Max Life Insurance
Max Life Endowment Policy

Max Life Endowment Plans

Max Life Endowment Plans are a specialized type of life insurance product designed to provide both protection and savings benefits. These plans serve a dual purpose: they ensure financial security for the policyholder and their loved ones in case of an unfortunate demise during the policy term while also offering a means to accumulate savings over time.

As an insurance product, Max Life Endowment Plans provide a sum assured to the beneficiaries nominated by the policyholders in the event of their untimely death during the policy term. Additionally, these plans function as endowment policies which means they also serve as saving instruments.

If the policyholder survives the policy term, they are entitled to receive the accumulated savings in the form of a maturity payout. Max Life Endowment Plans provide individuals with the opportunity to secure their family’s financial future in case of an unfortunate event while simultaneously building savings for their own needs.

What are the Features & Benefits of Max Life Endowment Plans?

Here is a list of the key features and benefits of Max Life Endowment Plans.

  • Financial Security for Your Family

One of the major features and benefits of choosing endowment plans by Max Life is that they ensure your family is protected if something happens to you. In some plans, along with the guaranteed sum, additional bonuses are also provided to your benefits in the event of your death.

  • Help Build Savings

Another major benefit of investing in endowment plans by Max Life Insurance is that they may help you build savings over time. These plans often come with bonuses and guaranteed additions, which may help you grow your savings to an unprecedented scale.

  • Flexible-Premium Payment Options

Another major reason to choose Max Life Endowment Plans is that they enable you to choose how often you pay for the premiums, including monthly, semi-annually, or annually. This flexibility allows you to plan your payments according to your financial situation and budgeting needs.

  • Loan Option

Another major reason to choose endowment plans by Max Life Insurance is that they allow you to take a loan against the policy. This can be a convenient way to access funds without resorting to higher-interest loans from banks.

  • Maturity Benefits

One of the major benefits of choosing Max Life Endowment Plans is that they not only provide a guaranteed sum but also offer maturity benefits like additional bonuses and guaranteed additions. These benefits may increase the value of your endowment fund, which may help you generate more wealth over time.

  • Tax Benefits

Last but not least, another major reason to choose Max Life Endowment Plans is that premiums paid for the policy are deductible up to Rs. 1,50,000 under section 80C of the Income Tax Act, which makes it a tax-efficient investment option.

Top Max Life Endowment Plans

Let’s take a look at the different types of Max Life Endowment Plans.

1. Max Life Savings Advantage Plan

The Max Life Savings Advantage Plan is a complete insurance and savings solution designed to help you achieve your life goals while ensuring financial protection for your loved ones. It is a non-linked, participating individual life insurance savings plan structured to accelerate the growth of your savings, enabling you to build a substantial corpus over time. When you make regular payments, you can accumulate significant funds to support multiple life goals, such as funding education, buying a home, or planning a retirement.

ParametersDetails
Age

Minimum:

Single Pay: 8 Years

Limited/Regular Pay: 0 Years (91 Days)

Maximum:

Single Pay: 65 Years

Limited Pay: 60 Years (If the entry age of life insured is >=56 years then the Entry age of Life Insured + premium payment term shall be <=65 years.

Regular Pay: 45 years.

Maturity Age of the Life Insured

Minimum

18 Years

Maximum

Single Pay: 75 Years

Limited Pay: 80 Years

Regular Pay: 65 Years

Premium Payment Term

Single Pay

Limited Pay: 5 to 12 years

Regular Pay: 20 to 30 Years (Where PPT will be equal to PT)

Policy term

Single Pay: 10 Years

Limited Pay: 10 to 30 Years subject to policy term being greater than or equal to premium payment term plus 5 years.

Regular Pay: 20 to 30 years.

Annual Premium

Single Pay Variant: The minimum premium is Rs. 1,00,000

Maximum Annualized Premium

Only subject to limits mentioned.

Key Features & Benefits:

  • Flexible-Premium Payment & Policy term

One of the key features and benefits of the plan is that it enables policyholders to customize the premium payment schedule and policy duration to suit their financial plans and needs.

  • Partly Guaranteed Lumpsum or Maturity

Another major benefit of the plan is that the policyholder shall receive a substantial portion of your savings as a guaranteed lump sum payment upon maturity which provides financial support for your future goals.

  • Tax Savings

Another major highlight of the plan is that it enables you to enjoy tax benefits on premiums paid under Section 80C and on maturity proceeds under Section 10(10D) as per current laws, which makes your investment tax-efficient.

2. Max Life Monthly Income Advantage Plan

The Max Life Monthly Income Advantage Plan is designed to ensure you can comfortably meet your financial commitments in the future while keeping your family secure, even if you’re not around. The plan offers life insurance coverage for up to 45 years, which may provide long-term protection and peace of mind. With a limited premium payment term, you can enjoy the benefits of life coverage without the burden of continuous payments. Furthermore, the plan ensures a steady monthly income which may help you and your family maintain financial stability and achieve your long-term goals.

ParametersDetails
Age

Minimum Entry Age: 18 Years

Maximum Entry Age: Up to 55 Years for all variants.

Premium Payment Term (PPT)6 Years, 8 Years, 10 Years, 12 Years, or 15 Years
Policy TermPolicy Term is equal to the Premium Payment Term + 10/20/30 years, depending upon the combination chosen
Premium Payment ModesAnnual, Semi-Annual, Quarterly, and Monthly Premium Paying Modes
Annual Premium

Minimum Annual Premium: Rs. 25,000 excluding underwriting extra premium.

 

Maximum: No Limit

Key Features & Benefits:

  • Monthly Income for Up to 30 Years

One of the major features and benefits of the plan is that once you complete the premium payment term, you will receive a steady monthly for up to 30 days which provides financial stability and support for your long-term needs.

  • Accrued Bonuses Including Terminal Bonus on Maturity

Another major highlight of the plan is that it enables you to enjoy the benefit of accrued bonuses throughout the policy term and receive a Terminal Bonus upon maturity, which may enhance your overall returns.

  • Death Benefit for Your Family

In the unfortunate event of your untimely demise, your family shall receive a substantial death benefit which ensures their financial security and peace of mind.

3. Max Life Whole Life Super

The Max Life Whole Life Super Insurance Plan is a savings-oriented policy designed to help you systematically build a financial corpus for your family. The plan offers life insurance coverage that lasts until you turn 100 years old, which ensures long-term protection for your loved ones. Additionally, the life cover grows over time with the addition of company bonuses which can enhance the overall value of the policy. The combination of savings and life insurance provides a robust financial foundation for your family’s future.

ParametersDetails
Minimum Age at Entry18 years
Maximum Age at EntryUp to 60 years
Premium Payment Term10/15/20 years
Premium Payment modesAnnual, Semi-Annual, Quarterly, and Monthly
Annualized Premium Limits

Minimum- Rs. 8500 p.a.

Maximum- No Limit (Subject to Underwriting)

Guaranteed Sum Assured at Maturity

Minimum- Rs. 50,000 (Subject to minimum premium limits)

 

Maximum- No Limit

Key Features & Benefits:

  • Life Insurance Coverage Until 110 Years of Age

One of the major benefits of the plan is that it enables you to enjoy extended life insurance protection, which ensures financial security for your family until you reach 110 years old.

  • Guaranteed Payouts With Company Bonuses

Another major benefit of the plan is that you can benefit from guaranteed payouts upon maturity which can be enhanced by the company bonuses that increase the overall value of your policy.

  • Flexibility to Withdraw Money

One of the major highlights of the plan is that it offers the flexibility to withdraw money from your policy which may provide financial support when you need it most.

4. Max Life Assured Wealth Plan

The Max Life Assured Wealth Plan is a comprehensive savings and income plan designed to financially support your life goals. Whether you are planning for retirement, your child’s higher education or buying a home, the plan offers guaranteed assurance to help you achieve these milestones. By combining savings with life insurance, the Max Life Assured Wealth Plan ensures you have the financial stability and security needed for the future.

ParametersDetails
Age of the Life Insured at Entry

Minimum Entry Age: 0 (91 Days)

Maximum Entry Age: 60 Years

Policy term

For PPT 5: 10, 15, 20 Years

For PPT 8: 16 Years

For PPT 10: 15, 20 Years

Premium Payment term5, 8, or 10 Years
Guaranteed Sum Assured at Maturity

Minimum: Rs. 1, 61, 225

Maximum: Subject to limits determined by the board-approved underwriting policy of the company.

Key Features & Benefits:

  • Reduced Paid-Up Benefit

One of the major highlights of the plan is that if you are unable to pay premiums before the grace period ends, and the policy has already acquired a surrender value, the plan may continue with a reduced sum assured which means some level of coverage and value.

  • Death Benefit

Another major highlight of the plan is that if the policyholder dies during the policy term, a death benefit is payable to the beneficiaries. This ensures financial protection for loved ones.

  • Tax Benefit

Another major reason to consider the plan is that it enables you to qualify for tax benefits on both the premiums paid and the policy benefits received which offer additional financial advantages.

Functioning of Max Life Endowment Plan

Let’s take the example of Mr Rishab Bajaj, a 35-year-old software engineer working for an MNC. He decides to invest in the Max Life Savings Advantage Plan by paying an annual premium of Rs. 50,000. Mr. Bajaj chooses a 10-year premium payment term and a 20-year policy term. His guaranteed sum assured on maturity (GSAM) is Rs. 4,55,000.

If Mr Rishabh completes the 20-year policy term, he will receive a maturity benefit. Depending on the rate of interest, this benefit could be Rs. 12,08,507 if the return is 8% or Rs. 7,74,112 if the return is 4%.

In the event of an unfortunate accident during the 6th year of the policy term, Mr Bajaj would be entitled to a death benefit. At an 8% return rate, this would amount to Rs. 9,22, 966 or Rs. 7,10, 237 if the return rate is 4%.

How To Buy Max Life Endowment Plans?

If you are interested in buying the Max Life Endowment Plan, listed below are the steps to follow.
  • In the first step, you will need to visit the official website of Max Life Insurance.
  • After that, you will need to hover over investment plans and then click on “Guaranteed Savings Plan”.
  • Then, you will need to scroll down until you find the section “Which Max Life Savings Insurance Plans Might Suit You”? You will then find four plans.
  • Let’s say you want to buy the “Max Life Savings Advantage Plan”, and click on it. Once the plan page will open, you will need to click on “Calculate Premium”. Then, in the next step, you will need to enter your date of birth, select your gender, enter annualized premium, premium payment term, and policy term, and then click on “Calculate Premium” in the blue-coloured box.
  • Then, you will get all the premium details related to the policy. If you are satisfied with the policy and the premium amount that you need to pay, you will need to contact the company.
  • In the section below on the same page, you will see multiple contact options under “Let’s Connect.”
  • Please make sure you choose the appropriate contact option that best suits you. Then, the company’s representative will contact you and assist you in buying the policy.

Documents Required to Buy Max Life Endowment Plans

Here is a list of the documents required to buy Max Life Endowment Plans.

To Purchase the Policy

  • Photographs
  • ID proof
  • Address Proof
  • Income Proof
  • Application Form

To Make a Maturity Claim

  • Endowment Policy Document
  • Discharge Voucher

To Make a Death Claim

  • Claim Form
  • Certificate of Death
  • Endowment Policy Document
  • Deeds of Assignments/Re-Assignments (If Any)
  • Form of Discharge Executed & Witnessed

What are the Factors to Consider Before Buying a Max Life Endowment Plan?

Listed below are the things to consider before buying Max Life Endowment Plans.

  • Understand Your Risk Appetite

One of the first and foremost factors to consider before buying an endowment plan from Max Life, is you evaluate your risk appetite and understand what an endowment plan entails. Your choice of plan should align with how much risk you can take. For those, who have high-risk tolerance, a Unit-Linked Insurance Plan (ULIP) might be suitable as it links your investments to market performance and potentially offers higher returns.

  • Decide On Your Premium Payment Frequency

Another major benefit of choosing endowment plans from Max Life is that they offer flexibility in how you pay your premiums. Furthermore, you can choose to pay annually, monthly, quarterly, or semi-annually, based on what fits best with your budget and financial planning. This, in turn, enables you to manage your payments in a way that is most convenient for you.

  • Select Suitable Riders

One of the major factors to consider is that you should consider your personal and family health history. For example, if there is a history of critical illness in your family, a critical illness rider might be beneficial. Similarly, if you frequently drive or commute, an accidental death rider can provide extra coverage. Ensure you carefully evaluate which riders will enhance your policy according to your needs.

  • Check the Claim Settlement Ratio of the Insurer

Another major factor to consider while choosing the best Max Life Endowment Plan is that you should check the claim settlement ratio of the insurer. Remember that a higher claim settlement ratio indicates that the insurer has a good track record of settling claims efficiently. Thus, it can give you confidence that your claims will be handled smoothly and that your investment is secure. Avoid insurers with poor claim settlement records, as they may increase the risk of claim disputes and delays.

Frequently Asked Questions

Listed below are the frequently asked questions related to the Max Life Endowment Plans.

Yes, an endowment plan provides a lump sum payment when it matures or in the event of a claim.

Yes, you can change the beneficiary of your endowment policy. All you need to do is simply contact your insurance company to make the update.

Yes, you can surrender your Max Life endowment policy and receive its surrender value.

Remember that the premiums you pay and the maturity proceeds from a Max Life Endowment Plan can be exempt from taxes under Section 80C and 10 (10D) of the Income Tax Act, 1961.

Yes, if the insured person passes away, the policy pays a lump sum death benefit to the designated beneficiary.

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