Max Life Assured Wealth Plan is a non-participating, non-linked, limited pay life insurance plan that guarantees the insured assured returns over time to develop their wealth. This plan provides consumers with a comprehensive solution to meet their family's and loved one's financial needs. The plan offers consumers to attain a financially secured future through numerous life covers and income alternatives, as well as supplementary income possibilities.
Key Features of Max Life Assured Wealth Plan
The key features of the Max Life Assured Wealth Plan are as follows:
- Fixed Premium Policy and Payment Terms: The insurance policy helps in accumulating wealth in a short period as the policy term ranges between 5 years to 10 years.
- Guaranteed Maturity Benefit: - The plan provides a 100% guaranteed lump sum payout to help the insured achieve his or her financial goal.
- Tax Benefit:- Tax advantages apply to premiums paid, according to the current tax laws
- Death Benefit: - Max Life Assured Wealth Plan provides an immediate and complete death benefit to the nominee after the death of the life insured during the policy term.
- Reduced Paid-Up Benefit:After acquiring the surrender value, the insurance policy will become Reduced Paid-Up (RPU) if the policyholder fails to pay the due premiums by the end of the grace period.
Eligibility Criteria of Max Life Assured Wealth Plan
The insured should meet the following criteria for Max Life Assured Wealth Plan:
|Age of the Life Insured (age as on last birthday)||
|Guaranteed Sum Assured at Maturity||
|Premium Payment Term||
Annual and Monthly Premium Payment Mode & Modal Factors
The following table highlights the annual and monthly premium payment mode, and modal factors:
|Mode of Premium Payment||Modal Factors|
Check the table given below to know the minimum premium:
|Mode of Premium Payment||Minimum Premium|
Guaranteed Sum Assured on Maturity (GSAM) Bands
There are three Guaranteed Sum Assured at Maturity bands that are mentioned below:
|Band||GSAM (In Rs.)|
|1||Less than Rs.3,50,000|
|2||Rs.3,50,000 to Rs.5,24,999|
|3||Rs.5,25,000 to Rs.10,99,999|
|4||More than Rs.11,00,000|
Any or all of the following riders can be opted by the insured:
- Max Life Accidental Death and Dismemberment Rider: : It offers benefits in case of dismemberment or death of the life insured due to an accident.
- Max Life Waiver of Premium Plus Rider:- In case of critical illness, dismemberment, or death, all future premiums are waived off.
- Max Life Term Plus Rider- It offers various lump sum benefits to the nominee in case of death of the life insured
- Max Life COVID 19 One Year Term Rider: - The life insured will receive a lump sum amount of financial protection on diagnosis or death due to COVID 19.
- Max Life Critical Illness and Disability Rider:It covers around 64 critical illnesses with permanent disability coverage.
Additional Riders through Max Life Savings Advantage Plan
Max Life Savings Advantage Plan provide three riders that include Max Life Term Plus Rider, Max Life COVID19 One Year Term Rider, Max Life Waiver of Premium Plus (WOP) Rider, and Max Life Critical Illness and Disability Rider.
FAQs – Frequently Asked Questions
- What are the conditions of revival of lapsed policy?
- What is the grace period of the Max Life Assured Wealth Plan?
- What is the free look up period of the Max Life Assured Wealth Plan?
The policy will lapse on the non-payment of the first two years’ premiums, and no benefits will be provided to the insured. The lapsed policy can be revived within a revival period of five years from the due date of the first unpaid premium.
The Policyholder will be given a grace period of 30 days for yearly premium payments and 15 days for monthly premium payments from the due date for payment of each premium.
From the date of receipt of the Policy document, the policyholder has 15 days to 30 days to study the terms and conditions of the Policy, and if he or she disagrees with any of those terms and conditions, he or she has the option to return the Policy with the grounds for objection.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017