Axis Max Life Smart Wealth Income Plan

What is Axis Max Life Smart Wealth Income Plan?

Axis Max Life Smart Wealth Income Plan is a non‑linked, participating savings plan that combines long-term life cover with a regular income stream and potential bonuses to help you create lifelong cash flows for your family’s goals. It offers three income variants, the option of whole life cover (up to 100 years) and flexible benefit payout options tailored to different life stages.

Features of Axis Max Life Smart Wealth Income Plan

• Flexible Income Streams: You can choose between the three plan options based on whether you need immediate funds or long-term growth.
• Smart Way to Build Up Survival Benefits (Axis Max Life): Instead of grabbing survival benefits right when they're due, you can let them pile up and pull out the cash whenever you want.
• Whole Life Income: Pick this investment plan for steady income that lasts till you're 75, 85, or 100, with life cover sticking around the whole time.
• Extra Safety Net: The Policy Continuance Benefit means benefits keep flowing, survival ones and maturity payout too, even if the insured person dies. No extra premiums after that.
• Tax Benefits: You will get some tax benefits under the latest income tax laws.

Eligibility Criteria for Axis Max Life Smart Wealth Income Plan

Features of Axis Max Life Smart Wealth Income Plan

Key product features include the following:​

• Three plan options: Early Income, Early Income with Guaranteed Money Back, and Deferred Income, each with its own survival benefit pattern of guaranteed income or guaranteed money backs plus cash bonuses (if declared).​
• Flexible maturity ages: Choice of maturity age of 75, 85, or 100 years (100 years available only when Policy Continuance Benefit is not chosen), giving long‑term or whole‑life coverage options.​
• Regular income from early years: Under Early Income and Early Income with Guaranteed Money Back, guaranteed income and/or cash bonuses can start from the 2nd policy year; under Deferred Income, they start from policy year 
• Option to accrue survival benefits: Policyholders can choose to accumulate survival benefits (guaranteed income, guaranteed money back, and cash bonuses) and withdraw them later as per their need instead of taking them immediately.​
• Policy Continuance Benefit (PCB): If opted (available with maturity ages 75 and 85 years), all future survival benefits and maturity benefits continue to be paid to beneficiaries after the life insured’s death, without further premium payments.​
• Multiple premium payment terms: Different premium payment terms (6, 8, 10, 12, and 15 years, depending on the selected option) are available to align commitment with income capacity.​
• Choice of premium payment mode: Annual, semi‑annual, quarterly, and monthly premium modes are available, with standard modal factors.

Benefits of Axis Max Life Smart Wealth Income Plan

The plan provides a multifaceted benefit structure:

• Survival Benefit: Depending on the plan chosen, this includes Cash Bonuses (if declared) and Guaranteed Income or Guaranteed Money Back.
• Maturity Benefit: At the end of the policy term, the sum of the Sum Assured on Maturity, Terminal Bonus (if declared), and any accrued survival benefits is paid out.
• Death Benefit:
  • Without Policy Continuance Benefit: A lump sum consisting of the Sum Assured on Death, Terminal Bonus, and accrued survival benefits is paid.
  • With Policy Continuance Benefit: In addition to the Death Benefit (Sum Assured on Death), all future benefits (Cash Bonuses, Guaranteed Income, and Maturity Benefits) are paid to the beneficiary as they fall due, with no further premiums required.
• Tax Benefits: Benefits and premiums are subject to tax exemptions as per current Indian tax regulations.

Riders Under Axis Max Life Smart Wealth Income Plan

To further customise protection, the following riders are available (subject to additional premium):

• Max Life Waiver of Premium Plus Rider: Waives future premiums in case of Critical Illness, dismemberment, or death (not available if PCB is chosen).
• Max Life Accidental Death and Dismemberment Rider: Provides an additional benefit in case of death or dismemberment due to an accident.
• Max Life Term Plus Rider: Offers an additional lump sum benefit in the event of the death of the insured.
• Max Life Critical Illness and Disability Rider: Provides a lump sum upon diagnosis of a critical illness.

Conclusion

The Axis Max Life Smart Wealth Income Plan stands out as a versatile financial tool that balances the need for regular income with the necessity of long-term life protection. With its various plan options, accrual features, and the robust Policy Continuance Benefit, it offers a customizable path toward financial security and legacy building.