Max Life Platinum Wealth Plan is a unit-linked non-participating individual life insurance plan that offers comprehensive life insurance coverage and investment benefits. It provides you with the flexibility to choose your premium payment term and policy term, as well as your investment strategy. The plan also offers guaranteed loyalty additions and guaranteed wealth boosters, which can help to further enhance your policy fund value.
Guaranteed Tax SavingsUnder sec 80C & 10(10D)
₹1 CroreInvest ₹10k Per Month*
Zero LTCG TaxUnlike 10% in Mutual Funds
Some general criteria that individuals typically need to meet while buying the Max Life Platinum Wealth Plan are mentioned below:
|Eligibility Criteria||Premium Payment Term||Details|
|Entry Age||Single/ Limited Pay||91 days – 60 years|
|Regular Pay||91 days - 55 years|
|Maturity Age||Single/ Limited Pay||18 – 70 years|
|Regular Pay||18 – 65 years|
|Premium Payment Term||Single Pay||Pay Only One at Inception of Policy|
|Limited Pay||Pay for 5 Years from Inception of Policy|
|Regular Pay||Pay Regularly Every Year Throughout the Policy Term from the Inception of the Policy|
|Policy Term||Single Pay||10 years|
|Limited Pay||10 – 20 years|
|Regular Pay||10 – 20 years|
|Annualised Premium||Single/ Limited/ Regular Pay||Rs. 2 lakhs – No Limit|
|Premium Payment Mode||Single Pay||One-Time Premium Payment|
|Limited Pay||Yearly/ Semi-Annually/ Quarterly/ Monthly Premium Payment for 5 years|
|Regular Pay:||Yearly/ Semi-Annually/ Quarterly/ Monthly Premium Payment Till Policy Term|
|Sum Assured||Single Pay||1.25 × Single Premium|
|Limited/ Regular Pay||Higher of:
The key features of this best ULIP Plan are as follows:
Plan offers a life cover of 10 times of the annual premium (for regular and limited pay) from base term plan. You can also avail additional life coverage with Max Life rider.
Pay premium amounts for a limited time i.e., 1 to 5 years or full policy term. The policy term options are available from 10 to 20 years.
Option to choose from 6 fund options with different risk levels. You can also choose from 2 fund investment strategies of Dynamic fund allocation and Systematic transfer plan to secure your investment from market volatility.
Get guaranteed loyalty additions and wealth boosters (guaranteed) to enhance the fund value of the plan.
This is a way to invest your annual premium in a systematic way. It helps you to replicate a rupee cost averaging method, which means that you invest the same amount of money each month, regardless of the market conditions. This can help you to reduce your risk and improve your chances of getting a good return on your investment.
Systematic Transfer Plan is only available for single premium policies or policies taken with annual mode.
This means that you have to pay the entire premium in one lump sum or in 12 equal instalments.
When you first take out the policy, the entire premium will be allocated to the Secure Plus Fund.
On each subsequent monthly anniversary, 1/13 of the units in the Secure Plus Fund will be transferred to the Growth Super Fund.
This process will continue until all of the units in the Secure Plus Fund have been transferred to the Growth Super Fund.
Dynamic Fund Allocation is an investment strategy that invests more in equity funds in the early years of your policy and then gradually shifts to more conservative funds as your policy matures. This is done to help you get the most out of your investment while also managing your risk.
You can only choose the Dynamic Fund Allocation option at the inception of your policy.
Once you have chosen this option, the assets under management in your policy will be maintained in a pre-defined proportion between the Growth Super Fund and the Secure Fund.
The proportion of assets in each fund will change depending on the number of years left to maturity.
You can once reduce your premium by up to 50% of the original annual premium after the 5-year lock-in period has ended. The reduced premium must still be at least the minimum premium limit.
Max Life Platinum Wealth Plan is one of the best investment options that provide you with the following benefits:
Maturity Benefit: You will get the fund value on the date of maturity as a maturity benefit only if you have exercised the settlement option.
Death Benefit: In case of your unfortunate death during the policy term, your nominee/ beneficiary will receive the higher of the following:
Sum Assured (minus) any partial withdrawals
Fund Value on the Date of Death
105% of Total Premiums Paid
Guaranteed Loyalty Additions: At the end of each policy year, the company will add 0.10% - 0.55% of the fund value to the fund in the form of additional units. The benefits are added at the end of every policy year from the end of the 10th policy year.
Guaranteed Wealth Boosters: In addition to the guaranteed loyalty additions, the company will also pay you wealth boosters of 2% of the fund value.
Wealth boosters are added in the form of additional units in your fund from the end of the 10th policy year and after every 5 policy years there onwards.
The percentage of the fund value that is added as a wealth booster is determined by the premium paid by you.
The list of ULIP funds available under the Max Life Platinum Wealth Plan is mentioned in the table below:
|Investment Fund Name||Risk Profile|
|High Growth Fund||Very High Risk|
|Growth Super Fund||High Risk|
|Growth Fund||High Risk|
|Balanced Fund||Medium Risk|
|Conservative Fund||Low Risk|
|Secure Fund||Low Risk|
|Secure Plus Fund||Low Risk|
Max Life Partner Care Rider: This rider provides a lump sum benefit to the nominee in the event of your untimely death.
The lump sum benefit is equal to the sum of all future premiums payable under the base policy or until the life insured attains the age of 60 years, whichever is earlier.
The rider is available for both limited pay and regular pay policies.
The rider benefit cannot exceed the death benefit of the base policy.
The policy details of the Max Life Platinum Wealth Plan are as follows:
If you surrender your policy during the first 5 years, the fund value and top-up fund value (if any) will be transferred to a discontinued policy fund. The surrender value equivalent to the discontinued policy fund value will only be payable after the lock-in period is complete.
After the lock-in period, the surrender value will be at least equal to the fund value on the date of surrender.
You have 15 days (30 days if the policy is sourced through Distance Marketing modes) to review the terms and conditions of your policy from the receipt date of policy. If you disagree with any of the terms and conditions, you can return the policy and get a refund.
The amount of the refund will be equal to the non-allocated premium (plus) the charges levied by cancellation of units (plus) the fund value on the date of cancellation (minus) the charges deducted towards mortality and rider benefit, medical examination expenses, and stamp duty.
You can choose to have your policy settled over a period of 5 years after maturity. During this time, the insurance company will continue to manage your funds and make periodic payments to you. You will still be charged fund management fees, and there will be a risk cover of 105% of the total premiums paid. You can also choose to switch funds during the settlement period.
The suicide exclusion in the Max Life Platinum Wealth Plan states that the insurance company will not pay the death benefit if the policyholder commits suicide within 12 months of the policy inception or the date of any revival of the policy.
There are a few exceptions to the suicide exclusion. For example, if the policyholder is diagnosed with a terminal illness and commits suicide within 12 months of the diagnosis, the insurance company will pay the death benefit.
The Secure Plus Fund is a low-risk fund that invests in debt securities. The expected return of the Secure Plus Fund is around 6-8% per annum.
The Growth Super Fund is a higher-risk fund that invests in equity securities. The expected return of the Growth Super Fund is around 12-18% per annum.
*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
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
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