Max Life Savings Advantage Policy

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.

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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.

Max Life Savings Advantage Policy

Parameters Details 
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.

Benefits of the Max Life Savings Advantage Plan

The key benefits of the Max Life Savings Advantage Plan are as follows:

  • Guaranteed Benefit: This policy provides a guaranteed 5.5% of Assured Sum Guaranteed on the Maturity as Guaranteed Additions at the termination of every year for the first five running years to boost the benefits.
  • Death Benefit: In the event of unfortunate death of the insured individual on or before completion of 10 plan years, Assured Death Benefit including the accrued Guaranteed Additions, Terminal Bonus, and Paid-Up Additions, if any, would be paid-out. In case of demise of the insured after 10 policy years, 110% of Assured Death Benefit including accumulated Assured Additions, Terminal Bonus, and Paid-Up Additions, if any, would be paid-out.
  • Maturity Benefit: The insured individual would get 110% of Assured Amount, which is guaranteed on Maturity, including accumulated Guaranteed Additions, Terminal Bonus and Paid-Up Additions, if any.
  • Commutation and Settlement Benefit: The insured individual/nominee or beneficiary, as the condition may be, will have the flexibility to convert the total amount (lump sum) on maturity benefit/death benefit into a regular income for 10 years based on his/her requirement.
  • Tax Benefits: One will be entitled to tax benefits on the paid premiums and benefits received by the insured individual as per the existing tax laws. These benefits on premiums are subjected to Alterations/Regulations under Section 80C and Section 10(10D), as per the Income Tax Act of 1961, which is entitled to be amended from time-to-time.

* Tax benefits are subjected to certain changes in tax laws

The Premiums for Max Life Savings Advantage Policy

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:

  • Yearly/Annually: 1.000,
  • Semi-Annual: 0.520,
  • Quarterly: 0.265,
  • Monthly: 0.090

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.

Additional Riders for Max Life Savings Advantage Plan

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.

Eligibility for Max Life Savings Advantage Policy

  • Entry Age

Minimum: 8 years

Maximum: Single Pay 65 years, Limited Pay 60 years, and Regular Pay 45 years

  • Maturity age

Minimum: 18 years

Maximum: Single Pay 75 years, Limited Pay 80 years, and Regular Pay 65 years

What are the Documents Required to Buy this Policy?

To buy the Max Life Savings Advantage Plan, the assured life would have to arrange the following documents:

  • Address proof - maintenance bills, passport, ration card, electricity bill, Aadhaar card, or voter's card
  • Income proof - bank statements, valid salary slips, or Income tax return.
  • Identity proof - driving license, passport, voter's card, ration card, or Aadhar card.

How to Buy this Plan Online?

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.

Exclusions of Max Life Savings Advantage Plan

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.


Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
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Max Life Savings Advantage Policy Reviews & Ratings

0 / 5 (Based on 31 Reviews)
(Showing Newest 25 reviews)
Chennai , October 26, 2021
Great features
I have got day care hospitalization feature under the mediclaim policy which i have purchased from the policybazaar. It offered me lifelong renewability Cover. It includes tax exemption benefits, cashless hospitalization and many other facilities. overall i like my plan.
Kolkata , October 26, 2021
Trustworthy website
I rarely trust the online purchasing because of the possibility of fraud but Policybazaar has built my trust up. I went through the online process when I was taking care health insurance from here and i found this website trustworthy.
Surat, October 26, 2021
Helpful staff
I rarely trust the online purchasing because of the possibility of fraud but Policybazaar has built my trust up. I went through the online process when I was taking care health insurance from here and i found this website trustworthy.
Pune, October 26, 2021
Low cost plan
Such a simple and easy process to buy a policy was provided to me by Policybazaar. Someone suggested me to check the health plans on Policybazaar website. i went through a lot of plans and i found the right plan here. i bought star health insurance at low cost.
Jaipur, October 26, 2021
Good Coverage
I have bought Bajaj Allianz Health Insurance for my family and by taking a health plan, I have secured my entire family. I have got coverage against medical expenses and buying my policy online has saved my money as I did not have to pay agent fees.
Lucknow, October 26, 2021
Affordable plan
A friend of mine told me about Policybazaar. He said that he has found an affordable health plan deal in Policybazaar. I went to Policybazaar to buy the same plan. I wanted a family health plan so I took Aditya Birla health insurance and it has covered every member of my family.
Kanpur, October 26, 2021
Easy to compare
Last week i went to Policybazaar for taking health plan for my family. An executive explained the policy very well and showed me various plans out of which i chose digit health insurance and it has covered me and my wife.
Nagpur, October 26, 2021
Good plan
I was able to compare the various plans easily on the website of Policybazaar. At first, i was confused about what i should choose as so many options were given there but then i bought sbi general health insurance for my parents. I got really good senior citizen health plan.
Allahabad, October 26, 2021
Hassle free experience
I had an amazing and hassle free experience with policybazaar. Everything has beem very smooth when i was purchasing health insurance from policybazaar. Their team assisted me in well mannered way.
Ranchi, October 26, 2021
Problem resolving
I contacted the customer care of policybazaar as i was facing some difficulty. They just took a minute to solve my problem. I am happy that i have bought my health insurance from the right place. Policybazaar always give proper attention to its customers.
Haora, October 26, 2021
Supportive team
When I was buying my health insurance from the website of Policybazaar, I was a little confused about the policy. I got in touch with the customer care and the executive guided me very well and cleared all my doubts with satisfactory answers. Thanks to Policybazaar for guiding me.
Coimbatore, October 26, 2021
Smooth service
In my health insurance, company is providing me financial assistance. i have got medical coverage against medical expenses arising out of health emergency which i have taken from the Policybazaar. service of policybazaar is very smooth and fast.
Jabalpur, October 26, 2021
Good service
I have bought health insurance through the website of policybazaar. Policybazaar gave me full support and when i contacted the customer care of policybazaar for clearing some of my queries they provided me very good service. Thanks to the Policybazaar for Giving me superb service.
Gwalior, October 26, 2021
Cashless treatment
I have got cashless treatment facility in my health insurance. This will help me to save my savings as I will not have to bear the financial burden of medical expenses. Anyone who is looking for the best and an affordable health plan I would love to recommend Policybazaar to them.
Vijayawada, October 26, 2021
Easy Reimbursement
My experience with Policybazaar has been great. I had taken senior citizen health insurance for my mother from Policybazaar. Last month, she was admitted to the hospital due to a medical emergency. When she got discharged I connected with Policybazaar for reimbursement of hospital bills and I got it immediately
Jodhpur, October 26, 2021
No claim bonus
Policybazaar is totally worthy place to buy any kind of plan. I have been using senior citizen health insurance for a long time which i had take for my parents. I never raised the claim request so i got discount on the premium rate when i was renewing the plan.
Madurai, October 26, 2021
Add on cover
I am using senior citizen health insurance since last year which i had taken from the policybazaar and recently i have customized my health plan with add on cover and added some additional features to it which i got at an affordable rate.
Raipur, October 26, 2021
Low premium
I have taken senior citizen health insurance for my parents. It has Coverage against medical expenses. Pre hospitalization, post hospitalization expenses features are covered under the plan. It has low premium rate and covered huge number of benefits.
Kota, October 26, 2021
Easy Reimbursement
I got reimbursement in hospital bills. I bought senior citizen health insurance for my mother from Policybazaar and a month back she faced some medical problems. I connected with policybazaar for reimbursement and i got it without any hassle.
Guwahati, October 26, 2021
Pocket friendly plan
I was looking for senior citizen health insurance for a long time which I wanted to take for my father. A relative of mine suggested me the Policybazaar website. I landed to their website and checked the health plans. In the end I finally found one that came within my budget.
Chandigarh, October 26, 2021
Affordable plan
I was looking for family health insurance for a long time. I searched a lot on Google and finally found the website of policybazaar. Here i got family health insurance according to my budget and needs. I really liked the service provided by the Policybazaar.
Solapur, October 26, 2021
High coverage
I have secured my family with the help of family health insurance which i have purchased from Policybazaar. In my health plan, i have got coverage for medical expenses. From now on i do not have to bear financial burden as my policy will give me financial protection.
Hubli And Dharwad, October 26, 2021
Good in customer handling
Policybazaar is very good in terms of handling customers. I bought family health insurance from Policybazaar and their team maintained professionalism with courteous demeanor which was absolutely impressive. I would definitely like to get in touch with Policybazaar for more plans.
Bareilly, October 26, 2021
Minimal paperwork
In my family health insurance, every member of my family are covered. there was minimal and Hassle free paperwork. I got high number of coverage and benefits under my plan. the team of policybazaar guided me and helped me to select the suitable plan.
Moradabad, October 26, 2021
Faster claim settlement
Thankfully I had taken family health insurance from Policybazaar. a while ago, i had to admitted my father to the hospital due to sudden medical emergency. i had claimed and got the claim very easily and quickly. I got faster claim settlement. I am happy with the service.
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