Max Life Insurance Launches ‘Max Life Smart Wealth Income Plan’, a Comprehensive Life Insurance Savings Plan with Long Term Income Options Including Whole Life Income

Max Life Adopts the Account Aggregator System; Aims to Provide Frictionless Financial underwriting to Customers


  • A comprehensive life insurance savings plan offering a life-long income stream among others  

  • Three plan options to build your secondary income stream

  • Option to accrue survival benefits and avail of them as per need

  • Choice of income period including whole-life income option

 

Max Life Insurance Company Ltd. (“Max Life / Company”), today announced the launch of the Max Life Smart Wealth Income Plan’, a comprehensive Non-Linked Participating Individual Life Insurance Savings Plan. This new product offering from Max Life provides customers with a complete solution to fulfill the financial needs of their family and loved ones. Offering additional income options, the plan allows the customers to achieve a financially protected future through various life cover and income options.

 

Prashant Tripathy, CEO & Managing Director, Max Life said, “Life is about fulfilling your dreams, as well as those of your loved ones. At Max Life, we understand the significance of such milestones that ensure the immediate happiness of your loved ones while working towards a promising future. Our newly introduced ‘Max Life Smart Wealth Income Plan’ is a comprehensive product that gives you lifelong financial protection through an additional income stream during the years when you need it the most. Combining the power of protection, assurance, and reliability into a simple solution, this product enables fulfillment of all aspirations while also staying assured and protected in the longer run.”

 

Key features of ‘Max Life Smart Wealth Income Plan:

Depending on whether one wants an early income or a few years down the line, the Max Life Smart Wealth Plan offers customers the flexibility to choose a plan that matches their requirements.

 

1. Three plan options to build your secondary income stream

The plan gives you the option to choose between ‘Early Income’, ‘Early income with Guaranteed Money Back’, or ‘Deferred Income’. All these options come with inbuilt guarantees[i] in form of guaranteed income/guaranteed money-back, under all variants. It will also provide cash bonuses, as declared.

 

Guarantees are payable in the form of guaranteed income in case of ‘Early Income’ and ‘Deferred Income’ variants for 25 years or till the end of the policy term, whichever is lower; and in case of ‘Early Income with Guaranteed Money Back’ variant, it will be paid in the form of 3 ‘Guaranteed Money Back’ at defined intervals.

 

2. Option to accrue survival benefits and take them as per need

The accrual of survival benefits (‘Cash Bonus’ and ‘Guaranteed Income’) can be opted for any time during the policy term as per the need. The policyholder can also withdraw the accrued ‘Cash Bonuses/Guaranteed Income’ partially/fully at any point during the policy term. If the unpaid survival benefits are not availed of by the policyholder during the policy tenure, the same shall be payable along with the plan benefits at the time of closure of the policy due to death, maturity or surrender. The accrued survival benefits will be accumulated at an interest rate equal to the RBI reverse repo rate published by RBI on its website and this rate will be reviewed annually.

 

3. Choice of income period including whole life income option starting from 2nd year

The plan offers one the flexibility to receive income and avail of life cover till 100 years, 85 years, or 75 years of attained age.

 

4. Enhanced protection through optional riders and policy continuance benefit[1]

One can also customize their protection cover by opting for riders by paying a small amount of extra premium. Policy continuance benefit if opted, ensures that survival and maturity benefits continue to be paid, as and when due in case of death of the Life Insured without any need of premium payment. The death benefit under this plan varies with the choice of policy continuance benefit.

 

5. 3 types of discounts/rebates available under the plan

Discounts for existing Max Life customer (first year), female lives (all payable premiums) and high sum assured on maturity rebates are further applicable under the plan.

 

Riders such as Max Life Waiver of Premium Plus Rider (UIN: 104B029V04), Max Life Accidental Death and Dismemberment Rider (UIN: 104B027V04), Max Life Term Plus Rider (UIN:104B026V03) and Max Life Critical Illness and Disability Rider (UIN: 104B033V01) can be added to the base policy under the ‘Max Life Smart Wealth Income Plan’. 

 

About Max Life Insurance (www.maxlifeinsurance.com

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over almost two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.

 

As per public disclosures and annual audited financials for FY20-21, Max Life has achieved a gross written premium of INR 19,018 crore. As of 31st March 2021, the Company had INR 90,407 crore of assets under management (AUM) and a Sum Assured in Force of INR 1,087,987 crore.

 

[1] Policy continuance benefit is available with all the 3 Plan Options with a maturity age of 85 years or 75 years. It is not available with a maturity age of 100 years.

 

[i] Guarantees are payable in the form of Guaranteed Income in case of Early Income and Deferred Income variants for a period of 25 years or till the end of policy term, whichever is lower; and as 3 Guaranteed Money Backs at defined intervals in case of Early Income with Guaranteed Money Back variant.

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