Max Life Platinum Wealth Plan

In today’s progressive world, we all have infinite dreams and aspirations in life. We may want to lead a lavish lifestyle, travel across the world, make our child study abroad or have a relaxed retirement. We work harder and harder and try making the most of our earnings to achieve these important milestones. But, what’s the ideal way to realize these dreams?

 

Presenting Max Life Platinum Wealth Plan, an ideal plan that helps you accumulate and grow your savings so that you achieve your long-term goals easily. Now, maximize your hard-earned money through market-linked returns and additional wealth boosters while protecting your family’s future, even when you are no longer around.

 

3 reasons you should get this plan

  • Secure your family’s future with comprehensive maturity and death benefits
  • Enjoy guaranteed loyalty additions and wealth boosters as additional benefits
  • Flexibility to choose premium payment term and policy term as per your convenience

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

Amount payable at the end of the policy term.

You will receive the total value of funds (called Fund Value) odate of maturity as a part of this plan provided settlement option has not been exercised.

Where Fund Value can be calculated as

Fund Value = Summation of [Accumulated Units in Fund(s) x NAV of respective Fund(s) as on the Maturity Date]

Note: In case the Maturity Date is a non-working day for the Company or markets then next working day’s NAV will be applicable.

 

Insert Image Death Benefit

Amount payable on the death of the policyholder

In the event of the death of the person insured; the nominee will receive the highest of the following sums:

For Single Pay Variant:

  • Sum Assured equal to 1.25 times the Single premium (reduced by applicable partial withdrawals, if any), or
  • 105% of cumulative premiums paid till the date of death, or
  • Total Fund Value (as on the date of death)  

For Limited Pay/ Regular Pay Variant:

  • Sum Assured equal to higher of 10 times the annualized premium or 0.5 times the product of Policy Term and annualized premium (reduced by applicable partial withdrawals, if any), or
  • 105% of cumulative premiums paid till the date of death, or
  • Total Fund Value (as on the date of death)

Insert Image Guaranteed Loyalty Additions

Additional bonus added to your unit account at the end of the policy year

You will receive additional percentage of fund value by addition of equivalent units to your unit account, at the end of policy year.

Let’s consider the case of Mr. Sharma at different ages with different combinations of payment term and policy term. Mr. Sharma chooses to invest in the balanced fund by paying premium annually. Let’s see how total maturity benefit differs:

Scenario

Example 1

Example 2

Example 3

Age of Life Insured

35 years

40 years

45 years

Premium Payment Term / Policy Term

20 Pay / 20 years

10 Pay / 10 years

5 Pay / 10 years

Annualized Premium

₹2,00,000

₹5,00,000

₹7,50,000

Sum Assured

₹20,00,000

₹50,00,000

₹75,00,000

Total Maturity Benefit (@4%)*

₹55,04,191

₹55,91,954

₹42,80,702

Total Maturity Benefit (@8%)*

₹86,21,557

₹69,80,935

₹58,77,565

*Please note that the above assumed rates of return, 4% and 8% are only scenarios at these rates after recovering all applicable charges. These are not guaranteed and they are not the upper or lower limits of returns of the Fund Option selected in your policy, as the performance of the Funds is dependent on a number of factors including future investment performance. All applicable taxes, cesses and levies as imposed by the Government to time will be deducted from the premium received

Premium Payment Term

Minimum Age at Entry

(Age as on Last Birthday)

Maximum Age at Entry

(Age as on Last Birthday)

Maximum Maturity Age

(Age as on Last Birthday)

Single Pay / Limited Pay (5 Years)

18 years

60 years

70 years

Regular Pay

18 years

55 years

65 years

Below are the different fund options available for investment:

Fund Name

Government Securities

Corporate Bonds

Money Market & Cash Instruments

Equity & Equity related securities

Risk Rating

Growth Super Fund

(SFIN: ULIF01108/02/

07LIFEGRWSUP104)

0%-20%

0%-20%

0%-30%

70%-100%

High

Growth Fund

(SFIN: ULIF00125/06/

04LIFEGROWTH104)

0%-30%

0%-30%

0%-40%

20%-70%

High

Balanced Fund

(SFIN: ULIF00225/06/

04LIFEBALANC104)

20%-50%

20%-40%

0%-40%

10%-40%

Medium

Conservative Fund

(SFIN: ULIF00325/06/

04LIFECONSER104)

50-80%

0-50%

0-40%

0%-15%

Low

Secure Fund

(SFIN: ULIF00425/06/

04LIFESECURE104)

50-100%

0-50%

0-40%

Nil

Low

You can use any (one) of these two investment strategies:

 

Systematic Transfer Plan

Systematic Transfer Plan helps you replicate a rupee cost averaging method on your Annualized Premium. This option is available only for single premium policies or policies taken with annual mode. The single / annual premium received net of any premium allocation charge shall be allocated first to the Secure Plus Fund. Immediately thereafter and on each subsequent monthly anniversary, the fund value of [1/ (13 - month number in the Policy year)] of the Units available at the beginning of the month shall be switched to Growth Super Fund automatically by cancelling Units in the Secure Plus Fund, and purchasing Units in the Growth Super Fund till availability of Units in Secure Plus Fund.

Dynamic Fund Allocation






An investment strategy that aims to balance risk and reward by apportioning a portfolio's assets according to an individual's goals, risk tolerance and investment horizon. option is an investment strategy which in early part of your Policy Term invests in equity oriented funds and as your Policy Term progresses it shifts the fund allocation towards more conservative funds. You can opt for Dynamic Fund Allocation option only at the inception of policy. Under this option, assets under management 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 the matrix below:

 

Number of Years to Maturity

Assets under management to be maintained under the Growth Super Fund

Assets under management be maintained under the Secure Fund

 

16 – 20

80%

20%

 

8 - 15

70%

30%

 

4 - 7

50%

50%

 

0 - 3

20%

80%

You have the option to choose the Premium Payment Term as per your convenience, i.e., Single Pay or Limited Pay or Regular Pay. The policy will remain in force for 10 years or 20 years depending on the option you choose. Further, within the premium payment term, you can choose to pay on annual, semi-annual, quarterly, and monthly basis.

Premium Payment Term / Policy Term

Premium Payment Term

Policy Term (years)

Single Pay

10

Limited Pay (5 Years)

10 to 20

Regular Pay

10 to 20

Annualized Premium
(total premium payable in a year excluding taxes and cesses)

Minimum: ₹2,00,000 for all variants

Maximum: No limit


Premium Payment Mode

Single Pay: One time Premium Payment

Limited Pay: 5 Years
Regular Pay: Annual, Semi-Annual, Quarterly & Monthly

Sum Assured under different payment modes

Single Pay: 1.25 times Single premium

Limited Pay (5 Years) / Regular Pay:
Higher of (10 times Annualised Premium or 0.5 x Policy Term x Annualized Premium)

 

Key Charges

Premium Allocation Charge: The charges levied by a company while issuing the policy.

This charge is levied as a percentage of each premium paid to the company. The rate of premium allocation charge for different variants is as follows:

 


Policy year

Single Pay variant

Limited Pay variant

Regular Pay variant

Annual Mode

Non Annual Mode

Annual Mode

Non Annual Mode

1

3%

5%

4.5%

5%

4.5%

2

NA

5%

4.5%

5%

4.5%

3 to 5

NA

4%

3.5%

4%

3.5%

6 to 10

NA

Nil

Nil

4%

3.5%

11 & there after

NA

Nil

Nil

Nil

Nil

Fund Management Charge: The charge levied as a percentage of the value of assets and shall be appropriated, usually daily, by adjusting the Net Asset Value of the Fund.

The rate to be levied will be equal to the annual rate, as given above, divided by 365 and multiplied by the number of days that have elapsed since the previous unit valuation date. The charges specified below are guaranteed and shall not change during the policy lifetime. The annual rate of Fund Management Charge is as below:

 

 

Name of Fund

Charge (per annum) as % of Fund Value

Risk Rating

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

1.25%

High

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

1.25%

High

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

1.10%

Medium

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

0.90%

Low

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

0.90%

Low

Secure Plus Fund
(SFIN: ULIF01628/04/09LIFESECPLS104) only available with Systematic Transfer Plan

0.90%

Low

Discontinuance Policy Fund
(SFIN : ULIF002021/06/13/LIFEDISCON104)
Available only on surrender or discontinuance of policy in first five policy years

0.50%

Low

Policy Administration Charge: A charge levied by the company to maintain your policy and is expressed as a percentage of premiums paid for all variants. This is a fixed charge for all the variants, levied at each monthly anniversary by canceling proportionate units starting from the date of commencement of policy.

 

Premium Payment Term

Year 1 to 5

Year 6 onwards

Single Pay

Rs. 330 per month

Nil

Limited Pay (5 Years) or Regular Pay
(For all premium payment modes)

Rs. 400 per month

Nil

Mortality Charge: A charge levied for providing risk cover (also called death benefit) to the Life Insured during the Policy Term. This charge can be calculated as follows:

Mortality Charge = Attained age x (sum at risk/1000) x (1/12) where attained age is your age on the date of calculation in years

Sum at risk = Maximum [Maximum (Sum Assured, 105% of Total Premiums Paid) - Fund Value, 0]

These charges are lower if you start early. Every month, the appropriate number of units are canceled from the Unit Account starting from the date of commencement of the policy. Please note that for the purpose of the above definition, Sum Assured reduced by partial withdrawals, if any, shall be considered.

Below are the mortality charges payable at different ages:

 

Sample Ages (Years)

Mortality charge

(per ₹1,000 Sum at Risk)

25

0.79

30

0.84

35

1.03

40

1.44

45

2.30

50

3.96

 

Surrender / Discontinuance Charge: A charge levied on the fund value at the time of discontinuance of policy or on effective complete withdrawal (surrender) whichever is earlier.

Below are the surrender charges payable for different premium payment terms (where the annualized premium is the total premium payable in a year excluding taxes and cesses):

 

For Limited Pay (5 Years) and Regular Pay

Policy Year

Surrender Charges

1

Lower of 6% of Annualized Premium or 6% of Fund Value or Rs. 6,000

2

Lower of 4% of Annualized Premium or 4% of Fund Value or Rs. 5,000

3

Lower of 3% of Annualized Premium or 3% of Fund Value or Rs. 4,000

4

Lower of 2% of Annualized Premium or 2% of Fund Value or Rs. 2,000

5 & above

Nil

 

For Single Pay

Policy Year

Surrender Charge

1

Lower of 1% of Single pay premium or 1% of Fund Value or ₹6,000

2

Lower of 0.50% of Single pay premium or 0.50% of Fund Value or ₹5,000

3

Lower of 0.25% of Single pay premium or 0.25% of Fund Value or ₹4,000

4

Lower of 0.10% of Single pay premium or 0.10% of Fund Value or ₹2,000

5 & above

Nil

Switching Charges: A charge levied to switch between different funds

Max Life Platinum Wealth Plan provides an unlimited number of switches without any extra charges.

Premium Redirection Charge:  A charge levied to redirect your future premiums between available funds 

You may redirect your future Premiums between available funds at any time by giving us a written notice before the premium due date. A maximum of six premium redirections are allowed in each policy year without any additional charges


Partial Withdrawal Charge: A charge levied to make partial withdrawals even before the end of the policy term

After the first five policy years, a maximum of two partial withdrawals are allowed in a policy year without any additional charges.

Rider Charge: A charge levied in case you have chosen an additional rider

In case you have opted for Max Life Partner Care rider (find more info in Riders section), a rider charge will be levied on the the sum of future premiums payable till the end of the premium payment term or you attaining the age of 60 years, whichever is earlier. This is deducted every month by canceling equivalent units from your unit account.  

Downloads    Actions    
Prospectus
 
   
Leaflet  
   
Policy Contract  
   
Premium Rates Table  
   

Additional Benefits through Riders

Additional Benefits through Riders

Max Life Partner Care Rider: (UIN: 104A023V01)

Gift additional protection to your wife and secure her future even when you are no longer around. The Rider provides sum of all future premiums to be paid as per the premium payment term or till you attaining the age of 60 years (whichever is earlier). The payment will be paid immediately to your partner on your death and the rider will be terminated. The Rider is available for Limited Pay & Regular Pay variants and has to be attached at Policy inception only.

(For further details, please refer to the Max Life Partner Care Rider, UIN: 104A023V01, prospectus)

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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

97.81%

97.81%

Individual death claims paid in FY'17 (Src: IRDAI Annual Report FY 2016-17)

Max Life Presence

143 Cities

143 Cities

With 210 offices

Sum Assured

₹3,77,572 Cr.

₹3,77,572 Cr.

In force (individual) till FY'17 (Src: Public Disclosure, FY2016-17)

Assets Under Management

₹44,370 Cr.

₹44,370 Cr.

Till FY'17 (Src: Public Disclosure, FY2016-17)

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

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1800 200 5577
1800 200 3383 (Online Term Plan)

online@maxlifeinsurance.com
SMS 'LIFE' to 542524

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1800 200 5577

service.helpdesk@maxlifeinsurance.com
SMS 'QUERY' to 542524

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0124 - 2385240; 2542001; 3812932

nri.helpdesk@maxlifeinsurance.com