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.

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