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Max Life Assured Wealth 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.

 

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

3 reasons you should buy this plan

  • Get fully guaranteed lump sum maturity benefit to meet your savings goals
  • Short premium payment term of 5 years and policy term of 10 years to help build wealth in a short time 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

Fixed Premium Payment Term and Policy Term

The product helps you build wealth in a short time by saving systematically as it offers a short premium payment term of 5 years and policy term of 10 years

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

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 Annualised Premium*,

  • 105% of all premiums paid as on the date of death of life insured

  • Guaranteed Sum Assured at Maturity

  • Any absolute amount assured to be paid on death#

 

Policy Continuance Benefit - All due premiums, if any, coinciding or following the date of death of the Life Insured will be waived off and the policy will continue. Your beneficiary will receive Guaranteed Monthly Income Benefit & Maturity Benefit (including bonuses) as and when due.


*Annualised Premium includes extra premium (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 for base policy excluding extra premium (if any))

Total premiums paid for base policy refers to the total Annualised premium paid under the 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.

The GSV factors for the base policy are as follows:

Policy year

% of (Total premiums paid for base policy excluding, extra premium (if any)

1

NIL

2-3

30%

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 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 at Maturity = ((Total premiums paid for base policy less extra premium (if any)) / (Total premiums payable under base policy less extra premium (if any))) X Guaranteed Sum Assured at Maturity.

 

RPU Death Benefit = ((Total premiums paid for base policy less extra premium (if any)) / (Total premiums payable under base policy less extra premium (if any))) X 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). This is assuming that the premium has been paid for the entire Premium Payment Term of 5 years.

 

Example 1

Example 2

Example 3

Age of Life Insured

35 years

35 years

35 years

Premium Payment Term/Policy Term

5 Pay 10 years

5 Pay 10 years

5 Pay 10 years

Annualized Premium*

50,000

75,000

100,000

Total Annualized Premium

250,000

375,000

500,000

Guaranteed Maturity Sum Assured

355,593

541,868

722,491


*Annualized Premium is defined as premium payable in a year & inclusive of extra premium (if any) but exclusive of all applicable taxes, cesses and levies as imposed by the Government from time to time.

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

Minimum entry age   : 8 years

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  : 55 years

Policy Term

10 years

Premium Payment Term

5 years

Premium Payment Mode

 

Only annual mode is available

 

Minimum Annual Premium

Rs. 30,000

Please note the minimum premium is exclusive of all applicable taxes, cesses and levies as imposed by the Government from time to time and extra premium (if any).

Maximum Annual Premium

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

Guaranteed Sum Assured  at  Maturity

Minimum:

Rs. 1,97,460

Maximum:

Subject to limits determined in accordance with the Board approved underwriting policy of the Company
Downloads Actions
Prospectus
Policy Contract
Premium Rates Table
Leaflet

Additional Benefits through Riders

Additional Benefits through Riders

Max Life Term Plus Rider (UIN: 104B026V02)

Max Life Term Plus Rider (UIN: 104B026V02) 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

alt text Downloads

Max Life Accidental Death & Dismemberment Rider (UIN: 104B027V02)

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 - 104B027V02, prospectus/brochure)

Downloads

Max Life Waiver of Premium Plus Rider (UIN: 104B029V02)

Max Life Waiver of Premium Plus Rider (UIN: 104B029V02) 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

Downloads

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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

98.26%

98.26%

Individual death claims paid (Src: Max Life Public Disclosure FY 2017-18)

Max Life Presence

210 Offices

210 Offices

Src: Director's Report FY 2016-17

Sum Assured

₹511,541 Cr.

₹511,541 Cr.

In force (individual) Src: Public Disclosure, FY 2017-18

Assets Under Management

₹52,237 Cr.

₹52,237 Cr.

Src: Public Disclosure, FY 2017-18

More reasons why our customers choose us

Let’s Connect

Let’s Connect

Buy an Insurance Plan
1860 120 5577
1800 200 3383 (Online Term Plan)

online@maxlifeinsurance.com
SMS 'LIFE' to 5616188

Let us call you back
Customer Service
1860 120 5577

service.helpdesk@maxlifeinsurance.com

Write to us
NRI Helpdesk
0124 - 2385240; 2542001; 3812932

nri.helpdesk@maxlifeinsurance.com