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    Max Life Smart Wealth Advantage Guarantee Plan

    Life becomes better with certainty, especially when you are an individual who has numerous financial responsibilities on your shoulder. Whether providing for your children’s education or fulfilling your own ambitions, some sort of guarantee is much needed in life. Max Life offers you this guarantee and certainty in the form of guaranteed*# income. Our Max Life Smart Wealth Advantage Guarantee Plan (Non-Linked Non-Participating Individual Life Insurance Savings PlanUIN:104N124V02) is the one-stop solution if your goal is financial security with life cover. Max Life Smart Wealth Advantage Guarantee Plan offers guaranteed returns to meet your multiple financial goals – including wealth building and tax savings.

    Let’s understand Max Life Smart Wealth Advantage Guarantee Plan in detail.

    ...Read More

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    Disclaimer : *#The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

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    Written by

    Reviewed 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 Max Life Smart Wealth Advantage Guarantee Plan?

    Max Life Smart Wealth Advantage Guarantee Plan is a comprehensive solution that offers you- wealth building and financial protection for your family. The highlight of the plan is the guaranteed returns that you can get on your savings and investment. In addition, the Max Life Smart Wealth Advantage Guarantee Plan offers a customized solution that exclusively meets your financial requirements.

    Features of Smart Wealth Advantage Guarantee Plan

    Max Life Smart Wealth Advantage Guarantee Plan offers you a package of features. Here are some of them:

    1. Guaranteed Returns:

    Not everything in life comes with certainty, however, your returns can. With Max Life Smart Wealth Advantage Guarantee Plan, you can lock-in your returns. This means you get guaranteed returns irrespective of how the market is performing. Guaranteed returns can help you relax, knowing you have earnings to fall back on to meet your future needs. These guaranteed returns can be your armour against any kind of financial uncertainty.

    2. Comprehensive Financial Security for your Loved Ones:

    What you leave behind for your family is as important as what you provide for them in your presence. Max Life Smart Wealth Advantage Guarantee Plan ensures that your family has a financial shield around them during your absence. The plan offers a life cover if the life insured dies untimely during the policy term (given the policy is in force). In addition, the plan comes with an in-built accidental death benefit that pays an additional amount( that equals 50% of the sum assured if the premium payment term is completed) if the insured dies due to an unfortunate accident.

    3. Flexibility to Choose Mode of Payout: Accrual or Save the Date:

    You are the policyholder; you take the call. With Max Life guaranteed returns product, you can choose between receiving the annual payout on a specified date of the year or accruing it to receive it on a later date with added interest.

    Save the Date Feature: The income payout is usually paid out on the policy anniversary date under variants 2, 3, 4 and 5. However, the customer has the flexibility to receive it on any date as per their choice with this feature.

    Accrual Method: You can choose to accrue your income and withdraw it later with added interest.

    4. Flexibility to Choose Income Pay out Frequency Option:

    Under some variants of the plans that offer the Income benefit, you have the option to choose the income payout frequency. You can choose to get the payout annually, semi-annually, quarterly and monthly. You also have the flexibility to change the income payout mode at any time during the policy term.
    flexibility-to-choose-income-pay-out-frequency-option-image.jpg

    5. Facility to Avail Loans:

    Our wealth plan can come to your rescue if you find it hassling to avail loans from banks during emergencies. With Max Life Smart Wealth Advantage Guarantee Plan, you can avail loan against your policy to meet your urgent financial requirements.

    6. Special Benefits and Discounts:

    Apart from helping you reach your financial goals, we help you save more. For example, with the Max Life Wealth guarantee product, you get a series of special benefits and discounts. These discounts include existing customer discounts, staff discounts, transgender lives discounts, special rates for female lives, and special boosters upon choosing higher premiums or/and auto pay modes of premium payment.

    Here's everything you need to know about the discounts:

    ● Existing Customer Discount: A 2% discount will be applicable on first-year premium for the non-single premium payment term. For single pay variants, this discount is 0.5%.

    ● Auto Debit Boosters: An amount equal to 1% of the premiums (including modal loadings) paid through auto debit mode will be added in the survival benefit.

    ● Staff Discount: A 2% discount will be applicable on the first year premium for non-single pay variants.

    ● Transgender Lives Discount: A 2% discount will be applied on the premium paid for non-single pay variants (For the first year). As for single pay variants, this discount is 0.5% of single premium.

    ● Discounts for Women: To encourage women to buy Max Life Smart Wealth Advantage Guarantee Plan, separate rates are applicable for females.

    7. Policy Continuous Benefit:

    Max Life Smart Wealth Advantage Guarantee Plan comes with a Policy Continuance Benefit. The feature ensures that your survival and maturity benefits are payable as and when due without any need of premium payment.

    8. Get Additional Riders and Tax Benefits:

    You get the benefit of multiple riders with Max LifeAdvantage Guarantee Plan . Riders allow you to extend your range of benefits by paying a small premium. The riders available under this plan include Max lifeWaiver of Premium, Accidental Death and Dismemberment Rider, Critical Illness and Disability Rider, and Max Life Term Plus Rider.
    In addition to getting these riders, you can get tax benefits under Section 80C of the Income Tax Act.

    9. Flexibility to Choose a Settlement Option:

    Max Life Smart Wealth Advantage Guarantee Plan allows you to break your maturity and death benefits and receive them in instalments.

    i) Death Benefit as Settlement:
    Two settlement options are available to receive the ‘Death Benefit’ as Settlement: a) Regular Monthly Income for 60 months: You shall get 1.88% of ‘Death Benefit’ as monthly income payable for 60 months.
    b) Regular Annual Income for 5 years: You shall get 22.10% of ‘Death Benefit’ as annual income payable for 5 years.

    ii) Maturity Benefit as Settlement
    The subscriber can receive maturity benefit either as regular monthly income for 60 months or as regular annual income for 5 years.

    Benefits Under Max Life Smart Wealth Advantage Guarantee Plan

    Max Life Smart Wealth Advantage Guarantee Plan comes with survival, death, and maturity benefits. These benefits differ according to the different variants of the plan. Let’s look at them one by one.

    Survival Benefit:

    The customer is eligible to avail survival benefit if they survive the policy term. Survival benefit is payable in the form of Income Benefit, Loyalty Income Booster or/and Money Back Benefit, depending on your choice of variant. Here’s the variant-wise bifurcation of the survival benefit:

    ●Variant 1 l Wealth for Milestones: Survival benefit is not applicable under this variant. ●Variant 2 l Regular Wealth: The survival benefit applicable under this variant includes both the income benefit and Loyalty Income Booster. The booster is equal to 10% of the Income Benefit. ●Variant 3 l The Long-Term Wealth: The survival benefit applicable under this variant includes both the income benefit and the Loyalty Income Boosters. The booster is equal to 20% of the Income Benefit. ●Variant 4 l Early Wealth Variant: Under this variant, only income benefit is applicable. ●Variant 5 l Lifelong Wealth Variant : This variant offers income benefits, Loyalty Income Boosters equal to 20% of the Income Benefit, and Money Back Benefit payable once the subscriber attains the age of 85. The Money Back Benefit equals 50% of the Sum Assured on Maturity (SAM).

    Maturity Benefit:

    Max Life Smart Wealth Advantage Guarantee Plan offers maturity benefit for Variant 1, Variant 3,4, and 5. Here’s a detailed bifurcation of the maturity benefits applicable under these Variants.

    ●Variant 1 and Variant 4 (Wealth for Milestones and Early Wealth Plan) –

    The maturity benefit under these variants include Sum Assured on Maturity and accrued guaranteed additions.

    ●Variant 3 and Variant 5 (Long Term Wealth and Lifelong Wealth) –

    Under these variants, maturity benefit would be equal to the Sum Assured on Maturity (SAM). This sum shall be equal to the total premiums payable.

    Death Benefit:

    As the plan comes with a life cover, a death benefit is offered under all the variants. It shall be payable when the life insured dies during the policy term. The death benefit varies depending on the Policy Continue Benefit (PCB).

    If PCB Has not Been Opted:

    The death benefit would be the sum assured on death and 125% of the Surrender Value, whichever is higher. This is applicable only when the customer has opted for a single-pay Premium Payment Term.
    If the single pay premium payment term has not been opted, whichever is higher of the three will be payable: Sum Assured on Death, 105% of the (Total Premiums paid and underwriting extra premiums plus loading for modal premiums) and 125% of the surrender value should be payable.

    If PCB is Opted:

    The death benefit would be equal to or higher of Sum Assured on Death or 105% of Total Premiums Paid plus underwriting extras plus modal loadings as on the date of death of the life insured. The policy continuance benefit shall be applicable where all future premiums will be waived off and the Survival and Maturity Benefits shall be provided as and when due.

    How Does Max Life Smart Wealth Advantage Guarantee Plan Work?

    Max Life Smart Wealth Advantage Guarantee Plan offers you guaranteed returns to ensure that you and your family lead life with financial certainty. The plan requires the policyholder to pay a premium for a defined premium term, after which they get a lump-sum or income benefit, depending on the chosen variant. Max life’s product comes in multiple variants. These variants have their own benefits. Let’s look at these variants in detail.

    • Variant 1: Wealth for Milestones Variant

    This variant of the plan gives you the flexibility of choosing between multiple premium payment windows. You can either pay a one-time or regular premium for 5, 6,8, 10, or 12 years. In addition, wealth for the Milestone variant offers a lump-sum benefit at maturity. The lump-sum benefit includes the sum assured at maturity and accrued guaranteed additions.

    wealth-for-milestones-variant-image.jpg

    • Variant 2: Regular Wealth Variant

    The regular wealth variant features a limited-pay premium payment option where you can pay a premium for 5,6,8,10, or 12 years as per your preference. Against which you get a regular income. Under this variant, you can also choose to defer your income period. The deferment period can range between 0 to 5 years. Therefore, the policy term for this variant would be the addition of the premium payment term + deferment period + income period.

    • Variant 3: Long-Term Wealth Variant

    The long-term wealth variant of Max Life Smart Wealth Advantage Guarantee Plan pays back the total premium paid by you as a lump-sum on maturity. It is a limited pay variant where you can choose the premium payment term, income period, and deferment period of 0 to 5 years. The maturity benefit under this variant is the total premium paid by you.
    variant-3-long-term-wealth-variant-image.jpg

    • Variant 4: Early Wealth Variant

    This variant of Max Life Smart Wealth Advantage Guarantee Plan allows you to initiate income from the 1st year onwards once the premium payment term ends. You also can choose the premium payment term, income period, and policy term. You can choose a premium payment term of 10,12,15,20 years as per your financial goals. The policy term under this variant is the addition of premium payment term, income deferment period and income period. You also get a lump-sum benefit at maturity. This includes the sum assured on maturity and guaranteed additions accumulated.

    • Variant 5: Lifelong Wealth Variant

    Like other variants, this variant of Max Life Smart Wealth Advantage Guarantee Plan gives you the option of choosing the premium payment term. The policy term of the period would be the gap between 100 and the entry age (the age at which you buy the policy). The income period of this variant begins 1 year after the premium payment term ends. This period lasts till the policyholder attains the age of 100. The guaranteed maturity benefit under this variant is divided into two phases, wherein 50% of the premium paid is payable once the insured reaches the age of 85. The remaining premium is payable at the end of the policy term as a maturity benefit. The death benefit is also applicable under this variant.

    Who Should Buy Max Life Smart Wealth Advantage Guarantee Plan?

    Max Life Smart Wealth Advantage Guarantee Plan is designed to cater to every family’s needs. Hence, here’s what makes the variants ideal for a certain set of investors.

    who-should-buy-max-life-smart-wealth-advantage-guarantee-plan.jpg

    Variant 1 (Wealth for Milestones variant):The Wealth for Milestones variant is ideal for those who prefer a lump-sum maturity amount to fulfill their short-term financial goals. The variant is also suitable for those who prefer to invest in guaranteed lump-sum instruments.

    Variant 2 (Regular Wealth variant): The Regular Wealth variant is ideal for individuals who want a regular stream of secondary income for a designated period of time to fulfil multiple planned goals for their family and children.

    Variant 3 (Long-term Wealth variant): The Long-term Wealth variant of the plan is ideal for who want a regular stream of long term secondary income to fulfil multiple planned goals for themselves and their family.

    Variant 4 (Early Wealth Variant): The Early Wealth variant of the plan is ideal for investors who prefer to get their returns starting as early as year 1.

    Variant 5 (Lifelong Wealth Variant): The Lifelong Wealth variant of our plan is ideal for individuals wanting an income stream for their post retirement years.

    Premium Band Details

    If you choose a higher premium band, you can get additional monetary benefits under all plan variants. The following are the premium bands available with this plan:

    Annualised Premium Bands (in Rs.)

    1. Less than 50,000

    2. From 50,000 to less than 1,00,000

    3. From 1,00,000 to less than 2,00,000

    4. From 2,00,000 to less than 5,00,000

    5. From 5,00,000 to less than 10,00,000

    6. 10,00,000 and above

    Eligibility Criteria of Max Life Smart Wealth Advantage Guarantee Plan

    Before buying Max Life Smart Wealth Advantage Guarantee Plan, you must ensure that you meet the following eligibility criteria.

    - Variant 1(Wealth for Milestones variant): The minimum entry age for this variant without PCB is 8 years of Single Pay and 91 days for other premium payment terms. In case of with PCB the minimum entry age is 18 years.

    - Variant 2(Regular Wealth variant): The minimum age criteria to buy the Regular Wealth Variant is 91 days. The minimum entry age is 18 years if the PCB has not opted.

    - Variant 3(Long-term Wealth variant): The minimum age criteria to buy the Long-Term Wealth Variant is 91 days. If the PCB has not been opted, the minimum entry age is 18 years.

    - Variant 4(Early Wealth Variant): The minimum age criteria to buy the Early Wealth Variant is 91 days if you have opted for PCP with a premium payment term of 10, 12, and 20 years for a premium payment tenure of upto 15 years, the minimum entry age is 3 years. If the PCB has not been opted, the minimum entry age is 18 years.

    - Variant 5(Lifelong Wealth Variant): The minimum entry age for this variant for all premium payment terms is 40 years. PCB cannot be opted for this Variant.

    How to Buy Max Life Smart Wealth Advantage Guarantee Plan?

    Here’s how you can buy Max Life Smart Wealth Advantage Guarantee Plan:

    smart-wealth-advantage-guarantee-plan-image.jpg
    • Step One

      You can begin by selecting the variant of your choice.

    • Step Two

      Once the variant has been selected, you need to decide your premium amount. The Sum Assured on Maturity (SAM) and Sum Assured at Death will be calculated according to the chosen premium amount.

    • Step Three

      You would be required to select your policy and premium payment terms.

    • Step Four

      Decide whether you want to enhance your cover with Policy Continuance Benefit and additional riders.

    • Step Five

      If you have selected Variant 2, 3, 4 or 5, you need to choose the date you want to start your income period. This includes selecting your deferment years, choice of the redemption date, and frequency of payout.

    • Step Six

      Once you have customized your plan, it’s time to make the purchase.

    What are the Rider Options Available with Max Life Smart Wealth Advantage Guarantee Plan?

    By buying additional riders, you can extend your range of benefits. Here are the riders available with Max Life Smart Wealth Advantage Guarantee Plan:

    Max Life Waiver of Premium Plus Rider(UIN: 104B029V04)

    This ensures you do not have to pay future premiums if you are diagnosed with a critical illness, dismemberment, or death. The benefit can be redeemed only if the life insured and policyholder are different individuals.

    Max Life Accidental Death and Dismemberment Rider(UIN: 104B027V04)

    This riderprovides additional benefits in case of death or dismemberment of the insured due to an accident.

    Max Life Term Plus Rider(UIN: 104B026V03)

    This rider provides additional lump-sum benefit if the life insured dies untimely.

    Max Life Critical Illness and Disability Rider: (UIN: 104B033V01)

    This rider offers an additional lump-sum benefit if the insured is diagnosed with a critical illness or total and permanent disability

    Boundary Conditions for Policies Sold through POSP (Point of Sales Person)

    Max Life Smart Wealth Advantage Guarantee Plan can be availed through POSP (Point of Sales Person). However, some policy terms vary for sales made through POS. Here are the terms:

    • Every variant except Variant 3 and 5 is available to be sold through POS. This is because the maximum policy term allowed under the POS variant is 20 years as per applicable regulations.
    • Riders cannot be purchased through POS.
    • A medical examination won’t be needed if the product is bought from POSP.
    • A waiting period of 90 days applies for the policies sold through POS Persons. If the customer dies during the waiting period, then no benefit is payable apart from refund of 100% of the premium paid since the date of commencement of policy. In case of death of Life Insured due to accident, the Waiting Period is not applicable, and Death Benefit shall be payable. The Waiting Period is not applicable in case of revival of the policy.
    • For policies sold through POS persons, the product shall comply with all the extant provisions applicable for POS products, as amended from time to time.

    • The maximum age at maturity for policies sold through POS is 65 years.
    • The maximum sum assured on death for policies sold through POS is INR 25 lakhs. However, if the policy is bought from Max life, the maximum sum assured on death would be higher.

    Conclusion

    Max Life Smart Wealth Advantage Guarantee Plan is a must-buy financial instrument if your goal is to attain financial certainty in life. This versatile and far-ranging investment plan offers the benefit of guaranteed returns, among others, to meet the growing financial demands of life.

    Downloads

    Max Life Smart Wealth Advantage Guarantee Plan

    ● Leaflet

    ● Prospectus

    ● Premium Rates table

    ● Policy Contract

    Variant 1 (Wealth for Milestones variant)

    ● Leaflet

    Variant 2 (Regular Wealth variant)

    ● Leaflet

    Variant 3 (Long-term Wealth variant)

    ● Leaflet

    Variant 4 (Early Wealth Variant)

    ● Leaflet

    Variant 5 (Lifelong Wealth Variant)

    ● Leaflet

    FAQs

    search

    The “Save-the-Date” feature of Max Life plan gives you the flexibility to decide the date on which you want to receive the annual payout.

    No, the premium payable under Max Life guaranteed wealth plan would be the same for smokers and non-smokers.

    Yes, policyholders can avail numerous discounts and benefits under this plan. The available discounts and benefits include existing customer discount, auto debit booster benefit, staff discount, transgender lives discount and special discounts for women.
    Under variant 1 and 4 (Wealth for Milestones and Early Wealth variant) of the plans, the maturity benefit would be the sum assured and guaranteed accrued additions. The guaranteed additions are equal to 8% of the sum assured.Under variants 3 and 5 (Long-term wealth and Life-long Wealth variant), the maturity benefit is the sum assured on maturity. This sum assured is the total premium the policyholder has paid to date. No maturity benefit is applicable under the plan’s Regular Wealth (Variant 2).

    ARN: PCP/SWAG/200223

    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
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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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      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.