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.
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
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:
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:
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:
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:
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
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.
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.
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.