Max Life Insurance
Max Life Smart Fixed-Return Digital Policy

Max Life Smart Fixed-Return Digital Plan

Max Life Smart Fixed-Return Digital Plan is a non-participating, non-linked, individual life insurance savings plan that perfectly combines protection along with providing lump sum benefits to the policyholder. To simplify the life investments of the prospective customers, the plan comes in 3 variants each assisting the insured members in achieving their financial objectives. This post will discuss the plan in detail!

Eligibility Criteria

ParametersGold VariantPlatinum/Titanium Variant
Minimum Entry Age8 & 13 Years8 & 13 Years
Maximum Entry Age50 & 45 Years50 Years
Minimum Age At Maturity18 Years
Maximum Age At Maturity50, 55, & 60 Years55 & 60 Years
Policy Term5 & 10 Years
Coverage TypeSingle Life & Joint LifeSingle Life

Why Should One Choose Max Life Smart Fixed-Return Digital Plan?

With Max Life Smart Fixed-Return Digital Plan, one needs not to worry about savings and investment in today’s fluctuating market. The plan comes with the following set of features and benefits for the policyholders:

  • Build Savings: The foundation of a secure financial future is saving. With the Max Life Smart Fixed-Return Digital Plan, the policyholders can make sure that they are accumulating savings to cover their future financial needs. They only need to make the plan-determined recurring or lump-sum premium payment in order to receive returns that will satisfy their saving needs.
  • Maturity Benefit: Once the policyholder has survived the policy tenure, a guaranteed corpus is given as a maturity benefit. The following elements together make up the maturity benefit.
    • Guaranteed Sum Assured on Maturity
    • Accrued Guaranteed Additions only applicable to the Titanium version
    • Additional Maturity Benefit for paying higher premiums
    • Additional Maturity Benefit for female customers
  • Death Benefit: The plan also offers a death benefit, which is payable as a lump sum in case the life insured passes away during the policy tenure, provided the policy is in force.
  • Tax Benefits: Both premium payments and maturity benefits under the plan are subject to tax benefits. A tax deduction of up to INR 1,50,000 is available to policyholders under Section 80C of the Income Tax Act. In accordance with Section 10(10D), the maturity benefit is also tax-free for all variations except for Gold.
  • Special Benefits For Female Customers: Max Life has created additional perks for women in an effort to get them to purchase insurance and savings products. This involves giving female clients more maturity benefits than male clients of the same age. For a policy term of five years, the additional maturity benefit is 0.25 percent, and for a term of ten years, it is 0.5% percent.
  • Optional Riders: The plan’s coverage can easily be enhanced by paying an extra premium amount for the following rider options:
    • Max Life Waiver of Premium Plus Rider
    • Max Life Accidental Death and Dismemberment Rider
    • Max Life Term Plus Rider
    • Max Life Critical Illness and Disability Rider
  • Free Look Period: The policyholder has 15 days from the time they receive their insurance to review the terms and conditions. If he or she disagrees with any of those terms and conditions, they might choose to return the policy with a statement of objections. This period is extended to 30 days for policies purchased through distance marketing and electronic devices.
  • Waiting Period: There is a 90-day waiting period beginning on the day the risk under the policy began. In the event of death (for causes other than accidental death only) within this waiting time, 100% of the total premiums paid up until the date of death, less any relevant taxes, cesses, and levies, if any, shall be payable.
  • Grace Period: The plan also offers a 30-day grace period for annual, semi-annual, and quarterly modes, and 15 days grace period for monthly premium payment mode.

Plan Variants Of Max Life Smart Fixed-Return Digital Plan In Detail

As already mentioned above, the plan comes with three variants. They are discussed below:

  • Gold Variant: The basic version of the plan, known as the gold version, requires only a single premium payment. On account of this, the insured will receive a certain lump sum at maturity. One can select a policy term of 5 or 10 years under this variant of the plan.
  • Platinum Variant: The policyholder must pay the premium for the platinum version of the plan over a five-year period. For this, the policyholder will receive a lump sum payout at the conclusion of the policy period. The interesting aspect of the variant is the life insurance benefit, which is 11 times the annualized premium.
  • Titanium Variant: The policyholder must pay the premium for the Titanium version for 5 years. After that, the policyholder is assured of receiving a lump sum payment at maturity. The policy duration might be either five or ten years, as chosen by the policyholder. This variation of the plan has the appealing feature that, in addition to the guaranteed lump-sum payment, policyholders also receive guaranteed additions, which start to accrue once they have paid all the required premiums.

Sample Illustration Of Max Life Smart Fixed-Return Digital Plan

Let’s take a look at a case study of the Max Life Smart Fixed-Return Digital Plan!

Mr. Ayush, a 30-year-old corporate professional, wishes to create a wealth corpus. Therefore, he chooses the ‘Titanium’ variant of the plan. Other details are as follows:

  • Premium Payment Term: 5 Years
  • Premium Amount: Rs. 5,000 (Every Month For 5 Years): Rs. 3 Lakhs
  • Policy Term: 10 Years

Let’s find out how the plan will work for him!

If all goes well and Mr. Ayush survives the policy term of 10 years, he will receive the maturity benefit of Rs. 5,08,288. And if, unfortunately, he passes away before the completion of the policy term, his family will receive the death benefit of Rs. 6,41,774.

Plan VariantWhat Mr. Ayush PaysTotal Premium Paid For 5 YearsMaturity BenefitDeath Benefit
GoldRs. 5,000 Per Month For 5 YearsRs. 3 LakhsRs. 5,08,288Rs. 6,41,774

Suicide Exclusion Under Max Life Smart Fixed-Return Digital Plan

If the life insured—sane or insane—commits suicide within 12 months of the risk’s beginning or the day the policy was revived, the policy will instantly terminate. For more details on suicide exclusion, please refer to the policy’s prospectus!

How To Purchase Max Life Smart Fixed-Return Digital Plan

Purchasing the Smart Fixed-Return Digital Plan is simple and hassle-free if an individual follows these few steps:

  1. Firstly, decide how much you want to invest.
  1. Select the payment method and plan version (Gold, Platinum, or Titanium).
  1. Select the policy’s term.
  1. Submit the proposal form and your supporting documentation at a nearby branch office of the company.
  1. The branch executive will help you to purchase the plan and the policy documents will be delivered quickly to your place.

Alternatively, customers may contact the company’s helpline (1860 120 5577), which is available from 9:00 AM to 6:00 PM, Monday to Saturday. The executive will give the client instructions on how to purchase the plan from the company.

However, if a person still has a problem while buying the Max Life Smart Fixed-Return Digital Plan, they should get in touch with Probus Insurance right away. The business will make every effort to address the concerns of its clients.

Frequently Asked Questions

Max Life Smart Fixed-Return Digital Plan has two options for premium payment terms. For the Gold variant, it is Single Pay; whereas, for the Platinum and Titanium variants, it is 5 years.

The premium payment modes available under the plan are as follows:

  • For Gold Variant: Single Pay
  • For Platinum & Titanium: Annual, Semi-Annual, Quarterly, & Monthly

Yes. Once the policy acquires the surrender value, you can take a loan subject to a maximum limit of 75% of the surrender value.

The Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV), whichever is higher, shall serve as the surrender value under the plan.

The minimum and maximum premium amounts payable under the plan are as follows:

VariantMinimum PremiumMaximum Premium
GoldRs. 35,000No Limit
  • Annual: Rs. 11,000
  • Semi-Annual: Rs. 6,000
  • Quarterly: Rs. 3,000
  • Monthly: Rs. 1,000
No Limit