Everything About Max Life Pay Money Back Plan
Updated On Jun 02, 2021
Table of Contents
The Max Life Pay Money Back Plan is a traditional money back plan. With, you get an avenue for savings as well as insurance coverage and several benefits. The Max Life Pay Money Back Plan also helps pay for the growing expenses that might come in the way of the policyholder, by allowing regular payouts. Such Survival Benefits are one of the many features that make this money back plan a good and popular choice.
Benefits of the Max Life Pay Money Back Plan
The Max Life Pay Money Back Plan has several benefits that it pays out at different times. Take a look at the types of benefits available to make the most use of them.
1. Survival Benefits
As mentioned before, the Max Life Pay Money Back Plan pays out Survival Benefits. This benefit is unique to money back plans and helps policyholders access their savings in regular intervals. Survival Benefits are paid out at the end of every four policy years. The benefit payout is equal to a certain percentage of the Sum Assured.
2. Maturity Benefit
The maturity benefit is paid out at the end of the policy term, should the policyholder survive till then. This is the culmination of all your savings and is a substantial amount that helps you even after the policy reaches expiry. The amount given out in this benefit is equal to the sum of all the bonuses and the last Sum Assured instalment. The policy terminates after this benefit is paid out.
3. Death Benefit
If the policyholder dies before the end of the policy term, the Max Life Pay Money Back Plan helps their nominees with financial aid. This is done in the form of the Death Benefit payout. The benefit comprises the Sum Assured and Bonuses, regardless of the Survival Benefits that have already been paid out. If there is a Life Assured under this plan, who dies before attaining 10 years of age, then the Death Benefit comprises the premiums paid till date, with interest.
Eligibility for the Max Life Pay Money Back Plan
Check out the eligibility conditions for the Max Life Pay Money Back Plan below:
|
Parameters |
Eligibility |
|
Entry Age |
Minimum- 91 days Maximum- 55 years (for a policy term of 16 or 20 years); 51 years (for a policy term of 24 years) |
|
Maximum Maturity Age |
75 years |
|
Policy Term |
16 years, 20 years or 24 years |
|
Premium Payment Modes |
Monthly, Quarterly, Half-Yearly, Yearly |
|
Premium Payment Term |
Equal to the Policy Term |
