Max Life Flexi Wealth Advantage Plan

When you invest in your future, you are investing in your family’s well-being and security. Max Life Flexi Wealth Advantage Plan can help you in this journey by providing unique features such as return of all charges 1, auto-debit boosters, guaranteed loyalty additions to enhance your fund value ~*, smart withdrawals and much more.

Under this plan, you can make unlimited fund switches/ premium redirections, at no extra cost whatsoever. Along with this, you also get maximum control of your plan by choosing from a variety of premium payment term #, policy term, investment funds and strategies. It is designed to help you fulfill your evolving wealth maximization goals as you move ahead in life.

 

What is Max Life Flexi Wealth Advantage Plan?

Max Life Flexi Wealth Advantage Plan enables you to develop a wealth portfolio for yourself and your loved ones while continuing to meet all of their aspirations and milestones. This plan aids to the acceleration of your wealth-creation goals by providing an array of valuable features and benefits like Loyalty Additions, Return of Charges, Auto Debit Boosters etc.

With the Max Life Flexi Wealth Advantage Plan, you now have the ability to fulfill your investment and wealth-creation goals by putting your money in a customized plan that lets you stay in control of your growth journey. Furthermore, the plan is designed in such a way that it accommodates your evolving financial needs as you move through different stages of life.

So, take a step towards a financially secure and stable future for yourself and your loved ones and build your wealth with Max Life Flexi Wealth Advantage Plan.

 

1Charges eligible for return will be mortality charge on death benefit, policy administration charge and premium allocation charge and will exclude any extra mortality charge, mortality charge on WOP benefit, rider charge and Goods & Service Tax/any other applicable tax levied on the charges deducted

2The whole life plan variant starting with 5 years of premium payment term allows you to shield your loved ones for the whole of your life, and lets your wealth grow till 100 years of age.

~* Enjoy Guaranteed Loyalty Additions to further enhance your Fund Value from 8th year onwards

#All premiums are payable at the beginning of year

 

Reasons Why You Should Get Max Life Flexi Wealth Advantage Plan 

  • Return of All Charges1on Maturity
  • Guaranteed Loyalty Additions and Auto Debit Boosters To Boost Up Your Fund Value~*
  • Flexible Plan Options – 2 Variants (Wealth/Whole Life) and Multiple Premium Payment Term# and Policy Term Options.
  • 2Option of Whole Life Cover with wealth growth
  • Optional Waiver Of Premium Benefit
  • Choice of 5 Investment Strategies and 11 Funds to Suit Your Investment Style.
  • Flexibility with Smart Withdrawals Option
  • Unlimited Free Switches and Premium Redirections

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 Maturity Benefit

On maturity, you will be eligible to receive an amount, provided settlement option has not been exercised, equal to the Fund Value~* as applicable on the date of maturity of the policy, where the Fund Value will be calculated as:

Fund Value~* = Summation of Number of Units in Fund(s) multiplied by the respective NAV of the Fund(s) as on the date of maturity.

Insert Image Death Benefit

Irrespective of whether Waiver of Premium Benefit is opted or not opted at inception:

On death of the Life Insured anytime during the term of the policy, the nominee shall get higher of the following benefits, given the policy is in force:

· Sum assured* (reduced by applicable partial withdrawals, if any), or

· Fund value~* (as on date of intimation of death), or

· 105% of the total premiums received up to the date of death (reduced by applicable partial withdrawals, if any)

*Sum assured is defined as below.

PPT

Sum Assured

Single Pay

It is equal to Cover multiple* X Single premium

Limited Pay & Regular Pay

It is equal to Cover multiple* X Annualised premium

*Cover multiple options may be checked from the section “Check your eligibility”

The Policy Terminates on the death of Life Insured. Please note that the ‘applicable partial withdrawals’ mentioned above refers to all the partial made during the two years’ period immediately preceding the death of the Life Insured.

Charges other than fund management charge, recovered subsequent to the date of death shall be added back to the fund value as available on the date of intimation of death.

 

Further, If Waiver of Premium (WOP) Benefit is opted at inception and WOP cover is active on the date of death of the policyholder:

On death of the policyholder subject to policy being inforce, , the Company shall fund all future outstanding premiums of the base policy as and when due under the policy and all committed policy benefits shall continue as is.

Once the WOP benefit has been accepted under your Policy and future premium(s) are being funded by the Company, then subsequently in case the life insured surrenders the base policy or dies, the company will pay the present value of the future premiums (if any) in addition to the other payable base benefit  (Surrender Value in case of surrender and Death Benefit in case of death of life insured).

Insert Image Tax Benefits

You can avail of tax benefits on the premiums paid towards the policy and the proceeds received from it, depending on the prevailing tax laws at the time of payment of premium or receipt of benefits.

Insert Image Return of Charges (RoC)

You are eligible to receive the charges deducted under your policy basis the variant and premium amount opted by you, provided all due premiums have been paid.

 

Here’s how it works for both plan variants:

 

i. Wealth Variant: RoC basis the charges deducted from inception till maturity will be paid on the date of maturity.

ii. Whole Life Variant: RoC basis the charges deducted between inception and (PPT+10)th year will be returned at end of (PPT+10th ) year. Thereafter, the RoC basis the charges deducted during next five years will be returned at the end of every 5 years or maturity, whichever is earlier.

The following is the proportion of charges that shall be added back as RoC, to the Fund Value.

Premium Band

Mortality Charge on death benefit

Policy Administration Charge

Premium Allocation charge

Band 1

100%

0%

0%

Band 2

100%

50%

0%

Band 3

100%

100%

0%

Band 4

100%

100%

50%

Band 5

100%

100%

100%

Band 6

100%

100%

100%

Insert Image Guaranteed Loyalty Additions

You are eligible for Guaranteed Loyalty Additions (GLAs) under the product which differ according to the premium band that you choose.

These shall be added to your fund value~* starting from the end of 8th policy year and at the end of each year thereafter (i.e. first GLA shall be credited at the end of 8th policy year and second at the end of 9th policy year and so on).

GLA as a % of fund value~* for various premium bands as a percentage of fund value is as follows:

 

Wealth Variant

Premium Band

GLA as a % of Fund Value from end of 8th policy year till maturity

Band 1

0.15%

Band 2

0.50%

Band 3

0.50%

Band 4

0.50%

Band 5

0.50%

Band 6

0.90%

Whole Life Variant

Premium Band

GLA as a % of fund value~*

Applicable from end of 8th policy year till PPT+10th year

Applicable from end of PPT+11th policy year till maturity

Band 1

Not Applicable

Not Applicable

Band 2

0.50%

0.75%

Band 3

0.50%

0.75%

Band 4

0.50%

0.75%

Band 5

0.50%

0.75%

Band 6

0.90%

0.90%

 

Guaranteed loyalty additions percentage will be applied on the total fund value~* at the end of the respective policy year (before RoC are credited).

Insert Image Auto Debit Booster

If you pay any of your first five year premiums (excluding the 1st premium) through auto debit mode of payment, an extra “auto debit booster” amount of 0.75% of premium will get added to your fund value~* at end of 5th policy year, provided all due premiums till date have been paid and the policy is in-force. This Feature is applicable under both Wealth & Whole Life variants.

In case of death of the life insured during the first five policy years, the accrued booster as on the date of intimation of death shall be added to the fund value~*.

Insert Image Flexibilities in Plan

Other benefits of the plan includes:

 

i. Smart Withdrawals – Available under the whole life variant, It allows you to systematically withdraw money from your fund value~* (a pre-determined percentage of the fund) and plan a secondary income as per your need.

ii. Partial Withdrawal - Partial withdrawals are allowed after the end of 5Th policy year and are effected by cancelling units subject to certain conditions. A maximum of 12 partial withdrawals are allowed in a policy year with a minimum amount per transaction being Rs 5,000.

iii. Switching of Funds - There is no limit on number of switches done in a policy year i.e. you may switch any number of times without any charges being levied with a minimum switching amount of Rs 5,000.

iv. Premium Redirection - You may redirect your future premiums between available Funds at any time by providing a written notice before the premium due date. - There is no limit on number of premium redirections done in a policy year without any charges being levied. 

v. Available Investment Strategies under the Plan

 

a) Self-Managed Portfolio Strategy - A strategy wherein your money will be allocated in your choice of fund(s) from a range of 10 fund options:

· High Growth Fund (SFIN: ULIF01311/02/08LIFEHIGHGR104)

· Diversified Equity Fund (SFIN: ULIF02201/01/20LIFEDIVEQF104)

· Growth Super Fund (SFIN: ULIF01108/02/07LIFEGRWSUP104)

· Growth Fund (SFIN: ULIF00125/06/04LIFEGROWTH104)

· Balanced Fund (SFIN: ULIF00225/06/04LIFEBALANC104)

· Conservative Fund (SFIN: ULIF00325/06/04LIFECONSER104)

· Dynamic Bond Fund (SFIN: ULIF02401/01/20LIFEDYNBOF104)

· Secure Fund (SFIN: ULIF00425/06/04LIFESECURE104)

· Money Market Fund II (SFIN: ULIF02301/01/20LIFEMONMK2104)

· Sustainable Equity Fund (SFIN: ULIF02505/10/21SUSTAINEQU104)

 

b) Lifecycle based portfolio strategy - An option to manage your funds by creating a balance between an equity and a debt fund of your choice through systematic allocation based on your changing age.

c) Trigger based portfolio strategy - An event based strategy that helps you in ‘Securing your Gains’. The premium will initially be distributed between an equity and a debt fund chosen by you, in a 75%: 25% proportion. Your portfolio will be re-balanced and funds will be re-allocated based on a pre-defined trigger event at every monthly anniversary of the policy.

d) Systematic transfer plan - An option which replicates a rupee cost averaging method by systematically moving your money from a debt to equity fund every month. The premium received net of charges shall be allocated first to Secure Plus Fund. Immediately thereafter and on each subsequent monthly anniversary, units available in Secure Plus Fund will be systematically transferred to Growth Super Fund based on the formula: [1 / (13 – month number in the policy year)]. 

e) Dynamic fund allocation strategy - A standardized approach for striking the right balance between debt and equity by rebalancing your portfolio basis years to maturity remaining in your policy. The funds shall be maintained amongst Growth Super Fund and Secure Fund in a pre-defined proportion that changes depending upon the years left to maturity as per a matrix.

 

 

There are a few eligibility criteria that you must meet to avail Max Life Flexi Wealth Advantage Plan. These include:

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

Wealth and Whole life variant:0 years (91 days)

The risk cover for base plan will start immediately on date of commencement of Policy for both minor and major lives.  On attainment of majority, The policy will automatically vest on the life insured, and the life insured (minor) will become the policy holder, irrespective of whether WOP is chosen or not.

 

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

The maximum age of Life Insured is defined below, basis the maximum premium payment age being capped at 65 years for limited/regular pay and 70 years for single pay.

 

Wealth variant:

 

Single pay:

Cover Multiple

Maximum Entry Age

1.25

70

7

55

10

50

15

45

 Limited /Regular pay: 60 years for all Cover Multiples

 

Whole life variant:

Cover Multiple

Maximum Entry Age

7

60

10

50

15

30

For WOP Benefit: The maximum age shall be 60 years

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

Minimum maturity age

Wealth variant: 18 years

Whole life variant: 100 years

 

Maximum maturity age

Wealth variant:

Single Pay:

Cover Multiple

Max maturity age (years)

1.25

99

7

65

10

60

15

55

Limited Pay: 75 years for all Cover Multiples

Regular Pay: 65 years for all Cover Multiples

 

Whole Life variant:

100 years for all Cover Multiples

Maximum premium payment age is 65 years except in case of single pay where it is the same as maximum entry age of 70 years.

For Waiver of Premium (WOP) benefit, policyholder entry age plus the chosen premium payment term shall be less than or equal to 65 years.

Premium Payment Modes

Single, Annual, Semi-Annual, Quarterly and Monthly

 

Max Life Flexi Wealth Advantage Plan allows Single, Annual, Semi-annual, Quarterly and Monthly premium payment modes. The available premium payment termand policy term options available under the plan: 

Variant

PPT type

PPT

PT

Wealth

Single Pay

1

10 to 30

 

Limited Pay

5

10 to 15

 

 

6

10 to 16

 

 

7

10 to 17

 

 

8

10 to 18

 

 

9

10 to 19

 

 

10 to 19*

11 to 20

 

Regular Pay

10 to 30^

10 to 30

Whole Life

Limited Pay

5 to 20

100 - entry age

*subject to premium payment term being less than policy term

^subject to premium payment term being equal to policy term

For Waiver of Premium (WOP) benefit, the policy term of the WOP benefit shall be same as the premium payment term of the base plan. In case the Life Insured is a minor as on the Date of Commencement of Risk, the term of the WOP benefit shall be restricted to (18 less than age of the minor Life Insured at inception) years and upon vesting of the Policy on the Life Insured, the WOP benefit shall cease to be in effect.

Downloads    Actions    
Prospectus
 
   
Leaflet  
   
Policy Contract  
   
Premium Rates Table  
   

Additional Benefits through Riders and Optional Add Ons

Additional Benefits through Riders and Optional Add Ons

Fund options and their performances

Below are different funds available for investment

Fund options and their performances

Below are different funds available for investment
High Growth Fund
(SFIN: ULIF01311/02/08LIFEHIGHGR104)

Investment Group: Equity

Fund Returns
15.68%
Benchmark* Returns
9.60%
*(Nifty MidCap Free Float 100%)
Nature of Fund
An open ended equity multicap fund with focus on midcaps
Investment Strategy
The fund is a multi-cap fund with a focus on mid cap equities, where predominant investments are equities of companies with high growth potential in the long term (to target high growth in capital value assets). At least 70% of the Fund corpus is invested in equities at all times. However, the remaining is invested in government securities, corporate bonds and money market instruments; hence the risk involved is relatively higher.
Secure Plus Fund
(SFIN: ULIF01628/04/09LIFESECPLS104

Investment Group: Debt

Fund Returns
6.24%
Benchmark* Returns
6.89%
*(CRISIL Bond Index 100%)
Nature of Fund
An open ended debt fund which invests across duration with bias towards government securities
Investment Strategy
(This Fund is available only under Systematic Transfer Plan (STP), Lifecycle Based Portfolio and Trigger Based Portfolio strategy) .The investment objective of the Fund is to provide higher security of investment by way of higher proportion of investment in sovereign papers that carry an implicit guarantee for repayment of principal and interest from the Government of India. This Fund invests in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments, Corporate and banks. The Fund also invests in money market instruments as prescribed by IRDAI. No investment is made in equities.
Growth Super Fund
(SFIN: ULIF01108/02/07LIFEGRWSUP104)

Investment Group: Equity

Fund Returns
12.37%
Benchmark* Returns
12.35%
*(NSE Nifty 100%)
Nature of Fund
An open ended equity fund with focus on large caps
Investment Strategy
This is primarily an equity oriented fund. At least 70% of the Fund corpus is invested in equities at all times. The remaining is invested in debt instruments across Government, corporate and money market papers.
Growth Fund
(SFIN: ULIF00125/06/04LIFEGROWTH104)

Investment Group: Equity

Fund Returns
8.56%
Benchmark* Returns
10.14%
*(Crisil Bond Index 50% and NSE Nifty 50%)
Nature of Fund
An open ended hybrid fund with equity portion
focused on large caps
Investment Strategy
This fund invests in various asset classes such as Equities, Government Securities, Corporate Bonds and Money Market Instruments. The equities exposure in the Fund will at all times be at a minimum of 20% but not more than 70%. The Fund invests the remaining Fund corpus in debt instruments across Government, corporate and money market papers.
Balanced Fund
(SFIN:  ULIF00225/06/04LIFEBALANC104)

Investment Group: Balanced

Fund Returns
7.45%
Benchmark* Returns
8.89%
*(Crisil Bond Index 70% and NSE Nifty 30%)
Nature of Fund
An open ended hybrid fund investing in a mixture of debt instruments and equities
Investment Strategy
This fund invests primarily in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments and to some extent in Corporate Bonds and Money Market Instruments. The Fund invests minimum of 10% and up to maximum of 40% of Fund corpus in equities.
Conservative Fund
(SFIN: ULIF00325/06/04LIFECONSER104)

Investment Group: Debt

Fund Returns
6.15%
Benchmark* Returns
7.61%
*(Crisil Bond Index 90% and NSE Nifty 10%)
Nature of Fund
An open ended hybrid fund investing predominantly in debt instruments
Investment Strategy
Conservative Fund invests primarily in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments and to some extent in Corporate Bonds and Money Market Instruments. The Fund invests up to 15% of Fund corpus in equities
Secure Fund
(SFIN: ULIF00425/06/04LIFESECURE104)

Investment Group: Debt

Fund Returns
5.62%
Benchmark* Returns
6.87%
*(CRISIL Bond Index 100%)
Nature of Fund
An open ended debt fund which invests across duration
Investment Strategy
This fund invests in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments, Corporate and banks. The Fund also invests in money market instruments as prescribed by IRDAI. No investment is made in equities.
Diversified Equity Fund
(SFIN: ULIF02201/01/20LIFEDIVEQF104)

Investment Group: Equity

New Fund

Nature of Fund
An open ended equity multi cap fund with focus on large and mid caps
Investment Strategy
The investment objective of the fund is to invest at least 70% of the fund corpus in a diversified basket of equity stocks over the entire market capitalisation range, primarily focusing on large and mid-cap companies covering a wide variety of sectors to provide investors with long term growth opportunities while ensuring liquidity of investments.
Money Market Fund II
(SFIN:ULIF02301/01/20LIFEMONMK2104)

Investment Group: Debt

New Fund

Nature of Fund
An open ended liquid fund which invests only in money market instruments
Investment Strategy
The investment objective of the fund is to deliver returns linked to Money Market levels through a portfolio with minimal interest rate and credit risk so as to provide a high level of safety of capital.
Dynamic Bond Fund
(SFIN: ULIF02401/01/20LIFEDYNBOF104)

Investment Group: Debt

New Fund

Nature of Fund
An open ended debt fund which invests across duration with bias towards corporate bonds
Investment Strategy
The investment objective of the fund is to generate superior returns by investing in high quality debt instruments including Government securities, corporate bonds and money market instruments with an objective to maximize returns keeping in mind safety and liquidity of the portfolio.
Sustainable Equity Fund
(SFIN:ULIF02505/10/21SUSTAINEQU104)

Investment Group: Equity

New Fund

Nature of Fund
An open ended equity fund investing in companies that are in compliance on ESG principles
Investment Strategy
The objective of the fund is to focus on investing in select companies from the investment universe, which conduct business in socially and environmentally responsible manner while maintaining governance standards.

Note: Returns are 5 year compounded annualised growth rate (CAGR). Past performance is not indicative of future performance. Star rating is Overall Rating. Rating and returns are as on 31st August, 2022.

In the unit linked insurance policies, investment risk in the investment portfolio is borne by the policy holder. Past performance is not necessarily indicative of future performance. The linked insurance products do not offer any liquidity during the first five years of the contract the policyholder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of fifth year. Returns are 5 year compounded annualised growth rate (CAGR). Rating and returns are as on 31st Oct, 2021.

© 2020 Morningstar. All Rights Reserved. The information, data, analyses and opinions (“Information”) contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorised; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

The ‘Morningstar Overall Rating’ is a quantitative assessment of a fund’s past performance—both return and risk—as measured from one to five stars, with one (1) being the lowest and five (5) being the best as on 31st Oct, 2021.

Features that Set Max Life Flexi Wealth Advantage Plan Apart

Features that Set Max Life Flexi Wealth Advantage Plan Apart

Max Life Flexi Wealth Advantage Plan is the perfect combination of life coverage and investment instrument for the modern investor. It is structured keeping in mind the need for personalised investment options and flexibility. 

Some features that make this policy unique include:

 

· Flexibility to choose between eleven fund options and five different investment strategies.

· Flexible premium payment options – Regular Pay, Single Pay and Limited pay.

· Return of all ULIP charges1 upon maturity of the policy.

· Guaranteed Loyalty Additions and Auto Debit Boosters to boost your Fund Value~*.

· Ease of switching and premium redirection between funds.

· Option to avail policy benefits till 100 years and regular systematic withdrawals  under Whole life variant.

 

1Charges eligible for return will be mortality charge on death benefit, policy administration charge and premium allocation charge and will exclude any extra mortality charge, mortality charge on WOP benefit, rider charge and Goods & Service Tax/any other applicable tax levied on the charges deducted.

~* Enjoy Guaranteed Loyalty Additions to further enhance your Fund Value from 8th year onwards

 

 

 

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

99.34%

99.34%

(Source : Max life annual audited financials FY 21-22)

Max Life Presence

269 Offices

269 Offices

(Source : As reported to IRDAI, FY 21-22)

Sum Assured

₹1,174,515 Cr.

₹1,174,515 Cr.

In force (individual) (Source : Max Life Public disclosure, FY 21-22)

Assets Under Management

₹1,07,510 Cr.

₹1,07,510 Cr.

(Source : Max Life Public disclosure, FY 21-22)

More reasons why our customers choose us
What our customers have to say
What our customers have to say

Being a person with high aspirations, I wanted to buy a plan which will not only help me do systematic saving but also grow my money to fulfill my goals. This seems to be the perfect plan for me. Although I was unsure about putting my money into the market, in the beginning, thanks to Mr. Robin, my relationship manager who explained me the different strategy options. I get the flexibility to switch funds the unlimited number of times without any extra cost. Moreover, I get annual bonus as well in the form of wealth boosters. A simple plan to save and grow your money!

 

Mrs. Anita Shangvi, 32 years

Ranchi, 26 June 2017

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 incase 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