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?

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.

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

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%

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

Downloads Actions
Prospectus

Policy Contract

 
Premium Rates Table

 
Leaflet

 

Additional Benefits through Riders

Additional Benefits through Riders

"Wondering how savings plans can meet your financial goals and family’s needs?"

Understand Savings & Income plans better

 

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

98.74%

98.74%

(Source : Annual Results Release FY18-19)

Max Life Presence

239 Offices

239 Offices

(Source : Annual Results Release FY18-19)

Sum Assured

₹7,03,972 Cr.

₹7,03,972 Cr.

In force (individual) (Source : Public disclosure FY18-19)

Assets Under Management

₹62,798 Cr.

₹62,798 Cr.

(Source : Public disclosure FY18-19)

More reasons why our customers choose us

Let’s Connect

Let’s Connect

Online Plus Helpline
1800 200 3383 (Online Term Plan)
(24x7* except national holidays*)

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