Max Life investment plans offer benefits of insurance protection as well as wealth accumulation for the future. These plans allow you to maximize your current savings so that you can comfortably fund your child’s education, life after retirement, and your family’s needs. The insurance component ensures that your family has financial backing in case you are not around to take care of them.Read more
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Max Life has two basic divisions of investment plans based on the risk factor. These are -
Traditional Investment Plans - These are insurance cum investment products that enable long-term wealth accumulation. A fixed sum is assured as maturity benefit towards which policyholders pay regular premiums. On the date of maturity, policyholders can claim this benefit as monthly income or in a lump sum.
Market-linked Plans - These are unit-linked insurance plans that invest in market-linked funds such as equity and debt securities and earn returns based on the performance of the funds. The premium paid towards such policies is split between a life cover and investment in the market. If the funds perform well, the returns accrue over time to accelerate wealth creation.
Here is a list of Max Life investment plans based on the type and goal of an investment.
|Goal of Investment||Max Life Plan Name||Type of Investment|
|Child Education||Max Life Shiksha Plus Super||Child ULIP|
|Max Life Online Savings Plan Variant 2||Child ULIP|
|Retirement Planning||Max Life Forever Young Pension Plan||ULIP|
|Max Life Perfect Partner Super Plan||Traditional Investment Plan|
|Max Life Guaranteed Lifetime Income Plan||Traditional Investment Plan|
|Max Life Saral Pension Plan||Traditional Investment Plan|
|Wealth Creation||Max Life Platinum Wealth Plan||ULIP|
|Max Life Fast Track Super Plan||ULIP|
|Max Life Online Savings Plan Variant 1||ULIP|
Guaranteed Savings and Income
|Max Life Savings Advantage Plan||Traditional Investment Plan|
|Max Life Monthly Income Advantage Plan||Traditional Investment Plan|
|Max Life Whole Life Super Plan||Traditional Investment Plan|
|Max Life Smart Wealth Plan||Traditional Investment Plan|
|Max Life Assured Wealth Plan||Traditional Investment Plan|
Max Life offers guaranteed savings and guaranteed income options under its traditional investment plans. These plans can be purchased to grow funds for retirement planning, child support, or as compensation for loss of income.
Max Life Guaranteed Savings Plans allow you to save systematically and reap the benefits at the time of maturity. These offer a guaranteed return, meaning that there is no risk to the money invested.
The duration of such Max Life investment plans shall depend on what your goal is. For instance, if it is for your retirement, you will need a long-term savings plan. On the other hand, if you are planning to save for a house in the near future, it could be a short-term investment plan.
Max Life Guaranteed Savings Plans are as follows -
The plan allows you to save your money and grow a corpus to fulfill your goals in life.
The life cover ensures that your loved ones are protected in times of adversities.
For the first 5 years after maturity, you will receive 5.5% of the guaranteed sum assured every year.
In addition, 110% of the guaranteed sum assured is paid out upon maturity of the policy along with accrued paid up additions and terminal bonus.
You can avail of extra protection through riders against critical illness, accidental death, and disability.
You get guaranteed monthly income for 10, 20 or 30 years following successful premium payment.
You can enjoy life coverage for up to 45 years, meaning that your family remains financially protected even in your absence.
On the death of the life assured, the nominee shall receive a lump sum payout. Despite this, the policy shall continue till the date of maturity.
This plan comes with extra protection against COVID 19 with the Max Life COVID19 One Year Term Rider.
The life cover under this plan continues till the policyholder turns 100 years of age.
It offers a guaranteed payout on the maturity of the policy as well as on the death of the policyholder along with accrued bonuses.
It comes with an in-built terminal illness benefit under which 50% of the guaranteed sum at maturity is paid out following the diagnosis of a terminal illness.
In case you face any urgent need for cash, you have the option to withdraw the accumulated bonuses.
You can choose to pay premiums for 10, 15, or 20 years per your circumstances.
The life cover ensures that your family receives the death benefit amount in a lump sum following your death within the coverage period.
You will receive a guaranteed maturity benefit at the end of the policy term to serve your investment goals.
The plan offers flexibility in choosing the premium payment term and the policy term which allows policyholders to save systematically at their own pace.
You can opt for the Max Life Waiver of Premium Plus Rider which waives off all future premiums on being diagnosed with a critical illness or having suffered through a disability.
This Max Life retirement plan is designed to financially secure the future of your spouse with a life cover till you turn 75 years of age.
This plan also offers a guaranteed payout equal to 212.5% of the sum assured on maturity, which you can use towards your retirement.
The amount payable on the death of the policyholder and on the maturity of the policy increased with accrued paid up additions and terminal bonus.
The following riders can be bought with this retirement plan -
Max Life Term Plus Rider
Max Life Accidental Death & Dismemberment Rider
Max Life Waiver of Premium Plus Rider
Max Life COVID19 One Year Term Rider
Max Life Critical Illness and Disability Rider
These plans offer a fixed amount as income every year following the end of the policy term. This adds to the regular income of the family or can help compensate for the loss of one, say after retirement. Max Life offers the following Guaranteed Income Plans -
It comes out with 4 different plan variants based on the maturity payout. These are -
Lumpsum - The maturity benefit, which is comprised of guaranteed sum assured and guaranteed additions, is paid in lump sum.
Short Term Income - You will receive guaranteed income for a period of 6, 8, 10, or 12 years.
Long Term Income - You will receive guaranteed income along with terminal benefit for a period of 25 years or 30 years.
Whole Life Income - It is a joint life insurance cum savings option, wherein policyholders receive a guaranteed income till the death of the last survivor.
The death benefit is payable as a lump sum amount on the death of the policyholder.
You can avail of rider protection against accidental deaths and disabilities and critical illnesses.
This is a Max Life annuity plan for people planning their retirements.
It guarantees a regular stream of income for as long as you live post retirement.
Under the Joint Life Annuity variant of the plan, your spouse shall continue to receive the annuities even in your absence.
You can choose to receive the payouts on a monthly, quarterly, half-yearly, or yearly basis.
You can further choose different annuity options such as immediate and deferred annuity with or without death benefits.
This is an immediate annuity plan, meaning that policyholders will start receiving guaranteed payouts as soon as premium payments are done.
The guaranteed income benefit is payable for the period chosen by the policyholder and after the end of the policy term.
In the case of death of the policyholder under the single life annuity option, nominees will receive 100% of the purchase price.
In the case of death of the primary policyholder under the joint life annuity option, the spouse continues to receive annuities till death.
You can also avail of loans under this Max Life retirement plan after you complete 6 months of the policy term.
These are popularly known as Unit-linked Insurance Plans, indicating the dual nature of insurance and investment in market funds. The returns from Max Life ULIPs can help you beat inflation if they perform well, however, the risk is completely borne by the investor.
Max Life unit-linked insurance plans cater to goal-oriented solutions such as wealth creation, child education, and retirement planning.
This child ULIP by Max Life enables you to participate in the equity market and earn high returns in the long term.
The different types of funds that you can invest in are - government securities, corporate bonds, equity, money market, and cash instruments. This mix of high-risk and low-risk investment plans helps you diversify and balance out the overall risk.
Further, on the death of the life assured, the child receives the death benefit amount.
This child investment plan also comes with a Family Income Benefit which is an amount equal to 10% of the sum assured. It is paid annually for a period of 10 years from the date of death of the policyholder.
Death of the policyholder also waives off future premiums payable but keeps the policy in force. This ensures that the funds continue to remain invested till maturity and accrue returns.
This child investment plan by Max Life offers parents an opportunity to secure the lives of their children with its triple protection benefit. On the death of the parent, the child receives the following -
Lump sum payout
Policy continuation ensures that the money invested in market-linked securities continues to remain invested till the date of maturity. The future premiums are paid by the company.
The accumulated fund value will be paid on maturity to be used for the benefit of the child.
Life cover for the parents can last till they turn 85 years of age.
If you find that your funds aren’t performing well, you can switch them to a different one unlimited times in a year.
Partial withdrawals from the fund value are allowed after the initial lock-in period of 5 years.
This Max Life investment plan participates in the money market and allows investors to enjoy market-linked returns to fund their retirement.
The plan comes with annuity benefits that safeguard the future of your spouse financially in the event of your death within the coverage period.
You will also receive loyalty additions equal to 0.5% of the fund value every year starting from the 10th policy year.
The fund options available to you are -
Pension Maximiser Option - It is a hybrid fund that invests in both debt instruments and equities. The risk profile is moderate.
Pension Preserver Option - It is a hybrid fund that invests a majority in debt instruments. The risk profile is low.
This investment plan helps you maximize your savings through market-linked returns and wealth boosters.
It enables you to grow a substantial corpus for the family that is payable as death and maturity benefits.
You get the choice of 6 funds with this Max Life investment plan - High Growth Fund (equity), Secure Plus Fund (debt), Growth Super Fund (equity), Growth Fund (equity), Balanced Fund (mix of debt & equity), Conservative Fund (debt), and Secure Fund (debt).
The plan is designed to offer insurance protection to the policyholder while allowing him/her to invest in the market in a way that balances the risk profile.
You can choose to park your premiums in 6 different fund options.
If any of the invested funds is not performing well, you can switch to a different one for free. This is subject to a limit of 12 free switches.
This Max Life investment option allows you to withdraw funds for free twice every year. However, this can be done only after the lock-in period of 5 years.
The lock-in period ensures that the investor remains invested for a longer duration to benefit from the power of compounding.
Loyalty additions are added to the fund value every year starting from the 11th policy year.
It comes with a life cover and an option to increase it on reaching important milestones.
It does not charge any allocation or administration fees.
You have the choice of 8 fund options that you can choose per your risk appetite.
The entire sum with the accumulated returns from market-linked investments are offered to you in lump sum or in installments at the time of maturity.
The Max Life Insurance company Ltd. offers 6 modes of premium payment namely:
For the online payment mode, the policyholder can pay via;
Registered users can check policy status online. Login with your username and password on the LOGIN tab give on the company’s home page
For policy renewal online follow these 3 easy steps
Step1: Enter your Client ID and Date of Birth to login into e-portal
Step2: Enter the policy details and payment method (Debit/Credit Card or Net Banking)
Step3: Save/print premium deposit receipt on successful payment intimation
Alterantively, you can pay via cash/cheque at any of the nearest branch.
For claim settlement the nominee can visit the nearest branch with all the policy documents and the revlant claims form. The claims are settled within 10 working days from collection of all necessary documents for claim settlement.
For cancellation you need to visit the nearest branch in person with policy documents and surrender form. Upon successful proceedings, the refund will be directly apid in your bank account.
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