Max Life Assured Wealth Plan
The Max Life Assured Wealth Plan is an individual, non-linked, non-participating life insurance savings plan that guarantees returns to help you accumulate wealth. With this plan, customers are given a complete answer to their financial needs and those of their family and loved ones. The plan offers customers a variety of life insurance options, income options, and supplemental income options to help them achieve a financially secure future. Additionally, you have the choice to modify the plan by adding extra riders.
The Max Life Assured Wealth Plan ensures your financial future by assisting you in pursuing your goals to achieve these milestones with confidence because life is full of uncertainties.
Read on to know more about Max Life Assured Wealth Plan’s eligibility criteria, key features and benefits, exclusions, premium illustration, and more.
Here is the eligibility criteria for Max Life Assured Wealth Plan.
Minimum entry age:91 days
Maximum entry age: 60 years
|Maximum Maturity Age of the Life Insured (age as of last birthday)||70 years|
|Policy Term||For PPT 5: 10, 15, 20 years For PPT 8: 16 years For PPT 10: 15, 20 years|
|Premium Payment Term||5, 8 & 10 years|
Minimum- Rs. 2,000 (Monthly)
Maximum- Rs. 24, 000 (Annually)
|Maximum Premium||Subject to the limits determined following the Board approved underwriting policy of the Company|
|Premium Rates||Benefits and premium rates are unisex (applies to both men and women) and uni-smoker. This policy may be made available to nonstandard lives based on additional mortality charges. The Company’s underwriting policy was authorized by the Board.|
|Policy Loan Provision||The policy stipulates that a minimum loan of Rs. 10,000 can be given at any time.|
Key Features & Benefits of Max Life Assured Wealth Plan
Here is the list of the key features and benefits of the Max Life Assured Wealth Plan.
- Fixed Premium Payment and Policy Terms: One of the biggest benefits of choosing Max Life Assured Wealth Plan is that it offers a quick premium payment term of 5 years and a short policy term of 10 years, which together enable consumers to grow wealth quickly through systematic saving.
- Complete Financial Stability in the Event of Death: As long as the policy is active, this plan provides immediately payable and comprehensive death benefits to the nominee if the Life Insured passes away within the policy term.
- Tax Benefits: Subject to a few restrictions, you can take advantage of tax benefits on both the premiums paid and the pay-out benefits received from the plans.
- Death Benefit: Another major benefit of the Max Life Assured Wealth Plan is that it offers a death benefit which is paid out instantly upon the life insured’s passing, is equal to the higher of:
1) Ten times the total of the annualized premium plus any additional premium paid for underwriting.
2) As of the date of the life insured’s death, 105% of the sum of all premiums paid, including underwriting extra premiums and loadings for modal premiums (if applicable).
3) Guaranteed Sum Assured on Maturity
4) Any fixed sum guaranteed to be paid at death.
- Surrender Benefit: Once the policy has a Guaranteed Surrender Value (GSV), it can only be cancelled. i.e., after paying the premium for the first two complete years. The Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV), whichever is larger, shall serve as the surrender value.
- Guaranteed Maturity Benefit: To help the insured achieve their financial objectives, the policy delivers a 100% guaranteed lump sum payout. Guaranteed Sum Assured on Maturity (GSAM) serves as the maturity benefit.
- Grace Period: The Policyholder will be given a grace period from the due date for payment of each premium of thirty (30) days for yearly mode and fifteen (15) days for monthly mode.
What is Not Included Under Max Life Assured Wealth Plan?
Despite anything else in this clause, the policy will end immediately if the life insured commits suicide within 12 months of the day the policy began (the effective date of risk commencement) or the date it was revived, whether the person was sane or insane. In these circumstances, the Company shall pay one of the following:
- The highest of the total premiums paid or the surrender value if the policy contains a surrender value, paid, underwriting excess premiums and loadings for modal premiums, (if applicable), as of the date of death;
- In the event that the policy has not yet accumulated a surrender value, the sum of all premium payments, underwriting additional premiums, and loadings for modal premiums (if applicable).
Illustration Of Max Life Assured Wealth Plan
Let’s take an example to understand!
Mr. Rinku Singh is a serviceman by profession, and a 35-year-old engineer looking to buy an investment plan to gain wealth over some time. After getting many suggestions from friends and searching on the internet, he stumbled upon this Max Life Assured Wealth Plan and found it a great deal of investment to protect against job loss, marriage, retirement, and many more situations.
|Age of Life Insured||Premium Payment Term||Policy Term||Annualized Premium||Premium Payment Mode||Total Annualised Premium||Guaranteed Sum Assured at Maturity|
|35 years||5 Pay||10 Years||₹ 1,00,000||Annual||₹ 5,00,000||₹ 7,51,993|
|35 years||8 Pay||16 Years||₹ 1,00,000||Annual||₹ 8,00,000||₹ 15,45,595|
How To Buy Max Life Assured Wealth Plan?
Here are the steps to buy Max Life Assured Wealth Plan.
Step 1: Firstly, you will need to visit the official website of Max Life Insurance.
Step 2: After that, click on “Investment Plans” at the top. Then, you will see a new page. Scroll down and under the tab “Which Investment Plan best suits your financial needs in India?”, you will find “Max Life Assured Wealth Plan”. Click on it.
Step 3: Then, a plan page will open. On the banner, you will find the “Buy Now” option. Click on it and then you will see a page wherein you will need to enter basic details like your Full Name, Date of Birth, Mobile Number, Gender, and Annual Income, and then click on “View Plans”.
Step 4: Then, a pop-up window will appear, allowing you to choose either an investment plan or a savings plan as per your needs.
Step 5: After that, you will see the complete amount that you will receive the complete maturity amount after the policy.
Step 6: Then, you will need to click on “Check Eligibility”. After that, you will need to enter your name, email address and select your education type, occupation type, and then click on “Proceed” to buy the plan.
Step 7: Then, you will need to make the payment using your credit/debit card. Once you have purchased the policy, it will be sent online to your registered email Id or mobile number.
Please visit the nearest Max Life Insurance branch if you would rather purchase the coverage in person. When you visit the branch, you will receive all the information you require regarding insurance. You can speak with Probus Insurance for support if you still experience problems.
Frequently Asked Questions
If the first two years’ premiums are not paid, the policy will expire and the insured will not get any benefits. It is possible to reinstate a lapsed policy within five years following the first unpaid premium’s due date.
You can send a properly completed policy amendment request form and the necessary paperwork for purchasing riders with your insurance plan to add riders.
If your insurance has a cash surrender value, then you can borrow money against it.
If you are unhappy with the terms and conditions of the policy, you do have the opportunity to terminate your insurance plan during the free look time.
There are four premium paying frequencies under Max Life Assured Wealth Plan which include annual, semi-annually, quarterly, and monthly.