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Max Life Savings Advantage Plan

You may have many goals in life for which you save money. These may be short-term goals, or long-term goals, such as buying a sedan, planning for children’s education in an ivy college, and planning for your daughter’s destination wedding. To ensure that you meet these goals, you need a financial instrument that can systematically grow your savings.

Presenting Max Life Savings Advantage Plan that accelerates the growth in your systematic savings and helps you build a corpus to address all your life goals while providing insurance coverage to take care of your loved ones in case of an unfortunate event.

Top Reasons Why You should Buy Max Life Savings Advantage Plan

  • Flexibility to choose Premium Payment Term and Policy Term that matches your life goals
  • Get lumpsum amount on maturity that is partly guaranteed
  • Save tax under section 80C and Section 10(10D) as per prevailing tax laws
  • Protection for your family through life insurance cover

What do You get with Max Life Savings Advantage Plan?

What do You get with Max Life Savings Advantage Plan?

All You Need to Know about Max Life Savings Advantage Plan

All You Need to Know about Max Life Savings Advantage Plan

Insert Image Flexibility to Choose Premium Payment and Policy Terms as per Your Need

You have the flexibility to choose from various Premium Payment & Policy Term as per your requirement, enabling  you to decide the period for which you wish to save and the time when you need  the money to fulfil your particular need.

Insert Image Guaranteed Additions

This plan provides you guaranteed 5.5% of Guaranteed Sum Assured on Maturity as Guaranteed Additions, at the end of each policy year, for first 5 policy years, to boost your benefits.

Insert Image Death Benefit That Increases Post 10 Policy Years

In case of death of the life insured on or before the completion of 10 policy years, Guaranteed Death Benefit along with accrued Guaranteed Additions, Paid Up Additions (if any) & Terminal Bonus (if any) shall be payable. 

In case of death of the life insured after 10 policy years, 110% of Guaranteed Death Benefit along with accrued Guaranteed Additions, Paid Up Additions (if any) & Terminal Bonus (if any) shall be payable.

Insert Image Maturity Benefit

You enjoy 110% of Guaranteed Sum Assured on Maturity along with Accrued Guaranteed Additions, Accrued Paid Up Additions (if any), and Terminal Bonus (if any).

Insert Image Settlement and Commutation Benefit

You or your nominee have the flexibility to convert the lump sum Maturity Benefit/Death Benefit into regular income (monthly or annual mode) for 10 years based on your requirement. 

Insert Image Tax Benefit

You may be entitled to certain applicable tax benefits under section 80(C) and section 10(10D) of Income Tax Act, 1961, on the premiums paid and benefits received, respectively, as per the prevailing tax laws. It is advisable to seek an independent tax advice.

Mr Bajaj, aged 35 years, pays a premium of Rs. 50,000 in Max Life Savings Advantage Plan on an annual basis. He opts for a 10-year Premium Payment Term & 20-year Policy Term. His GSAM is Rs. 4,55,000. Let's see how this plan would work for him:

Scenario 1: Mr Bajaj survives through the Policy Term

Max Life Savings Advantage Plan - Maxlife Insurance

*Important Notes
1. Kindly note that the above case studies are only examples and do not in any way create any rights and/or obligations. The actual experience of the policy may be different from what is shown above. The above scenarios are depicted at assumed rate of returns with 4% and 8% and these are not the upper or lower limits of what one can expect from this policy, as it is dependent on number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.
2. 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. Tax benefits are subject to change in tax laws. It is advisable to seek an independent tax advice.
3. Bonuses are non-guaranteed and are declared at the sole discretion of the Company. For more information, please request for your Policy specific benefit illustration.

Scenario 2: Mr. Bajaj meets with an accident and dies in the 6th policy year:

Max Life Savings Advantage Plan - Maxlife Insurance

*Important Notes
1. Kindly note that the above case studies are only examples and do not in any way create any rights and/or obligations. The actual experience of the policy may be different from what is shown above. The above scenarios are depicted at assumed rates of returns with 4% and 8%, and these are not the upper or lower limits of what one can expect from this policy, as it is dependent on several factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.
2. 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. Tax benefits are subject to change in tax laws. It is advisable to seek an independent tax advice
3. Bonuses are non-guaranteed and are declared at the sole discretion of the Company.

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

Minimum
Single Pay : 8 years
Limited/Regular Pay : 0 years (91 days at the time of applying for this plan)
Here, the Life Insured is a minor. In such a case, the proposer should be either parent or legal guardian and must have insurable interest in the life of the minor. The risk coverage for minors will commence from the inception of the policy. If the Policy has been issued on the life of a minor, the Policy will automatically vest on him on becoming an adult.

Maximum
Single Pay : 65 years
Limited Pay : 60 years. If Entry age of Life insured is >=56 years then Entry age of Life Insured + Premium Payment Term shall be <=65 years.
Regular Pay : 45 years


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

Minimum
18 years

Maximum
Single Pay : 75 years
Limited Pay : 80 years
Regular Pay : 65 years

If Entry age of Life insured is >=56 years then Entry age of Life Insured + Premium Payment Term shall be <=65 years.

Premium Payment Term (PPT)

Single Pay
Limited Pay : 5 to 12 years
Regular Pay : 20 to 30 years (where PPT will be equal to PT)


Policy Term (PT)

Single Pay : 10 years
Limited Pay : 10 to 30 years subject to Policy Term being greater than or equal to Premium Payment Term plus 5 years
Regular Pay : 20 to 30 years

Minimum Annual Premium

Single Pay variant: The minimum premium is Rs. 1,00,000.

Limited Pay and Regular Pay variant: The minimum premium varies as per Policy Term and premium payment mode and is shown in table below:

Premium Payment
 Mode

Policy Term
less than 15 years

Policy Term
greater than or equal to 15 years

Annual

Rs. 50,000

Rs. 8,500

Semi-annual

Rs. 27,500

Rs. 6,000

Quarterly

Rs. 15,000

Rs. 4,000

Monthly

Rs. 5,250

Rs. 1,500




The minimum premium does not include any applicable tax, cesses, and levies, loading for modal premium, and underwriting extra premium (if any).

Maximum Annual Premium

Only subject to limits as per the Board approved underwriting policy of the Company

Downloads Actions
Premium Rates Table
Download - Maxlife Insurance
Leaflet
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Prospectus
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Policy Contract
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ARN No: PCP/SAP/300822

Additional Benefits through Riders

Additional Benefits through Riders

'Wondering How Savings Plans can Help Meet Your Financial Goals and Family’s Needs?'

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Why Choose Max Life

Here are some of the numbers that speak about our accomplishments

Why Choose Max Life

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

99.51%

99.51%

(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023)

Max Life's Presence

269 Offices

269 Offices

(Source: As reported to IRDAI, FY 2022-23)

Sum Assured

₹1,397,142 Cr.

₹1,397,142 Cr.

In force (individual) (Source: Max Life Public Disclosure, FY 2022-23)

Assets Under Management

₹122,857 Cr.

₹122,857 Cr.

(Source: Max Life Public Disclosure, FY 2022-23)

More reasons why our customers choose us

Let’s Connect

Let’s Connect

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

service.helpdesk@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 in case of any escalation/feedback/queries.

Write to us
NRI Helpdesk
011-71025900; 011-61329950
(9:00 AM to 6:00 PM Monday to Saturday)

nri.helpdesk@maxlifeinsurance.com