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Investment Plans 170 views December 29, 2020
Max Life Assured Wealth Plan is a non-linked non-participating individual life insurance plan from Max Life Insurance that helps you get a fully guaranteed lump sum at maturity. Besides, you have flexible premium payments and policy terms, systematic savings, and a lump sum payment upon the death of the life assured for complete financial security for your family in your absence. Read further to know how this Max Life Insurance product helps allay your future concerns.
Table of Contents
Death Benefits
It is payable to the nominees upon the death of the life insured during the policy term, provided the policy is in force. Here, a lump sum death benefit is payable, which remains the highest of the following:
Maturity Benefit
At maturity, this benefit will be payable to the life assured upon survival till the end of the policy term. Max Life Assured Wealth Plan Maturity Benefit is equal to Guaranteed Sum Assured at Maturity.
Surrender Benefit
You can surrender your policy once it acquires a Guaranteed Surrender Value (GSV). And the GSV is defined as follows: GSV factor x (Total Paid Premiums + Loading for Modal Premiums, if any). The GSV factors for the policy is as follows:
Policy Year | GSV Factor |
---|---|
1 | NIL |
2 | 30% |
3 | 35% |
4 | 50% |
5 | 52% |
6 | 54% |
7 | 56% |
8+ | Pass linearly from 56%-90% during the last two policy years as per the formula of: Minimum (56% + [(34% x (N-7)) /(Policy term - 8)], 90%), Where N : Year of surrender. |
Whereas, if a Special Surrender Value (SSV) is paid to you, the policy gets terminated immediately after the payment of surrender benefit.
Reduced Paid-Up Benefits
If Max Life Assured Wealth Plan has acquired a surrender value, it becomes Reduced Paid-Up (RPU), in case of non-payment before the expiry of the grace period. But the benefits will continue as mentioned below:-
RPU Guaranteed Sum Assured on Maturity = ((Total Paid Premiums + Loadings for Modal Paid Premiums if any/(Total Payable Premiums + Loadings for Modal Payable Premiums, if any) X Guaranteed Sum Assured on Maturity.
RPU Death Benefit = ((Total Paid Premiums + Loadings for Modal Paid Premiums if any/(Total Payable Premiums + Loadings for Modal Payable Premiums, if any) X Death Benefit
The death benefit and maturity benefit for an RPU Max Life Assured Wealth Plan will be on the date of death or the maturity date.
Tax Benefits
Your premium payments and maturity benefits from Max Life Assured Wealth Plan are admissible for tax benefits per the prevailing income tax law.
You can enhance your life insurance policy by adding any of the following riders to your Max Life Assured Wealth Plan.
You should check out the below criteria first before you go to buy Max Life Assured Wealth Plan.
The policy term for this Max Life Insurance policy will be as follows:
Note: If the life assured is a minor at the time of policy purchase, there will be a proposer to propose the Max Life Assured Wealth Plan. And the proposer should be the rightful owner of the policy during the minority of the life assured. But the insurance shall continue on the life of the life assured once he/she attains majority. The proposer relationship to the Life Assured will be of either parent or legal guardian.