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    What Is a Tax Saving Fixed Deposit?

    A tax saving FD or Fixed Deposit is a tax-saving investment option offered by banks where you can deposit money and get a higher rate of interest than a normal savings account. Find out how investments in a 5-year tax saver fixed deposit are exempt from tax deductions as per section 80C of the Income Tax Act....Read More

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    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 7.5% return. Life Insurance is available with this product

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    Abhishek Chakravarti

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    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.

    Tax Saving FD

    A tax saving FD is a type of fixed deposit in which the individual can claim a tax deduction under Section 80C of the Indian Income Tax, 1961. These deposits can be made through two types of accounts- Single holder Type Deposits and Joint holder Type Deposits.

    If you opt for a joint mode of holding, the tax benefit is only available to the first holder. The maturity period of the tax saver fixed deposit is 5 years. Deduction under section 80C is available to the Hindu Undivided Family (HUF) and individuals.

    How Does a Tax Saving FD Work?

    Here’s a basic overview of how a tax saving FD works: -

    • It is a financial provision offered by banks and NBFCs, where you deposit a lump sum of money for a fixed period or tenure.
    • The tenure for a tax saving fixed deposit is 5 years.
    • It offers a tax deduction under Section 80C of the Income Tax Act, 1961.
    • It has a lock-in period which means that you are not allowed to withdraw prematurely.
    • The interest earned on the deposits is taxable.
    • At the time of maturity of a tax saving FD, the maturity amount is credited to your savings account associated with the FD.

    Key Features of a Tax Saving FD

    You can build adequate funds over time by investing in a tax saving FD. It not only offers good returns but also offers tax benefits. Here are some of the key features of a tax saving FD: -

    1. Tax Exemption

    With a tax saving FD, you can avail of income tax exemption under Section 80C of the IT Act, 1961. It can be claimed on investment of up to Rs 1.5 lakh

    2. Lock-in Period

    A tax saving fixed deposit has a lock-in period of 5 years. The interest rates also remain unchanged over the five-year period

    3. Taxable Interest

    The interest earned, as a part of the Tax Saving FD, is taxable and is deducted at the source.

    4. No Premature Withdrawals

    A regular FD offers loan facilities against deposits. However, premature withdrawals, overdraft (OD), or loan facilities are not available for a Tax Saving FD.

    5. No Auto-Renewal Option

    There is no auto-renewal facility for a Tax Saving Fixed Deposit.

    6. Flexible Interest Pay-outs

    Under a tax saving FD you have the flexibility to receive interest pay-outs at your convenience. You can opt for monthly or quarterly pay-outs or choose to reinvest in the principal amount.

    7. Other Features

    Interest rates differ from bank to bank, and rates for Indian citizens, Hindu Undivided Family (HUF) also vary. A Tax Saving FD can be held in a single or a joint mode. If it’s a joint Tax Saving Fixed Deposit, tax benefits are available only to the first account holder.

    Benefits of a Tax Saving FD

    What_Is_a_Tax_Saving_Fixed_Deposit-1.png

    A tax saving FD is a safe investment option that comes with extensive benefits. Here are some of the key benefits provided under this scheme: -

    1. High Returns

    A Tax saving fixed deposit has a higher interest-earning potential than savings accounts.

    2. Lump Sum Deposit

    With a tax saving FD, you can make a one-time lump sum deposit. It is a convenient feature if you have sizable surplus savings.

    3. Minimum Lock-in Period

    The minimum tenure for receiving tax benefits is five years. However, it can be extended for a longer tenure.

    4. Secure

    A tax saving FD is totally secure. There are no market fluctuations that affect the interest rates, as in the case of Mutual Funds and other market-related investment options. The tax saving FD interest rates also remain fixed until it reaches maturity.

    5. Flexible Deposit Amount

    FDs offer flexibility in the deposit amount based on the investor’s convenience.

    6. Tax Benefits

    You can get income tax deductions up to Rs.1,50,000 per annum under Section 80C of the Income Tax Act, 1961.

    ParticularsTax Saving FDOther 80C investments
    Tenure5-year lock-in periodMinimum 5-year lock-in period, Can be extended up to 10 years
    Tax DeductionsUp to Rs.1,50,000 p.a. under Section 80CUp to Rs.1,50,000 p.a. under Section 80C
    Tax ImplicationWill be taxed under the head Other IncomeInterest taxed based on income slab
    RisksHighLow

    Who Can Invest in a Tax Saving FD?

    Here are the entities that can invest in a tax saving FD: -

    • Individuals and Hindu Undivided Families (HUFs) can invest in a tax saving FD.
    • You can invest in a tax saving FD through any public or private bank except cooperative and rural banks.
    • An individual can hold ‘single’ or ‘Joint’ tax saving FD. Incase of ‘Joint’ mode, only the first holder can avail of tax benefits.
    • Time deposit in a post office for 5 years qualifies as a tax saving FD.

    How to Avoid Tax Deduction on FD?

    Here are a few ways you can follow to avoid TDS on FDs:

    1. By submitting Form 15G/15H

    If you submit Form 15G stating that you have no taxable income, the bank will not deduct any TDS on the interest earned. 15H is the requisite form for senior citizens.

    2. Timing the FD

    You can avoid tax deduction by timing your FD such that the interest for any financial year is not more than ₹ 10,000.

    3. Splitting the FD

    You can avoid tax deduction on FD by starting one FD under your personal bank account and another one under a HUF account. This way, both will be treated as separate.

    Eligibility for Tax Savings FD

    The following entities are eligible to open a tax saving FD account: -

    • Indian Residents
    • Individuals
    • Hindu Undivided Families (HUF)
    • A minor can invest jointly with an adult.
    • A tax saving FD can be opened in single and joint accounts.

    Documents Required | Tax Saving FD

    What_Is_a_Tax_Saving_Fixed_Deposit-2.png

    The following documents are needed to open a tax saving fixed deposit: -

    With a tax saving FD, you can make a one-time lump sum deposit. It is a convenient feature if you have sizable surplus savings

    • Government-recognized ID proof:
    • Aadhaar Card
    • Driving License
    • Passport
    • Ration Card
    • Voter ID Card
    • Government-recognized address proof
    • Proof of age (for senior citizens)
    • 2 recent colour passport-size photographs

    Taxation On FD Earnings

    If you wish to save tax, read along to know the taxation policy on Fixed deposit savings-

    In the case of a simple fixed deposit, you can opt for the five year tax saving FD, and benefit from exemptions under section 80c of the income tax act.

    However, when we focus on the tax saver fixed deposit, the key advantage it offers is that a Tax Saving FD is not market-linked. While Equity Linked Savings Scheme (ELSS) has a lower lock-in period of three years, the minimum investment required is Rs 500. Also, ELSS comes with some risk as it is market-linked. The minimum investment required in a Tax Saving Fixed Deposit is Rs 100. While you can open a PPF Account with an opening balance of Rs 100, the minimum investment has to be Rs 500. Also, a PPF comes with a lock-in period of 15 years.

    Frequently Asked Questions

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    The interest you receive on your Fixed Deposit amount is taxable. However, you can submit Form 15G to the bank to avoid tax deduction.

    The minimum investment that can be made for a tax saving FD account is Rs. 100.

    The maximum investment limit for the tax saving FD is Rs.1.5lakh per financial year.

    A tax saving FD has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are available under a tax saving FD.

    At the time of maturity of a tax saving FD, the maturity amount is credited to your savings account associated with the FD.

    ARN: May23/TSD/24F

    Sources:

    economictimes.indiatimes.com/tdmc/your-money/10-important-things-you-need-to-know-about-tax-saving-fixed-deposits/tomorrowmakersshow/62652597.cms

    economictimes.indiatimes.com/wealth/tax/tds-on-cumulative-fds-your-money-loss-is-more-than-the-tax-deducted/articleshow/81926103.cms

    www.rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=3654#:~:text=The%20minimum%20tenor%20of%20domestic,maturity%20period%20was%2015%20days.

    economictimes.indiatimes.com/tdmc/your-money/10-important-things-you-need-to-know-about-tax-saving-fixed-deposits/tomorrowmakersshow/62652597.cms

    www.etmoney.com/fd/tax-saving-fixed-deposit

    economictimes.indiatimes.com/wealth/tax/tds-on-cumulative-fds-your-money-loss-is-more-than-the-tax-deducted/articleshow/81926103.cms

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    *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.

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    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)

     

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    ^^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)

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    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:104N118V06). 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 Claim Paid Ratio as per audited financials for FY 2022-2023

    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 - 104N118V06)– 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:104N118V06)

    **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:104N118V06)

    ~~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:104N118V06)

    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).

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    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.

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    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:104N118V06) 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:104N118V06) 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:104N118V06) 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:104N118V06) 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:104N118V06) 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.

     

    Disclaimer~*Standard premium for 24-year old healthy female,non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    ~^Disclaimer: 15 year return (CAGR – Compound Annualised Growth Rate) from Max Life High Growth Fund (ULIF01311/02/08LIFEHIGHGR104) as on 30/06/2022| 2Nifty Midcap Free Float 100% (5-year return) | For more details on risk factors, terms and conditions and products offered.

    ^~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. The value of your policy depends on a number of factors including future investment performance. The amount shown is for a 30-year-old healthy male, with 10 years premium payment term, and 35 years policy term with Max Life Online Saving Plan (Unit Linked Non Participating Individual Life Insurance Plan | Life Insurance is available in this product).