With the Max Life Online Savings Plan, you can opt for a Investment-cum-insurance plan that offers you the option of systematic investment. This investment plan can add to your wealth over time and help fulfill your long-term goals. With the flexibility to choose from a wide range of funds according to your investment goals and risk appetite, you can be free of any worry about your future. Besides all these, this investment plan offers a financial cover for your family against uncertainties with its two plan variants.
So, what exactly does the Max Life Online Savings Plan offer to individuals? Well, you can find out the same in this page, where we will be showing you its features and eligibility. Keep reading to know more!
What Does Max Life Online Savings Plan offer to the Customers?
The Max Life Online Savings Plan comes with the following features –
- This plan comes in two different variants and helps individuals choose the one that aligns with their future goals.
- With the first variant, individuals can invest in a planned manner to create wealth over the policy term and fulfill their dreams. On the other hand, the second variant allows policyholders to invest their hard-earned money along with ensuring your family’s financial security even when you are not around.
- On both variants, you will have the flexibility to choose a suitable policy term and premium payment term. For example, if you are choosing the second variant, Max Life provides a premium payment term and policy term ranging from 5 to 30 years each.
- One of the best features of this investment plan is that individuals can choose from the options of a total of 5 funds according to their risk appetite. These fund options are High Growth fund, Growth Super Fund, Growth Fund, Balanced Fund, and Secure Fund. Other than this, individuals can also select Dynamic Fund Allocation Investment Strategy if they want to safeguard their investment against the ups and downs of the market.
- Max Life Online Savings Plan also provides unlimited free switches in a policy year.
- This investment plan also makes sure that you get higher returns by not getting charged for Premium Allocation and Policy Administration. However, you will need to pay Fund Management and Mortality charges.
- Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961 can be availed by individuals for choosing this plan.
Benefits of Max Life Online Savings Plan
Below are some of the benefits that this investment plan offers at different stages of the policy.
With the Max Life Online Savings Plan, the nominee/beneficiary will receive a death benefit in case the policyholder dies during the policy term. However, there’s an important thing you need to remember that death benefits will vary according to the variant options you choose. To know them, have a look below!
The nominee will receive the highest of the following amounts.
- 105% of the Total Premiums paid received up to the date of death
- Total Fund Value ( as of the date of death)
- Sum Assured amount which will be equal to the higher of cover multiple times the annualized premium or 0.5 times the product of the Policy Term and annualized premium
On choosing the Variant 2 option on the Max Life Online Savings Plan, the nominee will get the following benefits.
- Lump Sum Benefit ( Higher of Sum Assured or 105% of the Premiums received up to the death)
- Family Income Benefit
- Funding of Premium ( Max Life will bear the future premium as and when due under the Plan)
- Overall Value of the fund as on the date of maturity
At maturity, policyholders will receive an amount that will be equal to the overall fund value, which will be the sum of the number of units in fund(s) multiplied by the respective Net Asset Value of the Fund(s) on the date of maturity. Remember there shouldn’t have been any settlement option.
Max Life Online Savings Plan Eligibility Criteria
There are a few conditions that an individual needs to meet before choosing the Max Life Online Savings Plan. So, you would be in a better situation if you knew them beforehand. Do check these conditions below.
- The minimum age of life insured at the entry for this investment plan can be 18 years. Anyone below this age cannot choose this policy.
- Coming to the maximum age of life insured at the time of entry, it varies according to the variant options chosen by you. For variant 1, this age stands at 60 years, while for variant 2, the maximum age can be 54 years.
- The maximum age at maturity also varies according to the variant option. For variant 1, it can be 70 or 85 years. On the other hand, for variant 2, this age can go up to as high as 64 years.
- For Variant 1, individuals with maturity age below or equal to 70 years can choose the policy term ranging from 5 to 52 years. Individuals between 71 years and 85 years at maturity can choose the policy term ranging from 10 years to 67 years. For the Variant 2 option, the policy term ranges from 5 years to 30 years.
- The premium payment term for your plan from Max Life can be a minimum of 5 years.
- Policyholders can also choose to pay the premium amount from different modes of Annual, Semi-annual, Quarterly and Monthly options.