Max Life Smart Wealth Income Plan

Ensuring your family’s lifelong happiness means establishing a source of lifelong income that can continue providing your loved ones with extra love, comfort and opportunities to fulfil their dreams. Max Life Smart Wealth Income Plan is a smart product designed to enable you in this journey of fulfilment in life. Here’s all you need to know about it!

What is Max Life Smart Wealth Income Plan?

The Max Life Smart Wealth Income Plan (Max Life Smart Wealth Income Plan

Non-Linked Participating Individual Life Insurance Savings Plan | UIN: 104N120V01) is a comprehensive solution that ensures your lifelong happiness by providing an additional income stream at the years when you need it most. It is a participating product that gives you the financial capacity to satisfy your family's demands while assuring you and your loved ones live a comfortable life.

It offers multiple customization options to suit the diverse profiles of customers. No two people have the exact same financial requirements. Hence, when you are creating a financial plan to secure your loved ones and your family’s dreams, it is crucial to tailor it to provide maximum benefits for you.

The Max Life Smart Wealth Income Plan (Max Life Smart Wealth Income Plan

Non-Linked Participating Individual Life Insurance Savings Plan | UIN: 104N120V01) is a comprehensive solution that ensures your lifelong happiness by providing an additional income stream at the years when you need it most. It is a participating product that gives you the financial capacity to satisfy your family's demands while assuring you and your loved ones live a comfortable life.

It offers multiple customization options to suit the diverse profiles of customers. No two people have the exact same financial requirements. Hence, when you are creating a financial plan to secure your loved ones and your family’s dreams, it is crucial to tailor it to provide maximum benefits for you.

Features of Max Life Smart Wealth Income Plan

Apart from the variants of the Max Life Smart Wealth Income Plan, there are other important features that make it a valuable financial solution for the modern policy buyer. Here are some features of Max Life Smart Wealth Income Plan that you should know:

1. Policy Continuance Benefit##

At the time of purchase of this plan, you can customise your protection cover by adding the Policy Continuance Benefit##. This benefit pays the nominee an additional lump sum and assures that your survival and maturity benefits are paid as and when due, to your nominee in the event of the Life Insured's death, without the need to pay any premium.

Simply put, if the life insured suffers an untimely demise, the policy will continue as it is, meaning if you’ve paid 5 out of the due 15 years of Premium, and death occurs in the 6th year, the premiums for the remaining years will be paid by us, keeping all benefits remaining intact.

2. Multiple Variants Available

There are options for Early Income, Early Income with Guaranteed~ Money Back, and Deferred Income plans, as discussed. All these choices include built-in guarantees& as well as cash bonuses**. You can also add the Policy Continuance Benefit## to any of the variants to ensure your family’s financial security is never compromised.

**This bonus will be payable, if declared.

3. Deferment of due Survival Benefit

Max Life Smart Wealth Income Plan also has the option to accrue survival benefits and take them as per your need.  You can choose to accrue your survival benefit pay-outs and withdraw as much as you like, whenever you like, while earning an interest over the accrued benefits and letting it grow.

4. Enhanced Liquidity in your hands

With the Early Income and Early Income with GMB variants, the customers start getting the survival benefits starting from 2nd policy year, hence giving liquidity in customer’s hands.

5. Choice of Income Period

As the policyholder, you have control over the choice of income period including whole life income option*. You can opt to receive income and avail life cover till your chosen maturity age which can be 100 years, 85 years, or 75 years of age.

6. Optional Riders

Other than the Policy Continuance Benefit## you can also add riders such as waiver of premium plus, accidental death & dismemberment rider, term plus rider, critical illness, and disability rider, etc. to further enhance the benefits of the Max Life Smart Wealth Income Plan.  Refer the rider prospectus for details.

What Is Max Life Smart Term Plan Max Life Insurance

5. Choice of Income Period

As the policyholder, you have control over the choice of income period including whole life income option. You can opt to receive income and avail life cover till your chosen maturity age which can be 100 years, 85 years, or 75 years of age.

6. Optional Riders

Other than the Policy Continuance Benefit, you can also add riders such as waiver of premium plus, accidental death & dismemberment rider, term plus rider, critical illness, and disability rider, etc. to further enhance the benefits of the Max Life Smart Wealth Income Plan.  Refer the rider prospectus for details.

What Is Max Life Smart Term Plan Max Life Insurance

7. Special Discounts and Rebates

Another distinguishing feature of Max Life Smart Wealth Income Plan is the discounts offered for existing customers and female policyholders on the premium rate and high sum assured rebates built in the plan. It helps customers to gain financial security without putting a strain on their existing financial lives.

Why Should You Choose Smart Wealth Income Plan

The Smart Wealth Income Plan by Max Life comes with a unique set of benefits that makes it a favourable option for the policy buyer of today. Since financial needs are rapidly evolving, we need policies that can catch up to it and evolve with it. Choosing this plan gives you access to multiple innovative features such as:

Policy Continuance Benefit## – This is one of the most impressive features of this policy that allows policyholder to provide financial security to their loved ones even in their absence without having to pay the premiums in case of an unfortunate incident.

Flexibility – The choices available to policy buyers in terms of policy term, premium payment term, death benefit variants, makes this plan one of the most customer-friendly policies available today.

Special Rebates and Discounts – You are eligible to receive 2 types of discounts-a flat 2% on 1st year discount if you are an existing Max Life customer and a flat .75% on all premiums applicable discount if you are a female life insured. Further you can win the special High Sum Assured rebates if you opt for a higher Sum Assured in your Policy.

Long Term Financial Support – The minimum entry age of this policy is as low as 91 days, and it can cover the insured person up to 100 years. 

What Is Max Life Smart Term Plan Max Life Insurance

Policy Continuance Benefit## – This is one of the most impressive features of this policy that allows policyholder to provide financial security to their loved ones even in their absence without having to pay the premiums in case of an unfortunate incident.

Flexibility – The choices available to policy buyers in terms of policy term, premium payment term, death benefit variants, makes this plan one of the most customer-friendly policies available today.

Special Rebates and Discounts – You are eligible to receive 2 types of discounts-a flat 2% on 1st year discount if you are an existing Max Life customer and a flat .75% on all premiums applicable discount if you are a female life insured. Further you can win the special High Sum Assured rebates if you opt for a higher Sum Assured in your Policy.

Long Term Financial Support – The minimum entry age of this policy is as low as 91 days, and it can cover the insured person up to 100 years.

What Is Max Life Smart Term Plan Max Life Insurance

It is crucial to go through the details of the policy and understand which variant is best-suited to meet the requirements of your loved ones in the long term. Hence, make sure you assess your investments, debts and other liabilities carefully before purchasing the Max Life Smart Wealth Income Plan. 

Though there are several varieties of income plans available today, few of them may be suitable to your particular financial needs. It is understandable that you may find yourself struggling with the choices. To make things easier for you, we have outlined some of the benefits that you get when you choose Max Life Smart Wealth Income Plan. Let’s take a look at these:

Diverse Options to Customize

At any stage in your life, you have varying financial requirements. For instance, a married person planning a family will have different financial priorities than someone nearing their retirement age. Depending on when you invest in the Max Life Smart Wealth Income Plan, you can choose the most suitable variant of the policy and further customize it by selecting the right policy term, premium payment term and additional riders. 

Long-Term Wealth-Creation

The policy term of Max Life Smart Wealth Income Plan can be extended up to 100 years, making it a whole life option. Hence, you can rely on the plan to provide an alternate source of income for a long time, keeping you relieved of any financial stress.

Survival Benefits with the Flexibility to accrue and take later

The Survival Benefits vary with your chosen plan variant. This plan gives you the flexibility to accrue your Survival Benefits - both the Guaranteed Income as well as the Cash bonus (if declared) anytime during the Policy Term. Also, you may choose to withdraw your accrued benefits completely or partially, at any time during the policy term.

The survival benefits under each of three key Plan Options are explained below:

1. Early Income

  • Cash Bonus (% of Sum Assured on Maturity), if declared, from 2nd Policy Year till end of Policy Term
  • Guaranteed Income (% of Sum Assured on Maturity) from 2nd Policy Year and payable for a period of 25 years or till the end of Policy Term, whichever is earlier.

2. Early Income with Guaranteed Money Back

  • Cash Bonus (% of Sum Assured on Maturity), if declared, from 2nd Policy Year till end of Policy Term
  • Guaranteed Money Back (% of Sum Assured on Maturity) at the end of the Policy Years (PPT+1), (PPT+6) and (PPT+11).

3. Deferred Income

  • Cash Bonus (% of Sum Assured on Maturity), if declared, starting policy year PPT +2till end of Policy Term; and
  • Guaranteed Income (% of Sum Assured on Maturity) starting policy year PPT+2 and payable for a of 25 years or till the end of Policy Term, whichever is earlier.

Where, PPT is the chosen premium payment term.

Guaranteed Income and Cash Bonus (if declared) shall be payable in arrears (i.e. end of year for annual pay-out mode and end of each month for monthly pay-out mode) as per the chosen pay-out frequency. The Income payout frequency has to be chosen at inception and the Pay-out frequency options available are annual and monthly.

Maturity Benefit

Policyholders receive a survival benefit at the end of the pre-determined policy term in the form of the guaranteed sum assured at maturity and terminal bonus (if any). Any accrued survival benefit, if not already paid shall be paid in addition. Please refer section “Accrual of Survival Benefits” for related details.

Death Benefit

5.1. Without Policy Continuance Benefit:

In case of an unfortunate demise of the Life Insured during the policy term, the Death Benefit shall be equal to:

  • Sum Assured on Death, plus
  • Terminal Bonus (if any)

Any accrued survival benefit, if not already paid shall be paid in addition.

Please refer section “Accrual of Survival Benefits” for related details.

5.2. With Policy Continuance Benefit:

In case of an unfortunate demise of the Life Insured during the policy term, the benefit payable is the sum of following components:

i) Death Benefit: The Death Benefit is equal to Sum Assured on Death, Any accrued survival benefit, if not already paid shall be paid in addition to death benefit. Please refer section “Accrual of Survival Benefits” for related details.

ii) Policy Continuance Benefit: All future Cash Bonus (if declared), Guaranteed Income, Guaranteed Money Back and Maturity Benefit (Sum Assured at Maturity plus Terminal Bonus) shall be payable as and when due in future without any need for the premium payment.

The policy will participate in future profits (i.e. all future bonuses shall be payable under the policy). All future survival and maturity benefits shall be paid to the beneficiary as and when due, as would have been the case had the Life Insured been alive and would have been paying premiums.

where “Sum Assured on Death” is higher of:

a. 11 times the (Annualised Premium plus underwriting extra premium, if any) or

b. 105% of (Total Premiums Paid plus Underwriting Extra Premiums paid plus loadings for modal premiums received as on the date of death of Life Insured),

Tax Advantage

As per the existing #*tax regulations under the Income Tax Act, 1961, you will be eligible for tax benefits against the premiums paid for Max Life Smart Wealth Income Plan.

The Max Life Smart Wealth Income Plan aims to provide an additional income stream to ensure you are never without financial support. You can choose to build your income, depending on the variant that the policy buyer chooses to purchase.

There are 3 variants of Max Life Smart Wealth Income Plan. As a policy buyer, it is crucial for you to understand how they work so you can select the ones that aligns with your financial goals appropriately. Let’s understand the three variants of the Max Life Smart Wealth Income Plan:

Early Income

A conventional income plan is designed to provide an income stream once the premium payment term has ended. However, the early income variant of the Max Life Smart Wealth Income Plan allows policyholders to receive the income from the 2nd year onwards itself, irrespective of the premium payment term.

**This bonus will be payable, if declared.

Early Income with Guaranteed~ Money Back

Early Income with Guaranteed Money Back variant allows policyholders to receive the guaranteed amounts at three pre-determined intervals during the policy term. The policyholder these receives lump-sum payments at decided points which can be helpful for major financial requirements at crucial milestones. Further he also gets an additional income stream created through the Cash Bonus*, if declared payable every year starting from 2nd year.

**This bonus will be payable, if declared.

Deferred Income

A conventional income plan is designed to provide an income stream after a waiting period. With the Deferred Income variant of Max Life Smart Wealth Income Plan, the policyholder begins receiving the income and cash bonus**, 2 years after the chosen premium payment term.

**This bonus will be payable, if declared.

Here’s your product-Smart Wealth Income Plan at a glance.

Eligibility Criteria

Plan Option

Minimum

Maximum

Sum assured on Maturity (SAM)

All Options with/ without Policy Continuance Benefit##

Rs. 500,000

No Limit, subject to board approved underwriting policy

Annualised Premium

Based on minimum SAM

Maturity Age

Maturity Ages (all ages last birthday) available under the product are as follows.

 

 

Policy Continuance Benefit## opted

Maturity Age Option

Yes

75 years, 85 years

No

75 years, 85 years, 100 years

 

So the maximum maturity age allowed under the plan is 100 years (without PCB) and 85 years (with PCB).

Policy Term

Policy Term is defined as (Chosen Maturity Age minus Age at Entry) of the Life Insured.

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

 

Minimum Entry age (age last birthday) under the product is provided in the table below:

 

PCB

Minimum Entry Age*

With Policy Continuance  Benefit##

18 Years

Without Policy Continuance  Benefit

91 days

 

* The risk commencement date of the policy is same as date of commencement of the policy. In case of minor lives, the policy shall vest in the life insured on attainment of his/her majority i.e. 18 years.

 

The maximum entry age (age last birthday) for different Plan options is as follows:

 

PCB

PPT/Mat Age

75

85

100

NO

6

54

55

55

8

50

60

60

10

50

60

60

12

48

58

58

15

45

55

55

YES

6

45

45

Not Applicable

8

50

50

10

50

55

12

48

55

15

45

50

 

 

Gender

Male, Female and Transgender

Premium Rates/Benefits

Premium rates and the benefits are uni-smoker but vary by gender. This product can also be offered to sub-standard lives with extra mortality charges subject to Board approved underwriting policy of the Company. The premium rates vary by gender of the life insured as a discount is applicable for Female lives. For transgender, the premium rates shall be same as male.

 

1. Premium Payment Term:

With/ Without Policy Continuance Benefit##, the following premium payment terms are available against the chosen plan options

Plan Variant

Applicable Premium Payment Terms

Early Income

6, 8, 10 and 12 years

Early Income with Guaranteed Money Back

6, 8, 10 and 12 years

Deferred Income

8, 10, 12 and 15 years

 

2. Policy Term

Policy Term under this product is defined as Chosen Maturity Age Option Less Age at Entry of the Life Insured. Hence, the minimum policy term shall be equal to the chosen Maturity Age less Maximum Age at Entry. The below table shows the Maturity Age options and corresponding Policy Terms.

 

Maturity Age

Policy Term

75 years

75 years – Age at Entry

85 years

85 years – Age at Entry

100 years

100 years – Age at Entry

 

Further, the minimum policy term as per variant combination is as follows:

PolicyContinuance##

Benefit Option

Premium Payment Term (in Years)

Maturity Age 75

Maturity Age 85

Maturity Age 100

Not Opted

6

21

30

45

8

25

25

40

10

25

25

40

12

27

27

42

15

30

30

45

Opted

6

30

40

NA

8

25

35

NA

10

25

30

NA

12

27

30

NA

15

30

35

NA

 

3. Premium Payment Mode and Modal Factors

 

The Premium Payment mode can be changed anytime during the Policy term provided it meets minimum premium requirement criteria and SAM remains unchanged. 4 premium payment modes are available with all plan options.

Premium Payment Mode

Modal Factor

Annual

1

Semi-annual

0.520

Quarterly

0.265

Monthly

0.090

Downloads Actions
Premium Rates Table

Leaflet

Prospectus

Policy Contract

Frequently Asked Questions (FAQs)

✅  What Is The Minimum Sum Assured For This Policy?

The minimum sum assured for this policy (with or without the Policy Continuance Benefit##) is Rs. 500,000. There is no upper limit to the sum assured for this policy.

✅  Can I opt for Policy Continuance Benefit## I have taken the policy for my spouse?

In order to avail of the Policy Continuance Benefit##, the life insured and the policyholder needs to be the same individual and the chosen maturity age should be 75 or 85 years. This option is available at the inception of the policy under all plan options to individuals who meet this criteria.

✅  What do the ‘Bonuses’ Refer To Under Max Life Smart Wealth Income Plan?

During the policy term, you may be eligible for bonuses which are your share of the company's participation fund's profits. As a result, bonuses are not guaranteed and are based on the performance of the participating fund. The bonus rate is calculated as a percentage of the policy's 'Sum Assured on Maturity,' and will be announced at the conclusion of the financial year.

✅  What is the Free Look Period In Max Life Smart Wealth Income Plan?

The free look period under this policy refers to the 15 day period (30 days in case of electronic policies and policies obtained through Distance Marketing mode) after the purchase of the plan, during which you can review the terms and conditions of the policy and cancel it without any penalties, in case of any objections.

✅  Can I Take A Loan On This Policy?

Loans will be available under Max Life Smart Wealth Income Plan during the premium payment term once your Policy has achieved a surrender value, up to a maximum of 50% of the Surrender Value. The policy's minimum loan amount that can be issued at any moment is Rs. 10,000.

ARN: SWIP/111121

Disclaimers:

*Applicable on choosing maturity age of 100 years

~The guaranteed benefits are applicable only if all due premiums are paid

**Cash bonuses will be payable if declared

##Policy Continuance benefit is available with all the 3 plan options with majority age of 85 years or 75 years

&Guarantees are payable in the form of guaranteed income in case of Early income and Deferred income variants for a period of 25 years or till the end of policy term whichever is lower; and as 3 Guaranteed Money Backs at defined intervals in case of Early Income with Guaranteed Money Back variant

1Annualised Premium means the 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.

2Underwriting 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.

3Total 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.

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

99.35%

99.35%

(Source : Max life annual audited financials FY 20-21)

Max Life Presence

277 Offices

277 Offices

(Source : As reported to IRDAI, FY 20-21)

Sum Assured

₹1,087,987 Cr.

₹1,087,987 Cr.

In force (individual) (Source : Max Life Public disclosure, FY 20-21)

Assets Under Management

₹90,407 Cr.

₹90,407 Cr.

(Source : Max Life Public disclosure, FY 20-21)

More reasons why our customers choose us

Let’s Connect

Let’s Connect

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