Axis Max Life Savings Advantage Plan

The following are the important features of the Axis Max Life Savings Advantage Plan:

• Numerous Premium Payment Options - Axis Max Life Savings Advantage Plan has multiple premium payment options such as limited pay, single pay, and regular pay. You may also choose a policy duration of 10 to 30 years, depending on the premium payment option you choose while purchasing Axis Max Life Savings Advantage Plan.
• Life Insurance Component to Save Tax - You may be entitled to tax deductions with the Axis Max Life Savings Advantage Plan, as specified by the Income Tax Act. When paying premiums for the Axis Max Life Savings Advantage Plan, you can take advantage of these tax benefits according to the current tax regulations.
• Death Benefit that increases Post 10 Years - Axis Max Life Savings Advantage Plan helps in securing the family from financial problems with the guaranteed death benefit. After 10 years, the amount of this benefit increases by a fixed percentage.

Benefits of Axis Max Life Savings Advantage Plan

• Maturity Benefit - The Plan provides a maturity benefit that is 110% of the Guaranteed Sum Assured on Maturity (GSAM). The plan also offers accrued guaranteed additions and various bonuses like a terminal bonus and accrued paid-up additions.
• Death Benefit - Axis Max Life Savings Advantage Plan plays a pivotal role to help the family with any financial crisis after the death of the insured. The nominee is entitled to a guaranteed death payout if the insured dies during the first ten years of the policy duration. If an unavoidable occurrence occurs after 10 years will be extended active policy coverage, the guaranteed death benefit under the Axis Max Life Savings Advantage Plan will extend.
• Commutation Benefit - Once the Axis Max Life Savings Advantage Plan matures, the insured can convert the lumpsum returns on maturity into annual or monthly income for the next 10 years. The nominee can convert the death benefit into monthly or yearly income for 10 years if the insured dies within the policy term.
• Options to Choose Premium Payment and Policy Term - Axis Max Life Savings Advantage Plan provides flexibility to the insured in choosing the premium payment term and policy term. As a result, you may determine when you need money for a certain life objective and the premiums will be paid.
• Guaranteed Additions - Guaranteed additions are other benefits of the Axis Max Life Savings Advantage Plan, which are computed as a percentage of the Guaranteed Sum Assured at the completion of each active policy year for the first five years of the policy term.

Premium Payment Options

The following table explains the various premium options offered by the Axis Max Life Savings Advantage Plan:

Eligibility Criteria of Axis Max Life Savings Advantage Plan

The policyholder should meet the eligibility criteria that are mentioned below:

1. Age of the Policyholder at Entry
   1. Minimum Single Pay: 8 years
   2. Regular/Limited Pay: 0 (91 days)
   3. Maximum Single Pay: 65 years
   4. Limited Pay: 60 years
   5. Regular Pay: 45 years
2. Age of the Policyholder at Maturity
   1. Minimum:18 years
   2. Maximum Single Pay: 75 years
   3. Regular Pay: 65 years
   4. Limited Pay: 80 years

Premium Payment Options of Axis Max Life Savings Advantage Plan

Below are the premium payment options of Axis Max Life Savings Advantage Plan:

Regular Pay and Limited Pay Variant: The minimum premium varies according to the Policy Term and payment method, as stated in the table below:

Additional Riders through Axis Max Life Savings Advantage Plan

Axis Max Life Savings Advantage Plan provide three riders that include Axis Max Life Term Plus Rider, Axis Max Life COVID19 One Year Term Rider, Axis Max Life Waiver of Premium Plus (WOP) Rider, and Axis Max Life Critical Illness and Disability Rider.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017