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Investment Plans 954 views March 8, 2021
Max Life Platinum Wealth Plan is a unit-linked life insurance plan that helps grow your money by investing across different financial instruments, besides offering your dependents a lump sum amount in case you die during the policy term. So, the premium you pay towards Max Life Platinum Wealth Plan secures the future of your loved ones in both your presence and absence. The plan comes with the following features –
Start reading this post further to know more about the features and benefits of Max Life Platinum Wealth Plan.
Table of Contents
In case of your death, the Max Life Platinum Wealth Plan provides Death Benefit to your nominee. The Death Benefit is higher of the following:
For Single Pay:
For Limited Pay or Regular Pay:
Under Max Life Platinum Wealth Plan, the policyholder can be different from the life insured. The applicable partial withdrawals mentioned above refer to all the partial withdrawals that the insured has made 2 years before the date of death. However, on attaining the age of 60 years, all partial withdrawals which are made within two years before the age of 60 years shall be reduced from your sum assured to determine the actual sum payable on death.
You have the following Premium Payment Term and policy term options under Max Life Platinum Wealth Plan –
Policy Term (In Years) | Premium Payment Term | Sum Assured (In INR) |
---|---|---|
10 | Single Pay - the premium will be paid only once in a lump sum | 1.25X the Annualized Premium |
10-20 | Limited Pay - premiums can be paid yearly, half-yearly, quarterly or monthly for five years only, starting from the policy inception date. | Higher of:- 10X the Annualized Premium 0.5X the Policy TermX the Annualized Premium |
10-20 | Regular Pay - the premium payment term will be the same as your policy term, and you can pay premiums yearly, half-yearly, quarterly or monthly, whatever is suitable to you. | Higher of:- 10X the Annualized Premium 0.5X the Policy TermX the Annualized Premium |
The minimum premium amount is INR 2,00,000 for all premium payment variants. However, there’s no maximum limit to it under the Max Life Platinum Wealth Plan. The minimum sum assured under Single Pay is INR 2.5 Lakh, whereas for Limited Pay and Regular Pay minimum sum assured is INR 20 Lakh. Your maximum sum assured shall be subject to the board-approved underwriting.
The insured can choose to invest in the following 5 Funds available under Max Life Platinum Wealth Plan.
After choosing the fund, you may opt for either the Systematic Transfer Plan (STP) or Dynamic Fund Allocation strategy. You should know that Secure Plus Fund will be available to you under STP only.
On maturity, the life assured will receive an amount equal to the Policy Fund Value, where it is calculated as:
Fund Value = Summation of [Accumulated Units in Fund(s) X NAV of respective Fund(s) as on the date of Policy Maturity]
Note: If the policy maturity date is a non-working day for the company or markets, the Net Asset Value (NAV) of the next working day will apply to the policy fund value.
Besides the above-mentioned benefits, you should also get the following under Max Life Platinum Wealth Plan –
Guaranteed Loyalty Additions – You will get an added percentage of Fund Value at the end of the policy year based on the premium amount as mentioned below:
Note: These additional units shall be created in a different fund in proportion to the Fund Value as on the date guaranteed loyalty additions are due to be paid by the company. Your policy shall accrue guaranteed loyalty additions only if all due premiums have been paid in full.
Guaranteed Wealth Boosters – Apart from the Guaranteed Loyalty Additions, you will also get Guaranteed Wealth Boosters. This is an additional percentage of the Fund Value and gets added to the fund by the creation of additional units at the end of every 5 years starting from the 10th policy year. The guaranteed wealth booster shall be added to your plan as follows –
The additional units are created in different funds as in proportion to the Fund Value on the date guaranteed wealth boosters are due to be paid by the company. These guaranteed wealth boosters shall be available to you, provided all due premiums have been paid. In case of revival of policies, the guaranteed wealth boosters for previous years are added based on the Fund Value prevailing on the date of policy revival.
To purchase Max Life Platinum Wealth Plan, you should meet the following
Particulars | Details |
---|---|
Minimum Entry Age | 18 years |
Maximum Entry Age | 55 years for Regular Pay And 60 years for Limited Pay and Single Pay |
Maximum Maturity Age | 70 years for Limited Pay and Single Pay And 65 years for Regular Pay |
Note: The age of the life assured is taken as on the date of the last birthday.