Max Life Smart Wealth Advantage Guarantee Plan

What is the Max Life Smart Wealth Advantage Guarantee Plan?

The Max Life Smart Wealth Advantage Guarantee (SWAG) Plan is a Non-Linked, Non-Participating Individual Life Insurance Savings Plan designed to provide financial security and wealth accumulation. It offers guaranteed returns on savings along with enhanced protection for loved ones, ensuring a guaranteed smart life. This investment plan allows for customization to meet both certain and uncertain family needs.

Features of Max Life Smart Wealth Advantage Guarantee Plan

Below are some of the features of Max Life SWAG plan:

• Enhanced Protection: Provides a life cover.

• Enhanced Flexibility: Offers flexibility to grow wealth.

• Guaranteed Maturity: Provides guaranteed returns on savings.

• Liquidity with Instant Income: Option for early income through the Early Wealth variant.

• Tax Benefits: Offers potential tax benefits as per prevailing tax laws

Eligibility Criteria for Max Life Smart Wealth Advantage Guarantee Plan

Below is the eligibility criteria for the Max life SWAG plan:

Benefits of Max Life Smart Wealth Advantage Guarantee Plan

Below are the benefits of Max life SWAG plan:

• Death Benefit: Payable if the life insured dies during the policy term, provided the policy is in force. The death benefit varies based on the variant chosen.

• Survival Benefit: Payable if the life insured is alive on the due date of the benefit, provided the policy is in force and all premiums have been received.

• Maturity Benefit: Payable on survival of the life insured on the maturity date, provided the policy is in force.

• Policy Continuance Benefit (PCB): In case of death, future survival and maturity benefits are paid to the beneficiary without the need for further premium payments (if PCB is opted for). PCB is not applicable in Lifelong Wealth variant.

• Additional Accidental Death Benefit: An inbuilt benefit is available in variants other than single premium, payable if death occurs due to an accident during the Additional Accidental Death Benefit Term.

• Guaranteed Additions: Equal to 8% of the Sum Assured on Maturity each year, accruing at the end of the last four policy years, provided the policy is premium paying or fully paid up.

• Loyalty Income Boosters: Boosters equal to 10% or 20% of the Income Benefit, depending on the chosen variant.

• Money Back Benefit: Applicable under the Lifelong Wealth variant, equal to 50% of Sum Assured on Maturity, payable at age 85.

• Settlement Options: Flexibility to receive maturity and death benefits in installments.

Riders Under Max Life Smart Wealth Advantage Guarantee Plan

The following riders are available, except with policies sold through POS persons.

• Max Life Waiver of Premium plus Rider (UIN: 104B029V05): Waives future premiums in case of critical illness, dismemberment, or death (only when Life Insured and Policyholder are different individuals).

• Max Life Accidental Death and Dismemberment Rider (UIN: 104B027V05): Provides additional benefits in case of death or dismemberment due to an accident.

• Max Life Term plus Rider (UIN: 104B026V04): Provides additional lump sum benefit in case of death of the life insured.

• Max Life Critical Illness and Disability Rider (UIN: 104B033V01): Provides additional lump sum benefit in case of critical illness diagnosis.

Additional Details of Max Life Smart Wealth Advantage Guarantee Plan

Below are the additional details of Max Life Smart Wealth Advantage Guaranteed plan:

• Premium Payment Modes: Annual, semi-annual, quarterly, and monthly modes are available, except for single pay.

• Premium Bands: Benefits increase as you choose a higher premium band.

• Discounts: Various discounts are available, including existing customer, auto debit booster, staff/seller, and transgender discounts. Special rates apply for female lives.

• Additional Flexibilities:

• Save the Date: Option to choose any date in a year to avail income, available for variants 2, 3, 4, and 5, with annual income payment frequency and arrear mode.

• Payment Frequency for Income Benefit and Loyalty Income Boosters: Option to receive income benefit and loyalty income boosters at monthly, quarterly, semi-annual, or annual frequency for variants 2, 3, 4, and 5.

• Settlement Options: Flexibility to break maturity and death benefits and receive them in installments.

• Point of Sale (POS) Sourcing: Additional boundary conditions apply to policies sold through POS persons, and no riders are available.

• Waiting Period: A waiting period of 90 days is applicable for policies sold through POS persons, starting from the date of risk acceptance. This is waived in case of accidental death. 

Exclusions Under Max Life Smart Wealth Advantage Guarantee Plan

Below are the exclusions under Max Life Smart Wealth Advantage Guaranteed plan:

• Waiting Period: If the life insured dies during the 90-day waiting period (for POS policies), only a refund of the premium paid is provided, excluding taxes and cess, unless death is due to an accident.

• Suicide: If suicide occurs within the first 12 months, any refund of premium will be net of any income benefit paid.

• Riders with POS: No riders are available with policies sold through POS persons.

• Policy Continuance Benefit (PCB): PCB is not available with Lifelong Wealth variant.

Conclusion 

With its varied options, potential tax benefits, and guaranteed returns, the Max Life Smart Wealth Advantage Guarantee Plan can be a tool for achieving financial milestones and ensuring your family's future is secure. The plan offers flexibility in premium payment, income benefits, and settlement options. It is important to consider your individual needs and financial goals to determine if this plan aligns with your requirements.