Max Life Gain Premier Plan

Max life Gain Premier Plan Insurance

Key Features
Eligibility
Benefit Descriptions

Key Benefits of Life Gain Premier Plan Insurance

Flexible Premium Payment and Policy Terms : Life Gain Premier offers as many as 6 options to choose from, basis your need
- 6 Years Premium Payment Term with Policy Term of 15 and 20 years
- 8 Years Premium Payment Term with Policy Term of 15 and 20 years
- 10 Years Premium Payment Term with Policy Term of 20 years
- 12 Years Premium Payment Term with Policy Term of 25 years
Flexible Bonus Option : The plan offers the flexibility to choose the bonus option basis your need. One can choose to take the bonus in cash or enjoy the power of compounding by purchasing Paid up Additions. Bonuses, once declared, will be guaranteed and paid on death of the life insured or maturity of the policy.
Guaranteed Maturity Benefit : The plan offers 100% of Guaranteed Maturity Sum Assured on maturity of the policy
Guaranteed Death Benefit : The plan offers a guaranteed death benefit to ensure financial security for the insured’s family in case of any unfortunate exigencies.
Terminal Illness Benefits - In case the insured is diagnosed to be suffering from a disease which is likely to lead to death within six months, the Company will pay 50% of Guaranteed Maturity Sum Assured (subject to maximum of ₹10 lakhs) as an advance.

Eligibility criteria of Life Gain Premier Plan Insurance

Maximum Premium: No limit, subject to limits determined in accordance with the underwriting policy of the Company.
Premium excludes all taxes, levies and cesses as imposed by the Government from time to time)

Minimum/ Maximum Age of Life Insured at Entry(age as on last birthday)

Minimum Age: 18 years
Maximum Age:

55 years for 15/20 year Policy Term
50 years for 25 year Policy Term

Maximum Maturity Age (last birthday)

For 15 years PolicyTerm: 70 years
For 20 years and 25 years Policy Terms: 75 years

Policy Term (in years)

15 years, 20 years and 25 years

Premium Payment Term (PPT)

For 15 years Policy Term

Either 6 years Premium Payment Term or
8 years Premium Payment Term

For 20 years Policy Term

Either 6 years Premium Payment Term or
8 years Premium Payment Term or
10 years Premium Payment Term

For 25 years Policy Term,

Payment Term is 12 years

Guaranteed Sum Assured at Maturity (GSAM)

Minimum : ₹50,000 subject to minimum premium as mentioned above
Maximum: No limit, subject to limits determined in accordance with the underwriting policy of the Company.

GSAM Bands

There are three Guaranteed Sum Assured at Maturity bands under the product which are as follows:

Band	GSAM (₹)
1	50,000 - 1,49,999
2	1,50,000 - 2,99,999
3	3,00,000 – 4,99,999
4	>=5,00,000

All benefits are guaranteed at the time of issuance of the policy. Choose the Guaranteed Sum Assured at Maturity (GSAM) at the proposal stage and the premium for the same is determined as per Sum Assured band.

Premium Payment Mode

Annual, Semi – Annual, quarterly & monthly premium payment modes.
The modal factors are as follows:

Modal Factors
Premium Mode	Factor
Annual	1.000
Semi-annual	0.520
Quarterly	0.265
Monthly	0.090

Minimum & Maximum Annual Premium

Minimum Premium:

Payment Mode	Minimum Premium less Extra Premium (if any) (In ₹)
Annual	8,500 paid annually
Semi-Annual	6,000 paid semi-annually
Quarterly	4,000 paid quarterly
Monthly	1,500 paid monthly

Riders Available

Max Life Term Plus Rider
Max Life Accidental Death & Dismemberment Rider
Max Life Waiver Of Premium Plus Rider

Annual Bonus

The product has a Cash Bonus system. Bonuses will be declared every year from the end of 2nd policy year (24th policy month) on the Guaranteed Maturity Sum Assured and from the end of 3rd policy year (36th policy month) on accrued Paid up additions (if any) and every year end, thereafter. The Policyholder can take bonuses through any of the three options :

Purchase Paid up Additions (PUA) - Bonus declared by the Company will be used to purchase Paid up Additions.
Premium Offset - Policyholder can also opt to utilize the Cash Bonus declared by the Company to offset future premiums payable under the policy.
Paid In Cash - Bonus declared by the Company is paid out to the Policyholder as and when declared

Terminal Bonus

Terminal Bonus is an additional bonus paid only ONCE, on earlier of Death, Surrender or Maturity, provided the policy has been in force for at least ten years i.e. payable in case of claims made from the end of 120th month onwards.

Benefit descriptions of Life Gain Premier Plan Insurance

Death Benefit	On death of the life insured during the term of the policy, the following benefits will be paid: Guaranteed Death Benefitplus Accrued Paid up Additions (if any) Terminal Bonus (if any) Guaranteed Death Benefit is defined as higher of 11 times the Annualised Premium* 105% of all premiums paid as on the date of death, Guaranteed Maturity Sum Assured The policy will terminate in case of the death of the Life Insured. * Annualised Premium includes extra premium (if any) but excludes all taxes, cesses and levies as imposed by the Government from time to time and any loadings for modal premiums and remains same irrespective of the premium payment mode.
Maturity Benefit	Payable on Maturity of the Policy Total Maturity Benefit = Guaranteed Maturity Benefit + Accrued Paid Up Additions (if any) + Terminal Bonus (if any) where, Guaranteed Maturity Benefit = Guaranteed Maturity Sum Assured
Surrender Benefit	The policy can be surrendered only after the policy has acquired a Surrender Value. The Surrender Value will be equal to higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
NonForfeiture Benefit - Reduced Paid Up (RPU)	Once the policy acquires surrender value as mentioned above, by default the policy will become RPU in case of non-payment of any due premium. The Guaranteed Maturity Sum Assured will be reduced using the proportionate premiums method as mentioned below. Reduced Paid Up (RPU) Sum Assured = (Total Premiums Paid less Extra Premium (if any) less Rider Premium (if any)) / Total Premiums payable less Extra Premium (if any) less Rider Premium (if any))) X Guaranteed Maturity Sum Assured This will also impact the Death Benefit and Maturity Benefit. Kindly refer the prospectus for more detailed working.
Terminal Illness Benefit	While this Policy is in force (including RPU mode), should the Life Insured be diagnosed to be suffering from a disease which, in the opinion of a Medical Practitioner and the concurrence of Company’s appointed doctor, is likely to lead to the death of the Life Insured within six months from the date of such certification from the Medical Practitioner, the Company shall, at the Policyholder’s request, pay the Benefits to the Life Insured under this policy as follows: Up to 50% of the Guaranteed Maturity Sum Assured at the date of intimation (or RPU Sum Assured, if applicable), subject to maximum cumulative amount of ₹10 lakhs under all policies which provide for the Terminal Illness Benefit, then in force with the Company. The Terminal Illness Benefit paid will be offset from the policy proceeds at the time of termination of the policy (Death, Surrender or Maturity). Terminal Illness benefit can be availed only once during the policy term. During the period of survival of the Life Insured all premiums due shall be paid to keep this policy in force and the bonuses will be paid on the original Guaranteed Maturity Sum Assured.
Loan Facility	Policy loans will be available under this product subject to a maximum of 50% of Special Surrender Value as per existing Terms and Conditions of policy loans at Max Life Insurance. The company will charge an interest rate on the loan, currently 11% p.a. compounded annually. The minimum loan amount that can be granted under the policy at any time will be ₹10,000.

Max life Gain Premier Plan Insurance

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