Axis Max Life Platinum Wealth Plan

Eligibility Criteria of Axis Max Life Platinum Wealth Plan

Some general criteria that individuals typically need to meet while buying the Axis Max Life Platinum Wealth Plan are mentioned below:

Features of Axis Max Life Platinum Wealth Plan

The key features of this best ULIP Plan are as follows:

1. Comprehensive Coverage 

   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 Axis Max Life rider. 

2. Option to choose policy term and premium payment term as per your needs 

   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. 

3. Flexibility in selecting funds and investment strategies 

   Option to choose from 6 fund options with different risk levels, where Evaluating asset allocation plays a key role while selecting the best SIP plans, and you can also choose from 2 fund investment strategies of Dynamic fund allocation and Systematic Transfer Plan to secure your investment from market volatility. 

4. Guaranteed Additions

   Get guaranteed loyalty additions and wealth boosters (guaranteed) to enhance the fund value of the plan.

   

5. Systematic Transfer Plan (STP)

   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 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.

6. Dynamic Fund Allocation

   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.

7. Premium Reduction Post Lock-In Period

   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.

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Benefits of Axis Max Life Platinum Wealth Plan

Axis 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 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, and 20 (depending on the premium band).

• 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.

Investment Fund Options Under Axis Max Life Platinum Wealth Plan

The list of ULIP funds available under the Axis Max Life Platinum Wealth Plan is mentioned in the table below:

• High Growth Fund
• Growth Super Fund
• Growth Fund
• Balanced Fund
• Conservative Fund
• Secure Fund
• Secure Plus Fund
• NIFTY Smallcap Quality Index
• Midcap Momentum Index Fund
• Nifty Alpha 50 Fund
• Nifty 500 Momentum 50 Fund
• Diversified Equity Fund
• Sustainable Equity Fund
• Dynamic Bond Fund
• Pure Growth Fund

Riders Available Under Axis Max Life Platinum Wealth Plan 

1. Axis Max Life Partner Care Rider (UIN: 104A023V02)

   • Benefit: This rider pays the sum of all future Premiums payable under the base policy or until the Life Insured attains an age of 60 years, whichever occurs earlier, immediately upon the Life Insured's death. After this payment, the Rider will terminate.
   • Availability/Conditions: The Rider is available for Limited Pay & Regular Pay variants. For the Limited Pay (5 years) variant, the Rider must be attached only at the inception of the Policy.
   • Limitation: The Rider Benefit cannot exceed the Death Benefit of the base policy.
   • Charge: If you opt for this rider, a Rider charge will be levied every month by cancelling units. The 'Rider Sum at Risk’ used for calculating this charge is defined as the sum of future premiums payable till the end of the Premium Payment Term or you attaining the age of 60 years, whichever is lower.

2. Axis Max Life Critical Illness and Disability Secure Rider (UIN: 104A034V02)

   Benefit: This rider provides a benefit upon the diagnosis of any of the covered critical illnesses.

3. Axis Max Life Smart Ultra Protect Rider (UIN: 104A049V02)

   This rider provides four specific benefit variants:

   • Rider benefit variant 1 - Term Booster with Accelerated Terminal Illness
   • Rider benefit variant 2 - Accidental Death Benefit
   • Rider benefit variant 3 - Accidental Total and Permanent Disability
   • Rider benefit variant 4 - Payor Benefit

Policy Details of Axis Max Life Platinum Wealth Plan

The policy details of the Axis Max Life Platinum Wealth Plan are as follows:

1. Policy Surrender: 

   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.

2. Free Look Period:

   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.

3. Settlement Option:

   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.

Exclusions of Axis Max Life Platinum Wealth Plan

The suicide exclusion in the Axis 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.