Max Life Savings Advantage Plan

Max Life Savings Advantage Plan is an insurance savings plan designed by Max Life Insurance. The plan helps to provide growth out of your savings and accumulate enough wealth to achieve your varied life goals. Max Life Savings Advantage Plan provides a complete insurance cover with an aim to offer financial protection to family members of the insured in the event of the sudden death of the policyholder.

The value of the Max Life Savings Advantage Plan may be seen in terms of life objectives. The life insured can get a lump sum maturity amount as well as life insurance in the form of a step-up death benefit if they choose this plan.

Key Features of Max Life Savings Advantage Plan

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

  1. Numerous Premium Payment Options - 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 Max Life Savings Advantage Plan.
  2. Life Insurance Component to Save Tax - You may be entitled to tax deductions with the Max Life Savings Advantage Plan, as specified by the Income Tax Act. When paying premiums for the Max Life Savings Advantage Plan, you can take advantage of these tax benefits according to the current tax regulations.
  3. Death Benefit that increases Post 10 Years - 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 Max Life Savings Advantage Plan

  1. 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.
  2. Death Benefit - 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 Max Life Savings Advantage Plan will extend.
  3. Commutation Benefit- Once the 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.
  4. Options to Choose Premium Payment and Policy Term- 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.
  5. Guaranteed Additions - Guaranteed additions are other benefits of the 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 Max Life Savings Advantage Plan:

Premium Payment Term Single Pay Policy Term less than 15 years Policy Term greater than equal to 15 years
minimum PremiumPayment Half Yearly Mode NA Rs.27,500 Rs.6,000
Minimum Premium Payment Annual Mode Rs.1,00,000 Rs.50,000 Rs.8,500
Minimum Premium Payment Monthly Mode NA Rs.15,000 Rs.4,000
Minimum Premium Payment Monthly Mode NA Rs.5,250 Rs.1,500
Maximum Annual Premium No Limit No Limit No Limit

Eligibility Criteria of Max Life Savings Advantage Plan

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

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

Premium Payment Options of Max Life Savings Advantage Plan

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

Premium Payment Term (PPT)
  • Limited Pay: 5 - 12 years
  • Regular Pay: 20 – 30 years
Policy Term (PT)
  • Single Pay: 10 years
  • Regular Pay: 20 – 30 years
  • Limited Pay: 10 - 30 years, provided that the Policy Term is more than or equal to the Premium Payment Term plus five years
Minimum Annual Premium Single Pay: Rs.1,00,000

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

Premium Payment Mode Policy Term less than 15 years Policy Term equal to or more than 15 years
Monthly Rs.5,250 Rs.1,500
Quarterly Rs.15,000 Rs.4,000
Half yearly Rs.27,500 Rs.6,000
Annual RS.50,000 Rs.8,500

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

  • Are nominations allowed in Max Life Savings Advantage Plan?
  • Yes, the insured can add nominee under Max Life Savings Advantage Plan.

  • How to check the eligibility criteria of the Max Life Savings Advantage Plan?
  • When applying for the Max Life Savings Advantage Plan, make sure to check the minimum and maximum age of the life cover.

  • What is a terminal bonus?
  • The terminal bonus is a one-time bonus given due to the early death, maturity, or surrender if the policy has been in existence for at least five years.

Other Max Life Insurance Saving Plans

  • Max Life Whole Life Super
  • Max Life Life Gain Premier
  • Max Life Future Secure II Savings Plan
  • Other Poular Max Life Insurance Plans

  • Max Life Insurance Child Plans
  • Max Life Insurance Pension Plans
  • Max Life Insurance Investment Plans
  • Max Life Insurance Savings Plans
  • Max Life Insurance Group Plans
  • Max Life Term Insurance Plans
  • GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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