Max life Insurance plans

Guaranteed Benefit Plan Insurance

A Non-Participating Non-Linked Life Insurance Plan that serves as a one-stop solution. This plan is simple to understand, simple to buy and provides guaranteed returns. In this Plan, Premiums are paid during the first 5 Policy years (Premium Payment Term) and the insured will receive Guaranteed lumpsum amount after 10 years (Maturity). The insured will also get Life Insurance coverage for whole of the Policy Term i.e., 10 years. Additionally, one can enjoy Income Tax benefits on Premiums paid and benefits received as per prevailing Tax Laws.
The plan ensures that the lifestyle of the insured’s family is protected and dreams fulfilled, even if the insured are not around.
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Max Life insurance review

Max life Insurance plans
Distribution - Number of branches pan India (March 2019)
Entry Age Minimum/Maximum (Years) - Term Plans
Sum Assured Minimum / Maximum - Term Plans
10 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
Solvency Ratio (FY 2018-19) *
Number of Policies Sold (Ind+Group) *
Number of Lives Covered (Ind+Group) **
Claims Settlement Ratio (Ind+Group) ***
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Max life Guaranteed Benefit Plan Insurance

  • Key Features
  • Eligibility
  • Benefit Descriptions

Key Benefits of Guaranteed Benefit Plan

  • Life Insurance coverage :The Product Plan offers Life Insurance coverage to meet unexpected exigencies.
  • Guaranteed Benefit : The product offers Guaranteed Maturity Benefit or Guaranteed Death Benefit:
    • Maturity Benefit- Guaranteed lump sum benefit to meet your savings goals or
    • Death Benefit : Lumpsum death benefit is paid immediately on death of Life Insured ensuring complete financial security for the family members
  • Fixed Premium Payment Term and Policy Term : The product helps the insured build savings in a short time by saving systematically as it offers a short premium payment term of 5 years and policy term of 10 years.
  • Tax Benefit Tax benefits may apply to the premiums paid and benefits received as per the prevailing tax laws.
  • Easy and Simple Process & Plan : Simple and easy-to-understand and implement plan which acts as a financial solution at the time of need.

Eligibility criteria of Guaranteed Benefit Plan

Minimum/ Maximum Age of Life Insured at Entry(age as on last birthday) Minimum entry age: 18 years
Maximum entry age: 50 years
Maximum Maturity Age (last birthday 60 years
Policy Term (in years) 10 years
Premium Payment Term (PPT) 5 years
Guaranteed Sum Assured at Maturity (GSAM)
  • Minimum: ₹97,593
  • Maximum: ₹7,31,978
GSAM Bands There are three Guaranteed Sum Assured at Maturity bands under the product which are as follows:
Band GSAM (₹)
1 2,00,000
2 2,00,000 to 3,49,999
3 >= 3,50,000
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 Only Annual Mode is available
Annual Premium Minimum : ₹15,000/-
Maximum : ₹99,000/-
Please note that Goods and Services Tax (including any other cess) on the premium is collected separately.
Premium Rates Premium rates and the benefits are uni-smoker and uni-sex (same for both male and female).
This plan can be offered to sub-standard lives with extra mortality charges basis the underwriting policy of the Company.
Policy Loan Provision Policy loans will be available under this product subject to a maximum of 80% of Special Surrender Value as per existing Terms and Conditions of policy loans at Max Life Insurance. (Please refer the Prospectus for more information on the same.)
The minimum loan amount that can be granted under the policy at any time will be ₹10,000.

Benefit descriptions of Guaranteed Benefit Plan

Death Benefit The lump sum ‘Death Benefit’ is payable immediately on the death of the life insured and is defined as the higher of:
  • 10 times the Annualised Premium*
  • 105% of all premiums paid as on the date of death of life insured
  • Guaranteed Sum Assured at Maturity
  • Any absolute amount assured to be paid on death#
* Annualized Premium includes extra premium (if any).
# Absolute amount assured to be paid on death is equal to zero under this product.

The maximum Death Benefit under this Plan is Rs. 9,90,000.

The policy gets terminated after payment of Death Benefit. Please note that there is a waiting period of 90 days under this product which is applicable from the date of commencement of cover. If the customer dies during the waiting period, then no benefit is payable apart from refund of 100% of the premium paid since the date of commencement of policy excluding Goods and service tax, any other cess. Please note that if the customer dies due to accident then waiting period is not applicable and full lump sum ‘Death Benefit’ is payable. The Waiting Period is not applicable in case of revival of the policy’.
Surrender Benefit The policy can only be surrendered once it acquires a Guaranteed Surrender Value (GSV) .i.e. on payment of first two full year’s premium.

The surrender value will be equal to the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). The GSV is defined as:-

GSV factor x (Total premiums paid for base policy excluding extra premium (if any))
Maturity Benefit Maturity benefit is equal to Guaranteed Sum Assured at Maturity (GSAM). The policy gets terminated after the payment of maturity benefit.
Reduced Paid Up (RPU) Benefit Once the policy has acquired a surrender value, in case of non-payment of due premiums till the expiry of the grace period, the policy will not lapse but will become Reduced Paid Up (RPU). The policy will continue with reduced benefits as below:-
  • RPU Guaranteed Sum Assured at Maturity = ((Total premiums paid for base policy less extra premium (if any)) / (Total premiums payable under base policy less extra premium (if any))) * Guaranteed Sum Assured at Maturity.
  • RPU Death Benefit = ((Total premiums paid for base policy less extra premium (if any)) / (Total premiums payable under base policy less extra premium (if any))) * Death Benefit
The death benefit, maturity benefit and surrender benefit for a policy in RPU mode will be as follows:
  • Death Benefit for a RPU Policy: RPU Death Benefit will be paid immediately on death of life insured during the term of the policy in RPU status.
  • Maturity Benefit for a RPU Policy: RPU Guaranteed Sum Assured at Maturity shall be payable on the maturity date.
  • Surrender Value for a RPU Policy: The surrender value of RPU policy will be determined using the same methodology and SSV scales


Review Max Life Guaranteed Benefit Plan Insurance brochure to understand coverage details.

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Policy wordings

Review Max Life Guaranteed Benefit Plan Insurance Premium policy wordings which explains the terms and conditions.

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025