Axis Max Life Smart Wealth Plan

What is Axis Max Life Smart Wealth Plan? 

Axis Max Life Smart Wealth Plan is a Non-Linked, Non-Participating, Individual Life Insurance Savings Plan that combines life protection with guaranteed savings. The endowment plan offers assured returns at maturity and death benefits in the event of your untimely demise, ensuring your family is fully financially protected. Spanning a wide range of policy terms, the plan fulfills your short-term to long-term financial goals. 

Features of Axis Max Life Smart Wealth Plan

The features of Axis Max Life Smart Wealth Plan are: 

1. Financial Security in Case of Death: 

   The policy provides a comprehensive death benefit in the event of the untimely demise of the Life Insured during the policy term, provided the policy is active.

2. Assured Returns: 

   Get fixed benefits to secure your family’s future.

3. Flexibility: 

   The plan offers the following variants to choose from:

   • Lumpsum: Offers a maturity benefit as a lump sum when the policy term ends. The maturity benefit includes both the guaranteed sum assured on maturity and the accrued guaranteed additions (if any).
   • Short Term Income: Offers a guaranteed ‘income benefit’ at the end of the policy term. The income benefit can be received on a monthly, quarterly, half-yearly, or annual basis.
   • Long Term Income: Offers a guaranteed ‘income benefit’ at the end of the policy term, along with a ‘terminal benefit,’ which equals the total premiums paid. The income benefit is received according to your chosen frequency.
   • Whole Life Income: Offers a guaranteed ‘income benefit’ when the policy term ends and continues until the death of the last surviving life. The income benefit can be received on a monthly, quarterly, half-yearly, or annual basis, based on your choice.

4. Guaranteed Additions under Lumpsum Option: 

   The lumpsum variant provides guaranteed additions when the policy matures. Guaranteed additions are a percentage of the yearly premium and depend on the policyholder’s age, premium amount, gender, and the selected plan option.

5. Whole Life Income Option with Joint Life Coverage: 

   Under the Whole Life Income Option, you have the option to include life insurance for your spouse under the same policy.

6. Tax Benefits: 

   Get tax benefits as per the current laws.

7. Rider(s) for Extra Protection: 

   Get additional protection as per your needs through the available rider(s) options.

Eligibility Criteria of Axis Max Life Smart Wealth Plan

Benefits of Axis Max Life Smart Wealth Plan

Axis Max Life investment plans help you secure your financial future with guaranteed returns. There are four variants of benefits offered by Axis Max Life Smart Wealth Plan. 

1. Death Benefit: 

   Under Variants 1, 2 & 3: 

   In the event of the death of the Life Insured, the nominee receives the higher of: 

   • 11 × the sum of annual premiums, or
   • 105% of the total premiums paid, or
   • Any absolute amount assured to be payable on death.

   Under Variant 4: 

   The nominee receives the higher of:

   • Single Pay Option: 1.25 × the Single Premium
   • Regular Pay Option:
     • 7 × the Annualised Premium, or
     • 105% of the total premiums paid, or
     • Any absolute amount assured to be payable on death.

   Note: In addition to the above amounts, underwriting extra premiums are also paid to the nominee.

2. Maturity Benefit:

   Variant 1: 

   The policyholder receives the following at maturity:

   • Guaranteed Sum Assured, plus
   • Any Accrued Guaranteed Additions

   Note: Guaranteed Additions are a percentage of the yearly premium and depend on the policyholder’s age, premium amount, gender, and the selected plan option.

   Variant 2:

   You receive a guaranteed “Income Benefit,” payable on a monthly, quarterly, half-yearly, or annual basis.

   Variant 3:

   You receive a guaranteed “Income Benefit” based on your chosen frequency (monthly, quarterly, half-yearly, or annually). Additionally, when the payout period ends, a “Terminal Benefit” equal to the total premiums paid is paid to the beneficiary.

   Variant 4:

   You receive a guaranteed “Income Benefit,” payable on a monthly, quarterly, half-yearly, or annual basis, if either of the two Life Insured survives the policy term. The policy terminates upon payment of the death benefit for the last surviving life, and no further benefits are payable.

Additional Benefits of Axis Max Life Smart Wealth Plan

• Free Look Option: You have a free-look period of 30 days to review the terms and conditions of the policy. If not satisfied, you will be entitled to a refund of the premium paid. The refund will be inclusive of deductions such as medical examination and stamp duty charges, etc.
• Surrender: Under this, you can surrender the policy after a prescribed surrender period and get the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV), along with any unpaid earned bonuses. The policy ends when the surrender value is paid.
• Grace Period: A grace period of 30 days for annual mode (15 days for monthly mode) is provided to pay the contractual premium.
• Loan Provision: The policy provides a loan facility as per the company’s loan terms and conditions.

Exclusions: 

Suicide: If the policyholder dies due to suicide within 12 months of the policy start or revival date, the policy ends immediately, and the nominee gets: 

• the higher of surrender value or total premiums paid, in case the policy has a surrender value, or
• total premiums paid, in case the policy doesn’t have a surrender value.