Max Life Smart Fixed-return Digital Plan
Max Life Smart Fixed-return Digital Plan (Non-linked Non Participating Individual Life Insurance Savings Plan | UIN: 104N123V02) is a new age life savings plan with 3 variants to address your new age investment needs. Max Life Insurance has designed this very simple savings plan to make your life investments easier by helping you prepare for your financial goals. The plan gives you the best of both worlds, offering both guaranteed tax-free returns*### along with the protection of life cover. Let’s understand how the Max Life Smart Fixed-return Digital Plan works:...Read More
Disclaimer: 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 7.24% return. Life Insurance is available with this product
Features and Benefits of Max Life Smart Fixed-return Digital Plan
Max Life Smart Fixed-return Digital Plan is an all-rounder plan having an array of features and benefits to offer to the customers:
1. Maturity Benefit:
A guaranteed*# corpus is given as maturity benefit once the policyholder survives the policy tenure (policy term). The maturity benefit is the sum total of the following components.
- Sum Assured on Maturity
- Accrued Guaranteed Additions applicable only for Titanium variant
- Additional Maturity Benefit on account of paying higher premiums
- Additional Maturity Benefit available specially for female customers
For all variants, Maturity Benefit includes the additional benefit payable on account of paying higher premiums. For Titanium variant, Maturity Benefit also includes the guaranteed additions which get accrued on payment of all due premiums.
2. Tax Benefits:
Max Life Smart Fixed-return Digital Plan offers tax benefits to its policyholders. The tax benefits are applicable on premium payments, as well as maturity benefits. Policyholders can get a tax deduction of up to INR 1,50,000 under Section 80C of the Income Tax Act. In addition to that, the maturity benefit is also tax-free, as per the provisions of Section 10(10D)for all variants except for Gold wherein a life insurance coverage of 1.25 times the single premium is opted on a single life basis.
3. Facility to Take Loans:
Getting a loan can get easier with Max Life Smart Fixed-return Digital Plan. In case of any emergency, you can secure a loan against the policy.
Why Should you Choose Max Life Smart Fixed-return Digital Plan?
With Max Life Smart Fixed-return Digital Plan, you don’t need to worry about how the market is functioning as this plan offers you guaranteed returns at the time of maturity.
As the plan acts as a life insurance product, you also have the option to choose suitable riders to get the maximum benefits possible. The death benefit payable to the nominee would be at least 11 times of the annualized premium for Platinum and Titanium variants. For Gold variant, you can choose to get covered for 1.25 times or 10 times of the single premium when single life is covered.
Special Benefits for Women with Max Life Smart Fixed-return Digital Plan
In order to encourage women to buy insurance cum savings products, Max Life has introduced special benefits for women. This includes offering additional maturity benefits to females as compared to male customers of the same age.
- 0.25% of additional maturity benefit for a policy term of 5 years and
- 0.5% of additional maturity benefit for a policy term of 10 years
How to Buy Max Life Smart Fixed-return Digital Plan?
Buying Max Life Smart Fixed-return Digital Plan is not at all a hassle. The purchase journey is short, quick hassle-free. Here’s how you can buy Max Life Smart Fixed-return Digital Plan:
There are three variants of the plan available:
The variant also offers a life-insurance feature wherein the life insurance benefit of 1.25 times or 10 times of the Single Premium as chosen by you. The customer also has the option of opting for a joint cover.
A life insurance benefit is also an exciting feature of the variant wherein the life insurance benefit is equal to 11 times the annualized premium.
An attractive feature of this variant of the plan is that apart from the lump-sum benefit guaranteed, policyholders also get guaranteed additions which accrue once you have paid all the premiums due to be paid by you.
Who can Buy this Max Life Smart Fixed-return Digital Plan?
Max Life Smart Fixed-return Digital Plan is ideal for anyone who is looking to build a savings corpus as well as desires financial protection through life insurance. The plan gives the best of both worlds, a maturity benefit if you survive the term, and a death benefit that can act as a financial net for your family in case the worse happens. On top of it, the Max Life Smart Fixed-return Digital Plan offers you the sum more than you invested.
In addition to that, Max Life Smart Fixed-return Digital Plan is also ideal for risk-conservative investors. Investment in this plan is completely safe and unaffected by market fluctuations. It means, that even if the market is crashing down, you will get the return you were promised.
Lastly, the plan is also ideal for women as they can get special benefits specially curated for them. Women policyholders can get additional maturity benefits than men of the same age. These additional benefits include a 0.25% of additional maturity benefit for a policy term of 5 years and a 0.5% of additional maturity benefit for a policy term of 10 years.
Married couples who are looking to start a family or have a family can also get the gold variant of the Max Life Smart Fixed-return Digital Plan. The gold variant of the plan offers joint life insurance.
Max Life Smart Fixed-return Digital Plan is your go-to way of meeting your savings goal and providing a safety net for your family. It offers you the dual benefits of maturity benefit and life insurance benefit. So, if you are someone who is excited by these benefits, Max Life Smart Fixed-return Digital Plan is ideal for you.
Frequently Asked Questions
Max Life Smart Fixed-return Digital Plan comes with two policy tenures of 5 years and 10 years. Customers can choose the one that suits their requirements and financial goals the most.
These guaranteed additions are the amount accrued once the policy is fully paid up by the policyholder. Guaranteed additions are only available in the titanium variant of the plan.
Yes, the returns in Max Life Smart Fixed-return Digital Plan are tax-free except for Gold variant wherein a life insurance coverage of 1.25 times the single premium is opted on a an individual life.
In order to encourage the purchase of insurance cum savings products, the Max Life Smart Fixed-return Digital Plan offers additional benefits to women. This benefit includes additional maturity benefits for women. Women policyholders can get 0.25% more maturity benefit for a 5-year policy term, and 0.5% for a 1o-year policy term.
Yes, it is possible to surrender your policy any time during the policy term, however, you will be eligible for a surrender value only after it has acquired a surrender value.
The policy acquires a Surrender Value on the payment of two full years’ premium for a 5 pay variant. As for the gold variant which requires a single payment, the surrender value is achieved post expiry of the free look cancellation period.
The surrender value shall be equal to the higher Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
When you buy this policy, you have a period of 15 days from the date of receipt of the policy document, to review the terms and conditions of the policy, where if you disagree to any of those terms and conditions, you can return the policy stating the reasons for objection.
Note: If you have bought this Policy through Distance Marketing, you have a free look period of thirty days.The following distance marketing modes are applicable for this product:
- Voice mode, which includes telephone-calling;
- Short Messaging service (SMS);
- Electronic mode which includes e-mail, and interactive television (DTH);
- Physical mode which includes direct postal mail and newspaper and magazine inserts.
Grace period refers to the time from the due date of each premium payment, during which the policyholder is allowed to make the payment without any late fees. In the case of Max Life Smart Fixed-return Digital Plan, the grace period is of 15-30 days depending on the premium payment mode. The life insurance benefit continues to be available during this period. If the Life Insured dies during this period, we will pay the Death Benefit after deducting the unpaid Premium, if any.
If you stop paying premiums after paying for 2 or more years beyond the grace period, your policy will continue with reduced benefits as per the applicable terms and conditions of the Policy contract.
If you stop paying premiums before paying premiums for 2 years beyond the grace period, you will not be eligible for any benefit.
There is a waiting period of 90 days from the Date of Commencement of Risk applicable only for POS policies. In case of death (for other than accidental death only) during the waiting period, 100% of the total premiums paid till the date of death will be payable excluding applicable taxes, cesses, levies, if any. On this payment, all policy benefits will cease. The Death Benefit will not be payable. In case of death of Life Insured due to accident, the Waiting Period is not applicable, and Death Benefit shall be payable.
*#Guaranteed benefits are applicable if all due premiums are paid.
1Risk commencement is subject to validation of documents and total life insurance benefit not exceeding Rs. 25 lakhs for all POS policies with Max Life.
Why Choose Max Life
(Source : Max life annual audited financials FY 21-22)
(Source : As reported to IRDAI, FY 21-22)
In force (individual) (Source : Max Life Public disclosure, FY 21-22)
(Source : Max Life Public disclosure, FY 21-22)
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