HDFC Life Wealth Maxima Plan

The HDFC Life Wealth Maxima Plan is an insurance policy offered by HDFC Life Insurance Company. It is a Unit-Linked Insurance Plan (ULIP) designed to help you achieve your financial goals through market-linked funds along with life insurance coverage.

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What is HDFC Life Wealth Maxima Plan?

HDFC Life Wealth Maxima Plan is a Unit Linked Insurance Plan (ULIP) that offers market-linked returns with a life cover. This investment plan offers you three plan options - Maxima Invest, Maxima Family, and Maxima Child, which are tailored to your unique needs. 

As you reach milestones like marriage or childbirth, you can easily upgrade your protection level with this investment option. With investment flexibility, loyalty additions, and potential tax benefits, HDFC Life Wealth Maxima Plan is your pathway to financial security and prosperity.

Features of HDFC Life Wealth Maxima Plan

  • Three Plan Options: The HDFC Life Wealth Maxima Plan offers three variants - Maxima Invest, Maxima Family, and Maxima Child - each with different levels of life cover. You can choose the option that best suits your needs.

  • Investment Flexibility: You can choose to invest your premium in various funds depending on your risk appetite.

  • Loyalty Additions: This best investment option offers loyalty additions at the end of policy years 10, 15, and 20 if a certain premium amount is paid.

  • Potential for Tax Benefits: ULIPs offer potential tax benefits on premiums paid, maturity amount, and death benefit (subject to change in tax laws).

People also read: HDFC Life ULIP Plans

Eligibility Criteria

Eligibility Criteria  Details
Entry Age
  • Maxima Invest: 0 – 65 years;
  • Maxima Family: 18 – 55 years;
  • Maxima Child: 18 – 50 years.
Maturity Age
  • Maxima Invest: 75 years;
  • Maxima Family: 70 years;
  • Maxima Child: 65 years.
Premium Payment Term (PPT) Regular PPT: Same as Policy Term
Policy Term (PT) 10/ 15/ 20 years
Premium Payment Frequency Monthly, Half-Yearly, Annually
Premium Amount Annual: ₹36,000 - No Limit;
Semi-Annual: ₹24,000 - No Limit;
Monthly: ₹4,000 - No Limit;
Top-up Premium Amount ₹6,000 - ₹7,80,000 
Sum Assured (SA) Entry Age Maximum SA
≤ 44 years 10 × Annualized Premium
> 44 years (7 or 10) × Annualized Premium

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Benefits of HDFC Life Wealth Maxima Plan

  1. Maturity Benefit:

    • On the maturity date, subject to the policy being active, you receive the Fund Value as your maturity benefit.

    • You have two options for utilizing the Maturity Benefit: a lump sum payment or a Settlement Payout. 

    • The Settlement Payout distributes the fund value in equal instalments over 5 years.

  2. Death Benefit:

    • HDFC Life Wealth Maxima provides financial protection to your family in case of your unfortunate demise during the policy term.

    • Three product variants are available:

      • Maxima Invest: Pays the higher of Sum Assured or 105% of total premiums paid or Fund Value.

      • Maxima Family: Pays the higher of Sum Assured or 105% of total premiums paid plus Fund Value.

      • Maxima Child: Pays the higher of Sum Assured or 105% of total premiums paid immediately on the death of the Life Assured.

    • Additionally, HDFC Life Insurance covers future premiums upon the insured's death, ensuring financial security for beneficiaries.

  3. Option to Switch Variants:

    • HDFC Life Wealth Maxima allows for the changing of product variants upon marriage or the addition of a child to the family.

  4. Loyalty Additions:

    • Loyalty Additions reward long-term policyholders with extra returns by allocating extra units every 5th policy year, starting from the 10th policy year.

  5. Top-Up Option:

    • You can invest surplus money by paying top-up premiums without buying another policy.

    • Minimum top-up amount is Rs. 6,000/-, with a maximum limit of Rs. 7.8 lakhs.

  6. Partial Withdrawal Benefit:

    • You can make unlimited partial withdrawals from the fund after completing 5 policy years, providing liquidity for financial emergencies.

  7. Fund Switching:

    • Enjoy unlimited free switches between funds to optimize your investment based on market performance.

  8. Premium Redirection:

    • Redirect your future premiums to a different fund composition without any charge, with unlimited redirections allowed in a policy year.

  9. Settlement Payout:

    • Redirect your future premiums to a different fund composition without any charge, with unlimited redirections allowed in a policy year.

  10. Tax Benefits:

    HDFC Life Wealth Maxima Plan offers tax deductions on premiums (up to ₹1.5 lakh under Section 80C) and tax-exempt maturity benefits (under Section 10(10D)) when annual premiums paid are below ₹2.5 lakh under the Income Tax Act, 1961.

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Investment Strategies in HDFC Life Wealth Maxima Plan

  • Self-Managed Option: Choose from 6 investment funds ranging from all debt to all equity, tailored to your needs and risk tolerance.

  • Automatic Asset Rebalancing Strategy: Adjust your investment mix as your policy nears maturity to protect against market downturns without you needing to intervene.

  • Systematic Transfer Plan: Smooth out market fluctuations by regularly transferring a portion of your investment from a conservative fund to an equity fund, using a method called rupee cost averaging. This facility ensures steady financial growth over time.

People also read: ULIP Calculator

Policy Details of HDFC Life Wealth Maxima Plan

  • Grace Period: This is the extra time the HDFC Life Insurance Company gives you after your payment due date. During this time, your policy stays active without any extra fees. It's 15 days for monthly payments and 30 days for other payment schedules.

  • Policy Discontinuance: The policy gets discontinued when you either cancel your policy or do not pay your premium within the extra time given.

  • Lock-in Period: For the first five years of your policy, the Company cannot give you back the money from a cancelled policy, except if the person insured dies. If you stop paying during this time, the money left in your policy after some fees goes into a special fund, and the death benefit stops.

  • Treatment of Policy in Discontinued Policy Fund: If your policy is cancelled, the death benefit stops, and the money goes into a special fund. The company charges a fee on this fund and pays interest on it. If the person insured dies during the lock-in period, the money from this fund goes to the person you choose to receive it.

  • Revival: If you start paying again within three years of missing a payment, you can get your policy back. The money left in the special fund from before, along with any unpaid premiums, can bring your policy back to normal.

  • Surrender: You can choose to give up your policy at any time. During the first five years, the money left in your policy after some fees goes into the special fund. After that, your policy ends, and you get the remaining money.

  • Free Look Period: If you do not like the policy after you get it, you can cancel it within 15 days (or 30 days if it was sold to you through distance marketing) and get some of your money back.

People also read: What is ULIP

How Does the HDFC Life Wealth Maxima Plan Work?

Step 1: Policy Setup

  • Pick the right product version based on your needs.

  • Determine the policy duration, premium amount, and payment frequency.

  • Select the investment plan or fund for your premium.

Step 2: Fund Management and Enhancement

  • Boost your returns by actively managing your funds with switches and redirections.

  • Enhance your policy with additional top-up premiums from your extra savings.

  • Achieve your financial milestones by withdrawing partially when needed.

Step 3: Policy Completion and Benefits

  • Receive the maturity amount based on your chosen maturity option upon policy completion.

  • In the event of the life assured's demise, the beneficiary will receive the Death Benefit according to the selected product variant.

Exclusions

The HDFC Life Wealth Maxima plan excludes death by suicide within the first 12 months of the policy commencement or revival. In such a case, the beneficiary will only receive the fund value accumulated in the policy, not the full death benefit. Additionally, any charges deducted after the date of death will be refunded and added back to the fund value.

FAQs

  • What is HDFC Life Wealth Maxima Plan?

    HDFC Life Wealth Maxima is a Unit-Linked Insurance Plan (ULIP) that combines life insurance coverage with investment opportunities. It offers you the chance to grow your wealth while providing financial protection for your loved ones.
  • What are the different plan options available?

    Wealth Maxima comes in three variants:
    • Maxima Invest: Focuses on maximizing investment growth with a death benefit of 10 times the annualized premium or fund value, whichever is higher.

    • Maxima Family: Provides a balance between protection and investment. Death benefit is 10 times the annualized premium plus fund value.

    • Maxima Child: Designed for child planning, it offers a death benefit for the child and a premium waiver benefit in case of the parent's death.

  • What are the benefits of the HDFC Life Wealth Maxima Plan?

    • Life cover: Provides financial security for your family in case of your unfortunate demise.

    • Investment growth: Potential for wealth accumulation through market-linked returns.

    • Flexibility: Choose your investment strategy and switch between funds.

    • Tax benefits: Premiums paid may qualify for tax deductions under Section 10(10D) of the Income Tax Act. (Note: Tax laws are subject to change).

    • Loyalty additions: Get bonus additions at specific policy years for higher premiums.

  • Is there a lock-in period?

    There is a lock-in period of 5 years for ULIPs. You cannot withdraw or surrender the policy completely during this period.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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HDFC Life Wealth Maxima Plan Reviews & Ratings

4.1 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Raju
, September 02, 2021
Proactive helpdesk
While purchase HDFC Life Click 2 Protect Life plan from policy bazaar, I wanted to check the policy specifications. As soon as I contacted the helpdesk, the executive resolved my queries and sent the policy brochure to my email for future reference. Such a proactive team highly impressed with them.
Arjun
Adoor, March 19, 2019
A good retirement plan
As said “Easy comes, easy go” therefore i choose to invest in HDFC Life ULIP Plans. As per company plans it will pay higher than the fund value of all premium paid. I found HDFC Life ULIP Policy attractive and a good retirement plan.
Ravi
Mishrpur, September 21, 2016
Good
I found nice ulip insurance policy which i took from hdfc standard life insurance. Premium of the policy is very less. Payback is very good and the policy coverage is high. Claiming process is easy and amount is good after maturity of insurance policy.
Vikram
Korba, August 22, 2016
ULIP Plan
The ulip insurance plan of mine is fantastic which has low premium and come's in less investment too. The hdfc life insurance is the best terms and conditions which facilitates me many benefits. The policy coverage is high approx. 90% and easy online renewal is possible with online portal.
Mukesh
Gurgaon, May 06, 2016
best service
overall best service good conversation with the financial adviser...
Rohit
Raipur, April 15, 2016
Fantastic plan
My ulip policy plan is really nice, i.e., HDFC standarad life insurance. It has good benefits and services. Policy coverage is 89% and claims are around 39 L. Service is very good and fast that's why the work is done in very shot time period. I like it.
Sandeep
Jalpaiguri, April 15, 2016
Perfect
I have ulip plan from hdfc standard life insurance. The plan works for me. Policy coverage is also good with claiming amount of Rs.41 L. Service provided by you is awesome and fabulous with fast interface. Good future investment.
Harish
Chattarpur, April 15, 2016
Better Plan
My ulip policy plan is from hdfc standard life insurance and the policy is the best because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high 89% and the premiums are low. Claims are 1.25 times of the investment. The service is fast and very quick. Great job guys.
Ishant
Pondicherry, April 15, 2016
Above Average
The hdfc life ulip plan policy i have and happy to own it. The policy coverage is 81% and the claims are normal. Services are little bit slow provided by the staff members. Good future investment which saves tax also. Just improve the services and even the web services are better. Good Work.
Umakant
Karnal, April 15, 2016
Manageable
Policy premiums are low and the claims are high. HDFC ulip policy plan facilitate the people provide good response. One of my friend introduced this company for insurance. Getting reminders regularly and sum assured is double. Accidental and risk coverage is there. Good service by executives. I like it.
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