Max Life Smart Wealth Income Plan

Ensuring your family’s lifelong happiness means establishing a source of lifelong income that can continue providing your loved ones with extra love, comfort and opportunities to fulfil their dreams. Max Life Smart Wealth Income Plan is a smart product designed to enable you in this journey of fulfilment in life. Here’s all you need to know about it! ...Read More

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tax-icon.svgTax Savings upto Rs 46,800##
guard-icon.svg99.34% Claims Paid Ratio^
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Maximize Your Savings With Max Life Investment Plans

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What is Max Life Smart Wealth Income Plan?

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The Max Life Smart Wealth Income Plan (Max Life Smart Wealth Income Plan

Non-Linked Participating Individual Life Insurance Savings Plan | UIN: 104N120V02) is a comprehensive solution that ensures your lifelong happiness by providing an additional income stream at the years when you need it most. It is a participating product that gives you the financial capacity to satisfy your family's demands while assuring you and your loved ones live a comfortable life

It offers multiple customization options to suit the diverse profiles of customers. No two people have the exact same financial requirements. Hence, when you are creating a financial plan to secure your loved ones and your family’s dreams, it is crucial to tailor it to provide maximum benefits for you.

Features of Max Life Smart Wealth Income Plan

Apart from the variants of the Max Life Smart Wealth Income Plan, there are other important features that make it a valuable financial solution for the modern policy buyer. Here are some features of Max Life Smart Wealth Income Plan that you should know:

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1.Policy Continuance Benefit##

At the time of purchase of this plan, you can customise your protection cover by adding the Policy Continuance Benefit##. This benefit pays the nominee an additional lump sum and assures that your survival and maturity benefits are paid as and when due, to your nominee in the event of the Life Insured's death, without the need to pay any premium.

Simply put, if the life insured suffers an untimely demise, the policy will continue as it is, meaning if you’ve paid 5 out of the due 15 years of Premium, and death occurs in the 6th year, the premiums for the remaining years will be paid by us, keeping all benefits remaining intact.

2. Multiple Variants Available

There are options for Early Income, Early Income with Guaranteed~ Money Back, and Deferred Income plans, as discussed. All these choices include built-in guarantees& as well as cash bonuses. You can also add the Policy Continuance Benefit## to any of the variants to ensure your family’s financial security is never compromised.

**This bonus will be payable, if declared.

3. Deferment of due Survival Benefit

Max Life Smart Wealth Income Plan also has the option to accrue survival benefits and take them as per your need. You can choose to accrue your survival benefit pay-outs and withdraw as much as you like, whenever you like, while earning an interest over the accrued benefits and letting it grow.

4. Enhanced Liquidity in your hands

With the Early Income and Early Income with GMB variants, the customers start getting the survival benefits starting from 2nd policy year, hence giving liquidity in customer’s hands.

5. Choice of Income Period

As the policyholder, you have control over the choice of income period including whole life income option*. You can opt to receive income and avail life cover till your chosen maturity age which can be 100 years, 85 years, 75 years, 70 years, 65 years, 60 years of age.

6. Optional Riders

Other than the Policy Continuance Benefit## you can also add riders such as waiver of premium plus, accidental death & dismemberment rider, term plus rider, critical illness, and disability rider, etc. to further enhance the benefits of the Max Life Smart Wealth Income Plan. Refer the rider prospectus for details.

7. Special Discounts and Rebates

Another distinguishing feature of Max Life Smart Wealth Income Plan is the discounts offered for existing customers and female policyholders on the premium rate and high sum assured rebates built in the plan. It helps customers to gain financial security without putting a strain on their existing financial lives.

Why Should You Choose Smart Wealth Income Plan

The Smart Wealth Income Plan by Max Life comes with a unique set of benefits that makes it a favourable option for the policy buyer of today. Since financial needs are rapidly evolving, we need policies that can catch up to it and evolve with it. Choosing this plan gives you access to multiple innovative features such as:

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1.Policy Continuance Benefit##

This is one of the most impressive features of this policy that allows policyholder to provide financial security to their loved ones even in their absence without having to pay the premiums in case of an unfortunate incident.

2. Flexibility

The choices available to policy buyers in terms of policy term, premium payment term, death benefit variants, makes this plan one of the most customer-friendly policies available today.

3. Special Rebates and Discounts

You are eligible to receive 2 types of discounts-a flat 2% on 1st year discount if you are an existing Max Life customer and a flat .75% on all premiums applicable discount if you are a female life insured. Further you can win the special High Sum Assured rebates if you opt for a higher Sum Assured in your Policy.

4. Long Term Financial Support

The minimum entry age of this policy is as low as 91 days, and it can cover the insured person up to 100 years.

It is crucial to go through the details of the policy and understand which variant is best-suited to meet the requirements of your loved ones in the long term. Hence, make sure you assess your investments, debts and other liabilities carefully before purchasing the Max Life Smart Wealth Income Plan.

Here’s all you need to know about this plan

    Though there are several varieties of income plans available today, few of them may be suitable to your particular financial needs. It is understandable that you may find yourself struggling with the choices. To make things easier for you, we have outlined some of the benefits that you get when you choose Max Life Smart Wealth Income Plan. Let’s take a look at these:

    At any stage in your life, you have varying financial requirements. For instance, a married person planning a family will have different financial priorities than someone nearing their retirement age. Depending on when you invest in the Max Life Smart Wealth Income Plan, you can choose the most suitable variant of the policy and further customize it by selecting the right policy term, premium payment term and additional riders.

    The policy term of Max Life Smart Wealth Income Plan can be extended up to 100 years, making it a whole life option. Hence, you can rely on the plan to provide an alternate source of income for a long time, keeping you relieved of any financial stress.

    The Survival Benefits vary with your chosen plan variant. This plan gives you the flexibility to accrue your Survival Benefits - both the Guaranteed Income as well as the Cash bonus (if declared) anytime during the Policy Term. Also, you may choose to withdraw your accrued benefits completely or partially, at any time during the policy term.



    The survival benefits under each of three key Plan Options are explained below:

    1. Early Income

    • Cash Bonus (% of Sum Assured on Maturity), if declared, from 2nd Policy Year till end of Policy Term
    • Guaranteed Income (% of Sum Assured on Maturity) from 2nd Policy Year and payable for a period of 25 years or till the end of Policy Term, whichever is earlier
    1. Early Income with Guaranteed Money Back

    • Cash Bonus (% of Sum Assured on Maturity), if declared, from 2nd Policy Year till end of Policy Term
    • Guaranteed Money Back (% of Sum Assured on Maturity) at the end of the Policy Years (PPT+1), (PPT+6) and (PPT+11).
    1. Deferred Income

    • Cash Bonus (% of Sum Assured on Maturity), if declared, starting policy year PPT +2till end of Policy Term; and
    • Guaranteed Income (% of Sum Assured on Maturity) starting policy year PPT+2 and payable for a of 25 years or till the end of Policy Term, whichever is earlier.
    Where, PPT is the chosen premium payment term.

    Guaranteed Income and Cash Bonus (if declared) shall be payable in arrears (i.e. end of year for annual pay-out mode and end of each month for monthly pay-out mode) as per the chosen pay-out frequency. The Income payout frequency has to be chosen at inception and the Pay-out frequency options available are annual and monthly.</p>

    Policyholders receive a survival benefit at the end of the pre-determined policy term in the form of the guaranteed sum assured at maturity and terminal bonus (if any). Any accrued survival benefit, if not already paid shall be paid in addition. Please refer section “Accrual of Survival Benefits” for related details.

    5.1. Without Policy Continuance Benefit:

    In case of an unfortunate demise of the Life Insured during the policy term, the Death Benefit shall be equal to:

    • Sum Assured on Death, plus
    • Terminal Bonus (if any)
    Any accrued survival benefit, if not already paid shall be paid in addition.

    Please refer section “Accrual of Survival Benefits” for related details.

    5.2. With Policy Continuance Benefit:

    In case of an unfortunate demise of the Life Insured during the policy term, the benefit payable is the sum of following components:

    i) Death Benefit: The Death Benefit is equal to Sum Assured on Death, Any accrued survival benefit, if not already paid shall be paid in addition to death benefit. Please refer section “Accrual of Survival Benefits” for related details.

    ii) Policy Continuance Benefit: All future Cash Bonus (if declared), Guaranteed Income, Guaranteed Money Back and Maturity Benefit (Sum Assured at Maturity plus Terminal Bonus) shall be payable as and when due in future without any need for the premium payment.

    The policy will participate in future profits (i.e. all future bonuses shall be payable under the policy). All future survival and maturity benefits shall be paid to the beneficiary as and when due, as would have been the case had the Life Insured been alive and would have been paying premiums.

    where “Sum Assured on Death” is higher of:

    a. 11 times the (Annualised Premium plus underwriting extra premium, if any) or

    b. 105% of (Total Premiums Paid plus Underwriting Extra Premiums paid plus loadings for modal premiums received as on the date of death of Life Insured),

    As per the existing #*tax regulations under the Income Tax Act, 1961, you will be eligible for tax benefits against the premiums paid for Max Life Smart Wealth Income Plan.

Frequently Asked Questions (FAQs)

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The minimum sum assured for this policy (with or without the Policy Continuance Benefit## ) is Rs. 500,000. There is no upper limit to the sum assured for this policy.

In order to avail of the Policy Continuance Benefit## , the life insured and the policyholder needs to be the same individual and the chosen maturity age should be 60, 65, 70, 75 or 85 years. This option is available at the inception of the policy under all plan options to individuals who meet this criteria.

During the policy term, you may be eligible for bonuses which are your share of the company's participation fund's profits. As a result, bonuses are not guaranteed and are based on the performance of the participating fund. The bonus rate is calculated as a percentage of the policy's 'Sum Assured on Maturity,' and will be announced at the conclusion of the financial year.

The free look period under this policy refers to the 15 day period (30 days in case of electronic policies and policies obtained through Distance Marketing mode) after the purchase of the plan, during which you can review the terms and conditions of the policy and cancel it without any penalties, in case of any objections.

Loans will be available under Max Life Smart Wealth Income Plan during the premium payment term once your Policy has achieved a surrender value, up to a maximum of 50% of the Surrender Value. The policy's minimum loan amount that can be issued at any moment is Rs. 10,000.

ARN NO: PCP/SWIP/230123

Disclaimers:

*Applicable on choosing maturity age of 100 years

~The guaranteed benefits are applicable only if all due premiums are paid

Cash bonuses will be payable if declared

## Policy Continuance benefit is available with all the 3 plan options with majority age of 60 years, 65 years, 70 years, 75 years and 85 years. This benefit is not available with maturity of 100 years

&Guarantees are payable in the form of guaranteed income in case of Early income and Deferred income variants for a period of 25 years or till the end of policy term whichever is lower; and as 3 Guaranteed Money Backs at defined intervals in case of Early Income with Guaranteed Money Back variant

1Annualised Premium means the Premium amount payable during a Policy Year chosen by Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any.

2Underwriting extra premium means an additional amount charged by Us, as per Underwriting Policy, which is determined on the basis of disclosures made by Policyholder in the Proposal Form or any other information received by Us including medical examination report of the Life Insured.

3Total Premiums Paid means the total of all Premiums received, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums, and applicable taxes, cesses or levies, if any.

Why Choose Max Life

99.34% Claims Paid Percentage

(Source : Max life annual audited financials FY 21-22)

269 Offices

(Source : As reported to IRDAI, FY 21-22)

₹1,174,515 Cr. Sum Assured

In force (individual) (Source : Max Life Public disclosure, FY 21-22)

₹1,07,510 Cr. Assets Managed

(Source : Max Life Public disclosure, FY 21-22)

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