How do I withdraw my maximum life insurance policy?

d. In case of NEFT, a cancelled cheque with pre-printed name/copy of bank passbook with banker’s attestation/banker’s attestation on account details in surrender request. You may submit the surrender request with the above documents at nearby Max Life branch.

What is a paid-up endowment policy?

A life insurance policy in which if all the premium payments are complete and the insured is free of all payment obligations, the policy stays intact until insured’s death or termination of the policy is called paid-up policy.

What is Max Life Life Partner Plus endowment to age 75 plan?

Max New York Life Partner Plus is basically an endowment scheme that also ensures a regular income to the policyholder post retirement. The scheme provides for an annual payout of 7.5\% of the sum assured to the policyholder from 61 years of age to 75 years or the death of the policyholder, whichever is earlier.

How to convert lic policy to paid-up?

The policy turns into a paid-up plan if premiums are not paid for two consecutive years. You can also convert it by approaching the branch office or the agent. If you continue till maturity: The return on maturity will be only around 6.5\%, which is unlikely to beat inflation.

What is surrender value in Max Life Insurance?

t) “Premium” means every premium payable/ paid in accordance with the Premium payment term of the Policy. u) “Sum Assured” means the guaranteed amount payable on death of Life Insured as specified in the Schedule. v) “Surrender Value” means the Fund Value less the Surrender Charge.

What happens if I stop paying my endowment policy?

When you stop making payments towards the premiums before the policy ends, you will receive a surrender value. The amount you receive upon surrender depends on the number of years of the policy along with the premium and bonus meted out.

Can you surrender a paid up policy?

Surrender – you can surrender the policy if at least 3 years’ premium has been paid, i.e. the policy has acquired a paid-up value. On surrendering, the Surrender Value is paid immediately to the policyholder and the plan terminates.