Axis Max Life Smart Wealth Advantage Growth Par Plan

What is Axis Max Life Smart Wealth Advantage Growth Par Plan?

Axis Max Life Smart Wealth Advantage Growth Par Plan is a non-linked, participating, individual Life insurance savings plan. Smart Wealth plan allows policyholders to share company’s profits through cash bonuses and terminal bonuses. This investment plan offers steady income and a lump sum amount at the time of maturity, ensuring long-term wealth creation and financial security.

Features of Axis Max Life Smart Wealth Advantage Growth Par Plan

Following are the features of Axis Max Life Smart Wealth Advantage Growth Par Plan:

• Four Product Variants: There are 4 variants of this plan. Insta Income, Balanced Income, Future Income, and Lifelong Income. You can choose the specific type that helps your financial goals.
• Early Liquidity: For most types, survival benefits (income) can start from the 1st year of the policy.
• Flexible Terms: Policyholders can choose a term from 20 to 40 years or whole-life coverage that can last until 100 years of age.
• Premium Payment: Offers flexible payment durations (6, 7, 8, 10, and 12 years) and modes (Annual, Semi-annual, Quarterly, and Monthly).
• Policy Continuance Benefit (PCB): This is an optional feature that keeps the policy active even after the passing away of the life insured. The company stops charging premiums and continues to pay all future benefits to the nominee.

Eligibility Criteria for Axis Max Life Smart Wealth Advantage Growth Par Plan

Benefits of Axis Max Life Smart Wealth Advantage Growth Par Plan

The plan offers multiple guaranteed and variable benefits:

• Survival Benefits: Cash Bonuses (if declared) and Guaranteed Income are included. The amount you get depends on the variation you choose and how often you get paid.
• Maturity Benefit: This is a one-time payment made at the end of the policy term. It includes the Sum Assured on Maturity, any bonuses or income that have built up, and a Terminal Bonus (if any).
• Death Benefit: If the insured dies, the higher of the Sum Assured on Death or 105% of total premiums paid is given.
• Additional Accidental Death Benefit: If the insured dies after the age of 18, they get an additional 50% of the Sum Assured on Death, for a maximum of Rs. 1 crore.
• Special Benefit for Women: Women get an extra benefit at maturity equivalent to 10% of the sum assured at maturity.

Riders Under Axis Max Life Smart Wealth Advantage Growth Par Plan

To further customize and enhance the base cover, policyholders can opt for the following riders:

• Max Life Term Plus Rider
• Max Life Waiver of Premium Plus Rider
• Max Life Accidental Death and Dismemberment Rider
• Max Life Critical Illness and Disability Rider

Additional Details of Axis Max Life Smart Wealth Advantage Growth Par Plan

The plan includes several "Smart" flexibilities to suit changing financial needs:

• Save the Date: Policyholders can choose a specific date (like a birthday or anniversary) to receive their survival benefits instead of the policy anniversary.
• Premium Offset: This option allows policyholders to use their receivable survival benefits to pay future premiums.
• Accrual of Benefits: Survival benefits can be accrued with the company to be withdrawn partially or fully at a later date.
• Settlement Options: Maturity benefits can be taken as Regular Monthly or Annual Income over a period of 5 to 20 years.
• Discounts: A 2% discount on the first-year premium is available for existing customers, staff, or transgender lives.