Max Life Savings Advantage Policy is a participating, non-linked individual life insurance savings plan. This plan caters to the need for a sound financial plan that can support the insured individual's family in case of an unexpected event. For any kind of needs such as buying a car, planning for the child's education/marriage, owning a farmhouse after retirement, etc., one would need a financial breakthrough where one can sustainability save for fulfilling all his/her life stage requirements. This Max Life Savings Advantage Plan from Max Life could help one to grow saving and build a reliable source to seek support for all his/her life stage needs while getting the risk coverage at the same time. This would also help the insured individual take care of loved ones during an exigency.
|Policy Tenure||10 to 30 years|
|Premium Paying Term||5 to 12 years|
|Premium Paying Mode||Annual, Semi-annual, Quarterly, and Monthly.|
|Entry Age||8 to 65 years|
|Maturity Age||18 to 75 years. (80 years for limited pay)|
|Grace Period||30 days.|
|Sum Assured||Minimum: 1 Lakh|
|Liquidity||Loans are available under this plan After the plan has acquired a surrender value.|
The key benefits of the Max Life Savings Advantage Plan are as follows:
* Tax benefits are subjected to certain changes in tax laws
The choice of the Premium Payment Tenure and Policy Tenure/Terms that the insured individual might choose will have the flexibility to opt from various policy terms and premium payment terms as per one's requirement. Hence, this feature enables the assured life to decide the period for which he/she wishes to save and the period when one wants to fulfil certain life stage requirements.
The policy allows yearly, semi-annual, quarterly, and monthly modes of premium installments. The model of the installment options are as follows:
The mode of Premium Payment could be changed anytime during the Max Life Savings Advantage Plan term conditioned that it meets the minimum premium requirement criteria (provided that the policy is still in action). One can also visit their official website and use the Max Life Savings Advantage Policy calculator to find out the total premium. Premium rates and benefits are uni-sex (same for all gender, i.e., male, female, and transgender) as well as uni-smoker.
The plan offers the following 3 riders, namely: Max Life Term Plus, Max Life Accidental Dismemberment and Death Rider, and Max Life Waiver of The Premium Plus Rider.
Minimum: 8 years
Maximum: Single Pay 65 years, Limited Pay 60 years, and Regular Pay 45 years
Minimum: 18 years
Maximum: Single Pay 75 years, Limited Pay 80 years, and Regular Pay 65 years
To buy the Max Life Savings Advantage Plan, the assured life would have to arrange the following documents:
One cannot buy Max Life Savings Advantage Plan online but can request a call back by visiting the official website of Policybazaar. To buy this plan, one can visit their website, have the required documents available, and buy the policy from them. But before making any decision, one should make sure that he/she has gone through the Max Life Savings Advantage Plan reviews and compare plans online.
Max Life Savings Advantage Plan includes a suicide exclusion, which states, the insured individual, may it be minor or major, sane or insane, unfortunately, and dies by suicide within a year (12 months) of the effective period of the enforcement or the date of the revival of the plan, the policy shall end immediately. In such cases, the assured life would be paid by the Company, Higher of the Surrender Value or all premiums Paid in addition to the extra underwriting premiums paid. This also includes loadings for the modal premiums paid in events of the plan not acquiring a surrender value.