Endowment Plans

Unlike a pure term life insurance policy whose sole purpose is to come to the financial aid of an individual's family after their demise, Endowment plans offer guaranteed benefits to the policy holder on the maturity of the term of the plan or to the nominee(s) of the policy holder in the event of her/his demise before the policy term maturity. These plans are great for the people who want to keep their funds safe and secure and  want returns from it.

Benefits of Endowment policies

1. The maturity benefits are guaranteed and well defined.
2. Gives financial security to your loved ones.
3. Tax benefits under section 80 (C) under
4. Tax free Maturity benefits under Sec(10) (10) d

Some Other Features of Endowment Policies

Maturity Benefits: On Maturity, the Sum Assured and the vested bonus declared by the company in the policy is paid to the policyholder
Death Cover: On death, the nominee gets the higher of, the basic sum assured or 10 times the annual premiums and vested bonuses subject to a minimum of 105% of all premiums are paid out
Tax Benefits: Policy Holder gets income tax benefit on premiums paid under Section 80C and also on the maturity/ death claims under Section 10(10D)
 

Frequently Asked Questions
1. What happens if you stop paying the premium: Once you stop paying the premiums after 2 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured.
2. What happens if you want to surrender the policy:  There is a Guaranteed Surrender Value after 2 policy years
3. Can you take loan against the policy: There is a provision to take loan under this policy after completion of 2 policy years. Loan amount can go upto 80% of the Surendered Value.
4. Can I renew a lapsed or paid up policy: Yes, a policy holder can revive a lapsed/ paid up policy by paying due premiums along with the  interest as charged by the Company. Some Companies run campaigns from time to time to waive off/reduce interest thereby assisting customers to revive their policies.  Health declaration form/ medicals can be called upon by the underwriters if lapsation period exceeds 180days. 

Our Offerings:

• Max Life Smart Wealth Plan
• Max Life Smart Wealth Income Plan  
• Max Life Smart Wealth Advantage Guarantee Plan