Investment Plans 359 views December 17, 2021

Max Life ULIP plan works both as an insurance and investment that comes in handy in your absence as well as presence. The insurance component will ensure financial support for your dear ones in case of your absence. Whereas the investment component will help raise your wealth to meet your financial goals. There are flexible investment options under Max Life ULIP plans to help you balance your fund with equity and debt components. And you can switch funds as the market changes. Read this page to know about the ULIP Plans offered by Max Life Insurance and their benefits.

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List of Max Life ULIP Plans

You can choose to purchase any of the following Max Life ULIP Plans as per your financial goal –

Max Life Shiksha Plus Super

Max Life Shiksha Plus Super provides life cover for your children. So in case you die, the nominee/legal heir will get the following benefit, provided the policy is in force.

Lump Sum Payout – The company will pay the highest of the following –

  • Sum Assured
  • 105% of the total paid premiums as on the date of death
  • 0.5 x Policy Term x Annualized Premium

Family Income Benefit – Get 10% of the sum assured each policy anniversary year following or coinciding with the date of death. With this annual income benefit, you can get a regular income. And this won’t exceed ten installments but is guaranteed to provide a minimum of three installments. However, if less than three policy anniversary years are left after the date of death, the remaining installments shall be paid to the nominee on the maturity date.

Funding of Premium – The company pays the due premiums after the date of death. And the nominee can get the policy fund value on the maturity date.

Whereas upon survival till the end of the policy term, you’ll receive fund value as on the date of maturity. And if the maturity date falls on a non-working day, the next working day’s NAV shall apply to the fund value.
You are also eligible for guaranteed loyalty additions from the 11th policy year onward. An addition of 0.20% will be done at the end of the policy year by creating an additional unit. Thereafter, the loyalty addition shall increase by 0.02% for each subsequent year. Max Life Shiksha Plus Super Guaranteed Loyalty Additions shall be payable to policyholders choosing the Regular Pay Premium variant.

To buy this Max Life ULIP, you need to meet the below age limit –

  • Entry Age – 21 to 50 Years as on the date of last birthday
  • Maximum Age at Maturity Allowed – 60 Years for Limited Pay and 65 Years for Regular Pay

The following funds are available under the Max Life Shiksha Plus Super Plan –

  • High Growth Fund
  • Growth Super Fund
  • Growth Fund
  • Balanced Fund
  • Conservative Fund
  • Secure Fund
  • Secure Plus Fund
  • Discontinuance Policy Fund (available in case of policy surrender)

Max Life Platinum Wealth Plan

Under Max Life Platinum Wealth Plan, your nominee will get the death benefit in case you die. The death benefit is shown below –

For Limited Pay or Regular Pay:

  • 10X the annualized premium or 0.5X the product of policy term and annualized premium less the applicable partial withdrawals, if any
  • Total Fund Value as on the date of death
  • 105% of cumulative premiums paid till the date of death

For Single Pay:

  • 1.25X the Single premium less the applicable partial withdrawals (if any)
  • Total Fund Value as on the date of death
  • 105% of cumulative premiums paid as on the date of death

If you survive till the maturity date, you will receive an amount equal to the Policy Fund Value, which 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]

You will get a loyalty addition at the end of the policy year based on your premium amount as shown below:

For Annualized Premium < INR 5 Lakh – 0.10% of the Fund Value will be added from the end of the 11th policy year. And it will increase by 0.05% every year thereafter

For Annualized Premium >= INR 5 Lakh – 0.10% of the Fund Value will be added from the end of the 6th policy year. And this addition shall increase by 0.05% every year thereafter.

The following five funds are available under the Max Life Platinum Wealth Plan.

  • Growth Super Fund
  • Growth Fund
  • Balanced Fund
  • Conservative Fund
  • Secure Fund

After choosing the fund, you can choose either the Systematic Transfer Plan (STP) or Dynamic Fund Allocation strategy. You should know that the Secure Plus Fund will be available to you under STP only.

The age criteria are as follows under the Max Life Platinum Wealth Plan.

Minimum Entry Age18 years
Maximum Entry Age55 years for Regular Pay
And
60 years for Limited Pay and Single Pay
Maximum Maturity Age Allowed70 years for Limited Pay and Single Pay
And
65 years for Regular Pay

Max Life Fast Track Super Plan

Upon maturity of the Max Life Fast Track Super Plan, the insurance company will provide you with the fund value at the prevailing rate. And the fund value is calculated using the below formulae –

Fund Value = Summation of [Accumulated Units in Fund(s) X NAV of respective Fund(s) as on the Maturity Date]

And in case of your unfortunate demise, your nominee can receive a higher of –

  • Fund value
  • Sum assured

Note – The death payout shouldn’t be < 105% of the paid premiums.
You’ll also get additional units to your respective funds, subject to 0.30% of Fund Value from the 11th policy year. And this addition will increase by 0.02% every year thereafter.

The following six funds are available under the Max Life Fast Track Super Plan.

  • High Growth Fund
  • Growth Super Fund
  • Growth Fund
  • Balanced Fund
  • Conservative Fund
  • Secure Fund

To buy Max Life Fast Track Super Plan, you need to meet the below age criteria –

  • Minimum Entry Age – 91 days
  • Maximum Entry Age for 5 Pay and Single Pay – 60 years
  • Maximum Entry Age for Regular Pay – 50 years
  • Minimum Maturity Age Allowed – 18 years
  • Maximum Maturity Age Allowed – 70 years

Max Life Forever Young Pension Plan

If you purchase Max Life Forever Young Pension Plan, you will be eligible for the following benefits –

Death Benefit for Your Nominee

This will be higher of –

  • Fund Value
  • 105% of the paid premiums including top-up premiums, if any

The nominee can utilize the entire or a part of the death benefit to purchase an Immediate or Deferred annuity plan from the insurance company. Anytime you can withdraw the entire death payout in a lump sum.

Vesting Benefit for the Life Assured

You will receive an amount higher of the following on the vesting date –

  • Fund Value
  • 101% of paid premiums including top-up premiums if any

If you choose the Pension Preserver Option, you will receive an amount higher of –

  • Fund Value
  • 110% of paid premiums including top-up premiums if any

You can invest your money in any of the following funds –

  • Pension Maximiser Fund
  • Nature of Fund
  • Pension Preserver Fund

The minimum and maximum entry age are 30 – 65 years under this Max Life ULIP Plan. And the minimum and maximum vesting age is as follows –

Minimum: 50 years and 55 years for policies sourced under Qualifying Recognized Overseas Pension Scheme (QROPS), as per prevailing Her Majesty’s Revenue & Customs (HMRC) regulations

Maximum: 75 years (as on the last birthday)

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