Max Life ULIP Plans

As in the year 2013 – 14, Max Life Insurance Company Limited has been ranked among the top 4 life insurers in India with a market share of 10.30%. the company is counted amongst the fastest growing life insurance businesses with the Gross Written Premium of Rs.7279 crores and declaring a shareholder’s profit of Rs.436 crores post taxation. The range of products offered by Max Life Insurance Company include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

What are ULIPs?

Unit Linked Insurance Plan (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIP are as follows:

• The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund.
• Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc.
• Insurance coverage depends on the amount of premium paid
• The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value
• Switching option is available which enables the policyholder to switch his investment between funds

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Max Life ULIP Plans

Max Life Insurance Company offers different types of ULIPs each loaded with unique features and benefits. Let us take a look at the different types of plans offered by the company and the features and benefits of each of the plans.

Max Life Fast Track Super Plan

Aa unit linked plan which also offers the benefit of Guaranteed Additions to increase the fund value besides market linked returns. The features and benefits of the plan are as follows:

• Premiums under the plan can be paid for the entire duration of the plan under the Regular Pay option or for a limited tenure under the Limited Pay option or in one lump sum under the Single Pay option of premium payment.
• The premium net of charges can be invested as per two investment strategies of Systematic Transfer Plan and Dynamic Fund Allocation.
• Under the Systematic Transfer Plan option, the concept of rupee cost averaging is used and the net premium is initially invested in the Secure Plus Fund and thereafter every month, a proportion of the premium is transferred to the Growth Plus Fund
• The Secure Plus Fund has an option of 5 Funds in which the premium is invested.
• Under the Dynamic Fund Allocation option, the premium is invested initially in the Growth Super Fund and thereafter, as the plan approaches maturity, the funds are transferred to the Secure Fund to prevent the fund against market volatility. A specified ratio of the fund is maintained in both the fund options and the ratio changes as the plan progresses.
• Plans under which regular premiums are paid earn Guaranteed Loyalty Additions @0.3% of the Fund Value from the 11^th policy year. This ratio increases by 0.02% every year.
• On maturity, the fund value is paid which can be taken in lump sum or in instalments over a period of 5 years post maturity under the Settlement Option feature.
• On death, higher of the Fund Value or the Sum Assured is payable subject to a minimum of 105% of all premiums paid till death.
• Two free partial withdrawals are allowed every year after 5 completed policy years with a minimum value of Rs.5000
• 12 free switches are allowed every year to change between funds
• 6 free premium redirections are allowed every year to redirect future premium into a new fund than which was originally selected.
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

People Also Read: Max Life Nifty Smallcap Quality Index Fund

Eligibility Details

Max Life Platinum Wealth Plan

Another unit linked insurance plan which promises market linked returns and the benefit of life coverage. The features and benefits of the plan are as follows:

• Premiums under the plan can be paid for the entire duration of the plan under the Regular Pay option or for a limited tenure under the Limited Pay option or in one lump sum under the Single Pay option of premium payment.
• The premium net of charges can be invested as per two investment strategies of Systematic Transfer Plan and Dynamic Fund Allocation.
• Under the Systematic Transfer Plan option, the concept of rupee cost averaging is used and the net premium is initially invested in the Secure Plus Fund and thereafter every month, a proportion of the premium is transferred to the Growth Plus Fund
• Under the Dynamic Fund Allocation option, the premium is invested initially in the Growth Super Fund and thereafter, as the plan approaches maturity, the funds are transferred to the Secure Fund to prevent the fund against market volatility. A specified ratio of the fund is maintained in both the fund options and the ratio changes as the plan progresses.
• The policyholder may also choose from among a choice of 5 fund options if he does not choose either of the investment strategies
• Guaranteed Loyalty Additions are added from the 11^th or the 6^th policy year depending on the amount of premium paid. The additions accrue every year @0.10% of the fund value and increase by 0.05% every year
• Moreover. Guaranteed Wealth Boosters are also paid @ 2% or 2.5% of the Fund Value depending on the amount of premium at the end of the 10^th, 15^th and 20^th policy year.
• On maturity, the fund value is paid which can be taken in lump sum or in instalments over a period of 5 years post maturity under the Settlement Option feature.
• On death, higher of the Fund Value or the Sum Assured is payable subject to a minimum of 105% of all premiums paid till death.
• Max Life Partner Care rider can be availed under the plan wherein the aggregate of all future premiums payable till the end of the term or till the insured attains 60 years of age is payable immediately if the insured dies during the tenure of then plan.
• Two free partial withdrawals are allowed every year after 5 completed policy years with a minimum value of Rs.5000
• Unlimited free switches are allowed every year to change between funds
• 6 free premium redirections are allowed every year to redirect future premium into a new fund than which was originally selected.
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Max Life Maxis Super Plan

A strategic unit linked insurance plan which offers the following features and benefits:

• The premium under the plan is payable for a limited tenure only
• The premium net of charges is invested as per the Dynamic Fund Allocation option. Under the Dynamic Fund Allocation option, the premium is invested initially in the Growth Super Fund and thereafter, as the plan approaches maturity, the funds are transferred to the Secure Fund to prevent the fund against market volatility. A specified ratio of the fund is maintained in both the fund options and the ratio changes as the plan progresses.
• A choice of 5 funds is available for premium investment.
• The Sum Assured is chosen as a multiple of the annual premium and can be chosen to be 11, 15 or 20 times the annual premium paid
• On maturity, the fund value is paid which can be taken in lump sum or in instalments over a period of 5 years post maturity under the Settlement Option feature.
• On death, the Fund Value and the Sum Assured is payable subject to a minimum of 105% of all premiums paid till death.
• Two free partial withdrawals are allowed every year after 5 completed policy years with a minimum value of Rs.5000
• 12 free switches are allowed every year to change between funds
• 6 free premium redirections are allowed every year to redirect future premium into a new fund than which was originally selected.
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

Applying for a Unit Linked Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For ULIPs through PolicyBazaar

• On the PolicyBazaar homepage, click on ULIPs under the Personal tab.
• Click New Quotes to compare and choose from top insurance providers.
• Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
• Fill in your name, email address, city, country code, and mobile number. Click Continue.
• You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
• After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
• You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.

This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

To know about Pension Plans check at Max Life Pension Plans

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Max Life ULIP Plans - FAQ