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    In life, nothing gives more pleasure than seeing your loved ones fulfill their dreams, while you watch over them. As the breadwinner of the family, you work towards maximizing your savings to support your children's education, their marriages, and your peaceful retirement. In today's environment, which is full of uncertainty and volatility; however, you need guaranteed assurance that surmounts all such risks....Read More

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    : Max Life Smart Wealth Plan |A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan|@Rs. 30,21,553 as lump sum at the end of 20 years, for a 30 years old healthy male

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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 Max Life Smart Wealth Plan?

    At Max Life Insurance, we understand the significance of such milestones in your Life. Thus, presenting Max Life Smart Wealth Plan (a Non-Linked, Non-Participating, Individual, Life Insurance Savings plan, UIN: 104N116V09), which is designed to help secure your financial future through guaranteed returns. This plan will help you pursue your dreams and accomplish all milestones that you set your heart on, with certainty.

    smart-wealth-plan

    How to save with Max Life Smart Wealth Plan?

    MLI_infographic_WB_Jun20_V7-03.jpgMLI_infographic_WB_Jun20_V7-03.jpg

    Guaranteed Maturity Benefits

    Max Life Smart Wealth Plan provides guaranteed benefits on your savings, to help you meet your savings goal

    Flexibility

    You have the flexibility to choose from four plan options- Lumpsum, Short Term Income, Long Term Income, and Whole Life Income

    Guaranteed Additions

    Accrued Guaranteed Additions that boost your corpus under Lumpsum Option of Max Life Smart Wealth Plan

    Financial Security in Case of Death

    Max Life Smart Wealth Plan offers comprehensive death benefit in case of your demise (as Life Insured) during the policy term

    Who Should Invest in Max Life Smart Wealth Plan?

    Max Life Smart Wealth Plan is suitable for the following categories:

    1) Salaried individuals

    2) Self-employed individuals

    3) People with dependents who seek a long-term financial plan

    4) People who have less risk appetite

    5) People who seek guaranteed returns on savings 

    6) People who look for dual benefits of life insurance and savings

    You can buy Max Life Smart Wealth Plan to secure your retirement, for your children's education, your spouse's financial independence in your absence, or any other financial goals. Furthermore, this savings plan is also suitable for those investors who wish to put their money into a financial instrument, which provides long term capital appreciation, but with less risk than pure equity market investments.

    Why Save with Max Life Smart Wealth Plan?

    This product is eligible for tax benefits under section 10(10D) of the Income Tax Act, 1961 as the condition of "premium payable for any of the years during the term of policy not exceeding ten percent of the sum assured" is satisfied considering total sum assured during the policy term is 11.25 times for single premium policy and 17 times for regular premium policy. Further, in our interpretation, for a joint life policy, as premium paid is not separately identifiable for each life insured, the aggregate annual premium vs aggregate sum assured ratio will be considered to check the eligibility under tax laws.

    You are advised to independently consult your tax advisors on income tax implications and tax benefits. The above understanding is subject to any changes made to tax laws in future.

    How Does Max Life Smart Wealth Plan Work?

    MLI_infographic_WB_Jun20_V6-05.jpgMLI_infographic_WB_Jun20_V6-05.jpg

    Max Life Smart Wealth Plan comes in four variants and you can choose the one which best suits your savings need. Here is how you can invest in Max Life Smart Wealth Plan:

    Step 1: Choose a suitable variant


    Max Life Smart Wealth Plan offers the following plan variants:

    1) Lumpsum

    This  variant offers to pay maturity benefit as a lump sum at the end of the policy term. The maturity benefit paid comprises both guaranteed sum assured on maturity and the accrued guaranteed additions (if any). Under this variant, the Guaranteed Additions are expressed as a percentage of annualized premiums, and they may vary based on the entry age, premium band, and gender of the Life insured and the sub-variant selected.  


    2) Short Term Income

    This variant of Max Life Smart Wealth Plan offers to pay guaranteed 'income benefit' at the end of the period (monthly, quarterly, half yearly or annually) as per the frequency chosen, for the pay-out Period as per the sub-variant selected by you, post completion of the Policy Term. The income benefit is expressed as a percentage of the annualized premium. It varies by the entry age, premium band, and gender of the Life insured and the sub-variant selected.


    3) Long Term Income

    Under this variant, you receive a guaranteed 'income benefit' at the end of the period (monthly, quarterly, half yearly or annually) as per the frequency chosen, for the pay-out Period as per the sub-variant selected by you, post completion of  the Policy Term. Moreover, after the pay-out period, you will also receive a 'terminal benefit,' which equals the Total Premiums Paid. Here, the income benefit is expressed as a percentage of annualized premium, and its value depends on the entry age, premium band, and gender of the Life insured and the sub-variant selected. Also, you can also choose the income pay-out frequency, other than annual.


    4) Whole Life Income

    Under the Whole Life Income variant of Max Life Smart Wealth Plan, a guaranteed 'income benefit' is payable at the end of the period (monthly, quarterly, Half yearly or annually as per the frequency chosen, post the policy term, until the death of the last surviving life.  Here, the income benefit is expressed as a percentage of the Single premium and varies by the entry age, gender, and premium band.

     

    Step 2: Choose your Premium/Income Pay-out 

    Step 3: Choose your sub-variant, i.e. "Policy term and Premium payment term" from the available options 

    Variant

    PPT

    PT

    Maturity Benefit

    Single Life/Joint Life

    Lumpsum

    5

    10,12,15,20

    Lump sum at the end of policy term

    Single Life

    8

    10,12,16,20

    10

    10,12,15,20

    12

    12,15,20

    Short Term Income

    6

    7

    Guaranteed income benefit for 6 years (from 8th year to 13th year in arrears)

    8

    9

    Guaranteed income benefit for 8 years (from 10th year to 17th year in arrears)

    10

    11

    Guaranteed income benefit for 10 years (from 12th year to 21st year in arrears)

    12

    13

    Guaranteed income benefit for 12 years (from 14th year to 25th year in arrears)

    Long Term Income

     

    6

    7

    Guaranteed income benefit for 30 years (from 8th year to 37th year in arrears plus Terminal Benefit)

    8

    10

    Guaranteed income benefit for 30 years (from 11th year to 40th year in arrears plus Terminal Benefit)

    10

    11

    Guaranteed income benefit for 25 years (from 12th year to 36th year in arrears plus Terminal Benefit)

    12

    14

    Guaranteed income benefit for 25 years (from 15th year to 39th year in arrears plus Terminal Benefit)

    Whole Life Income

    Single Pay

    5

    Guaranteed income benefit until the death of last survivor from 6th year in arrears

    Joint Life

    6

    6

    Guaranteed income benefit until the death of last survivor from 7th year in arrears

    What does Max Life Smart Wealth Plan has to offer?

    • Death Benefits

      Variant 1, 2 and 3:

      A lump sum guaranteed ‘Death Benefit’ is payable immediately on the death of the life insured during the policy term and is defined as higher of:

      • 11 times the sum of Annualised Premium* and underwriting extra premiums***, (if any),
      • 105% of all sum of Total Premiums Paid**, underwriting extra premiums*** and loadings for modal premiums, (if any) as on the date of death of life insured,
      • Any absolute amount assured to be payable on death #

      *“Annualised Premium” means 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;

      **“Total 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.

      ***“Underwriting 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

      #The absolute amount assured to be payable on death under these variants is equal to the Total Premiums Paid accumulated monthly at an interest rate of 8% p.a.

      Variant 4:

      A lump sum guaranteed ‘Death Benefit’ is payable immediately on the death of the life insured(s) during the term of the policy and is defined as the higher of:

      • In case of Single Pay- 1.25 times the Single Premium* plus underwriting extra premiums (if any),

      • In case of regular pay-  7 times the Annualised Premium* plus underwriting extra premiums (if any),
      • 105% of sum of Total Premiums Paid**, underwriting extra premiums and loadings for modal premiums, (if any) as on the date of death of life insured,
      • Any absolute amount assured to be payable on death #

      *“Single Premium” means the lump sum premium amount paid by the policyholder at the inception of the policy excluding the taxes if any.

      #The absolute amount assured to be payable on death under the Variant 4 on event of first death is equal to 1.25 times the Single Premium plus underwriting extra premiums (if any) in case of single pay and 7 times the Annualized Premium plus underwriting extra premiums (if any) in case of regular pay , and 10 times the Single Premium (Single Pay)/Annualised Premium (Regular pay) plus underwriting extra premiums (if any) on the event of the second death during the policy term.

      The policy shall continue until the death of the last surviving policyholder.

      On death of the last surviving policyholder post expiry of the policy Term, Single Premium plus underwriting extra premiums (if any) in case of single pay and total premiums paid plus underwriting extra premiums (if any) in case of regular pay shall be payable to the beneficiary.

      The policy shall terminate on payment of the death benefit for the last surviving policyholder and no further benefits will be payable

    • Maturity Benefits

      Variant 1:

      On maturity the following benefit will be paid:

      • Guaranteed Sum Assured on Maturity, plus
      • Accrued Guaranteed Additions (if any).

      The Guaranteed Sum Assured on Maturity for the variant is defined as follows:

      Policy Term

      Guaranteed Sum Assured on maturity

      10,12

      110% x Annualised Premium x Premium Payment Term

      15,16

      140% x Annualised Premium x Premium Payment Term

      20

      160% x Annualised Premium x Premium Payment Term

       

      Guaranteed Additions is expressed as a percentage of annualised premium and varies by the entry age, premium band and gender of the life insured and the sub-variant selected.

      Guaranteed additions accrue at the end of the last four policy years, provided the policy is either premium paying or fully paid up.

      The Guaranteed Additions will be payable only in the event of maturity or surrender of the policy.

      Variant 2:

      A guaranteed “Income Benefit” is payable at the end of the period (monthly, quarterly, Half yearly or annually) as per the frequency chosen, for the pay-out Period as per the sub-variant selected by you, post completion of the Policy Term.

      Income Benefit is expressed as a percentage of annualised premium and varies by the entry age, premium band and gender of the life insured and the sub-variant selected.

      Variant 3:

      A guaranteed “Income Benefit” is payable at the end of the period (monthly, quarterly, Half yearly or annually as per the frequency chosen , for the pay-out Period as per the sub-variant selected by you, post completion of the Policy Term. At the end of pay-out period a “Terminal Benefit” equal to the Total Premiums Paid, will be payable to the beneficiary.

      Income Benefit is expressed as a percentage of Annualised premium and varies by the entry age, premium band and gender of the life insured and the sub-variant selected.

      Variant 4:

      Provided that, either of the two life insured have survived the policy term, a guaranteed “Income Benefit” is payable at the end of the period (monthly, quarterly, Half yearly or annually as per the frequency chosen , post the policy term, until the death of the last surviving life.  

      The policy shall terminate on payment of the death benefit for the last surviving life and no further benefits will be payable.

      Income Benefit is expressed as a percentage of Single premium in case of Single pay and as a percentage of Annualized premium in case of regular pay and varies by the entry age, gender and premium band. 

    • Eligibility Criteria

      Eligibility Criteria

      Plan Option

      Minimum

      Maximum

      Age at Entry (Years)*

      Lumpsum

      0 (91 Days)

      60

      Short Term Income

      5

      60

      Long Term Income

      4

      60

      Whole Life Income

      Single Pay- 45 (Younger life)

      65 (Older Life)

      Regular pay- 40 (Younger Life)

      65 (Older Life)

      In case the Life Insured is a minor, the Policy will automatically vest in him/her on his/her attaining the age of majority. The risk coverage for the minors will start from the Date of Commencement of Risk.

      Age at Maturity (Years)*

      Lumpsum

      18

      80

      Short Term Income

      18

      73

      Long Term Income

      18

      74

      Whole Life Income

      50

      71

      Minimum  Premium#

      Lumpsum

      Annual: Rs. 11,000
      Monthly: Rs. 1,000

      Short Term Income

      Long Term Income

      Whole Life Income

      Single Pay: Rs. 2,50,000

      Regular Pay: 50,000

      Maximum  Premium

      All Options

      No Limit, subject to Board Approved Underwriting Policy (BAUP)

      Premium Payment Mode & Modal Factors

      Lumpsum

      Annual & Monthly

       

      Premium Payment Mode

      Modal Factors

      Annual

      1

      Monthly

      0.09

       

      Short Term Income

      Long Term Income

      Whole Life Income

      Single Premium & Regular Pay

       

      Annual & Monthly

       

      Premium Payment Mode

      Modal Factors

      Annual

      1

      Monthly

      0.09

       

      Boundary conditions for policies sold through POSP

      Eligibility Criteria

      Variant

      Policy Term

      Age

      Maximum age at entry*

      Lumpsum

      10

      55

      12

      53

      15

      50

      16

      49

      20

      45

      Short Term Income

      7

      58

      9

      56

      11

      54

      13

      52

      Long Term Income

      7

      58

      10

      55

      11

      54

      14

      51

      Whole Life Income

      6

      59

      Maximum Age at Maturity*

      65 years

      Maximum Premium

      Subject to 25 lakhs death benefit during the policy term

      Single pay in variant 4 of the product shall not be available for sales through POS persons

      *All ages mentioned above are age as on last birthday

      The minimum premium is exclusive of Goods and service tax and any other cess, underwriting extra premium (if any)

      Please note- For policies sold through POS persons, the product shall comply with all the extant provision, rules, regulations, guidelines, circulars, directions, etc. applicable for POS products, as amended from time to time

      `

    How Does Max Life Smart Wealth Plan Variants Work?

    • Variant-1 (Lumpsum)
      smart-wealth-plan
    • Variant-2 (Short Term Income)
    • Variant-3 (Long Term Income)
    • Variant-4 (Whole Life Income)
    • Downloads

    Various Online Insurance Plan by Max Life

    • 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 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

      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 80D, 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

      Four premium payment options – 6, 8, 10 and 12 years to be chosen as per suitability of the plan for your needs

      Know more
    • Max Life Fast Track Super

      Max Life Fast Track Super Plan (A Unit Linked Non-Participating Individual Life Insurance Plan, UIN: 104L082V04) is an insurance +investment plan that provides life insurance options with a secure and straightforward approach to invest in different market-linked fund options.

      Know more
    • Max Life Online Savings Plan

      Max Life Online Savings Plan (A Unit Linked Non-Participating Individual Life Insurance Plan, UIN: 104L098V03) is an online investment option that offers to provide the dual benefit of lump sum payout to achieve your goals while protecting you and your loved ones from life's uncertainties. This investment and insurance plan gives you the flexibility to choose the policy term and different fund options so that you can create a financial portfolio that suits your investment style.

      Know more
    • Max Life Savings Advantage Plan

      Max Life Savings Advantage Plan (A Non-Linked Participating Individual Life Insurance Savings Plan, UIN: 104N111V02) is an insurance and investment plan in India that will help your savings grow systematically while providing life insurance coverage to take care of your family members in case of an unfortunate event.

      Know more
    • Max Life Assured Wealth Plan

      Max Life Assured Wealth Plan (A Non-Linked, Non-Participating Individual Life Insurance Savings Plan, UIN: 104N096V04) is an online investment and insurance plan that can assist you in fulfilling goals such as wealth creation, supporting your kid's education and your retirement. This insurance and investment plan also helps provide a sense of financial security to your loved ones in an uncertain and volatile environment.

      Know more
    • Max Life Future Genius Education Plan

      Max Life Future Genius Education Plan (A Non-Linked Participating Individual Life Insurance Savings Plan, UIN: 104N094V03) is an insurance & investment plan that has been designed to help young parents manage their child's education costs through disciplined savings. The investment plan provides you with the flexibility to choose the premium payment term, policy tenure, and money-backs, as per your child's education needs.

      Know more
    • Max Life Shiksha Plus Super

      Max Life Shiksha Plus Super Plan (A Unit-Linked Non-Participating Individual Life Insurance Plan, UIN: 104L084V04) is one of the insurance and investment in India to help you secure your child's future education needs financially.

      Know more
    • Max Life Forever Young Pension Plan

      Max Life Forever Young Pension Plan (A Unit-Linked Non-Participating Individual Pension Plan, UIN - 104L075V03) can be a great insurance + investment option for you if you wish to create savings for your retirement years without wanting to deal with the volatilities of the equity market.

      Know more
    • Max Life Perfect Partner Plan

      Max Life Perfect Partner Super (A Non-Linked Participating Individual Life Insurance Savings Plan, UIN: 104N077V03) is the investment option to take care of your spouse's financial needs with a life cover till 75 years of age. This insurance & investment plan also offers a 212.5% guaranteed sum assured on maturity (through bonuses) so that you can live a carefree post-retirement life.

      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

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

    Max Life Smart Wealth Plan offers the following rider options with its Lumpsum (Variant 1), Short Term Income (Variant 2) and Long-Term Income (Variant 3) options.

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

    As the name suggests, this rider offers to waive off all future premiums in case you are diagnosed with a life threatening ailment such as cancer or suffer dismemberment or your demise (only when the Life Insured and the Policyholder are different individuals). Under Max Life Smart Wealth Plan, there is no inbuilt Waiver of Premium benefit, and thus, you would have to avail of this rider benefit as an additional benefit.

    Downloads

    • Rider Prospectus
    • Rider contract
    • Rider rates
    • Rider leaflet

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

    Under this plan with guaranteed returns, you can opt for this rider to avail of additional financial benefits in case of death or dismemberment of the Life Insured because of an accident.

    Downloads

    • Rider Prospectus
    • Rider contract
    • Rider rates
    • Rider leaflet

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

    Max Life brings a comprehensive insurance plan that covers up to 64 critical illnesses along with total and permanent disability coverage. You can choose the best variant for you from the five available variants. You will be also be eligible for a discounted renewal premium based on the number of steps monitored on Max fit app. You can even choose to get a cover up to age 85 years. (For further details, please refer to Max Life Critical Illness and Disability Rider, UIN – 104B033V01, prospectus/brochure

    Downloads

    • Rider Prospectus
    • Rider rates
    • Rider leaflet
    • Max fit discount table

    Max Life Term Plus Rider (UIN: 104B026V03)

    Using this rider add-on, available under Max Life Smart Wealth Plan, you can provide for an additional lump sum benefit in case of death of the Life Insured.

    Downloads

    • Rider Prospectus
    • Rider Contract
    • Rider Rates
    • Rider Leaflet

    Remember, there are no rider options available with the Whole Life Income (Variant 4) of the smart wealth plan and the policies sold through POS persons.

    ARN: PCP/SWP/180423

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    Operation Center :

     Max Life Insurance Co. Ltd, Plot No. 90-C UdyogVihar, Sector 18, Gurugram (Haryana) - 122015.

    Customer Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply.

    Online Helpline - 0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday).

    Fax Number:0124-4159397.

    Email ids: service.helpdesk@maxlifeinsurance.com

    Website: www.maxlifeinsurance.com

    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:104N118V06). 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 Claim Paid Ratio as per audited financials for FY 2022-2023

    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 - 104N118V06)– 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:104N118V06)

    **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:104N118V06)

    ~~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:104N118V06)

    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:104N118V06) 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:104N118V06) 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:104N118V06) 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:104N118V06) 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:104N118V06) 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.

     

    Disclaimer~*Standard premium for 24-year old healthy female,non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    ~^Disclaimer: 15 year return (CAGR – Compound Annualised Growth Rate) from Max Life High Growth Fund (ULIF01311/02/08LIFEHIGHGR104) as on 30/06/2022| 2Nifty Midcap Free Float 100% (5-year return) | For more details on risk factors, terms and conditions and products offered.

    ^~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. The value of your policy depends on a number of factors including future investment performance. The amount shown is for a 30-year-old healthy male, with 10 years premium payment term, and 35 years policy term with Max Life Online Saving Plan (Unit Linked Non Participating Individual Life Insurance Plan | Life Insurance is available in this product).