Max Life Smart Wealth Income Plan
Ensuring your family's lifelong happiness requires establishing a source of lifelong income for your loved ones with extra love, comfort, and opportunities to fulfil their dreams. Max Life Smart Wealth Income Plan is an innovative product designed to help you achieve your life's goals. Here's all you need to know about it! ...Read More
: In Unit Linked Policies, the investment Risk in the investment portfolio is borne by the policyholder.
What is Max Life Smart Wealth Income Plan?
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 to your lifelong happiness by providing an additional income stream. It is a participating product that gives you the financial capacity to satisfy your family's demands while ensuring that you and your loved ones live a comfortable life.
It offers multiple customisation 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 fulfil 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
Besides 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-day policy buyer. Here are some essential features of Max Life Smart Wealth Income Plan that you should know about:
1.Policy Continuance Benefit##
While purchasing this plan, you can customise your protection cover by adding the Policy Continuance Benefit##. Your loved ones can be assured of financial security with this added benefit. It will provide your nominated beneficiary with a lump sum and the assurance that any remaining survival or maturity benefits will always reach them, without extra premium payments.
Simply put, if the life insured suffers an untimely demise, the policy will continue as it is. For example, if you've paid 5 out of the due 15 years of Premium, and death occurs in the 6th year, we will pay the premiums for the remaining years, keeping all benefits 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 that 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 payouts and withdraw as much as you like while earning 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 the 2nd policy year, hence providing the customer with an option of liquidity if needed.
5. Choice of Income Period
As the policyholder, you have control over the choice of income period, including the whole life income option*. You can opt to receive income and avail of life cover till your preferred maturity age, which can be 100 years, 85 years, or 75 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. They will help you enhance the benefits of the Max Life Smart Wealth Income Plan. *Refer to the rider prospectus for details.
7. Special Discounts and Rebates
Another distinguishing feature of the Max Life Smart Wealth Income Plan is the discounts offered to existing customers and female policyholders. The rebates are given on the premium rate and high sum assured. It helps customers gain financial security without putting a strain on their existing financial lives.
Why 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 you as the policy buyer. Since financial needs are rapidly evolving, we need policies that can help us meet them and evolve accordingly. Choosing this plan gives you access to multiple innovative features such as:
1.Policy Continuance Benefit##
This is one of the most impressive features of this policy that allows you to provide financial security to your loved ones even in your absence without having to pay the premiums in case of an unfortunate incident.
The choices available to you in terms of the policy term, premium payment term, and death benefit variants make this plan one of the most customer-friendly policies available today.
3. Special Rebates and Discounts
You are eligible to receive two types of discounts. First, a flat 2% discount on your first year's premium. Also, if you're a female life insured, you can get a 0.75% discount on all applicable premiums. If that wasn't enough, high Sum Assured rebates are up for grabs if you choose to opt for a policy with higher coverage amount!
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 for up to 100 years.
It is vital for you 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.
5. Bonus declared
For Max Life Smart Wealth Income Plan we declared a participating bonus of 8% (as illustrated as below).
All you Need to Know about Smart Wealth Income Plan
- Early Income
- Cash Bonus (% of Sum Assured on Maturity), if declared, from the 2nd Policy Year till the end of the 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 the Policy Term, whichever is earlier.
- Early Income with Guaranteed Money Back
- Cash Bonus (% of Sum Assured on Maturity), if declared, from 2nd Policy Year till the end of the Policy Term
- Guaranteed Money Back (% of Sum Assured on Maturity) at the end of the Policy Years (PPT+1), (PPT+6) and (PPT+11).
- Deferred Income
- Cash Bonus (% of Sum Assured on Maturity), if declared, starting policy year PPT +2 till the end of Policy Term; and
- Guaranteed Income (% of Sum Assured on Maturity) starting policy year PPT+2 and payable for 25 years or till the end of Policy Term, whichever is earlier.
- Assured Sum upon death, plus
- Terminal Bonus (if any)
Your financial needs are never stagnant; they evolve during different phases of your life. For instance, a married person planning a family will have different financial priorities than someone nearing retirement age. Depending on when you invest in the Max Life Smart Wealth Income Plan, you can pick the most suitable variant of the policy and further customise it by selecting the right policy term, premium payment term and additional riders.
The policy term of the 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 and the Cash bonus (if declared) anytime during the Policy Term. Also, you may select to withdraw your accrued benefits, completely or partially, at any time during the policy term.
The survival benefits under each of the three key Plan Options are explained below:
Guaranteed Income and Cash Bonus (if declared) shall be payable in arrears (i.e. end of the year for annual payout mode and end of each month for monthly payout mode) as per the chosen payout frequency. The Income payout frequency has to be chosen at inception, and the payout frequency options available are annual and monthly.</p>
You receive a survival benefit at the end of the predetermined policy term in the form of the guaranteed sum assured at maturity and a terminal bonus (if any). Any accrued survival benefit, if not already paid, shall be paid in addition. Please refer to the section “Accrual of Survival Benefits” for related details.
5.1. Without the Policy Continuance Benefit:
If the Life Insured tragically passes away during the policy term, the Death Benefit equals:
Please refer to the ‘Accrual of Survival Benefits’ section for related details.
5.2. With the Policy Continuance Benefit:
In the event of your death during the policy term, your nominee gets the following benefits:
i) Death Benefit: The Death Benefit is equal to the Sum Assured on death. Any accrued survival benefit, if not already paid, shall be paid in addition to the death benefit. Please refer to the ‘Accrual of Survival Benefits’ section for related details.
ii) Policy Continuance Benefit: All future Cash Bonus (if declared), Guaranteed Income, Guaranteed Money Back and Maturity Benefits (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.
Here, ‘Sum Assured on Death’ is higher of:
a. 11 times the (Annualised Premium plus extra underwriting 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)
The minimum sum assured for this policy (with or without the Policy Continuance Benefit## ) is Rs. 5,00,000. 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 need to be the same individual, and the chosen maturity age should be 75 or 85 years. This option is available at the inception of the policy under all plan options if you meet these 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 is announced at the end of every 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 this time, you can review the terms and conditions of the policy and cancel it without any penalties, in case of any objections.
You will be able to take out loans on the Max Life Smart Wealth Income Plan during the premium payment term once your policy has achieved a surrender value, with a maximum loan amount of 50% of the surrender value. The policy's minimum loan amount that can be issued at any moment is Rs. 10,000.
*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
99.51% Claims Paid Percentage
(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023)
(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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