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Insurance policy is a contract of protection/compensation by the insurer to the insured. It is designed to reimburse or compensate the insured party for the financial loss caused in event of death or damage to merchandise as mentioned in the insurance contract.

Broadly insurance can be classified in two categories:
First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types:
Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans.
Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance
Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan .
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Home > Life Insurance > Life Insurance Companies > Max Life Insurance > Life Gain

Max Life Insurance- Life Gain

It is a participating endowment plan which provides you an insurance cover that is guaranteed during the tenure of the policy. The plans that take cares of your savings and investment, it also guarantees you a life cover protection. The company also declares bonuses, from time to time, from the third policy year and these will be paid out, based on your choice of bonus options.

Features of Life Gain
1. Maturity Benefit- You will get sum assured with sum assured of all paid up additions, bought from the bonuses declared(if any).You can also get an additional 10% of sum assured as a guaranteed benefit on maturity.
2. Death Benefit- On death of the life insured, sum assured with the sum assured paid up additions, if any is paid to the beneficiary.
3. Bonus Option- Bonuses can be paid in cash, Premium offset and can paid up additions.
4. It guarantees Financial Protection.
5. Benefits for riders
6. From third policy year bonuses are declared.
7. Tax benefits on premium and maturity proceeds.

Eligibility
1. Entry Age

10 year plan 91 days – 65 years
15 year plan 91 days – 60 years
20 year plan 91 days – 55 years
25 year plan 91 days – 50 years
To age 60 Plan 91 days – 50 years

2. Maturity Age- 75 years
3. Sum Assured- Maximum Sum Assured- No Limit & Minimum Sum Assured-Rs.50, 000
Disclaimer: Please note that the information provided is collected from sources publicly available & we believe to be reliable. The website doesn’t warrant the accuracy, reliability & absolute information available on the website. Participation by site visitors or registered customers is on a voluntary basis. The policies are offered by various life Insurance & non-life insurance offering companies and Bimadeals does not seek to, either directly or indirectly, advise, offer, solicit or recommend that any person who is or proposes to become its member should purchase the Policy.
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