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Life Insurance Coverage is available in this Product

Max Life Assured Wealth Plan

Presenting Max Life Assured Wealth Plan a Non-Linked, Non-Participating Individual Life Insurance Savings Plan

Life is all about fulfilling your dreams for your loved ones. You plan to fulfill goals like your savings, children’s education, marriage and your peaceful retirement. However, in an environment which is full of uncertainty and volatility, you need guaranteed assurance, that surmounts all such risks. We understand the significance of such milestones and secure your financial future by helping you pursue your dreams towards accomplishment of these milestones with certainty.

3 reasons you should buy this plan

  • Get fully guaranteed lump sum maturity benefit to meet your savings goals
  • Flexible Premium Payment and Policy Term Options to help build wealth by saving systematically
  • Lump sum death benefit is paid immediately on death of Life Insured ensuring complete financial security for your loved ones in your absence

What do I get with this plan?

What do I get with this plan?

Guaranteed Maturity Benefit

Get fully guaranteed lumpsum benefit to meet you savings goals

Flexible Premium Payment Term and Policy Term

The Product helps your build wealth systematically, it offers 6 different variants of Premium Payment Term & Policy Term.

Complete financial security in case of death

The product offers comprehensive death benefit to the nominee in case of death of Life Insured during the policy term, provided the policy is in force. Lump sum death benefit is paid immediately on death of Life Insured ensuring complete financial security for your loved ones in your absence

Tax Benefits

Tax benefits apply to the premiums paid and benefits received by you as per the prevailing tax laws

 

Enhanced protection through Riders

The product offers additional rider(s) that can be taken with the policy to provide for additional protection as per your need

Here’s all you need to know about this plan

Here’s all you need to know about this plan

Insert Image Death Benefit

Payable on death of the life insured during the policy term provided the policy is in-force

Payable on death of the life insured during the policy term provided the policy is in-force

The lump sum ‘Death Benefit' is payable immediately on the death of the life insured and is defined as the higher of:

  • 10 times the sum of annualised Premium* and underwriting extra premiums, (if any),
  • 105% of sum of TotalPremiums Paid, underwriting extra premiums and loadings for modal premiums (if any) as on the date of death of the life insured
  • Guaranteed Sum Assured at Maturity
  • #Any absolute amount assured to be paid on death

 

*Annualised Premium shall be the premium amount payable in a year chosen by the policyholder excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

#Absolute amount assured to be paid on death is equal to zero under this product

The policy gets terminated after payment of Death Benefit.

Insert Image Maturity Benefit

Payable on the date of maturity

Maturity benefit is equal to Guaranteed Sum Assured at Maturity (GSAM).  The policy gets terminated after the payment of maturity benefit.

Insert Image Surrender Benefit

Payable immediately on surrender

The policy can only be surrendered once it acquires a Guaranteed Surrender Value (GSV) .i.e., on payment of first two full year’s premium.

The surrender value will be equal to the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).  The GSV is defined as:-


GSV factor x (Total Premiums Paid plus loading for modal premiums (if any) for base policy)

In practice, an SSV will be paid to the policyholder which will always be higher than or equal to the GSV.

The policy gets terminated after payment of surrender benefit.

Total Premiums Paid’ means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

The GSV factors for the base policy are as follows:

Policy year

Guaranteed Surrender Value factors

1

NIL

2

30%

3

35%

4

50%

5

52%

6

54%

7

56%

8 +

Graduating linearly from 56% to 90% during the last two policy years using the following formula:

Minimum (56% + [(34% x (N-7)) /(Policy term - 8)], 90%)

Where N : Year of surrender

 

Insert Image Reduced Paid Up (RPU) Benefit

Once the policy has acquired a surrender value, in case of non-payment of due premiums before the expiry of the grace period

Once the policy has acquired a surrender value, in case of non-payment of due premiums before the expiry of the grace period

Once the policy has acquired a surrender value, in case of non-payment of due premiums till the expiry of the grace period, the policy will not lapse but will become Reduced Paid Up (RPU). The policy will continue with reduced benefits as below:-

RPU Guaranteed Sum Assured on Maturity = ((Total Premiums Paid plus loadings for modal premiums paid (if any)forbase policy) / (Total Premiums Payable  plus loadings for modal premiums payable (if any)for base policy)) * Guaranteed Sum Assured on Maturity.

RPU Death Benefit = ((Total Premiums Paid plus loadings for modal premiums paid(if any)for base policy) / (Total Premiums Payable plus loadings for modal premiums payable (if any)for base policy))* Death Benefit

The death benefit and maturity benefit for a policy in RPU mode will be as follows:

Death Benefit for a RPU Policy: RPU Death Benefit will be paid immediately on death of life insured during the term of the policy in RPU status

Maturity Benefit for a RPU Policy: RPU Guaranteed Sum Assured at Maturity shall be payable on the maturity date. 

Insert Image TAX BENEFIT

You may be entitled to certain applicable tax benefits on your premiums and Policy benefits

Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax advice.


Please look at some examples below. Below listed  scenarios are assumed for a healthy male (without loading and all applicable taxes, cesses and levies as imposed by the Government).

 

Example 1

Example 2

Example 3

Age of Life Insured

35 years

35 years

35 years

Premium Payment Term/Policy Term

5 Pay 10

5 Pay 10

5 Pay 10

Annualized Premium*

1,00,000

2,00,000

5,00,000

Total Annualized Premium

500000

1000000

2500000

Guaranteed Maturity Sum Assured

751,993

1,528,117

3,859,216



* Annualized Premium” shall be the premium amount payable in a policy year chosen by the policyholder, excluding Extra Premium, Rider Premium, loading for modal premiums and applicable taxes, cesses and levies, if any.

Age of the Life Insured at Entry
(age as on last birthday)

Minimum entry age   : 0 (91 Days)

Where the life to be insured is a minor at the date of commencement of policy, there shall be a proposer to propose Life Insurance cover on the life of the minor.  The proposer shall have insurable interest on the life of the minor.  The proposer is the rightful owner of the policy during the minority of the life insured.  The policy shall continue on the life of the life insured once he/she attains majority. The relationship of the proposer to the Life insured (minor) shall be either parent or legal guardian and the same shall be mentioned in the proposal form.

Maximum entry age  : 60 years

Policy Term

For PPT5: 10, 15, 20 years
For PPT8: 16 years
For PPT 10: 15, 20 years

Premium Payment Term

5, 8 or 10 years

Guaranteed Sum Assured  at  Maturity

Minimum:

Rs. 1,61,225

Maximum:

Subject to limits determined in accordance with the Board approved underwriting policy of the Company

 

Premium Payment Mode & Modal Factors: Annual and Monthly Only

Premium Payment Mode

Modal Factors

Annual

1.00000

Monthly

0.08333

 

Minimum Premium:

Premium Payment Mode

Minimum Premium

Annual

Rs. 24,000

Monthly

Rs. 2,000
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Prospectus
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Policy Contract
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Premium Rates Table
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Leaflet
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Check out the different Online Insurance Plans from Max Life!

Check out the different Online Insurance Plans from Max Life!

MAX LIFE SMART TERM PLAN

  • Financial protection against critical illnesses, including heart attack, cancer, and kidney failure
  • Flexibility to choose the most suitable premium payment options that fits your budget and income
  • Life coverage along with return of premium option to get the premiums paid back as a survival benefit
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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 ONLINE TERM PLAN PLUS

  • Ease of buying life cover from the comfort of your home to ensure financial benefits for your loved ones
  •  3 payout options – lumpsum benefit, lumpsum with monthly income, and lumpsum with increasing monthly income
  • Additional protection with term insurance riders to cover accidents, disability, and critical illnesses
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MAX LIFE CANCER INSURANCE PLAN

A comprehensive Cancer Insurance Plan that provides a payout at all stages of Cancer

  • 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
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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 term
  • Multiple premium payment tenure and policy period options to fit your profile and specific requirements
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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
  • Two premium payment options – 6 and 10 years to be chosen as per suitability of the plan for your needs
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Term Plan with Return of Premium

  • Option to receive the premiums paid back on successful survival of the insured till end of policy term
  • Death benefits for your family members in case of any eventuality leading to the loss of your life
  • Limited pay options to pay for term plans with return of premium – 5 Pay, 10 Pay, 12 Pay, 15 Pay, or 60 Pay
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Max Life Critical Illness and Disability Rider

  • Additional protection against upto 64 critical illnesses depending on the rider variant you select
  • Total and Permanent Disability Cover on the occurrence of disability arising from sickness or injury
  • Wellness benefit to avail a discount on annualised renewal premiums as per healthy weeks you accumulate
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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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Additional Benefits through Riders

Additional Benefits through Riders

Max Life Term Plus Rider (UIN: 104B026V03)

Max Life Term Plus Rider (UIN: 104B026V03) provides additional lump sum benefit in case of death of the Life Insured. For more details on the Rider and various terms and conditions, please refer to the Max Life Term Plus Rider Prospectus/Brochure, Rider Contract, Rider Rates & Rider Leaflet

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Max Life COVID19 One Year Term Rider

Get financial protection from the uncertainty of COVID 19, with a lump sum pay out on COVID-19 diagnosis or death after COVID Diagnosis (For further details, please refer to the Max Life COVID19 One Year Term Rider Prospectus, UIN –104B048V01) Both Diagnosis and Death Cover is available only for the Life Insured

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Max Life Accidental Death & Dismemberment Rider (UIN: 104B027V03)

Extend the protection cover for your family in case you meet with an accident leading to dismemberment or death. (For further details, please refer to Max Life Accidental Death & Dismemberment Rider, UIN - 104B027V03, prospectus/brochure)

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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 Waiver of Premium Plus Rider (UIN: 104B029V03)

Max Life Waiver of Premium Plus Rider (UIN: 104B029V03) provides waiver of all future premiums in case of Critical Illness or dismemberment or Death (only when Life Insured and Policyholder are different individuals). This product doesn’t have an in-built Waiver of Premium benefit and thus rider benefit is an additional benefit. For more details on the Rider and various terms and conditions, please refer to the Max Life Waiver of Premium Plus Rider Prospectus/Brochure, Rider Contract, Rider Rates & Rider Leaflet

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Why Choose Max Life

Here are some of the numbers which speak about our accomplishments

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments
Claims Paid Percentage

99.22%

99.22%

(Source : As per Annual Audited Financials, FY' 19-20)

Max Life Presence

269 Offices

269 Offices

(Source : As reported to IRDAI, FY19-20)

Sum Assured

₹9,13,660 Cr.

₹9,13,660 Cr.

In force (individual) (Source : Max Life Public disclosure, FY19-20)

Assets Under Management

₹68,471 Cr.

₹68,471 Cr.

(Source : Max Life Public disclosure, FY19-20)

More reasons why our customers choose us

Let’s Connect

Let’s Connect

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

online@maxlifeinsurance.com
SMS 'LIFE' to 5616188

Let us call you back
Customer Service Helpline
1860 120 5577
(9:00 AM to 6:00 PM Monday to Saturday)
  Chat with us

Please write to us incase of any escalation/feedback/queries.

Write to us
NRI Helpdesk
0124 - 5098162; 0124 -  4905150
(9:00 AM to 6:00 PM Monday to Saturday)

nri.helpdesk@maxlifeinsurance.com