death benefit is paid out, as long as the policy is still in effect. The policy ends when the life insured passes away, and the death benefit consists of the following components:

• Guaranteed Death Benefit (Guaranteed Maturity Sum chosen at the time of policy inception)
• Accrued Paid Up Additions (if any)
• Terminal Bonus (if any)

• Maturity benefit -If the policy is still in effect, the maturity benefit, which includes the guaranteed sum assured, any accrued paid-up additions (if any), and any terminal bonus (if any), is due upon the life insured’s survival on the maturity date (chosen policy term of 15 years, 20 years, or 25 years).
• Surrender Benefit – After a selection of years with varying policy terms, the policy gains a surrender value, which is as follows:

• After paying two full years’ worth of premium (the 13th month in the annual mode and the 24th month in the monthly mode) for either 6 years or 8 years PPT
• After paying three years’ worth of premium (25th month in the annual mode and 36th month in the monthly mode) for either 10 years or 12 years PPT

A Guaranteed Surrender Value can be obtained by surrendering the policy, provided that it is still in effect. The bank is free to decide what the surrender benefit should be.

Terminal Illness Benefit

The company will reimburse the life insured for half of the Guaranteed Maturity Sum Assured (up to a maximum of Rs. 50,000) in the event that the insured is diagnosed with a disease that is likely to result in death within six months.10,00,000) as a down payment

• Credit Office – Credits can be profited under this strategy gave the approach has obtained an Acquiescence Worth and the advance is dependent upon a limit of half of the Acquiescence Worth and material pace of interest on the advance will be 11% per annum.
• Annual Bonus: If applicable, this cash bonus is given to the policyholder every year beginning with the second policy year. It can be used to offset future premiums or to purchase Paid Up Additions that increase added benefits.
• Terminal Bonus: The terminal bonus is only paid once upon maturity, surrender, or death if the policy has been in effect for at least ten years.
• Benefits from taxes: Depending on the current tax laws, one might be able to get tax breaks for premiums under Section 80C and for maturity or death benefits under Section 10(10D).

The table below lists the Life Gain Premier plan’s minimum and maximum entry ages, as well as the plan’s maximum maturity age:

What Happens in Max Life Life Gain Premier?

Mr. A is a 40-year-old salaried professional who wants to save for his son’s wedding and provide his family with a back-up fund in the event of his death.

He selects the option with a Rs. guaranteed maturity amount.5,84,317 for a policy with a 20-year term and a 10-year payment term for premiums. He must contribute Rs. annually in accordance with his savings goals.50,000 annually (excluding taxes and other costs) to ensure a smooth policy processing. Moreover, he chooses PUA (Settled Up Augmentations).

Mr. A’s possible scenarios include the following:

Scenario 1

Rs. will be given to Mr. A.6,69,555 or Rs.10,56,271 as a Maturity Benefit at 4 percent and 8 percent, respectively. These figures are only suggestions and do not include any costs or taxes.

This policy includes four riders, for which the same terms as the primary policy apply to the payment of premiums. The three optional riders are as follows:

• Payor Rider: This rider provides a policy continuation benefit in the event that the policyholder is not the life insured.
• The Term Plus Rider provides an additional benefit in the event of the insured person’s death.
  Accidental Death and Dismemberment Rider:
• In the event of an unfortunate accident that results in death or disability, this rider provides additional protection.
• Waiver of Premium Plus Rider: This rider allows future premiums to be waived on the primary policy as well as any associated riders, including itself, in the event of death, disability, or critical illness.

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