Safeguarding your family’s enduring happiness means going for a product like the Smart Wealth Plan from Max Life. This savings plan has been designed in a way to allow you to enjoy a relaxed life. It is always a pleasure and a sense of pride to be able to plan for a better financial future. Max Life Insurance, has been designed to help protect your financial future through assured returns. This smart wealth plan will support you in following your dreams and achieving all the milestones that you set your heart on, with certainty. Even if you are an investor looking for a failsafe return product to protect yourself from unpredictability in the market; you can choose Max Life Smart Wealth Income Plan.

Max Life Smart Wealth Plan details

Max Life Smart Wealth Plan is a life insurance product planned to confirm well-organised savings and definite returns payable as per your needs under the selected variant.

You can measure the significance of Max Life Smart Wealth Plan from the very fact that the present-day environment is thick with qualms. Due to the COVID-19 pandemic, these fears have grown manifold. This has made us look for more possibilities to plan for financial safekeeping, no matter how much savings we have hoarded over time. Max Life Insurance has designed this product to control the effect of life’s uncertainties, while also taking care of your dreams and milestones.

Key features of Max Life Smart Wealth Plan

Let’s discuss the noteworthy features that make the Plan a prized financial resolution for the recent policy buyer.

  • You invest a set amount every year in this plan. You will get a lump sum amount or periodic income for the investments that you made in the plan during its term on the maturity of the plan.
  • If during the term of the plan you decease, your dependents will get life insurance like compensation from the plan. This payment is meant to confirm that they are compensated for the loss of income because of your unfortunate and early death.
  • You can ensure long term financial support as the insured individual can be insured till 100 years. 
  • Max Life Smart Wealth Plan is a non-linked product as it does not invest in stocks or the stock market. Accordingly, it gives you guaranteed returns.
  • The policy offers 4 riders to choose from. 
  • There is the option to accrue survival benefits and take them as per your financial requirements. 
  • You can save more through tax savings that you will be eligible for with this plan.
  • You can further enhance the coverage through additional riders.
  • There are four plans option in Max Life Smart Wealth Plan for investors to choose from:
  • Lumpsum Plan
  • Short-Term Income Plan
  • Long-Term Income Plan
  • Whole Life Income Policy

Eligibility conditions & restrictions in Max Life Smart Wealth Plan

Let us take a look at the eligibility criteria: 

Parameters

Details

Minimum Entry Age

91 days/ 4 years/ 5 years/ 40/ 45 years (as per the option selected)

Maximum Entry Age

60 years/ 65 years (as per the option selected)

Minimum Maturity Age

18 years/ 50 years (as per the option selected)

Maximum Maturity Age

71 years/ 80 years (as per the option selected)

Loan Facility

Not Available 

Benefits under Max Life Smart Wealth Plan

  • Death Benefits:
    Death Max Life Smart Wealth Plan offers all-inclusive death benefit in case of the demise of the insured individual during the policy term. To put it in simple words, your family gets financial security in case of your demise.
  • Maturity Benefit:
    With the Max Life Smart Wealth Plan, you can enjoy failsafe returns at the maturity of your life insurance policy. This can help you accomplish all your financial goals. Besides, the plan offers Guaranteed Additions, financial security in case of your demise during the policy term, etc. What’s important is that you can pick from quite a lot of plan variants according to your financial goals, for instance, lump sum, short term Income, long term income and whole life income.

    Policyholders will get maturity benefits at the end of the policy term. Nevertheless, this amount will differ according to the variant selected at the start of the policy.

    Other than the Policy Continuance Benefit you can also add riders like accidental death, waiver of premium plus, & dismemberment rider, term plus rider, life-threatening sickness, and disability rider, etc. for additional enhancement in the benefits.

Sample illustration of premium amount & sum assured in Max Life Smart Wealth Plan

To understand how the Max Life Smart Wealth Plan works, let us take a look at these sample illustrations. 

Variant 1 – Lumpsum

Ravi Bhatia is a 34-year-old bank employee. Recently he was blessed with a baby girl. He wants to save for her higher education. He invests in the Max Life Smart Wealth Plan, variant 1, with the following details:

  • Annual Premium: INR 1 lakh
  • Premium Payment Term: 8 years
  • Policy Term: 16 years
  • Guaranteed Sum Assured at Maturity: INR 11,20,000

This plan option offers a lump sum death benefit to the nominee in case of death of the insured individual during the term of the policy. In case the insured outlives the policy, the maturity benefit includes Guaranteed Sum Assured on Maturity and the Accrued Guaranteed Additions. 

In case Ravi passes away during the term of the policy, his nominee will receive the death benefit. Guaranteed additions are accrued at the end of the last 4 policy years. So, here INR 1,15,990 will be paid out in the 13th, 14th, 15th and 16th years. The total premiums paid by Ravi Bhatia is INR 8 lakhs to receive a maturity benefit of INR. 15,83,960.

Variant 2 – Short Term Income

Sukumar Nair is a 33-year-old scroll teacher. He wishes to invest in a plan that guarantees him a second source of income. He invests in Variant 2 of the Max Life Smart Wealth Plan, which is the Short Term Income variant. The plan details are as follows:

  • Annual Premium: INR 1 lakh
  • Premium Payment Term: 12 years
  • Policy Term: 13 years 
  • Guaranteed Sum Assured at Maturity: INR 11,20,000 

So, after paying a premium for 12 years, the total premiums paid by Sukumar is INR 12 lakhs. He will receive a total income of INR 24,58,560 where he will receive INR 2,04,880 yearly, once the policy term of 13 years is over.

Variant 3 – Long Term Income

Rajesh Chaudary is a 36-year-old software professional working on an MNC. he wants to enjoy an early retirement and thus invests in Variant 3 – Long Term Income. This variant of the Max Life Smart Wealth Plan offers a guaranteed income for 25 years, which will be instrumental in fulfilling Rajesh’s aspirations. Let us take a look at the plan details:

  • Annual Premium: INR 1 lakh
  • Premium Payment Term: 12 years
  • Policy Term: 14 years 
  • Annual Income Benefit every year: INR 1,42,050 

The total premiums paid by Rajesh is INR 12 lakhs. In return, he will receive a total income benefit of INR 1,42,050. He will also receive a terminal benefit (return of total premiums paid) of INR 12 lakhs at the end of the income payout period.

Variant 4 – Whole Life Income

50-year-old Anil Pandey, is a bank manager. His wife Aruna Pandey is a homemaker. Anil wants to start planning for his retirement. He also wants to get a Joint Life Cover with Aruna and so opt for the Whole Life Income variant. Let us take a look at the plan details:

  • Annualised Premium: INR 10 lakhs
  • Premium Payment Term: 6 years
  • Policy Term: 6 years 

The plan will look after both Anil and Aruna. With the Guaranteed Income benefit of INR 3,99,060, the last surviving member can easily fulfil his/ her everyday needs. After the policy term, the death benefit would be INR 60 lakhs. 

Additional Riders and Features available with Max Life Smart Wealth Plan

  1. Riders
    Let us now look at the riders you can opt for with Max Life Smart Wealth Plan. These riders can help you enhance the coverage of your base policy. Just make sure sure that you understand each rider, and pick the one that best suits your requirements. Along with the policy premium, you will have to pay an extra amount to purchase the rider.
    • Max Life Waiver of Premium Plus Rider
      This rider will provide you with a waiver of the future premiums in case of Critical Illness or dismemberment or Death of the insured individual.
    • Max Life Accidental Death and Dismemberment Rider
      In case of accidental death or dismemberment of the insured, additional benefits will be paid.
    • Max Life Critical Illness and Disability
      In case of diagnosis of any of the listed illnesses, an additional lump sum benefit will be paid out.
    • Max Life Term Plus Rider
      In case of death of the insured individual an additional lump sum benefit is paid out.
  2. Flexibility of Income Payout
    In the case of non-annual mode, you have the flexibility to choose to receive the income benefits under Whole Life Income, Long Term Income, and Short Term options. You can choose
    1. Annual
    2. Semi-Annual
    3. Quarterly
    4. Monthly
  3. Higher Benefits
    If you choose a higher premium band you will receive higher maturity benefits.
  4. Commutation Option
    In case you opt for Variant 2 or 3 or 4, you can avail of the commutation option. You will be given the option to receive the prevailing value of the outstanding income and death benefit (if any) in the form of a lump sum.

Important Terms & Conditions of Max Life Smart Wealth Plan

It is exceedingly essential to have detailed information on the Terms and Conditions, on the sales and rider prospectus before concluding a sale. 

  1. The policy comes with a free look period of 15 days. This period is given to you to review the terms and conditions of the policy. In unsatisfied, you can return the policy stating the reasons for the same. 
  2. The policy comes with a waiting period of 90 days. If the insured individual dies within 90 days of policy purchase, 100% of the total premiums paid till the date of death is paid out to the nominee.
  3. You can acquire a loan against Max Life Smart Wealth Plan, which can be up to 50% of the surrender value.
  4. Tax benefits are entitled to tax exemption on satisfying conditions mentioned under Section 10(10D) of the Income Tax Act 1961. Tax exclusions are as per the law and as per predominant provisions of the Income Tax Act, 1961. Policyholders are recommended to discuss with tax experts for a better explanation. Be cautious of fake phone calls and fraudulent offers.

Exclusions under Max life insurance plan

No death benefit will be offered to the beneficiary and the policy shall be terminated instantly; if the life assured, commits suicide within 12 months from the date of policy commencement or the date of renewal of the policy.

Conclusion
It is decisive to read the particulars of the policy to know which option is best-suited to fulfil the enduring requirements of your dear ones. Ensure you weigh your sum unpaid, investments, and other liabilities judiciously before investing in the product. Max Life Smart Wealth Plan is undeniably the one-stop solution to accomplish your wealth plan and is well-suited for long-term savings, protection and retirement. So, if you are looking for a safe and risk-free investment option that offers you guaranteed returns through a long term financial plan, Max Life Smart Wealth Plan can surely be considered.


FAQ’s

A grace period of 15 or 30 days is given to you from the due date to pay your premium. If you stop paying the premiums after your policy has acquired surrender value, the policy shall not lapse. It will then become a Reduced Paid-Up policy that can be revived.


If you need some financial help, you can take 50% of the surrender value during the policy term. The minimum loan you can take is INR 10,000.


You can revive your lapsed policy by paying the overdue premium along with interest. This is if you are doing it within six months from the due of the first unpaid premium.


In case you are not happy with the policy, you have the choice to withdraw it by returning the original copy with a written request. The policy acquires surrender value after payment of 2 full years’ premiums. In the case of Variant 4, SIngle Pay, and Surrender Value is acquired after the expiry of the free-look period. You may submit the surrender request with the documents: Surrender form, Original policy papers and a copy of ID proof at a Max Life branch.