Max Life Smart Wealth Plan

Name: Max Life Smart Wealth Plan
Brand: Max Life Insurance
Rating: 4.1 (5406 reviews)

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

: In Unit Linked Policies, the investment Risk in the investment portfolio is borne by the policyholder.

Disclaimer

: Max Life Smart Wealth Plan | A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan | @Rs. 34,17,089 as lump sum at the end of 20 years, for a 30 years old healthy male. Premium payable per month is exclusive of GST.

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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: 104N116V10), 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

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?

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 8^th year to 13^th year in arrears)
	8	9	Guaranteed income benefit for 8 years (from 10^th year to 17^th year in arrears)
	10	11	Guaranteed income benefit for 10 years (from 12^th year to 21^st year in arrears)
	12	13	Guaranteed income benefit for 12 years (from 14^th year to 25^th year in arrears)
Long Term Income	6	6	Guaranteed income benefit for 25/30 years (from 7^th year to 31^st/36^th year in arrears plus Terminal Benefit)
	6	7	Guaranteed income benefit for 30 years (from 8^th year to 37^th year in arrears plus Terminal Benefit)
	6	8	Guaranteed income benefit for 25/30 years (from 9^th year to 33^rd/38^th year in arrears plus Terminal Benefit)
	8	8	Guaranteed income benefit for 25/30 years (from 9^th year to 33^rd/38^th year in arrears plus Terminal Benefit)
	8	9	Guaranteed income benefit for 25/30 years (from 10^th year to 34^th/39^th year in arrears plus Terminal Benefit)
	8	10	Guaranteed income benefit for 30 years (from 11^th year to 40^th year in arrears plus Terminal Benefit)
	10	10	Guaranteed income benefit for 25/30 years (from 11^th year to 35^th/40^th year in arrears plus Terminal Benefit)
	10	11	Guaranteed income benefit for 25 years (from 12^th year to 36^th year in arrears plus Terminal Benefit)
	10	12	Guaranteed income benefit for 25/30 years (from 13^th year to 37^th/42^nd year in arrears plus Terminal Benefit)
	12	12	Guaranteed income benefit for 25/30 years (from 13th year to 37^th/42^nd year in arrears plus Terminal Benefit)
	12	13	Guaranteed income benefit for 25/30 years (from 14^th year to 38^th/43^rd year in arrears plus Terminal Benefit)
	12	14	Guaranteed income benefit for 25 years (from 15^th year to 39^th year in arrears plus Terminal Benefit)
Whole Life Income	Single Pay	5	Guaranteed income benefit until the death of last survivor from 6^th year in arrears	Joint Life
Whole Life Income	6	6	Guaranteed income benefit until the death of last survivor from 7^th year in arrears	Joint Life

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)

65^^

Short Term Income

65^^

Long Term Income

65^^

Whole Life Income

Single Pay- 45 (Younger life)

65 (Older Life)

Regular pay- 40 (Younger Life)

65 (Older Life)

^^Maximum age at entry to be calculated as 72 years less Premium paying term (subject to maximum entry age of 65 years )
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

Short Term Income

Long Term Income

Whole Life Income

Minimum Premium^#

Lumpsum

Annual: Rs. 11,000
Semi Annual: Rs. 5,583
Quarterly: Rs. 2,814
Monthly: Rs. 943

Short Term Income

Long Term Income

Whole Life Income

Single Pay: Rs. 2,50,000
Regular Pay (Annual): Rs. 50,000
Regular Pay (Semi Annual): Rs. 25,375
Regular Pay (Quarterly): Rs. 12,790
Regular Pay (Monthly): Rs. 4,285

Maximum Premium

All Options

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

Premium Payment Mode & Modal Factors

Lumpsum

Annual, Semi Annual, Quarterly & Monthly

Premium Payment Mode	Modal Factors
Annual	1
Semi Annual	0.5075
Quarterly	0.2558
Monthly	0.0857

Short Term Income

Long Term Income

Whole Life Income

Single Premium & Regular Pay
For regular pay, annual, semi annual, quarterly and monthly modes are applicable as per the following modal factors.

Premium Payment Mode	Modal Factors
Annual	1
Semi Annual	0.5075
Quarterly	0.2558
Monthly	0.0857

Gender

Male, Female and Transgender

Premium Rates/Benefits

Premium rates and benefits are uni-smoker. This plan can also be offered to sub standard lives with extra mortality charges subject to limits determined in accordance with the Board approved underwriting policy of the Company.

Boundary conditions for policies sold through POSP

Eligibility Criteria	Variant	Policy Term	Entry Age (Minimum)	Entry Age (Maximum)
Maximum age at entry*	Lumpsum	10	8	55
		12	6	53
		15	3	50
		16	2	49
		20	91 days	45
	Short Term Income	7	11	58
		9	9	56
		11	7	54
		13	5	52
	Long Term Income	6	12	59
		7	11	58
		8	10	57
		9	9	56
		10	8	55
		11	7	54
		12	6	53
		13	5	52
		14	4	51
	Whole Life Income	6	40 (younger life)	59 (Older life)
MMinimum and Maximum Age at Maturity*	18 years and 65 years respectively
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

^{^^}Maximum age at entry to be calculated as 72 years less Premium paying term (subject to maximum entry age of 65 years)

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)

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
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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
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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
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.

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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.

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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

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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

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/020823

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Max Life Smart Wealth Plan

Maximize Your Savings With Max Life Investment Plans

What is Max Life Smart Wealth Plan?

How to save with Max Life Smart Wealth Plan?

Guaranteed Maturity Benefits

Flexibility

Guaranteed Additions

Financial Security in Case of Death

Who Should Invest in Max Life Smart Wealth Plan?

Why Save with Max Life Smart Wealth Plan?

How Does Max Life Smart Wealth Plan Work?

Step 1: Choose a suitable variant

1) Lumpsum

2) Short Term Income

3) Long Term Income

4) Whole Life Income

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

What does Max Life Smart Wealth Plan has to offer?

How Does Max Life Smart Wealth Plan Variants Work?

Various Online Insurance Plan by Max Life

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

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

Downloads

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

Downloads

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

Downloads

Max Life Term Plus Rider (UIN: 104B026V03)

Downloads

We would like to hear from you

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