Max life Insurance plans

Max Life Assured Wealth Insurance Plan

Max Life Assured Wealth Plan is a non-linked, non-participating, limited pay, life insurance plan, that assures the insured guaranteed returns to build their wealth over a period to time. Life is all about fulfilling your dreams for one’s loved ones plan to like savings, children’s education, marriage and a peaceful retirement. However, in an environment which is full of uncertainty and volatility, this plan is specifically designed to moderate risk through guaranteed assurance, that surmounts all such risks.
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Max life Insurance plans
Distribution - Number of branches pan India (March 2019)
239
Entry Age Minimum/Maximum (Years) - Term Plans
18/70
Sum Assured Minimum / Maximum - Term Plans
10 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/50
Solvency Ratio (FY 2018-19) *
2.42
Number of Policies Sold (Ind+Group) *
527,601
Number of Lives Covered (Ind+Group) **
6,438,358
Claims Settlement Ratio (Ind+Group) ***
98.95%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Max Life Assured Wealth Insurance Plan Overview

  • Key Features
  • Eligibility
  • Benefit Descriptions

Key Features of Max Life Assured Wealth Insurance

The key features of this plan include:
  • Guaranteed Maturity Benefit The product offers fully guaranteed lump sum benefit to meet the insured’s savings goals.
  • Fixed Premium Payment and Policy Terms : The product helps build wealth in a short time by saving systematically as it offers a short premium payment term of 5 years and policy term of 10 years.
  • Complete financial security in case of death : This plan offers immediately payable and comprehensive death benefit to the nominee in case of death of Life Insured during the policy term, provided the policy is in force.
  • Tax Benefit Tax benefits apply to the premiums paid and benefits received by the insured as per the prevailing tax laws.
  • Enhanced protection through Riders : The insured can opt for relevant riders to enhance the overall coverage under this plan.

Eligibility of Max Life Assured Wealth Insurance

Eligibility Criteria
Age of the Life Insured at Entry (age as on last birthday) Minimum entry age : 8 years
(Where the life to be insured is a minor at the date of commencement of policy, there shall be a proposer to propose Life Insurance cover on the life of the minor. The proposer shall have insurable interest on the life of the minor. The proposer is the rightful owner of the policy during the minority of the life insured. The policy shall continue on the life of the life insured once he/she attains majority. The relationship of the proposer to the Life insured (minor) shall be either parent or legal guardian and the same shall be mentioned in the proposal form.)

Maximum entry age : 55 years
Maximum Maturity Age of the Life Insured (age as on last birthday) 65 years
Policy Term 10 years
Premium Payment Term 5 years
Premium Payment Mode Only annual mode is available
Minimum Annual Premium ₹30,000
Maximum Annual Premium Subject to the limits determined in accordance with the Board approved underwriting policy of the Company.
Guaranteed Sum Assured on Maturity Minimum : ₹2,09,600

Maximum : Subject to limits determined in accordance with the Board approved underwriting policy of the Company
Rider Benefits The insured can opt for any or all of the following riders:
  • Max Life Waiver of Premium Plus Rider : This provides waiver of all future premiums in case of Critical Illness or dismemberment or Death (only when Life Insured and Policyholder are different individuals). This product doesn’t have an inbuilt Waiver of Premium benefit and thus rider benefit is an additional benefit.
  • Max Life Accidental Death and Dismemberment Rider : It provides additional benefits in case of death or dismemberment of the Life Insured due to an accident and
  • Max Life Term Plus Rider : This rider provides additional lump sum benefit in case of death of the Life Insured.
Please refer to the respective Rider Brochures for more details on Riders.
Guaranteed Sum Assured on Maturity (GSAM) Bands There are three Guaranteed Sum Assured at Maturity bands under the product which are as follows:
Band GSAM (₹)
1 Less than 3,50,000
2 3,50,000 - 5,24,999
3 5,25,000 – 10,99,999
4 >=11,00,000
Premium Rates Premium rates and the benefits are uni-smoker and uni-sex (same for both male and female).

This plan can be offered to sub-standard lives with extra mortality charges basis Board approved underwriting policy of the Company.
Policy Loan Provision Policy loans will be available under this product subject to a maximum of 80% of Special Surrender Value as per existing Terms and Conditions of policy loans at Max Life Insurance.

The minimum loan amount that can be granted under the policy at any time will be ₹10,000. Upon grant of a loan under this Policy, the Policy shall automatically be assigned in favor of the Company, till the time the entire loan amount including interest, any fees or dues towards such loan has been repaid to the Company. On such repayment of the loan and accumulated interest, if any, the Policy will be reassigned back to the Policyholder.

Benefit Description of Max Life Assured Wealth Insurance

Benefit Description
Death Benefit The lump sum ‘Death Benefit’ is payable immediately on the death of the life insured and is defined as the higher of:
  • 10 times the Annualised Premium*
  • 105% of all premiums paid as on the date of death of life insured
  • Guaranteed Sum Assured on Maturity
  • Any absolute amount assured to be paid on death#
The policy gets terminated after payment of Death Benefit
* Annualized Premium includes extra premium (if any).
# Absolute amount assured to be paid on death is equal to zero under this product.
Maturity Benefit Maturity benefit is equal to Guaranteed Sum Assured on Maturity (GSAM). The policy gets terminated after the payment of maturity benefit.
Surrender Benefit The policy can only be surrendered once it acquires a Guaranteed Surrender Value (GSV).i.e. on payment of first two full year’s premium.

The surrender value will be equal to the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
Reduced Paid Up (RPU) Benefit Once the policy has acquired a surrender value, in case of non-payment of due premiums till the expiry of the grace period, the policy will not lapse but will become Reduced Paid Up (RPU).

The policy will continue with reduced benefits as below :

RPU Guaranteed Sum Assured on Maturity = ((Total premiums paid for base policy less extra premium (if any)) / (Total premiums payable under base policy less extra premium (if any))) * Guaranteed Sum Assured on Maturity.

RPU Death Benefit = ((Total premiums paid for base policy less extra premium (if any)) / (Total premiums payable under base policy less extra premium (if any))) * Death Benefit

The death benefit and maturity benefit for a policy in RPU mode will be as follows:

  • Death Benefit for a RPU Policy: RPU Death Benefit will be paid immediately on death of life insured during the term of the policy in RPU status.
  • Maturity Benefit for a RPU Policy: RPU Guaranteed Sum Assured on Maturity shall be payable on the maturity date.

Brochure

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Policy wordings

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025