Leading life insurance company Max Life Insurance Company Ltd. has launched a comprehensive, non-linked participating individual life insurance savings plan aimed for customers who want to fulfill financial needs of their families. In a statement, Max Life said that the new product provides customers with a complete solution to fulfill the financial needs of their family and loved ones. The policy named as Max Life Smart Wealth Income Plan is a flexible plan, and can be designed as per the customer’s needs in terms of how long he or she wants to continue for. Offering additional income options, the plan allows the customers to achieve a financially protected future through various life cover and income options.
“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,” Max Life CEO Prashant Tripathy said in the statement.
Here is everything you need to know about Max Life Smart Wealth Income Plan, that was launched on November 11, Friday.
1) Max Life Smart Wealth Plan offers customers the flexibility to choose a plan that matches their requirements. The plan gives customers the option to choose between ‘Early Income’, ‘Early income with Guaranteed Money Back’, or ‘Deferred Income’. All these options come with inbuilt guarantees in form of guaranteed income/ guaranteed money-back, under all variants. It will also provide cash bonuses, as declared.
2) The 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.
3) 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.
4) 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, says the statement. 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.
5) As per the statemt by Max Life Insurance, 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.
6) Customers can also customize their protection cover by opting for riders by paying a small amount of extra premium. If the policy benefit continuance is opted for, it ensures that survival and maturity benefits continue to be paid. This can be done 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.
7) There are three 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 applicable under the plan, according to the statement.
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