Features & Benefits of Axis Max Life’s Term Plan with Return of Premium

As the name suggests, Term Plan with Return of Premium is essentially a term life insurance policy, which offers long term financial security against accidental injuries, life-threatening ailments, and other emergencies. Axis Max Life’s Term Plan with return of premium option can also provide a comprehensive protection against financial instability across all walks of life, with benefits such as –

• 1) Waiver of premium benefit
• 2) Accidental death benefit
• 3) Protection against critical illnesses
• 4)Tax-saving benefits

However, an essential benefit of a term plan with return of premium is the survival benefit, payable at the end of the policy term. The return of premium plans works the same as any other standard term insurance plan. Still, with one difference – they offer to pay back the total amount of annualized premium paid in case you survive the policy tenure.

Benefits of Max Life’s Term Plan with Return of Premium include the following:

Max Life’s Term Plan with Return of Premium offers the following features:

• a) Multiple modes of premium payment, including:
  • Single Pay
  • Regular Pay (premium paid on either annually, half-yearly, quarterly, or monthly basis – throughout the policy period)
  • Limited Pay (premium paid for a fixed number of years lesser than the Policy Tenure)
• b)Multiple channels for a seamless buying experience
• c) Quick and Hassle-free insurance buying and claim settlement experience – without any bulky paperwork
  • Net banking
  • Digital wallets
  • Credit cards
  • Debit cards

Here is how you must proceed while purchasing a Term Plan with Return of Premium:

• 1)Assess the required sum assured by factoring-in your existing liabilities and future financial needs
• 2) Use an online term insurance calculator to determine the premium payable based on your selected return of premium plan coverage
• 3)Compare different return of premium plans available online to select the one that offers maximum benefits at a cost-effective premium payable
• 4)Go with an insurance company with a streamlined claim settlement process and a high claim settlement ratio (CSR)
• 5)Choose the highest policy tenure available under these return of premium plans on offer – the term insurance policy term cannot be extended later
• 6)Review and opt for the available rider options with the return of premium plans
• 7)Do not avoid disclosing any lifestyle habits and pre-existing health issues at the time of purchasing the return of premium plan
• 8)Make sure that you choose a frequency of premium payments that suits your financial disposition – if you are comfortable paying the premium once a year, it is better to go for annual premium payment frequency
• 9)Purchase Term Plan with Return of Premium (upon policyholder’s selection of Premium Back Variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan) after thorough research, so that you may not have to switch or surrender your policy later.