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While continuing with life, people from all walks of life work upon fulfilling their life goals and that of their loved ones. It gives them a pleasure and a sense of pride to plan for a better financial future.
However, their decision-making abilities often face hurdles when choosing life insurance and investment plans. It is where the combination of the two, i.e. guaranteed income plans paves the way to attract individuals from all age groups.
Max Life Smart Wealth Plan (UIN: 104N116V04), being a comprehensive life insurance savings plan
What is Max Life Smart Wealth Plan?
Max Life Smart Wealth Plan is a life insurance product we offer to ensure disciplined savings and guaranteed returns payable as per your needs under the chosen variant.
You can gauge the importance of Max Life Smart Wealth Plan from the very fact that the contemporary environment is full of uncertainties. With the impact of COVID-19 pandemic, these uncertainties have grown manifold, making us look for more options to plan for financial security, no matter how much savings we have accumulated over time.
Max Life Smart Wealth Plan has been designed to control the impact of life’s uncertainties, while also take care of your dreams and milestones.
There are many reasons why you should invest in Max Life Smart Wealth Plan.
1. Maturity Benefits to Help You Meet Goals
Max Life Smart Wealth Plan can help you move a step closer to achieve your savings goal with its guaranteed benefits.
2. Guaranteed Additions to Boost Your Corpus
Investing in Max Life Smart Wealth Plan gives you a maturity benefit that includes accrued guaranteed additions and sum assured on maturity.
3. Multiple Variants to Choose From
Investing money to create wealth becomes easier with Max Life Smart Wealth Plan, which has several variants – Lumpsum on maturity, short term income, long-term income, and whole life income.
4. Death Benefit for Your Family
In case of your unfortunate demise (as life insured) during the policy term, the policy nominee will get comprehensive death benefit under Max Life Smart Wealth Plan.
Benefits & Features of Max Life Smart Wealth Plan
Given below are Max Life Smart Wealth Plan benefits in detail:
Maturity Benefits:
Maturity Benefits under Max Life Smart Wealth Plan differ as per the variant chosen.
For Variant 1 (Lump sum):
Max Life Smart Wealth Plan benefits for Variant 1 includes guaranteed sum assured on maturity, along with accrued guaranteed additions.
Given below are Max Life Smart Wealth Plan benefits in detail:
Maturity Benefits:
Maturity Benefits under Max Life Smart Wealth Plan differ as per the variant chosen.
For Variant 1 (Lump sum):
Max Life Smart Wealth Plan benefits for Variant 1 includes guaranteed sum assured on maturity, along with accrued guaranteed additions.
- Guaranteed sum assured on maturity under Max Life Smart Wealth Plan further varies as per the chosen policy term.
- Guaranteed additions, on the other hand, varies as per entry age, gender, premium band, and selected sub-variant.
- Life cover too.
For Variant 2 (Short term income):
For this variant of Max Life Smart Wealth Plan, the insured individual gets a guaranteed income benefit, which is defined as a percentage of annualised premium. This income benefit of Max Life Smart Wealth Plan is payable after the Policy Term as per the chosen frequency and for a duration equal to Premium Payment Term.
For Variant 3 (Long term income):
In this variant of Max Life Smart Wealth Plan, the guaranteed income benefit is payable for a period of as long as 25/30 years basis the premium payment term chosen. Also, a terminal benefit which equals the sum of all the premiums paid, is payable at the end of income benefit term.
For Variant 4 (Whole Life income):
This variant provides a guaranteed income benefit post the policy term, provided either of the two life insured have survived the policy term and this income is payable until the death of the last surviving life.
Death Benefits:
For all the variants of Max Life Smart Wealth Plan, the beneficiary is entitled to receive a lump sum guaranteed death benefit, calculated basis the variant chosen, payable immediately if the life insured dies during the policy term.
What Makes Max Life Smart Wealth Plan Fit for All Age Groups?
The choice of savings and income plans vary from one individual to the other. However, Max Life Smart Wealth Plan is unique in this aspect, as it can benefit people from all age groups.
Young Individual in his/her 20s
Most people start their career at this age and do not have significant financial responsibilities. By investing in Max Life Smart Wealth Plan in this age, they can plan to save money from a young age. Also, the guaranteed benefits from Max Life Smart Wealth Plan will act as a source of additional income, that can be used to enhance lifestyle.
The choice of savings and income plans vary from one individual to the other. However, Max Life Smart Wealth Plan is unique in this aspect, as it can benefit people from all age groups.
Young Individual in his/her 20s
Most people start their career at this age and do not have significant financial responsibilities. By investing in Max Life Smart Wealth Plan in this age, they can plan to save money from a young age. Also, the guaranteed benefits from Max Life Smart Wealth Plan will act as a source of additional income, that can be used to enhance lifestyle.
Married Individual in his/her 30s
With spouse and kids along in this age, people have a lot of responsibilities to fulfil and thus, do not focus more on high-risk investments in their 30s. Particularly for the overall development of children, affordability often comes up as an obstacle.
By investing in Max Life Smart Wealth Plan, you can plan for an income source to ensure your children get access to everything they need for a brighter future.
For instance, you can pay for their vocational classes or sports training through the pay-outs of Max Life Smart Wealth Plan.
Adults in their 40s
Often, jobs and business take a toll on life in this age. Given the current global condition around COVID 19 disease, job security as well as sustaining business is a risk everywhere. With Max Life Smart Wealth Plan, you can tackle various uncertainties in life and have a guaranteed income source by your side, no matter how difficult things may become otherwise.
Also, investing in Max Life Smart Wealth Plan will make your finances future-proof.
Old People in their 50s
Life is short, and nature always finds ways to make us realise that once in a while. If you want to explore your retirement dreams and hobbies without worrying about finances, think of Max Life Smart Wealth Plan as your financial partner for a steady income.
By ensuring guaranteed returns under Max Life Smart Wealth Plan for your retirement planning, you can ensure that you enjoy more time with your family members with lesser worries.
Who Should Invest in Max Life Smart Wealth Plan?
You can invest in this Plan if you are:
- Self-employed
- A Salaried individual
- Having dependents who need financial security
- Risk-averse
- Looking for guaranteed returns on savings
- Planning to get a life cover along with investment component in it
How Does Max Life Smart Wealth Plan Variants Work?
Max Life Smart Wealth Plan has four variants that you can choose to plan your savings. These include:
1. Lumpsum
2. Short term income
3. Long term income
4. Whole life income
Once an individual selects any of these variants of Max Life Smart Wealth Plan, he/she needs to choose income pay-out/premium and a sub-variant. As per these selections, the benefits of Max Life Smart Wealth Plan are payable to the life insured.
1. Lumpsum
2. Short term income
3. Long term income
4. Whole life income
Once an individual selects any of these variants of Max Life Smart Wealth Plan, he/she needs to choose income pay-out/premium and a sub-variant. As per these selections, the benefits of Max Life Smart Wealth Plan are payable to the life insured.
Basis the variant chosen, the benefits under the Max Life Smart Wealth Plan are payable after the policy period ends in the form of a lump sum, or guaranteed income or both.
Frequently Asked Questions (FAQs)
Q. What is the maximum age at entry for Max Life Smart Wealth Plan?
A. The maximum age defined for individuals investing in Max Life Smart Wealth Plan is 60 years, with the exception of 65 years for Whole Life Income variant.
Q. Which variant of Max Life Smart Wealth Plan should I choose?
A. While investing in Max Life Smart Wealth Plan, you are advised to consider your specific needs and preferences to plan for your financial future and choose a variant accordingly.
Q. What is annualized premium under Max Life Smart Wealth Plan?
A. Annualized Premium means premium amount payable during a Policy Year chosen by Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cess or levies if any.
It will help if you ask the customer support team about it in detail before you invest in Max Life Smart Wealth Plan and get quote online.
Q. Can I add rider options with my Max Life Smart Wealth Plan?
A. Given below are a few rider options that you can add with Max Life Smart Wealth Plan Variant 1, 2, and 3:
- Max Life Waiver of Premium Plus Rider (UIN: 104B029V03)
- Max Life Accidental Death and Dismemberment Rider (UIN: 104B027V03)
- Max Life Term Plus Rider (UIN: 104B026V03)
Q. Which policy term should I choose while investing in Max Life Smart Wealth Plan?
A. The policy term for each variant of Max Life Smart Wealth Plan is different. It is defined under the sub-variant that you need to choose while investing in this plan. Please refer to the plan’s prospectus available on our website on the product page under downloads section.
ARN:- Nov/Bg/19
