Axis Max Life Assured Wealth Plan

What is the Axis Max Life Assured Wealth Plan?

Axis Max Life Assured Wealth Plan is a life insurance savings plan designed to help you grow your wealth over time. It offers a combination of guaranteed savings and life insurance protection. You receive a guaranteed lump sum payout at the policy's maturity to achieve your financial goals. Additionally, the investment plan provides flexibility with various options for premium payment terms and policy terms to suit your savings preferences. Throughout the policy term, you will also benefit from life insurance coverage, providing financial security for your loved ones in case of an unfortunate event.

Features of Axis Max Life Assured Wealth Plan

Below are the key features of the Axis Max Life Assured Wealth Plan: 

• Guaranteed Maturity Benefit: Get a guaranteed lump sum payout to achieve your financial goals.
• Flexible Savings: Choose from 6 term options to fit your savings plan.
• Complete Protection: Your loved ones receive a death benefit if something happens to you during the policy term.
• Tax Savings: Get tax benefits on premiums paid and potential maturity benefits (as per current tax laws).
• Enhanced Coverage: Add optional riders for extra protection to suit your needs.

Eligibility Criteria for the Axis Max Life Assured Wealth Plan

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Benefits of the Axis Max Life Assured Wealth Plan

Below are the benefits of the Axis Max Life Assured Wealth Plan:

• Death Benefit: If the life insured dies during the policy term while the policy is active, a lump sum Death Benefit is paid immediately. The policy ends after the Death Benefit is paid fully. The Death Benefit will be the highest of the following:
  • 10 times the Annualised Premium plus any extra premium
  • 105% of the total premiums paid (including extra and modal loadings)
  • The Guaranteed Sum Assured on Maturity
  • The absolute amount assured on death (which is zero under this plan)
• Maturity Benefit: On the maturity date, you will receive the Guaranteed Sum Assured on Maturity (GSAM). Once this amount is paid, the policy terminates.
• Surrender Benefit: You can surrender the policy only after it acquires a Guaranteed Surrender Value (GSV), which happens after paying premiums for the first two full years. On surrender, you will get the higher of the Guaranteed Surrender Value (GSV), or the Special Surrender Value (SSV).
• Reduced Paid-Up (RPU) Benefit: Once your policy has acquired a surrender value, if you miss paying premiums even after the grace period, the policy will not lapse. Instead, it will become a Reduced Paid-Up (RPU) policy, with benefits reduced proportionately based on premiums paid.
• Tax Benefit: You may be eligible for tax benefits on premiums paid and policy benefits received under Section 80C and Section 10(10D), as per prevailing tax laws.

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Riders Under the Axis Max Life Assured Wealth Plan

• Axis Max Life Waiver of Premium Plus Rider: This rider waives all future premiums if the policyholder suffers a critical illness, dismemberment, or dies (when the Life Insured and Policyholder are different). Since the base plan does not include a waiver of premium feature, this rider adds extra financial protection.
• Axis Max Life Accidental Death and Dismemberment Rider: This rider offers additional benefits if the Life Insured dies or experiences dismemberment due to an accident. It provides extra financial support during unexpected events.
• Axis Max Life Term Plus Rider: This rider pays an additional lump sum amount to your family if the Life Insured passes away. It strengthens your family’s financial security during difficult times.

Policy Details

• Policy Loan Provision: You can take a policy loan of up to 80% of the Special Surrender Value, as per Axis Max Life’s loan rules. The minimum loan amount available is ₹10,000. When a loan is taken, the policy is automatically assigned to the company until the full loan amount, interest, and any fees are repaid. Once the loan is completely cleared, the policy is reassigned back to you.
• Revival of Lapsed Policy: If premiums for the first two full years are not paid, the policy will lapse, and no benefits will be payable. A lapsed policy can be revived within five years from the due date of the first unpaid premium.
• Revival of Reduced Paid-Up (RPU) Policy: Once your policy has acquired a surrender value, it will not lapse. If premiums are discontinued, it becomes a Reduced Paid-Up (RPU) policy. An RPU policy can also be revived within five years from the due date of the first unpaid premium.
• Free Look Period: You have 15 days (30 days if purchased through Distance Marketing) from receiving the policy to review it. If you disagree with the terms, you can return the policy with reasons. Premiums will be refunded after deducting the proportionate risk premium, medical examination charges, and stamp duty.
• Grace Period: A grace period of 30 days (15 days for the monthly mode) is allowed for paying each premium. During this time, coverage continues, and premiums can be paid without a late fee. If the Life Insured dies during the grace period, any unpaid premiums will be deducted from the benefits.

Exclusion

If the Life Insured dies by suicide (sane or insane) within 12 months of policy commencement or revival, the policy terminates. In such cases, the company will pay:

• If the policy has a surrender value, the higher of the surrender value or total premiums paid (including loadings and extra premiums).
• If no surrender value: total premiums paid (including loadings and extra premiums).