Max Life Savings Advantage Plan
Max Life Savings Advantage Plan is one of the popular insurance savings plans offered by Max Life Insurance. It’s been planned to guarantee accelerated growth of your money and produce riches to achieve a variety of goals in life. The benefits of the Max Life Savings Advantage Plan go beyond simply increasing corpus during the policy’s term. The plan enables you to accumulate the funds necessary to meet all of your life’s objectives while offering insurance protection for your family’s care in the event of an emergency.
By selecting the Max Life Savings Advantage Plan, you can benefit from receiving both a lump sum maturity amount and life insurance in the form of an increased death benefit. You are eligible for a tonne more benefits through the Max Life Savings Advantage Plan.
Read on to know more about the Max Life Savings Advantage Plan in detail!
Here is the eligibility criteria for Max Life Savings Advantage Plan.
|Age of the Life Insured at Entry (age as of last birthday)|
Single Pay: 8 years
Limited/Regular Pay : 0 years (91 days at the time of applying for this plan)
The Life Insured in this case is a minor. In this situation, the proposer must be the minor’s parent or legal guardian and have an insurable stake in the child’s wellbeing. Risk coverage for minors will start as soon as the policy is written. If a minor was the subject of the policy, it will automatically pass to him upon his legal adulthood.
Single Pay: 65 years
Limited Pay: 60 years. If the Entry age of Life insured is >=56 years then the Entry age of Life Insured + Premium Payment Term shall be <=65 years.
Regular Pay: 45 years
|Maturity Age of the Life Insured (age as of last birthday)|
Single Pay: 75 years
Limited Pay: 80 years
Regular Pay: 65 years
|Premium Payment Term (PPT) S||Single Pay | Limited Pay: 5 to 12 years | Regular Pay|
|Policy Term (PT)||Single Pay: 10 years | Limited Pay: 10 to 30 years subject to Policy Term being greater than or equal to Premium Payment Term plus 5 years | Regular Pay: 20 to 30 years|
|Premium Payment Modes||The product allows Annual, Semi-Annual, Quarterly, and Monthly Premium Payment Modes. The Premium Payment mode can be changed during the Policy Term|
Guaranteed Sum Assured on
Single Pay: Rs. 78,738
Limited Pay & Regular Pay: Policy Term less than 15 years: Rs. 1,69,379
Policy Term greater than and/or equal to 15 years: Rs. 24,425
Maximum – No limit subject to limits determined by the Board approved underwriting policy of the Company
Key Features & Benefits of Max Life Savings Advantage Plan
The following are the key features and benefits of the Max Life Savings Advantage Plan.
- Death Benefit
The biggest benefit of the Max Life Savings Advantage Plan is that it helps the family to deal with financial hardships in case of the event of the insured’s death.
The nominee is eligible to receive a guaranteed death benefit, which may include terminal bonuses, paid-up additions, and accrued Guaranteed additions (if any) if the insured passes away on or before the end of the 10-year policy period. If this unavoidable catastrophe occurs after the active policy period has been in effect for ten years, the guaranteed death benefit under the Max Life Savings Advantage Plan is even larger.
- Commutation Benefit
You might not require the maturity benefits as a lump sum payment when the Max Life Savings Advantage Plan expires. You can convert the lump sum benefit at maturity into a monthly or annual income for 10 years, depending on your needs.
The nominee may convert the death benefit into a ten-year stream of monthly or annual income if the life insured passes away during the policy’s term.
- Maturity Benefit
Another major benefit of the Max Life Savings Advantage Plan is that it offers maturity benefits to the policyholder. It also includes any applicable terminal bonus as well as cumulative paid-up additions, accrued guaranteed additions, and other bonuses.
- Options to Select Policy Term and Premium Payment Term
When you reach a certain period of life, you mostly feel the need for a significant corpus. Additionally, various people need varying sums of money to fulfill their life goals. If you can save money by your goals, this will occur.
You have the option to select the policy term and the premium payment term with the Max Life Savings Advantage Plan. This gives you the freedom to choose when you’ll need money to achieve a life objective and adjusts the premiums accordingly.
- Tax Benefits
The Max Life Savings Advantage Plan entitles you to tax deductions as described in various sections of the Income Tax Act. By current tax rules, you are eligible to receive certain tax advantages when paying premiums for the Max Life Savings Advantage Plan.
- Multiple Options for Premium Payment and Policy Terms
The availability of multiple premium payment options, including single payment, restricted payment, and regular payment, is one of the most attractive features of the Max Life Savings Advantage Plan. When purchasing the Max Life Savings Advantage Plan, you have the choice of selecting a policy term ranging from 10 to 30 years, depending on the premium payment method you pick.
- Commutation Benefit
The insured can change the lump sum returns on maturity from the Max Life Savings Advantage Plan into a yearly or monthly income for the following ten years. If the insured passes away within the policy term, the nominee may convert the death benefit into a 10-year stream of monthly or annual income.
- Guaranteed Additions
To increase your benefits, this plan guarantees you 5.5% of the Guaranteed Sum Assured on Maturity as Guaranteed Additions after each policy year for the first five policy years.
Is There Anything Not Included Under Max Life Savings Advantage Plan?
Regardless of everything else specified in this document, the policy will end immediately if the Life Insured, whether minor or major, sane or insane, commits suicide within 12 months of the effective date of risk beginning or the date of revival of the policy. The Company will then pay one of the following:
- If the policy contains a surrender value, the higher of the following applies: Surrender Value or (total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid); or
- The total premiums paid, plus any additional premiums paid for underwriting and any loadings for modal premiums, if the policy has not yet developed a surrender value.
What Are The Riders Available Under Max Life Savings Advantage Plan?
Here are the available riders under the Max Life Savings Advantage Plan.
- Max Life Term Plus Rider
It is an important rider that one can add to their policy to Add Max Life Term to enhance protection against any unfortunate incident which may cause death.
- Max Life Waiver of Premium Plus (WOP) Rider
With this rider added to your Max Life Savings Advantage Plan, you’ll get a waiver of all future premiums in case of any unfortunate incident happen like critical illness/ dismemberment/ death.
- Max Life Accidental Death & Dismemberment Rider
When you choose this rider with your Max Life Savings Advantage Plan, the policyholder is eligible to get additional protection coverage in case of accidental death or disability.
How Does the Max Life Savings Advantage Plan Work?
Mr. Bajaj, aged 35 years, was looking for a plan that can generate wealth in case of any mishap. After going through many plans on the internet, Mr. Bajaj finally stumbled upon Max Life Savings Advantage Plan and found it a great deal of investment to save his money and generate long-term wealth.
Let’s take an example to understand the amount he will receive after the policy matures.
|Premium Amount||Premium Payment Term||Policy Term||Guaranteed Additions Accrued Every Year||Maturity Benefit @4%||Maturity Benefit @8%|
|Rs. 50,000||10||20||Rs. 25, 025||Rs.7, 74, 112||Rs. 12, 08, 507|
How To Buy Max Life Savings Advantage Plan?
Policy seekers can use any offline way to purchase the Max Life Savings Advantage Plan because it is not now accessible for purchase on the company’s official website. To get more help, the consumer could visit the nearest Max Life Insurance branch office in the area and speak with the staff members who work in customer service. After requesting a few details, the person will assist the consumer in purchasing the plan.
Helpline number: 1860 120 5577 (9:00 AM to 6:00 PM (Monday to Saturday))
If the consumer is still facing difficulties in buying the plan, then contacting Probus Insurance would be an ideal choice.
Frequently Asked Questions
- You can choose to receive the maturity benefit in 10 years as an annual or monthly income or as a lump payment. Similarly to this, the Max Life Savings Advantage Plan policy nominee may choose this option while receiving death payments.
Yes, the insured can add a nominee under Max Life Savings Advantage Plan.
If the policy has been in effect for at least five years, the terminal bonus is a one-time payment awarded in the event of an early death, maturity, or surrender.