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    Saving schemes or plans are an important part of financial planning and long-term financial stability. Additionally, investing in the suitable saving plan is essential for medical emergencies, post-retirement years, marriage, education, or rainy days....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 Savings Plan?

    Even as a child, our parents never stopped teaching us the value of having a long term savings plan. You may remember how, as a child, the best saving plan for you was to collect any spare change in the piggy bank.

    Even while growing up, our parents would continuously emphasize on the merits of saving money for the rainy days. The underlying reason behind all these habits is the importance of having disciplined savings throughout life. Saving & Investment Plans can help you get onboard the savings train by building a corpus, create a stable source income, and secure the financial future of your loved ones, even in your absence.

    Why Do You Need Savings Plan?

    Most of us think of money as something that should be preserved for the future, and there is appropriate reasoning behind this thinking. Generally, the Indian population places a high value on security, which is why it makes sense that we begin saving money now to plan for financial stability and security in the future.

    A reliable way to do that is by putting your money into saving schemes. The saving plan in India will help you cover everything, including financial and medical emergencies and post-retirement life. It can serve as the foundation of your future, if you invest in the best saving scheme and help you achieve true long-term stability.

    Furthermore, you may need a financial contingency plan more than the next person unless you work for the government. Since the job market today is volatile, the reassurance of a savings plan can make a significant difference in your financial planning.

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    Importance of buying a Saving Plan

    While some of your objectives may depend on your abilities rather than financial resources, others need the support of sufficient funds. For example, the best savings plan can help you provide for your child’s higher education or marriage expenses.

    Here are a few additional reasons why it's important to focus on savings scheme:

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    1. Systematic Savings

    Aside from the substantial returns, one of the essential advantages of a savings plan is that it instils in a person the discipline of saving. The best saving scheme helps people to develop a habit of saving, specifically, a practice of systematic and disciplined saving.

    2. Flexibility

    Everyone is unique and has their own set of goals and aspirations. As a result, while selecting the best savings scheme, you must consider the flexibility of a savings plan and select a tailored plan based on an individual's future goals and risk tolerance.

    3. Liquidity

    In the event of an emergency, regardless of the premium-payment or policy duration, you can withdraw funds totally or partially from your savings scheme after the five-year lock-in period. This may depend on the specific policy terms and conditions, so remember to check it before purchasing a savings scheme.

    How to Choose the Best Saving Plan?

    To choose one of the best saving insurance plans in India, it is advisable that you first identify your goals – both short and long-term, while keeping in mind your current liabilities, savings, and family’s financial requirements.

    Here are a few things that will help you compare and choose the best saving plan for your loved ones –

    • Review and compare different plan features and benefits to choosing one that aligns with your future needs
    • Check whether the savings plans offer flexibility to withdraw money in case of any emergency needs
    • Look for different rider options to avail of additional benefits and maximize policy coverage
    • Use a savings and income calculator to determine the ideal coverage and premium payable towards the savings plan

    How to buy Savings Plan in India?

    Investing your money in a savings scheme is only the first step toward a prosperous future. The second but equally important factor in determining the success of your investment and financial goals is proper savings planning. It can be difficult to choose the right long-term savings scheme.
    However, if you know what you want, finding the best savings plan in India becomes easier:

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    1. Online Availability

    Online savings schemes have simplified investments considerably, especially for the modern investor. It is time-saving, seamless and allows you to find the relevant information with just a few clicks. You can also manage your money better by keeping track of the savings scheme online.

    2. Tax Saving Opportunities

    When it comes to long-term investments like saving schemes, your tax-saving position is also crucial, as tax responsibilities can eat into your return. In your long-term savings plan, you should aim for investments and maturity value that allows tax deductions or exemptions. Tax benefits are as per prevailing tax laws subject to change.

    3. Investment Terms

    The investment terms of the savings scheme make it effective regardless of your income frequency. You should look for a favourable investment period and mode (monthly, quarterly, half-yearly or annually) to put your money in the best saving plan in India.

    Why Choose a Savings Plan by Max Life Insurance?

    Max Life Insurance offers a variety of savings schemes with comprehensive protection and wealth-growth opportunities. Whether you are looking for the best savings plan in India to finance your long-term or short-term goals, you can find a policy suitable to your needs.

    The plans are specifically designed to help you deal with life’s uncertainties by keeping a disciplined savings habit. Besides, you can plan for milestone events in life with the help of the best savings schemes while enjoying the life cover.

    Most importantly, since each individual has unique financial needs, there are savings schemes with varying features which can suit individual needs more appropriately.

    How Long Should You Invest in a Savings Plan?

    The duration of your investment in a savings scheme would depend on the objective behind the investment – whether it is to fulfil long-term or short-term financial goals. Consider what you are investing for and how liquid or accessible you need your money before deciding on a short- or long-term investment.

    Establishing a timeline can be useful in this process. For example, a savings scheme to fund your child’s higher education, a dream trip to another country, or simply save up for retirement.

    Factors Affecting Savings Plan Premium

    You have the option of paying premiums for your savings scheme over time or all at once, depending on the policy terms. These options are available to make the savings scheme more aligned with the diverse financial profiles of policy buyers.
    Some factors affect the premium rate of a savings scheme that you should know:

    1. Policy Duration

    The policy duration of your savings plan affects the premium rates of the savings scheme, depending on whether they are short-term or long-term.

    2. Nature of Income Source

    Insurers will inquire about your job history when you apply for life insurance. If you work in a job that exposes you to greater risks, your savings scheme premiums may be higher since it also includes life security.

    3. Investment Goals

    An investor chooses the best saving scheme, depending on the purpose behind the investment. This also means the premium rates for the savings scheme will be affected by it.

    4. Health History

    Insurance providers may need a medical exam and access to your medical data. Your premiums are likely to rise if you have a history of medical issues, particularly major ones like heart disease or cancer.

    Benefits of Savings Insurance Plan

    Saving insurance plans in India offer the following benefits:

    benefits-savings-plan.jpg
      1. Long term wealth accumulation
      1. Financial protection throughout the life
      1. Guaranteed payouts to support your life goals
      1. Tax saving benefits4
      1. Life insurance protection for family

    Features of Saving Insurance Plans

    Saving plans offer a variety of features that can help you fulfil your goals. Here are some highlights of saving plans that you must consider before choosing the right savings plan for your family:

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    1. Entry Age and Policy Tenure

    Saving Plans usually offer a wider entry age bracket while providing options to customise the investment tenure or policy term according to your needs. The entry age helps determine your risk appetite (as the policyholder), which in turn, will help you personalise the savings based on your risk profile.
    Furthermore, you can modify the policy term and investment tenure as per plan options (between mid- to long-term investments) to allow accumulation of significant corpus throughout the policy tenure.

    2. Life Cover and Rider Options'

    By choosing the suitable saving plan for your family, you can leverage the dual benefits of guaranteed benefit and life insurance coverage or market linked return+ life Insurance coverage. You can add different riders or add-ons to avail of more comprehensive policy benefits. These riders, along with the significant life cover help enhance the financial protection under the policy against accidental death, life-threatening ailments, and disability.

    3. Tax Benefits

    Saving plans also work as excellent tax saving instruments. The premium amount up to Rs. 1.5 lakh that you pay towards most life insurance savings plans is tax-deductible under Section 80C of the Indian Income Tax Act, 1961.
    On the other hand, the maturity and death benefits offered under the savings plans are also tax-exempt under Section 10(10D) of the Indian Income Tax Act, 1961, thus, helping to maximise your tax savings.
    Tax benefits as pre prevailing tax laws subject to change.

    Types of Savings plans

    Different types of savings and income plans include:

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    Monthly Income Plans

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    Money-Back Plans

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    Endowment Plans

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    Unit Linked Insurance Plan (ULIPs)

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    National Savings Certificate (NSC)

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    National Savings Scheme (NSS)

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    Public Provident Fund (PPF)

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    Post Office Savings Scheme

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    Senior Citizen Savings Scheme (SCSS)

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    Sukanya Samriddhi Yojana (SSY)

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    Atal Pension Yojana

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    Employee Provident Fund (EPF)

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    National Pension System (NPS)

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    Kisan Vikas Patra

    Which Max Life Savings Insurance Plans Might Suit You?

    At Max Life Insurance, you can choose from the following savings and income insurance plans:

    1. Max Life Savings Advantage Plan

    (A Non-Linked Participating Individual Life Insurance Savings Plan, UIN: 104N111V02) helps accelerate the growth of disciplined savings so that you can build a substantial corpus to support your life goals. At the same time, the plan provides life insurance protection to your loved ones against all contingencies.

    Max Life Savings Advantage Plan offers the following features and benefits –

    • Flexible-Premium Payment Tenure and Policy Term
    • Partly guaranteed payment of the lump sum amount on the maturity
    • Tax savings under Section 80C and Section 10(10D) (as per existing tax laws)
    • Life insurance protection for your loved ones

    2. Max Life Monthly Income Advantage Plan

    (A Non-Linked Participating Individual Life Insurance Savings Plan, UIN: 104N091V06) helps keep your family financially secure in the wake of life’s uncertainties. This way, you are not hard-pressed to worry about meeting commitments towards your loved ones.

    Max Life Monthly Income Advantage Plan offers the following features and benefits –

    • Monthly income for up to 30 years after completion of premium payment tenure
    • Accrued bonuses including Terminal Bonus on maturity
    • Insurance cover payable to your family as a death benefit in case of your untimely demise

    3. Max Life Whole Life Super

    (A Non-Linked Participating Individual Life Insurance Savings Plan. UIN - 104N080V04) is the best saving plan to help you build a corpus through systematic investments. You can avail of a life cover under this plan while benefiting from additional company bonuses till you are 100 years old.

    Max Life Guaranteed Income Plan offers the following features and benefits –

    • Life insurance coverage till 110 years of age
    • Guaranteed payouts upon maturity with company bonuses
    • Flexibility to withdraw money

    4. Max Life Assured Wealth Plan

    (A Non-Linked Non Participating Individual Life Insurance Savings Plan UIN: 104N096V04) is a savings and income plan that can help you support your life goals financially. Be it retirement, or supporting your child’s higher education, the plan will provide guaranteed assurance.

    Max Life Assured Wealth Plan offers the following features and benefits –

    • Guaranteed lump sum benefit payout upon maturity
    • Flexible Policy Term and Premium Payment Options
    • Immediate payment of lumpsum death upon the demise of the life insured

    Note: Guaranteed or non-guaranteed benefits are applicable only if all due premiums are paid.

    Savings Plan - FAQs

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    By the age of 25 years, you must try to save up to 25% per cent[1] of your gross income (before taxes and deductions). For example, if you are earning Rs. 5 lakh per annum by the age of 25, you must save up to Rs. 1.25 lakh in savings each year, which can be used to invest in different savings plans based on your preferences and requirements.

    Ideally, an average person must try to save as much as their age. In other words, individuals must save the same percentage of their gross annual income as their age – a 25-year-old working professional must save at least 25% of his or her yearly salary, while a 40-year-old must save at least 40% of his or her income.


    As your age increases, you must work towards increasing your savings, so that you have adequate financial backup to support your life goals and suffice your life after retirement.

    As a working professional, it is crucial that you balance your savings and investments. At the same time, you may choose to invest in a savings plan that offers both insurance cover and market-linked returns on investments or guaranteed return. At the same time, you must have enough savings to manage any emergencies and pay for short-term goals.


    Ideally, you must have between three to 12 months of income as savings before you venture out to invest in higher-risk financial instruments.

    You can choose from the different savings Insurance plans available by comparing their features, benefits, year-on-year returns, and your financial risk appetite. Accordingly, you can select the best savings plan that aligns with your goals and premium payment capabilities.

    You must keep the following points in mind while choosing the best saving plan for your family


    a. Segregate your goals into short-term and long-term


    b. Determine your total spending and savings (after considering all exiting expenses and debts)


    c. Review and compare different savings plans available online


    d. Choose a savings plan that offers maximal life insurance protection in term of lumpsum Sum Assured


    e. Review the year-on-year performance of the savings plan to determine how returns are accrued on the same

    Savings plans are mostly financial instruments that help you secure your long-term and short-term goals financially. You invest a certain amount towards a savings plan, which is then allocated into different money-market instruments to earn returns and grow your savings corpus.


    Savings and income insurance plans from Max Life Insurance are life insurance products that provide opportunities to grow your savings through market-linked returns while protecting your loved ones against life’s uncertainties with insurance protection.

    Savings and income plans offer significant tax saving benefits4 under Section 80C of the Income Tax Act 1961. Accordingly, the premium amount that you pay towards the saving plan is eligible for deduction from your total taxable income, up to Rs. 1.5 lakh.


    In other words, you can reduce your total taxable salary by up to Rs 1.5 lakh that you invest as premium towards a savings plan.

    Purchasing a savings plan is the right decision for you if you are a:


    a. Young investor


    b. Recently married


    c. Young parent with children


    d. Nearing retirement

    Here is how you can start on your journey of long term financial security with a savings plan:


    a. Review and compare the features and benefits of different savings Insurance plans available online


    b. Opt for the maximum policy tenure and policy benefits based on your requirements


    c. Set up automatic premium payments using the ECS (Electronic Clearing Service)


    d. Establish savings buckets depending upon your goals and investment tenures

    Partial withdrawal is the feature offered in some savings schemes, where the investor can encash/withdraw any part of the fund during the policy term. This feature is available as policy terms and conditions.

    Long-term investments allow you to expand your portfolio and achieve your objectives over several years. Short-term investments are intended for goals with shorter timelines, giving the investor access to the funds sooner. You can choose the savings scheme with a duration, depending on the timeline of expected returns.

    If you are looking for savings scheme that can help you with immediate financial challenges, going for short-term plans can be helpful. Although, short-term savings schemes normally provide return over time, they are highly liquid investments that allow investors to make money rapidly if needed.

    Some of the best saving schemes in India are the Personal Provident Fund(PPF), Senior Citizen Savings Scheme, National Savings Certificate, etc.


    The above mentioned name of generic saving plans and saving life insurance plan are assumed examples.

    ARN: PCP/SP/100123

    *#Guaranteed benefits are applicable if all due premiums are paid.


    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

    Choose a Max Life Savings & Income Plan

    • Max Life Smart Wealth Plan

      Flexibility to choose from 4 plan options

      Guaranteed benefits as lumpsum or as regular income

      Guaranteed income for a fixed term of 25 or 30 years with long term income option

      Know more
    • Max Life Savings Advantage Plan

      Be flexibile to choose policy duration that matches your life goals

      Get lumpsum amount on maturity that is partly guaranteed

      Save tax under section 80 C and Section 10(10D) as per prevailing tax laws

      Know more
    • Max Life Monthly Income Advantage Plan

      Lumpsum benefit on maturity

      Guaranteed monthly income for 10 years after premium payment term

      Policy continues for family even in case of death of policyholder

      Know more
    • Max Life Whole Life Super

      Get complete protection until the age of 100 years

      Preserve a corpus for your family’s secured future

      Lumpsum payout at the age of 100 years

      Know more
    • Max Life Assured Wealth Plan

      Get guaranteed lump sum maturity benefit to meet your savings goals

      Flexible Premium Payment and Policy Term Options to help build wealth by saving systematically

      Lump sum death benefit is paid immediately on death of Life Insured

      Know more

    Check out the different Online Insurance Plans from Max Life!

    • Max Life Smart Term Plan

      Financial protection against critical illnesses, including heart attack, cancer, and kidney failure

      Flexibility to choose the most suitable premium payment options that fits your budget and income

      Life coverage along with return of premium option to get the premiums paid back as a survival benefit

      Know more
    • Max Life Online Savings Plan

      Comprehensive death benefit covering the policy tenure, along with saving money for various life goals

      Monthly income, accrued bonuses, and flexible fund options for the policyholders with no policy charges

      Flexibility to choose a policy term up to 85 years, premium payment term and payouts to fit your needs

      Know more
    • Max Life Cancer Insurance Plan

      A comprehensive Cancer Insurance Plan that provides a payout at all stages of Cancer

      Get 10% increase in original sum assured in case of no claims for the first 5 years

      20% of Sum Insured - Waiver of premium, in early stage diagnosis

      Lumpsum payout - annual income for 5 years in major stage diagnosis

      Tax benefit under section 800, as per prevailing tax laws

      Know more
    • Max Life Smart Wealth Plan

      Comprehensive death benefit for your family member(s) in case of your unfortunate demise during policy term

      Guaranteed maturity benefits/Income Benefit and accrued guaranteed additions to help meet your life goals

      Multiple variants -lumpsum, short term income, long term. income, and whole life Income with unique benefits

      Know more
    • Long Term Income

      Guaranteed Income benefit for 25 or 30 years after the policy period ends, as per the sub variant selected

      Terminal benefit which equals total premiums paid, post completion of the payout period payable to nominee

      Two premium payment options - 6 and 10 years to be chosen as per suitability of the plan for your needs

      Know more
    • Term Plan with Return of Income

      Option to receive the premiums paid back on successful survival of the insured till end of policy term

      Death benefits for your family members in case of any eventuality leading to the loss of your life

      Limited pay options to pay for term plans with return of premium – 5 Pay, 10 Pay, 12 Pay, 15 Pay, or 60 Pay

      Know more
    • Max Life Critical Illness and Disability Rider

      Option to receive the premiums paid back on successful survival of the insured till end of policy term

      Death benefits for your family members in case of any eventuality leading to the loss of your life

      Limited pay options to pay for term plans with return of premium – 5 Pay, 10 Pay, 12 Pay, 15 Pay, or 60 Pay

      Know more
    • Max Life Waiver of Premium Plus Rider

      Waiver of all future premiums in case of the covered dismemberment so that you can live worry-free

      Future premiums waiver in case you suffer from critical illnesses as specified in the rider terms

      Continued benefits of the base policy to give you peace of mind about maintaining various life expenses

      Know more
    • Max Life Smart Fixed-return Digital Plan

      Returns in just 5 year

      Tax-Free## Fixed Returns up to 6.27%^*

      Tax savings up to Rs. 46,800## u/s 80C

      Know more

    Customer Reviews

    Savings and Income Plan

    “I came across Max Life Savings Plan a few years ago when I was researching the market for savings options. I invested in the policy soon after. The plan suits my exact requirements in terms of meeting my savings goals, sufficient life coverage, and maturity benefits.”

    Mr. Pal, 35 years

    Savings and Income Plan

    “My husband had invested in Max Life on the recommendation of his friend. Our family expenses were totally dependent on this insurance fund for several years after his death. I must say that this insurance provided a huge support to my family during the difficult times.”

    Mrs. Kapoor, 38 years

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      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.