With the Max Life Smart Wealth Plan, you can get guaranteed returns at the maturity of your life insurance policy. This maturity benefit can help you achieve all your financial goals. Max Life Smart Wealth Plan also offers Guaranteed Additions, financial security in case of your death during the policy term, etc. What’s noteworthy is that you can choose from several plan variants according to your financial goals, such as Lump Sum, Short Term Income, Long Term Income and Whole Life Income.
Here, we will be talking about some other important information related to the Max Life Smart Wealth Plan, such as its features, benefits, and eligibility. So, keep reading!
Why Should You Invest in Max Life Smart Wealth Plan?
You must be thinking about the key features that should merit an investment in the Max Life Smart Wealth Plan. Well, we are showing the key features of this investment-cum-insurance plan below. Do check to understand them better!
- With the Max Life Smart Wealth Plan, individuals will get guaranteed benefits by the time the policy matures. These benefits will help you achieve your savings goals without any hassles.
- Max Life Smart Wealth Plan also provides the flexibility to choose from different options. There are four plans from which you can choose according to your convenience – Lump Sum, Short Term Income, Long Term Income and Whole Life Income.
- With the first option of Lump Sum, individuals will get maturity benefits at the end of the policy term, while the Short Term Income variant provides guaranteed ‘Income Benefit’ at the end of the period according to the frequency (monthly, quarterly, half-yearly, or annually) chosen by you. With Whole Life Income, policyholders will receive guaranteed income benefits until the death of the individual.
- One of the best features of this investment plan is that individuals can enhance their overall wealth with the accumulated guaranteed additions with the Lump Sum Variant of this investment plan.
- This investment plan also provides a comprehensive death benefit in the case of an unfortunate demise of the life insured during the policy term.
- Max Life Smart Wealth Plan can be suitable for Salaried, Self-employed individuals, people with lower risk capacity, people who seek a long-term financial plan, and people who are looking for a guaranteed return on savings.
Benefits of Max Life Wealth Smart Plan
Have a look at the key benefits of the Max Life Wealth Smart Plan that you can enjoy according to the variant chosen by you.
For Variant 1, 2, and 3 of the Max Life Wealth Smart Plan, the company will pay a lump sum guaranteed ‘Death Benefit’ immediately on the demise of the life insured (it happened during the policy term). This lump sum amount can be the highest of the following amounts.
- 11 times the Annualized Premium (Excluding extra premiums)
- 105% of all the premiums paid up to the date of death of the life insured
- Any Absolute Amount assured by the company to be payable on death
However, for Variant 4, the lump sum amount can be higher of the following amounts.
- 1.25 times the Single Premium amount (Equal to the lump sum premium amount at the start of the policy)
- Absolute Amount assured payable on the death of the policyholder
As we mentioned earlier, policyholders will receive maturity benefits at the end of the policy term. However, this amount will vary according to the variant chosen at the start of the policy.
For Variant 1 of the Max Life Wealth Smart Plan, individuals will receive the following benefits.
- Guaranteed Sum Assured on Maturity, plus
- Accumulated Guaranteed Additions (if any); it will be a percentage of the annualized premium and depends on the entry age, premium band, and gender
To know more about the guaranteed sum assured on maturity, you can check the following table.
For Variant 2, policyholders will receive a guaranteed Income Benefit at the end of the policy term as per the frequency chosen by you. These frequencies can be Annual, Half-yearly, Quarterly, and Monthly. On the other hand, for Variant 3, policyholders will also receive a terminal benefit apart from Income Benefit. The terminal benefit will be equal to the total premiums paid during the policy term. If you have chosen Variant 4, and either of the two life insured survive until the policy term, a guaranteed income benefit will be payable at the maturity of your investment plan.
Eligibility Criteria of Max Life Smart Wealth Plan
It’s important to understand the eligibility criteria of the Max Life Smart Wealth Plan before choosing the suitable variant for yourself. We are showing them below. Do check!
- The age at the time of entering into the policy can be as low as 91 days for the Lump Sum Variant. For the Short Term Income, Long Term Income, and Whole Life Income, the minimum entry age can be 5, 7 and 45 years. The maximum age at entry can be as high as 60 years.
- The minimum age at the time of maturity should be 18 years for all variants, except Whole Life Income, for which the minimum age is 50 years. However, the maximum age at maturity can be 83 years.
- The minimum premium amount stands at INR 11,000 (for annual option), INR 1,000 (Monthly Option), and INR 2,50,000 (Single Pay). Remember, there is no maximum limit on the premium amount.
- Apart from the Whole Life Income Variant option, you can choose to pay the premium from Annual & Monthly Options for all other variants. You can only make a Single Premium for the Whole Life Income variant.