What are Traditional / Investment Plans
Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The policyholder does not know the whereabouts of the invested premium. The policyholder is promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features, which are mentioned below:
These plans are issued for a longer-term perspective and money cannot be withdrawn from the plans.
In case of stopping the premium payment, the plan becomes paid-up if at least three full years premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the companys profits and earn bonuses, which are not true for non-participating plans.
The plans may be issued either as Endowment Plans or Money Back Plans
Life Insurance Retirement/Pension Plans can help you secure your retirement dreams by ensuring that you have enough funds when you finally decide to call it a day. So start planning for your retirement today by systematically investing in our Retirement Plans.
Max Guaranteed Lifetime Income Plan – This is a non-linked traditional annuity plan that guarantees a regular stream of income post retirement. Few of its features are discussed below:
Death Benefit – Annuity of Life – There are 4 Annuity options available
Single Life Annuity for Life – A fixed amount guaranteed at the policy inception to be paid throughout.
Single Life Annuity for Life with Return of Premium – A fixed amount shall be paid throughout your life. On death 100% purchase price shall be paid to the nominee.
Joint Life Annuity for Life – Joint Life Annuity for Life with Return of Premium.
Minimum Entry Age – 50 years
Maximum Entry Age – 80 years
Max Life Perfect Partner Super Plan – This plan is to cater individual needs and simplify by financial planning and investment. This is a life insurance plan, it provides protection for life and simplifies financial planning, and savings needs. Some benefits offered the plan are like providing life Insurance coverage till the age of 75 years, Money back feature where in once receives 7.5% of the guaranteed Maturity Sum Assured per annum for 15 years to take care from 61 years to 75 years and lastly Maturity benefits at the age of 75 years.
Applying for a Traditional / Investment Plan from the company:
The company offers specific plans, which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans, which are not available online, can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Applying For Traditional Insurance through PolicyBazaar
On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.
Click New Quotes to compare and choose from top insurance providers.
Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
Fill in your name, email address, city, country code, and mobile number. Click Continue.
You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
This will take you to the insurers website. Fill in the necessary details to buy the plan.
To know about Pension Plans check at Max Life Pension Plans