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    Understanding the meaning of Investment is important as it will help you make informed choices. People invest with the intention of allowing their money to grow. The wealth generated can be used to fulfil various financial goals like repayment of loans, purchase of other assets, etc....Read More

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    Written by

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    Abhishek Chakravarti

    BFSI Writer

    Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc.

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    Sahil Rawal

    BFSI Expert

    Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing strategy, website content marketing and brand communication designed to increase brand awareness, drive engagement & sales.

    What is an Investment Plan?

    Investment Plans are essentially financial instruments that help create sustainable wealth for the future. Various investment plans in India enable us to invest our savings into different money-market products in a disciplined and periodic manner to achieve our financial goals.

    Overall, investment plans provide the much-needed advantage of maximizing our savings through systematic, long-term investments and create wealth for the future. The first step towards having the investment plan in India is to assess your risk profile and financial needs, and then choose an investment plan that aligns with your needs. Some of the investment options in India include:

    1. Unit Linked Insurance Plans (ULIPs)
    2. Monthly Income Plans
    3. Public Provident Funds (PPF)
    4. Mutual funds
    5. Sukanya Samriddhi Account
    6. Senior Citizen Savings Scheme (SCSS)
    7. Tax saving Fixed Deposits

    These investment plans and many others require you to conduct thorough research and then choosing investment schemes that provide long-term sustainable gains, tax-saving benefits, and capital appreciation. Several investment plans in India can work for you.

    Factors to Consider While Choosing Investment Plans

    Monetary Goals

    The first thing to consider before choosing an investment plan is your monetary goals, both long-term and short-term. These goals can be anything from marriage and education to international trips and new smartphones and keeping such financial goals will help you make an informed decision. For instance, if you want to save up for an upcoming trip to your favorite foreign destination, then a recurring deposit or post office deposit might be amongst the best investment scheme for you.

    Planned Upcoming Expenses

    If you’re looking for an investment plan in India, an important step is figuring out your planned future expenses such as your child’s marriage and education or buying a home. Doing so will give you a better idea of how much you need to invest now to get sufficient returns later that can fulfill any upcoming expenditure.

    Present Expenses

    Evaluating your present-day expenses is an essential part of looking for the best investment scheme. For instance, if you have no major expenses such as house rent then you can save or invest more for the long run. However, if you have certain monetary obligations that don’t let you save much, then investing in an investment plan with high returns will be more beneficial.

    Financial Dependents

    When buying an investment plan in India, most people don’t take their financial dependents into consideration. However, doing so is important as you need to have an investment or savings pool that will be sufficient for the monetary goals of your dependents as well. For instance, if you only have two children who are dependent on you, then you might not need to invest as much a someone who also has their parents, siblings, and kids to take care of.

    Understanding Risk and Return in Investment Plans

    Risk and return are two important concepts to consider when evaluating investment plans. Risk refers to the potential for loss of capital, while return is the gain or loss on an investment over a period. In general, investment plans with higher potential returns also carry a higher level of risk. For example, stocks tend to have a higher potential return than bonds, but they also tend to be more volatile and therefore carry a higher level of risk. It is important to understand your risk tolerance and consider both the potential return and the potential risk of an investment before deciding.

    Short Term Investment Plans

    Investment Plan for 1 Year

    If you prefer short-term investments, a locking period of even 3 years can seem like a long time. However, there are many investment plans of 12 months that can also help you steer clear of market risks. Here are some prime investment schemes for short-term you can consider:

    • • Recurring Deposits
    • • Fixed Maturity Plan
    • • Post Office Deposits
    • • Arbitrage Funds
    • • Debt Fund
    • • Fixed Deposits

    Investment Plan for 3 Years

    A common variation of short-term investment plans is 3-year investment schemes, and these are best suited for those who want high returns in a short span of time. Here are a few options you can take into account:

    • • Liquid Funds
    • • Fixed Maturity Plan
    • • Recurring Deposits
    • • Savings Account
    • • Arbitrage Funds

    Investment Plan for 5 Year

    Although 5 years is a long time, a 5-year investment plan in India is typically considered as a short-term investment with low market risks. However, the returns of a 5-year investment scheme are much higher compared to other short-term investments. So, here are some options you can evaluate:

    • • Savings Account
    • • Liquid Funds
    • • Post Office Time Deposit
    • • Large Cap Mutual Fund

    Benefits of Investment Plans

    typesOfInvestments

    Wealth Creation

    Investment plans can help you build wealth without worrying about life’s uncertainties. As an investor, you can choose from the investment options in India depending upon your risk tolerance, expected returns and amount available for investment.
    typesOfInvestments

    Sustainable Financial Protection

    Having different investment plans in your portfolio will help you avail of significant returns on your investments. At maturity, you will receive the returns with profit in your pocket. This way,you can avail of long-term financial security for yourself and the family.
    typesOfInvestments

    Death Risk Coverage (Unit Linked Insurance Plans)

    ULIP Investment plans (such as Max Life online saving plans) offer death risk coverage options. By investing in these investment plans, you can be sure that your loved ones remain financially secure, even in your absence.
    typesOfInvestments

    Retirement Savings

    You can invest your savings in some of the investment options in India, to create a corpus that will serve as a source of income post-retirement.
    typesOfInvestments

    Flexibility

    With the different investment plans available today, you can avail of the flexibility of selecting the investment amount and its tenure based on your goals and timelines.
    typesOfInvestments

    Tax Saving Benefits

    Investment plans such as ULIPS, online savings plans, and Equity Linked Savings Schemes (ELSS) provide opportunities for wealth accumulation through market-linked returns. At the same time, these investment plans also offer significant tax saving benefits4 under Section 80C of the Indian Tax Act 1961. Under these two sections, both the premiums payable and the insurance payouts are tax-deductible, and Tax exempted, respectively.

    What are the Types of Investments?

    While choosing between the best investment plans with high returns, considering the risk associated with these investment plans is crucial. For investment plans, their risk can be depicted as the possibility or probability of the asset either performing below-expectation or experiencing a permanent loss of value.
    Based on the associated risk, thus, different investment plans are broadly classNameified into three categories, as depicted below:

    Popular Investment Options in India

    There are several popular investment options available in India, some of which include:

    Sr. No.Scheme/InstrumentFunctions
    1Public Provident Fund (PPF)This is a long-term investment option offered by the Indian government with a maturity period of 15 years.PPF offers tax benefits and a fixed rate of interest.
    2National Savings Certificate (NSC)This is another government-backed investment option with a maturity period of 5 or 10 years. The National Savings Certificate (NSC) also offers tax benefits and a fixed rate of interest.
    3Equity-linked savings scheme (ELSS)These are mutual funds that invest primarily in equity shares of companies. ELSS tax-saver funds offer tax benefits under Section 80C of the Income Tax Act.
    4Fixed deposits (FDs) Fixed Deposits (FDs) are offered by banks and other financial institutions and offer a fixed rate of interest for a fixed period of time.
    5Real estateProperty investments are considered one of the most popular investment options in India, it is considered as a long-term investment option and has the potential for high returns.
    6GoldIt is considered as a safe haven asset, and gold investments have always been a popular investment option in India.
    7Life InsuranceLife insurance is also considered among the best investment options, as it ensures financial protection to your family/nominee in the unfortunate event of your death. Another advantage of investing in a life insurance policy tax benefits on premiums paid and Section 10 (10d) benefits on the payout received.

    Low-Risk Investment

    As the name suggests, low-risk investment plans are those in which the element of risk is approximately zero. In other words, low-risk investment plans tend to provide stable and reliable, growth of value, but minimal losses. Given below is the list of top investment options that can be taken into consideration.

    1. Sukanya Samriddhi Yojana

    Sukanya Samriddhi Account is gaining popularity as one of the best investment plans in India for the girl child. If you have a girl child, this Yojana aims to facilitate corpus creation for the girl child. You can open a Sukanya Samriddhi Yojana account at both commercial banks and post offices. Furthermore, you can avail of significant tax savings4 under Section 80C of the Income Tax Act 1961.

    2. Public Provident Fund (PPF)

    Public Provident Fund (PPF) is one of the best investment options in India, considering the array of benefits it provides. If you are a salaried individual, PPF can offer many advantages. While the interest income on PPF is not taxable, you can also avail of tax deductions under Section 80C of the income tax 1961.

    3. Post Office Monthly Income Schemes

    Generally regarded as one of the best plans for investment, post office monthly income scheme is most suitable for-risk-averse individuals who are looking for low-risk investment plans with decent returns. Here, you must understand that while the income from post office monthly income schemes is fully taxable, the monthly income plans do not attract Tax Deduction at Source (TDS.)

    4. Government Schemes For Senior Citizens (SCSS)

    An undertaking of the Indian government, a senior citizen scheme that enables savings – SCSS, is widely regarded as one of the best investment options in India for a variety of reasons.

    First, the scheme offers significant financial security for senior citizens. Secondly, the interest rate for this scheme is decided by the government every quarter. You can open an SCSS account at post offices and any nationalised banks.

    5. Tax Saving FD’s

    Tax saving fixed deposits (FDs) are considered by many as one of the best investment scheme and investment plans in India because it provides significant tax savings4 benefits under Section 80C and can help you lower your overall tax liability.

    6. Sovereign Gold Bonds

    Sovereign Gold Bonds(or SGBs) are issued by the Reserve Bank of India and backed by the Indian government. Essentially, SGBs are securities that serve as an alternative to holding physical gold and are denominated in units of gold (grams). At the time of maturity, you can redeem these bonds in cash, which makes SGBs, one of the best investment options in India.

    7. Life Insurance

    Savings and Income plans and protection plans are two categories of life insurance that come under the low risk category. There is no identifiable investment component in such life insurance plans, i.e. these insurance plans do not offer market-linked returns. Instead, these life insurance plans serve as a robust financial safety net for your family and efficient protection against life’s uncertainties.

    8. Bonds

    Bonds are certificates of your lending money to the issuer at the said interest rate. The interest on each bond could be paid to you regularly, and in the end, the face value is returned. Alternatively, you can also sell the bond before expiry if you need it. Bonds are regarded as one of the best investment options in India because of their relative safety.

    High-Risk Investment

    As the name suggests, high-risk investment plans are suitable for investors whose primary focus is on having long-term capital growth. Meanwhile, most high-risk investment plans tend to incur substantial fluctuations but provide opportunities to create significant possible returns in the long-term. Examples of high-risk investment plans include:

    1. Direct equities

    Equities offer risk-taking investors the chance to achieve their financial goals. While every asset is essential in its peculiar way, equities have a proven track record over the long-term, vis-à-vis other assets. In an equity investment, thus, you can buy a share of the ownership in a company, which entitles the investor to the gains and losses of the business.

    2. Unit Linked Insurance Plans

    ULIPs or unit-linked insurance plans are generally regarded as one of the best investment options in India because they offer both life insurance and investment returns benefits. Not just this, they also offer you option to move your money between high risk, medium and low risk. This is so because it allows you to invest your money in a mix of various fund options. While part of the premium amount is allocated to a variety of fund options (based on your investment objectives and risk profile), the remaining portion is used to provide the much-needed insurance coverage.

    Overall, ULIPs are essentially life insurance plans that offer an additional feature of investing your money in different money-market linked assets based on your goals. Thus, ULIPs are another route to invest in a professionally managed portfolio of equities or bonds. The benefit of investing in a bond fund through ULIP is that as per the prevailing tax laws, you may enjoy tax deduction under section 80C subject to fulfilling conditions therein.

    ULIPs offer a clear classNameification of risk categories, where you can pick up the higher risk fund for the long-term goals. You can gradually shift to lower-risk investments as your investment nears maturity.

    3. Mutual Funds

    A mutual fund is formed when money is collected from different investors and invested in a company’s stocks or bonds. Typically, a mutual fund is shared by thousands of investors and is managed collectively to earn the highest possible returns. The person driving the mutual fund is a professional fund manager.

    Mutual funds offer diversified investment with lower investment corpus in any or multiple asset classNamees. For example, you can invest in a pure equity fund, a debt fund or a hybrid fund investing in both stocks and bonds.

    Mutual funds may offer various risk category funds based on the type of stocks or bonds they are investing into. Index funds are considered the safest fund category among equity funds, whereas Gilt funds are the safest bet among the debt categories.

    Medium-Risk Investment

    As the name suggests, medium or moderate risk investments comprise investment plans that serve as diversified or balanced investments. Investment plans with a moderate risk profile provide not only the potential for growth but also willingness to accept a certain level of market volatility. Most medium risk investment plans help diversify your investment portfolio through a mix of equity and debt instruments to generate stable returns without taking any huge risks. Examples of medium risk investment plans include:

    1. Hybrid debt-oriented funds

    2. Arbitrage funds

    3. Monthly Income Plans

    Choosing between the investment options in India becomes more comfortable when you consider the risk-return possibility of all the investment plans. As a smart investor, it is crucial that you diversify your financial portfolio by including more than one investment plans – each across varying risk profiles and based on your financial needs. While choosing the best investment plan, you must match your objectives and financial goals with your financial resources. Some of the unit linked life insurance plans options in India offered by Max Life Insurance are –

    DescriptionWithCards

    Max Life Fast Track Super

    Max Life Fast Track Super Plan

    (A Unit Linked Non-Participating Individual Life Insurance Plan, UIN: 104L082V04) is an insurance +investment plan that provides life insurance options with a secure and straightforward approach to invest in different market-linked fund options.

    Max Life Online Savings Plan

    Max Life Online Savings Plan

    (A Unit Linked Non-Participating Individual Life Insurance Plan, UIN: 104L098V03) is an online investment option that offers to provide the dual benefit of lump sum payout to achieve your goals while protecting you and your loved ones from life's uncertainties. This investment and insurance plan gives you the flexibility to choose the policy term and different fund options so that you can create a financial portfolio that suits your investment style.

    Max Life Savings Advantage Plan

    Max Life Savings Advantage Plan

    (A Non-Linked Participating Individual Life Insurance Savings Plan, UIN: 104N111V02) is an insurance and investment plan in India that will help your savings grow systematically while providing life insurance coverage to take care of your family members in case of an unfortunate event.

    Max Life Assured Wealth Plan

    Max Life Assured Wealth Plan

    (A Non-Linked, Non-Participating Individual Life Insurance Savings Plan, UIN: 104N096V04) is an online investment and insurance plan that can assist you in fulfilling goals such as wealth creation, supporting your kid's education and your retirement. This insurance and investment plan also helps provide a sense of financial security to your loved ones in an uncertain and volatile environment.

    Max Life Future Genius Education Plan

    Max Life Future Genius Education Plan

    (A Non-Linked Participating Individual Life Insurance Savings Plan, UIN: 104N094V03) is an insurance & investment plan that has been designed to help young parents manage their child's education costs through disciplined savings. The investment plan provides you with the flexibility to choose the premium payment term, policy tenure, and money-backs, as per your child's education needs.

    Max Life Shiksha Plus Super

    Max Life Shiksha Plus Super Plan

    (A Unit-Linked Non-Participating Individual Life Insurance Plan, UIN: 104L084V04) is one of the insurance and investment in India to help you secure your child's future education needs financially.

    Max Life Forever Young Pension Plan

    Max Life Forever Young Pension Plan

    (A Unit-Linked Non-Participating Individual Pension Plan, UIN - 104L075V03) can be a great insurance + investment option for you if you wish to create savings for your retirement years without wanting to deal with the volatilities of the equity market.

    Max Life Perfect Partner Plan

    Max Life Perfect Partner Super

    (A Non-Linked Participating Individual Life Insurance Savings Plan, UIN: 104N077V03) is the investment option to take care of your spouse's financial needs with a life cover till 75 years of age. This insurance & investment plan also offers a 212.5% guaranteed sum assured on maturity (through bonuses) so that you can live a carefree post-retirement life.

    Max Life Whole Life Super Plan

    Max Life Whole Life Super Plan

    (A Non-Linked Participating Individual Life Insurance Savings Plan. UIN - 104N080V04) is an insurance & investment/savings plan, which helps you systematically create wealth for your family while protecting them with a comprehensive life cover.

    When should you start Investing in Investment Plan?

    when-to-invest-in-investment-plans.webp

    Every one of us has a set of goals that we strive to achieve in our lifetime. In today’s day and age, however, we cannot rely on our savings only.It is through investment plans that we can create a robust financial portfolio to realise these goals.

    To fulfil your goals of affording a home or securing your retirement financially, it is crucial that you identify the best investment plan that will help you grow your money over time. Therefore, you need to have a goal and a tentative timeline to achieve in mind before you start investing in any of the best investment plans with high returns. Remember, once you have a goal in sight, you need to start investing as soon as possible – doing so will help you streamline the process.

    Why should you Invest?

    If you are a salaried or self-employed individual, you must remember that you cannot achieve your goals with only your savings – you need to maximize your savings and create wealth through investment plans. To build wealth, you must invest your money in some of the best investment options with high returns.

    If you do not invest, the chances are that you will miss out on opportunities to maximize your financial worth and wealth-building potential. While you have the risk of losing money through investment plans, you have a much higher potential to gain significantly – provided you invest wisely and on time.

    Tax Considerations/Benefits for Investment Plans

    Sr. No.Scheme/InstrumentFunctions
    1Public Provident Fund (PPF)Contributions to PPF are eligible for tax deductions under Section 80C of the Income Tax Act, up to a maximum of Rs 1.5 lakh per financial year. The interest earned and maturity amount are also tax-free.
    2National Savings Certificate (NSC)Investments in NSC are eligible for tax deductions under Section 80C, up to a maximum of Rs 1.5 lakh per financial year. The interest earned is taxed as per the investor's income tax slab.
    3Equity-linked savings scheme (ELSS)Investments in ELSS are eligible for tax deductions under Section 80C, up to a maximum of Rs 1.5 lakh per financial year. Any long-term capital gains (over 1 year) are taxed at 10% while short-term capital gains (less than 1 year) are taxed as per the investor's income tax slab.
    4Fixed deposits (FDs)Interest earned on fixed deposits is taxed as per the investor's income tax slab. However, senior citizens are eligible for a higher interest rate and are also eligible for a tax deduction of up to Rs 50,000 under Section 80TTB of the Income Tax Act.
    5Real estateTaxation on real estate transactions depends on the nature of the transaction, and the holding period of the property. For example, short-term capital gains (less than 2 years) are taxed as per the investor's income tax slab, whereas long-term capital gains (over 2 years) are taxed at 20% after indexation.
    6GoldInvestment in gold is taxed as per the investor's income tax slab. Short-term capital gains (less than 3 years) are taxed as per the investor's income tax slab, whereas long-term capital gains (over 3 years) are taxed at 20% after indexation.
    7Life InsurancePremium paid for a life insurance policy is eligible for tax deductions under Section 80C investment options of the Income Tax Act, 1961, up to a maximum of Rs 1.5 lakh per financial year. The death benefit payable to the nominee are also tax-free under section 10 (10D).

    How to Choose an Investment Plan for yourself?

    how-to-choose-investment-plan.webp

    Here is how you can choose the right investment plans from the best investment options in India:

    ● Assess your financial needs and goals
    ● Calculate your investment timeline to achieve each goal
    ● Build a strategy by incorporating the right insurance +investment policies that align with your goals
    ● Diversify your portfolio – You might have invested your money in a single investment plan, but go for multiple investment and insurance plans
    ● Know about different charges levied on different investment schemes
    ● Review your investment plans periodically

    Documents Required to Buy Investment Plans

    To purchase the insurance + investment plans in India, you need to produce the following documents as proof for KYC verification:

    1) Proof of Income

    2) Proof of Address

    3) Proof of Identification

    4) Proof of Age

    1. Officially Valid Documents (Any of these)

    • Passport

    • Voter’s ID

    • Job card issued by NREGA duly signed by an officer of the State Government

    • Aadhaar Card

    • National Population Register containing details of name, address and Aadhaar number

    • Or any other document as notified by the Central Government

    1. In addition to the Officially Valid Documents

    • PAN Card/Form 60

    1. In case Officially Valid Documents does not contain updated address

    • Utility Bill (Not more than two months old) of any service provider (electricity, telephone, postpaid mobile connection, piped gas, water)

    • Property or Municipal Tax Receipt

    • Pension or family pension payment orders (PPOs) issued to retired

    • Employees by Government Department or PSUs, if they contain the address

    • Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, PSUs, scheduled commercial banks, financial institutions and listed companies

    5) Income Proof

    For Salaried Individuals (Any one)

    • Bank statement showing salary credit for latest 3 months

    • Latest 2 years Income Tax Returns

    • Latest year Form 16

    For Self Employed (Any one)

    • Latest 2 years Income tax returns not filed in same year along with Computation of income

    • If computation of income not available: Latest 3 years Income tax returns not filed in same year

    • CA certified Audited balance sheet and profit loss account for latest 2 years

    • Form 26 AS

    Investment Plans FAQs

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    The following investment options can be considered among the best investment plans in India:

    1. Unit Linked Insurance Plans (ULIPs)
    2. Monthly Income Plans
    3. Public Provident Funds (PPF)
    4. Mutual funds
    5. Sukanya Samriddhi Account
    6. Senior Citizen Savings Scheme (SCSS)
    7. Tax saving Fixed Deposits

    The investment plans with potentially high returns in India are equities and large-cap mutual funds. Before you invest in these investment plans, however, it is advisable that you consult your financial advisor and seek their help in investing and managing your investment portfolio.

    Many investment plans, including ULIP plans, allow you to go for automatic investments of your choice. While in ULIP, it happens with the help of automatic transfer of money from one fund to other, other investment plans automatically allocate your money into your investment account and ensure that your money is not lying idly in your bank savings account but is already put to work of accumulating returns. automatic investments help reduce discretionary spending and enable us to achieve our financial goals much faster.

    You can choose to make partial/systematic withdrawals from your investment plans. Herein, you can redeem a fixed amount at a particular frequency. You may also choose to withdraw a lumpsum amount by making a redemption request, based on your requirement. Most investment plans have minimum withdrawal amounts and some even have a minimum lock in period specified in their respective disclosure documents.

    You can choose to make systematic withdrawals from your investment plans. Most investment plans have minimum withdrawal amounts specified in their respective disclosure documents. Thus, you can redeem a fixed amount from your investments at a pre-decided frequency.

    The primary purpose of all investment plans and income funds is to provide a regular and steady income to you (as an investor.) or to provide a lumpsum amount at the end of policy term. In ULIPs and in some other investment options, there is an array of funds that once can choose from when it comes to Investing money. The risk, however, depends on the nature of fund chosen and market situations.

    Experts advise that gold should be an indispensable part of your diversified investment portfolio, because the price of gold increases, in response to instances wherein the value of paper investments, such as bonds and stock tends to decline. While gold prices can sometimes be volatile in the short term, gold has always maintained its valuation over the long term.

    Here is how you can start investing in your early 20s:

    1. Start building an emergency fund
    2. Determine your investment goals
    3. Make contributions in a PPF (Public Provident Fund) Account or NPS (National Pension Scheme)
    4. Start saving for your retirement
    5. Keep short-term savings accessible
    6. Invest a portion of your savings into long-term investment opportunities

    Unit Linked Insurance Plan (ULIPs) are often considered as one of the investment plans in India. The biggest reason is that these plans offer a complete flexibility to transfer your money from high risk to low risk funds, without surrendering the plan. Moreover, the ULIP plans offer both life coverage and significant investment returns. Moreover, the ULIPs also provide comprehensive tax-saving benefits on both premium paid and insurance proceeds under Section 80C and 10(10D), respectively. Under a ULIP plan, a portion of the premium paid is invested in market-linked equity and debt instruments, while the remaining issued to provide insurance coverage.

    Different investment categories in India are follows:

    1. Equity Investments
    2. Fixed Income or Debt Investments
    3. Direct Investment Instruments (such as bonds and stocks)
    4. Indirect Investment instruments (such as mutual funds, and ELSS)

    The different modes of investment or asset classNamees are as follows:

    1. Equity Stocks
    2. Debt or Fixed Income Securities
    3. Balanced Funds – A flexible mix of Equity and Debt securities
    4. Liquid Funds

    A Fixed Deposit (FD) is a type of bank savings/investment account, which promises to pay a fixed rate of interest to you (as an investor). In return, you agree not to access or withdraw your invested funds for a specific period. For FD investments, the interest is only payable at the end of the investment period. Furthermore, since the investment tenure and the rate of interest are fixed, you can quickly determine the interest you will earn once the tenure of any fixed deposit investment culminates.

    Provident Fund is a compulsory, government-managed retirement savings scheme. Under the Provident fund, employees agree to contribute a portion of their savings each month towards their pension fund. In time, the saved amount gets accrued, and you can withdraw the amount as a lump sum, either at the end of your employment or at retirement. The amount from your Provident Fund savings serves as a source of substantial income post-retirement.

    Here are a few tips to save money from your salary:

    1. Make a budget to start saving immediately
    2. Determine your financial goals
    3. Maximize tax savings4 under Section 80C
    4. Opt for the right insurance (such as life insurance, health insurance, and critical illness insurance)
    5. Build an emergency fund

    When you invest in a Fixed Deposit account, you have the flexibility to choose an investment tenure (or “term”). When you select a term, you commit to put your money away (in your FD account) for the complete tenure and avoid accessing or withdrawing it for the period mentioned above. To get maximum returns from your fixed deposit investments, it is prudent that you invest your savings for the maximum possible tenure (FD terms usually range anywhere from one month to five years.)

    If you plan to retire by the age of 55, then you need to have savings that are at least 15 to 20 times your annual income. For instance, if your yearly income is Rs10 lakhs then your savings and investments should be close to Rs 1.5 to 2 crores.

    Those who want to double their money in 5 years can consider the following investment plan in India:

    • National Savings Certificate
    • Fixed Deposit
    • Public Provident Fund
    • Stock Market
    • Tax-Free Bonds
    • Gold EFTs
    • Mutual Funds
    • Non-Convertible Debentures

    Every investment plan in India comes with some amount of risk, especially in cases where the returns are entirely dependent on the market fluctuations. However, savings accounts, fixed deposits, public provident funds, recurring deposits, post office schemes, and non-equity mutual funds are some of the low-risk and some of the best investment scheme in India.

    Systematic Investment Plans, popularly known as SIPs, are one of the best investment schemes you can consider. A SIP allows you to invest a fixed small amount in mutual funds at regular intervals, helping you build a financial corpus for the future.

    Here are some examples of some of the best investment scheme for short-term:

    • Savings Account
    • Liquid Funds
    • Recurring Deposit
    • National Savings Certificate
    • Fixed Deposit
    • Money market fund

    Here are some examples of long-term investment plan in India:

    • National Pension Scheme
    • Unit Linked Insurance Plan
    • Fixed Deposit
    • Equity Funds
    • Mutual Funds
    • Stocks
    • Bonds
    • Post Office Savings Scheme

    An average person should have at least 15 to 20 times their annual income in savings so they can manage both household and emergency expenses efficiently.

    Anyone above the age of 18 years can and should invest in a savings plan in India. The sooner you start investing, the better as you can accumulate a large sum over time and get higher returns.

    Some of the investment plan in India come with the option for partial withdrawal, which means that the policyholder can withdraw a part of the fund during the plan’s tenure.

    Today, paying premiums for an investment plan is as easy as it gets as all you need to do is visit the insurance company’s website and you can pay the premium online. However, if you wish to pay the premium by cash or cheque, you can visit the insurer’s office or branch near you.

    ARN NO: PCP/IP/200223

    1The assumed rate of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy depends on a number of factors including future investment performance | The amount shown is for 30-year-old healthy male, 15 years premium payment term, 30 years policy term with Max Life Online Saving Plan (Unit Linked Non Participating Individual Life Insurance Plan | Life Insurance is available in this product)

    Sources:

    www.nsiindia.gov.in/InternalPage.aspx?Id_Pk=89

    www.nsiindia.gov.in/InternalPage.aspx?Id_Pk=55

    www.indiapost.gov.in/Financial/pages/content/post-office-saving-schemes.aspx

    www.nsiindia.gov.in/InternalPage.aspx?Id_Pk=134

    www.incometaxindia.gov.in/Pages/tools/deduction-under-section-80c.aspx

    www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11865&Mode=0

    www.rbi.org.in/Scripts/FAQView.aspx?Id=79

    economictimes.indiatimes.com/wealth/invest/top-10-tax-saving-investments-returns-ranking-pros-cons/elss-mutual-funds/slideshow/90228840.cms

    economictimes.indiatimes.com/wealth/tax/best-tax-saving-options-comparison-of-10-investment-options/articleshow/96805180.cms

    www.etmoney.com/tax-saving

    www.investopedia.com/terms/r/riskreturntradeoff.asp

    www.wallstreetmojo.com/risk-and-return/

    www.investor.gov/additional-resources/information/youth/teachers-classroom-resources/risk-and-return

    Investment Plans Offered By Max Life Insurance

    • Child Plan

      Triple Protection on Parent's death through Lumpsum payout, Monthly income & Policy Continuation along with fund value as intended on maturity

      No policy admin and premium allocation charges

      Choose Policy Term from 5 years to 30 years

      Flexibility to choose Investment Funds basis Risk Profile

      Know more
    • Wealth Plan

      No policy admin and premium allocation charges

      Flexibility to switch your money as many times you want through the policy term

      Flexibility to choose Policy Term from 5 years to 30 years

      Flexibility to choose Investment Funds basis Risk Profile

      Know more
    • Max Life Smart Wealth Income Plan

      Three plan options to build your income stream including a Whole Life* option

      Guaranteed-Income and Cash Bonuses**, both beginning from 2nd year under Early Income

      Option to accrue survival benefits and withdraw as per your choice

      Flexibility to choose Investment Funds basis Risk Profile

      Know more
    • Max Life Capital Guarantee Solution

      100% money safety regardless of market conditions

      Wealth creation through market linked returns

      Tax Benefits

      Know more

    Customer Reviews

    Smart Wealth Plan

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    “I have invested in Max life cancer plan and Max life savings advantage plan. Both these plans are keeping me secured from illness and financial security”

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    Save tax up to Rs. 46,800##

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      • MAX INDIA
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      • ANTARA SENIOR LIVING

      BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

      IRDAI clarifies to public that:
      • IRDAI is not involved in activities like selling insurance policies, announcing
      bonus or investment of premiums.

      • Public receiving such phone calls are requested to lodge a police complaint.

      IRDAI - Registration No. 104. ARN/Web/01/21042021 Category: Life. Validity: Valid.
      Corporate Identity Number (CIN):U74899PB2000PLC045626.
      Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd .respectively and with their consents, are used by Max Life Insurance Co. Ltd

      All Rights Reserved. An ISO 9001:2008 Certified Company.

      Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.

      Corporate Office :

       Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002.

      Operation Center :

       Max Life Insurance Co. Ltd, Plot No. 90-C UdyogVihar, Sector 18, Gurugram (Haryana) - 122015.

      Customer Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply.

      Online Helpline - 0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday).

      Fax Number:0124-4159397.

      Email ids: service.helpdesk@maxlifeinsurance.com

      Website: www.maxlifeinsurance.com

      Max Life Insurance is integrated with licensed NBFC FinVu(Cookiejar Technologies Pvt. Ltd. for sharing policy details with regulated Financial Information Users within the Account Aggregator ecosystem after obtaining the Policy holder's consent. Read more about Account Aggregator framework here.

      *Life insurance coverage is available in this product. For more details on risk factors, Terms and Conditions please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co.

      Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Tax benefits are eligible for tax exemption on fulfilling conditions mentioned under Section 10(10D) of income tax act 1961. Tax exemptions are as per our understanding of law and as per prevailing provisions of income tax at 1961 . Policy holders are advised to consult tax expert for better clarification /interpretation. Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Tax benefits are subject to changes in tax laws. The monthly Income Benefit and Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage.

      Disclaimers for Market Linked Plans & Saving plans:

       

      THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.

      Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and Max Life Online Savings Plan (UIN: 104L098V05) is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.

      Max Life Online Savings Plan is a Unit Linked Non Participating Individual Life Insurance Plan (UIN104L098V05)

      *#Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.

      ^*Disclaimer: Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy female of 18 years old paying Rs.3,60,000/- annually (exclusive of all applicable taxes)

       

      Privacy Policy

      ^^On completion of policy term

      The savings indicated is the maximum premium difference as compared with offline plan & depends on the variant purchased.

      ^*All claims that qualify for InstaClaim™ will be paid within 1 working day from date of submission of all mandatory documents else Max Life will pay interest at Bank Rate as on beginning of financial year in which claim has been received (4.65 % p.a. for FY’20) for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at beginning of the financial year in which death claim has been received.

      Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day.Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification.Mandatory Documents :> Original policy document > Original/attested copy of death certificate issued by local municipal authority > Death claim application form (Form A) > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

      7CMO Asia BFSI Excellence Award 2019

       

      5Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition

      4InstaClaim TM is available for all versions of (UIN:104N118V05). Mandatory Documents : • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

      ##

      Tax conditions :

      Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime ~# Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.

      3The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

      CI Rider disclaimers:

      MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium.

      >Extended cover of up to 85 years is available with gold and platinum variant only

      @ 64 critical illnesses covered in platinum and platinum plus variant on payment

      22 critical illnesses covered in gold and gold plus variant

      6 The life insurer is eligible for a discount on renewal premium under regular pay variant by accumulating Healthy Weeks as per terms and conditions of the rider

      *^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.

       ~ Conditions for premium break : Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years

      ~1 Conditions for Special exit value:

      Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.

      ~2 Voluntary Top-up Sum assured:

      Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

      ^^*^^Free look period conditions:

      The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

      ^Individual Death Claims Paid Ratio as per IRDAI Annual Report FY 2021-2022

      8https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html

      2Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

      3The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid

      4Tax benefits as per prevailing tax laws, subject to change

      Terms and conditions for availing 5% employee discount:

      <Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

      1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount

      9

      The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V05)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

      ~*Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

      ARN - ARN/Web/01/21042021

      Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

      The premium shall be adjusted on the due date even if it has been received in advance.

      For Total Installment Premium -**Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

      For Return of Premium -~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

      For Riders -#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

      For Additional Benefits -##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      ##

      Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

      #

      With “Save the date”, you can choose to take your annual income to any special date in a year.

      ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

      ~

      Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

      #~

      Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

      ~1

      Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      **

      Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

      *

      Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      7

      Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

      8

      Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V03). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 50 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 75 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 1.5 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 2 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 5 Cr.

      **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.