Max Life Assured Wealth Plan

What is Max Life Assured Wealth Plan?

Max Life Assured Wealth Plan is a life insurance savings plan designed to help you grow your wealth over time. It's classified as a non-linked, non-participating individual plan, meaning the returns are guaranteed but not tied to the market's performance. This plan offers a combination of guaranteed savings and life insurance protection. You'll receive a guaranteed lump sum payout at the policy's maturity to achieve your financial goals. Additionally, it provides flexibility with various options for premium payment terms and policy terms to suit your saving preferences. Throughout the policy term, you'll also benefit from life insurance coverage, providing financial security for your loved ones in case of an unfortunate event.

Features of Max Life Assured Wealth Plan

Below are the features of the Max Life Assured Wealth Plan:

• Guaranteed Maturity Benefit: Get a guaranteed lump sum payout to achieve your financial goals.

• Flexible Savings: Choose from 6 term options to fit your savings plan.

• Complete Protection: Your loved ones receive a death benefit if something happens to you during the policy term.

• Tax Savings: Get tax benefits on premiums paid and potential maturity benefits (as per current tax laws).

• Enhanced Coverage: Add optional riders for extra protection to suit your needs.

Eligibility Criteria for the Max Life Assured Wealth Plan

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Minimum Premium:

Benefits of the Max Life Assured Wealth Plan

Below are the benefits of Max Life Assured Wealth Plan:

1. Death Benefit

   • Provides financial protection for your loved ones in case of your unfortunate demise during the policy term.

   • The benefit amount is the higher of:

     • 10 times the annualized premium (excluding taxes and extra charges).

     • 105% of all premiums paid (including extra charges).

     • Guaranteed Sum Assured on Maturity (if chosen).

   • The policy terminates after the death benefit is paid.

2. Maturity Benefit

   • Offers a guaranteed lump sum payout on the policy maturity date.

   • The benefit amount is equal to the Guaranteed Sum Assured on Maturity (GSAM) that you choose during policy inception.

   • The policy terminates after the maturity benefit is paid.

3. Surrender Benefit

   • Provides you with flexibility if you need to withdraw funds before the policy term ends.

   • Available only after paying premiums for the first two years.

   • The benefit amount is the higher of:

     • Guaranteed Surrender Value (GSV) calculated based on paid premiums.

     • Special Surrender Value (SSV) which is generally higher than GSV (exact terms explained in the policy document).

   • The policy terminates after the surrender benefit is paid.

   

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4. Loan Provision

   • Allows you to borrow against the policy's surrender value during emergencies.

   • Minimum loan amount is ₹10,000 and maximum is 80% of the Special Surrender Value.

   • Interest rate and other terms are subject to change as per Max Life's policy loan terms.

   • While the loan is active, the policy is assigned to the company.

   • The policy will be reinstated upon full repayment of the loan and interest.

   • If the loan amount with interest exceeds the surrender value, the policy may terminate.

5. Tax Benefits

   • You may be eligible for tax deductions on premiums paid and benefits received, subject to prevailing tax laws.

   • Tax benefits can change, so it's recommended to consult a tax advisor for the latest information.

Riders Under the Max Life Assured Wealth Plan

• Get extra life cover: Max Life Term Plus Rider provides an additional lump sum benefit if the life insured dies during the policy term.

• Protect against accidents: Max Life Accidental Death & Dismemberment Rider extends financial protection to your family in case of accidental death or dismemberment.

• Waiver of future premiums: Max Life Waiver of Premium Plus Rider waives all future premiums if you suffer a critical illness, dismemberment, or death (if you're not the life insured).

• COVID- 19 protection: Max Life COVID19 One Year Term Rider offers a lump sum payout if the life insured is diagnosed with COVID-19 or dies after diagnosis.

• Critical illness and disability cover: Max Life Critical Illness and Disability Rider safeguards you against critical illnesses and total permanent disability.

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