Max Life Smart Wealth Plan
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
*Disclaimer: Max Life Smart Wealth Plan |A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan|@Rs.28,06,000 as lump sum at the end of 20 years, for a 30 years old healthy male
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: 104N116V07), 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.
How to save with Max Life Smart Wealth Plan?
Guaranteed Maturity Benefits
Max Life Smart Wealth Plan provides guaranteed benefits on your savings, to help you meet your savings goal
You have the flexibility to choose from four plan options- Lumpsum, Short Term Income, Long Term Income, and Whole Life Income
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?
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?
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:
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
Single Life/Joint Life
Lump sum at the end of policy term
Short Term Income
Guaranteed income benefit for 6 years (from 8th year to 13th year in arrears)
Guaranteed income benefit for 8 years (from 10th year to 17th year in arrears)
Guaranteed income benefit for 10 years (from 12th year to 21st year in arrears)
Guaranteed income benefit for 12 years (from 14th year to 25th year in arrears)
Long Term Income
Guaranteed income benefit for 30 years (from 8th year to 37th year in arrears plus Terminal Benefit)
Guaranteed income benefit for 30 years (from 11th year to 40th year in arrears plus Terminal Benefit)
Guaranteed income benefit for 25 years (from 12th year to 36th year in arrears plus Terminal Benefit)
Guaranteed income benefit for 25 years (from 15th year to 39th year in arrears plus Terminal Benefit)
Whole Life Income
Guaranteed income benefit until the death of last survivor from 6th year in arrears
Guaranteed income benefit until the death of last survivor from 7th year in arrears
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 termsKnow more
Continued benefits of the base policy to give you peace of mind about maintaining various life expenses
- 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 chargesKnow more
Flexibility to choose a policy term up to 85 years, premium payment term and payouts to fit your needs
- 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 diagnosisKnow more
Tax benefit under section 80D, as per prevailing tax laws
- 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 goalsKnow more
Multiple variants – lumpsum, short term income, long term income, and whole life income with unique benefits
- Short Term Income
Guaranteed income benefit at the end of the policy term based on the chosen frequency for the payout period
Lumpsum guaranteed death benefit payable to the nominee after the death of the life insured during policy termKnow more
Multiple premium payment tenure and policy period options to fit your profile and specific requirements
- 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 nomineeKnow more
Four premium payment options – 6, 8, 10 and 12 years to be chosen as per suitability of the plan for your needs
- Max Life Fast Track SuperKnow more
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.
- Max Life Online Savings PlanKnow more
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.
- Max Life Savings Advantage PlanKnow more
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.
- Max Life Assured Wealth PlanKnow more
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.
- Max Life Future Genius Education PlanKnow more
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.
- Max Life Shiksha Plus SuperKnow more
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.
- Max Life Forever Young Pension PlanKnow more
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.
- Max Life Perfect Partner PlanKnow more
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.
- Max Life Smart Fixed-return Digital Plan
Returns in just 5 year
Tax-Free## Fixed Returns up to 6.27%^*Know more
Tax savings up to Rs. 46,800## u/s 80C
- Max Life Whole Life Super PlanKnow more
Max Life Whole Life Super Plan (A Non-Linked Participating Individual Life Insurance Savings Plan. UIN - 104N080V04) is an insurance & investment/savings plan, which helps you systematically create wealth for your family while protecting them with a comprehensive life cover.
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.
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.
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
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.
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/260722
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