Max Life Smart Wealth Plan
Max Life Fast Track Super is a popular insurance plan that aids in better financial planning so that your remaining years will be the happiest of your life. A convenient and secure method of market investing is provided by the Max Life Fast Track Super Plan. If you want to get the most out of your ULIP investment over time, the this plan will serve the purpose. While most people prioritise life insurance, many are comfortable making investments that are vulnerable to market risks to earn large returns.
With the flexibility to choose premium payment terms and policy terms, the policy gives complete life insurance coverage. Through a variety of fund alternatives and investing strategies, it helps policyholders accomplish their goals.
Read on to know more about the Max Life Fast Track Super plan’s eligibility criteria, features & benefits, exclusions, premium calculation, and more.
|Parameters||Details As Per Plan Option|
|Lumpsum||Short Term Income||Long Term Income||Whole Life Income|
|Minimum Entry Age||0 (91) Days||5 Years||4 Years|
|Maximum Entry Age||60 Years||60 Years||60 Years||65 Years|
|Minimum Age At Maturity||18 Years||18 Years||18 Years||50 Years|
|Maximum Age At Maturity||80 Years||73 Years||74 Years||71 Years|
Annual: Rs. 11,000
Monthly: Rs. 1,000
Single Pay: Rs. 2,50,000
Regular Pay: 50,000
|Maximum Premium||No Limit|
Key Features & Benefits Of Max Life Smart Wealth Plan
Like all other investment plans, Max Life Smart Wealth Plan comes with a unique set of features and benefits. Some of them are discussed below:
- Guaranteed Maturity Benefits: In the case of the survival of the life insured throughout the policy term, maturity benefits are payable by the company. These benefits differ according to the plan variant chosen by the policyholder.
- Guaranteed Additions: Under the Lumpsum option of the plan, the accrued guaranteed additions are provided to the policyholder, which ultimately boosts his/her corpus.
- Death Benefit: If the insured person passes away during the policy term, the Max Life Smart Wealth Plan offers an all-inclusive death payout. Simply put, the insured’s family receives financial protection in the event of his/her passing.
- Surrender Benefit: After the policy has accrued a surrender value, a policyholder can surrender it at any point during the policy period. Following the payment of the surrender benefit, the insurance is ultimately canceled.
- Commutation Option: The company will give the beneficiary/policyholder the choice to receive the present value of the remaining income and death benefit (if any) in a lump sum at any time throughout the pay-out period (referred to as the Commutation Option). The option is available only for variants 2, 3, and 4.
- Free Look Period: After receiving the insurance, the policyholder has 15 days to evaluate the terms and conditions. He or she has the choice to return the policy and a statement of objections if they don’t agree with any of those terms and conditions. In the event of electronic insurance and policies purchased through distance marketing, this time frame is increased to 30 days.
- Waiting Period: From the date of the beginning of the policy’s risk, there is a 90-day waiting period. 100% of the total premiums paid up until the date of death, minus any applicable taxes, cesses, and levies, if any, shall be payable in the event of death (for causes other than accidental death only) during this waiting period.
- Tax Benefits: The policyholder may be qualified to receive tax benefits under the plan in accordance with current income tax regulations. Please consult the policy brochure for additional information about the tax benefits.
Plan Variants Of Max Life Smart Wealth Plan In Detail
As already mentioned above, Max Life Smart Wealth Plan has four variants. They are discussed below:
- Lumpsum: This variant pays the maturity benefit as a lump payment at the end of the policy tenure. The guaranteed amount assured at maturity and any accrued guaranteed additions are also included in the maturity benefit paid.
- Short-Term Income: After the conclusion of the policy term, this variant of the plan offers to pay a guaranteed income benefit at the end of the period (monthly, quarterly, half-yearly, or annually) as per the frequency selected. A percentage of the annualized premium is used to represent the income benefit. It varies according to the sub-variant chosen, entry age, premium band, and gender of the life insured.
- Long-Term Income: In this variant, when the policy term has ended, the policyholder is guaranteed to get an “income benefit” at the end of each period (monthly, quarterly, half-yearly, or annually) based on the frequency he/she has chosen. The insured will also receive a “terminal benefit” following the pay-out period that is equivalent to the total premiums paid.
- Whole Life Income: Under this variant option, a guaranteed “income benefit” is paid at the end of the period (monthly, quarterly, half-yearly, or annually as per the frequency chosen, following the policy term), up until the death of the last remaining life. The income benefit in this case varies depending on the entrance age, gender, and premium band and is expressed as a percentage of the single premium.
Sample Illustration Of Max Life Smart Wealth Plan
Let’s take a look at a case study of the Max Life Smart Wealth Plan!
Mr. Gupta, a 35-year-old male, opts for the “Lumpsum” variant option of the Max Life Smart Wealth Plan. Other details are as follows:
- Annual Premium Paid by Mr. Gupta: Rs. 1,00,000
- Policy Term: 16 Years
- Premium Payment Term: 8 Years
- Guaranteed Sum Assured at Maturity: Rs. 11,20,000
Let’s see how the plan works for him!
|Policy Year||Age Of Life Insured (In Years)||Annualized Premium||Maturity Benefit||Death Benefit|
|0||35||Rs. 1,00,000||–||Rs. 11,00,000|
|1||36||Rs. 1,00,000||–||Rs. 11,00,000|
|2||37||Rs. 1,00,000||–||Rs. 11,00,000|
|3||38||Rs. 1,00,000||–||Rs. 11,00,000|
|4||39||Rs. 1,00,000||–||Rs. 11,00,000|
|5||40||Rs. 1,00,000||–||Rs. 11,00,000|
|6||41||Rs. 1,00,000||–||Rs. 11,00,000|
|7||42||Rs. 1,00,000||–||Rs. 11,00,000|
|16||51||–||Rs. 16,24,080||Rs. 21,26,240|
Riders Available With Max Life Smart Wealth Plan
The plan offers the following rider options to the policyholder only if he/she has purchased Lumpsum, Short Term Income, and Long-Term Income options:
- Max Life Waiver of Premium Plus Rider
As the name implies, this rider provides a waiver of all future premium payments in the event that the insured is given a life-threatening diagnosis, such as cancer, suffering dismemberment, or passing away.
- Max Life Accidental Death and Dismemberment Rider
This rider allows the insured to receive additional financial benefits in the event that the life insured passes away or is left permanently disabled due to an accident.
- Max Life Critical Illness and Disability Rider
One can also choose the Critical Illness and Disability Rider from Max Life Insurance since it offers comprehensive coverage of up to 64 critical illnesses.
- Max Life Term Plus Rider
If the life insured passes away, his near ones can plan for an additional lump sum benefit with this rider add-on.
For more details about the above-mentioned riders, kindly check their respective prospects available on the official website of the company.
Exclusions Under Max Life Smart Wealth Plan
The policy will end immediately if the life insured, whether sane or insane, commits suicide within 12 months of the date of the beginning of the risk or the day the policy was revived.
How To Purchase Max Life Smart Wealth Plan?
One can use any offline way to purchase the plan since it is not now accessible for purchase on the company’s official website. To get more help, the consumer could stop by any 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.
As an alternative, customers can call the company’s helpline at 1860 120 5577, which is open from 9:00 AM to 6:00 PM, Monday to Saturday. The executive will instruct the client on how to order the plan from the business.
However, if any individual still faces any kind of issue while purchasing Max Life Smart Wealth Plan, he/she can immediately contact Probus Insurance. The company will try hard to resolve the issues of their customers.
Frequently Asked Questions
Yes. You will be given a grace period from the due date for payment of each premium of thirty (30) days for the yearly mode and fifteen (15) days for the monthly mode in order to pay the contractual premium. The company will take the premium within the grace period without charging a late fee.
Yes. Under Max Life Smart Wealth Plan, policy loans are available, up to a maximum of 50% of the surrender value during the policy period. The policy stipulates that a minimum loan of Rs. 10,000 can be given out at any time.
You have either a 15- or 30-day grace period starting on the due date to pay your premium. The policy will not lapse if you cease making premium payments after your policy has accrued surrender value. The policy might then be reactivated as a ‘Reduced Paid-Up’ one.
By paying past-due payments and interest, you can renew lapsed insurance. However, this is only if you do it within six months of the first unpaid premium’s due date.
The policy will acquire a surrender value as follows:
- For Lumpsum, Short-Term Income, Long-Term Income, & Regular Pay in Whole Life Income: After payment of the full two years premium amount.
- For Single Pay in Whole Life Income: After the expiry of the free look cancellation period.