Max Life Assured Wealth Plan

Max Life Assured Wealth Plan is a Non-Linked, Non-Participating Individual Life Insurance Savings Plan. This plan offers a combination of insurance coverage and wealth accumulation benefits. It provides financial security to your loved ones in case of any unfortunate event and helps you build a corpus for your future financial goals.

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What is Max Life Assured Wealth Plan?

Max Life Assured Wealth Plan is a life insurance savings plan designed to help you grow your wealth over time. It's classified as a non-linked, non-participating individual plan, meaning the returns are guaranteed but not tied to the market's performance. This plan offers a combination of guaranteed savings and life insurance protection. You'll receive a guaranteed lump sum payout at the policy's maturity to achieve your financial goals. Additionally, it provides flexibility with various options for premium payment terms and policy terms to suit your saving preferences. Throughout the policy term, you'll also benefit from life insurance coverage, providing financial security for your loved ones in case of an unfortunate event.

Features of Max Life Assured Wealth Plan

Below are the features of the 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 Max Life Assured Wealth Plan

Age at Entry  Minimum entry age : 0 (91 Days)
Maximum entry age : 60 years
Policy Term For PPT5: 10, 15, 20 years
For PPT8: 16 years
For PPT 10: 15, 20 years
Premium Payment Term 5, 8 or 10 years
Guaranteed Sum Assured at Maturity Minimum: Rs. 1,61,225
Maximum: Subject to limits determined in accordance with the Board approved underwriting policy of the Company

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Minimum Premium:

Premium Payment Mode Minimum Premium
Annual Rs. 24,000
Monthly Rs. 2,000

Benefits of the Max Life Assured Wealth Plan

Below are the benefits of Max Life Assured Wealth Plan:

  1. Death Benefit

    • Provides financial protection for your loved ones in case of your unfortunate demise during the policy term.

    • The benefit amount is the higher of:

      • 10 times the annualized premium (excluding taxes and extra charges).

      • 105% of all premiums paid (including extra charges).

      • Guaranteed Sum Assured on Maturity (if chosen).

    • The policy terminates after the death benefit is paid.

  2. Maturity Benefit

    • Offers a guaranteed lump sum payout on the policy maturity date.

    • The benefit amount is equal to the Guaranteed Sum Assured on Maturity (GSAM) that you choose during policy inception.

    • The policy terminates after the maturity benefit is paid.

  3. Surrender Benefit

    • Provides you with flexibility if you need to withdraw funds before the policy term ends.

    • Available only after paying premiums for the first two years.

    • The benefit amount is the higher of:

      • Guaranteed Surrender Value (GSV) calculated based on paid premiums.

      • Special Surrender Value (SSV) which is generally higher than GSV (exact terms explained in the policy document).

    • The policy terminates after the surrender benefit is paid.

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  4. Loan Provision

    • Allows you to borrow against the policy's surrender value during emergencies.

    • Minimum loan amount is ₹10,000 and maximum is 80% of the Special Surrender Value.

    • Interest rate and other terms are subject to change as per Max Life's policy loan terms.

    • While the loan is active, the policy is assigned to the company.

    • The policy will be reinstated upon full repayment of the loan and interest.

    • If the loan amount with interest exceeds the surrender value, the policy may terminate.

  5. Tax Benefits

    • You may be eligible for tax deductions on premiums paid and benefits received, subject to prevailing tax laws.

    • Tax benefits can change, so it's recommended to consult a tax advisor for the latest information.

Riders Under the Max Life Assured Wealth Plan

  • Get extra life cover: Max Life Term Plus Rider provides an additional lump sum benefit if the life insured dies during the policy term.

  • Protect against accidents: Max Life Accidental Death & Dismemberment Rider extends financial protection to your family in case of accidental death or dismemberment.

  • Waiver of future premiums: Max Life Waiver of Premium Plus Rider waives all future premiums if you suffer a critical illness, dismemberment, or death (if you're not the life insured).

  • COVID- 19 protection: Max Life COVID19 One Year Term Rider offers a lump sum payout if the life insured is diagnosed with COVID-19 or dies after diagnosis.

  • Critical illness and disability cover: Max Life Critical Illness and Disability Rider safeguards you against critical illnesses and total permanent disability.

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FAQs

  • What is the Death Benefit offered by Max Life Assured Wealth Plan?

    The plan provides financial protection for your loved ones in case of your unfortunate demise during the policy term. The benefit amount is determined as the higher of 10 times the annualized premium (excluding taxes and extra charges) or 105% of all premiums paid (including extra charges), along with the Guaranteed Sum Assured on Maturity if chosen.
  • What is the Maturity Benefit under Max Life Assured Wealth Plan?

    The plan offers a guaranteed lump sum payout on the policy maturity date, equal to the Guaranteed Sum Assured on Maturity (GSAM) chosen during policy inception.
  • Does Max Life Assured Wealth Plan offer a Surrender Benefit?

    Yes, the plan provides flexibility through a Surrender Benefit, available after paying premiums for the first two years. The benefit amount is determined as the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV), with the policy terminating after this benefit is paid.
  • Can I take a loan against my Max Life Assured Wealth Plan?

    Yes, the plan allows you to borrow against the policy's surrender value during emergencies, with the minimum loan amount being ₹10,000 and maximum up to 80% of the Special Surrender Value. Interest rates and terms are subject to change as per Max Life's policy loan terms.
  • Are there any tax benefits associated with Max Life Assured Wealth Plan?

    Yes, you may be eligible for tax deductions on premiums paid and benefits received, subject to prevailing tax laws. Consult a tax advisor for the latest information on tax benefits.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Max Life Assured Wealth Plan Reviews & Ratings

4.1 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Vaibhav
Bahraich, March 19, 2019
Offers choices of funds
I am writing this to share the attractive plans about max ulip plan as it offers all choices of funds. I experience that each funds represents different criteria.
Lalit
Ambala, October 17, 2016
Above Average
Good to have ulip insurance policy, the insurance is low in budget and service given by the executives and staff members of the insurance company is fast and on time. The benefits are more and the premium is less. Easy claims, less paperwork.
Sheelpa
Ghaziabad, September 26, 2016
Max life ULIP Plan
Finally purchase a policy by an advice of my friend from max life insurance policy. Service provided is really very nice and on time till last visit. Executives and staff of the company is always ready to help to customer. Coverage is around 90% and claims are as high as coverage.
Raghav
Tajpur, July 26, 2016
Coverage Is High
Maxlife insurance is one of the best insurance company. I took the ulip insurance plan from them and i'm happy to buy it. The service is fast and company members are very responsive all the time. The investment is less but the payback return are high. =
Prerna
Dapoli, July 11, 2016
ULIP Plan
Service provided by you is fantastic and this makes tension free documentations and paperwork. The claims are easy to proceed because of the team members of the company. Policy coverage and claims are high. Premium is less which make's this insurance policy special.
Mayank
Chapra, June 29, 2016
Good
The ulip insurance plan of mine is really very awesome policy. Policy coverage is good and premium is low. Service facilitate by the company members is quick with calm nature. Internet website facility is also there which is simple to use.
Vijay
Delhi, April 20, 2016
Best
My max life ulip plan is really nice. It has good benefits and services. Policy coverage is 94% and claims are around Rs.46 L. Service is very good and fast that's why the work is done in very shot time period. Behaviour is also nice from staff members and executives.
Bhupendra
Himmatnagar, April 20, 2016
Very Good
I have ulip plan from max life insurance. The plan works for me. Policy coverage is also good i.e., 89% with claiming amount of Rs.42 L. Service provided by you is awesome and fabulous with fast interface. Good future investment.
Bhasker
Kaushambi, April 20, 2016
Tax Saver
My ulip policy plan is from max life insurance and the policy is the best because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high 93% and the premiums are low. Claims are 1.25 times of the investment. The service is fast and very quick. Great future investment with tax saving.
Chirag
Nilgiris, April 20, 2016
Service Issue
The max life ulip plan policy i have and happy to own it. The policy coverage is 89% and the claims are normal. Services are little bit slow provided by the staff members. Good future investment which saves tax also. Just improve the services and even the web services are better.
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