Axis Max Life Flexi Wealth Plus Plan

How Does Axis Max Life Flexi Wealth Plus Plan Work?

Axis Max Life Flexi Wealth Plus uniquely combines protection and savings. As per this Axis Max ULIP plan, your Sum Assured on death is determined based on your choices, and your premiums are invested in your selected investment strategy and funds. Upon maturity, you receive your Fund Value as a lump sum. In the unfortunate event of the Life Assured's death during the policy term, the nominee receives the Death Benefit.

Key Features of Axis Max Life Flexi Wealth Plus

As a ULIP designed to maximise returns with flexibility, the Axis Max Flexi Wealth Plus offers the following features:

• Choose how you want to pay premiums: single pay, limited pay, or regular pay.
• You get 17 fund options and 5 investment strategies at no extra cost.
• Switch between funds as many times as you like for free.
• Loyalty additions start from the 6th year if you pay all premiums.
• Wealth boosters are added every 5 years starting from the 10th year.
• Mortality charges are returned to you on maturity.
• You can make up to 12 free partial withdrawals after the lock-in period.
• The nominee receives the higher of sum assured, fund value, or 105% of premiums.

Eligibility Criteria for Axis Max Life Flexi Wealth Plus Plan

Benefits Offered By Axis Max Life Flexi Wealth Plus Plan

• Two Plan Options:: The plan gives you two variants to choose from based on your needs:
  • Wealth Variant: You can choose Single Pay, Limited Pay, or Regular Pay options. This variant helps you grow your wealth while protecting your family.
  • Whole Life Variant: You can choose from different Limited Pay options. This variant gives life cover for your entire lifetime.
• Death Benefit: If the life insured dies during the policy term, the nominee will receive the highest of these three: the Sum Assured (after reducing eligible partial withdrawals), the Fund Value on the date of death, or 105% of total premiums paid up to death (adjusted for applicable partial withdrawals). This ensures the family gets the maximum possible payout.
• Maturity Benefit (Wealth & Whole Life Variants): At maturity, you receive the Fund Value, which is the total number of units you hold multiplied by the NAV of each fund on the maturity date. This amount is paid if you have not chosen the settlement option.
• Return of Mortality Charges (RoMC): All mortality charges deducted during the policy term are added back to your Fund Value at maturity. This is given only if all premiums are paid and is not available for surrendered, discontinued, or paid-up policies.
• Survival Benefit: Guaranteed Loyalty Additions & Guaranteed Wealth Boosters are added to help grow your fund. Guaranteed Loyalty Additions are added every year from the 6th policy year. Guaranteed Wealth Boosters are added every 5 years starting from the 10th policy year. Both are added only when all due premiums are paid.
• Unlimited Free Switches: You can switch between funds as many times as you want in a policy year without any charges.
• 12 Free Partial Withdrawals in a Year: After the lock-in period, you can make up to 12 partial withdrawals every year without any charges.
• Portfolio Strategies: Flexi Wealth Plus offers 17 fund options and 5 investment strategies to choose from. You can select only one strategy, and there is no extra charge for the choice you make.
  • Self-Managed Portfolio Strategy: lets you choose from 16 funds and decide how much to invest in each. You can switch funds or change premium allocation anytime.
  • Systematic Transfer Plan (STP): works like rupee cost averaging. Your premium first goes into the Secure Plus Fund, and every month a part of it shifts to the Growth Super Fund to balance market ups and downs.
  • Lifecycle Portfolio Strategy: adjusts your investment based on age. More money goes into equity when you are younger and shifts to debt as you get older. The selected funds stay fixed for the entire policy term.
  • Trigger-Based Portfolio Strategy: protects your gains. Your premium is split 75% in equity and 25% in debt. When equity gains reach a set level, the portfolio is automatically rebalanced.
  • Dynamic Fund Allocation (DFA) Strategy: changes your equity–debt mix based on years left to maturity. Early years focus on equity for growth, while later years shift to debt for safety. The portfolio is rebalanced every policy anniversary.
• Premium Redirection: You can change how your future premiums are invested by sending a written request before the due date. Just mention the amount or percentage you want in each fund. You can make up to six redirections in a year, and all are free.
• Settlement Option: You can choose the settlement option at least 15 days before maturity. This lets your policy continue for up to five years after maturity, allowing you to receive the benefits in instalments instead of one lump sum.
• Premium Reduction: After five policy years, you can reduce your premium by up to 50% of the original annual premium, as long as it meets the minimum limit. All due premiums must be paid, and you must inform the company at least 15 days before the next premium due date.

Riders Offered By Axis Max Life Flexi Wealth Plus Plan

1. Axis Max Life Critical Illness and Disability Secure Rider: 

   This rider gives you financial support if you are diagnosed with any of the 64 listed critical illnesses. You can add this rider when you buy the policy or anytime during the policy term by paying a small extra premium.

2. Axis Max Life Smart Ultra Protect Rider:

   This rider offers four protection options. You can choose the one that suits your needs:

   • Variant 1 – Term Booster with Accelerated Terminal Illness: Provides extra life cover and pays out early if you are diagnosed with a terminal illness.
   • Variant 2 – Accidental Death Benefit: Gives an additional payout if death occurs due to an accident.
   • Variant 3 – Accidental Total and Permanent Disability: Provides financial protection if you become totally and permanently disabled due to an accident.
   • Variant 4 – Payor Benefit: Waives future premiums if the policyholder (payor) faces a covered event, ensuring the policy continues without payment.

Policy Details of Axis Max Life Flexi Wealth Plus Plan

• Surrendering Your Policy: You can surrender your policy anytime during the term by giving a written request. The surrender value will be your Fund Value minus the applicable surrender or discontinuance charges.
• Grace Period for Paying Premiums: If you miss a premium due date, you get a grace period of 30 days (15 days for the monthly mode). Your life cover continues during this time, and all charges apply as usual.
• If Premium Remains Unpaid Within the First 5 Years: If the premium is not paid even after the grace period during the first five years, your Fund Value (after applicable charges) will be moved to the Discontinuance Policy Fund. Risk cover will stop, and only the 0.5% fund management charge will apply. The company will inform you about the policy status within three months and give you the option to revive the policy within three years from the date of the first unpaid premium.
•  Revival Period: If you choose in writing to revive your policy, you will get a Revival Period of three years from the Date of Discontinuance. During this period, you can restart your policy by fulfilling the revival requirements set by the company.
• Free Look Period: You have 30 days from receiving the policy to review it. If you are not satisfied and have made no claim, you can return it for cancellation by giving the reason.

Steps to Buy Axis Max Life Flexi Wealth Plus Plan

To choose a plan of Axis Max Life Flexi Wealth Plus, the following 5 easy steps are to be followed:

Step 1: Choose either the Wealth Variant or the Whole Life Variant.

Step 2: Select the premium amount you wish to invest regularly.

Step 3: Decide your Premium Payment Term & Policy Term of the plan. 

Step 4: Choose your Mode of Payment: Monthly, Quarterly, Semi-Annual, or Annual payments.

Step 5: Choose your Investment options that align with your individual risk appetite and financial goals.

Suicide Exclusion

If the Life Insured dies by suicide within 12 months of policy start or revival, the nominee will get only the fund value on the date the death is reported. Any charges deducted after death, except Fund Management Charges, will be added back to the fund value.