Axis Max Life Smart Wealth Advantage Guarantee (SWAG) Plan

With guaranteed returns unaffected by market fluctuations and multiple payout options, the plan is suited for individuals looking for stability, income benefit, and wealth creation.

Key Features of Axis Max Life SWAG Plan

Here are the key features of the Axis Max Smart Wealth Advantage Guarantee Plan:

• The plan offers you guaranteed returns that help you and your family meet your life goals.

• By using the ‘Build Your Plan’ feature, you can select from any of the 5 variants as per your needs and choose the preferred premium payment and policy term options.

• You can enhance the base protection through the available riders and optional PCB or policy continuance benefits.

• The plan offers the option to avail loans in case of financial emergencies.

• You can receive multiple discounts as per your eligibility with the existing customer discount, staff discount, transgender lives discount, special premium rates for female customers, and special boosters on higher premiums.

• Select the most suitable payout options with the ‘Save the Date’ feature, where you can select the date for annual payouts.

• You can also go for the accrual of income in case you don’t need to use the benefits at that time.

• The policy offers built-in additional accidental cover in case of the death of the policyholder.

• You can receive term insurance tax benefits as per the prevailing tax laws.

Benefits Under Plan Options of Axis Max Life Smart Wealth Advantage Guarantee Plan

Death Benefits

• If PCB is not selected, the death benefit will be as follows:

  • For single pay, the higher of:

    • Sum assured on death

    • 125% of the surrender value as on the date of death

  • For other than single pay policies, the higher of:

    • Sum assured on death

    • 105% of total premiums paid plus underwriting as on the date of death

    • 125% of the surrender value as on the date of death

  • Any additional accrued income and loyalty income boosters, if not paid, will be paid along with the death benefit

• If PCB is selected, the death benefit will be the higher of the following:

  • Sum assured on death

  • 105% of the total premiums paid, plus underwriting, plus loadings, as on the date of death

  • Plus, policy continuance benefits of all future survival and maturity benefits to be paid to your nominee, as and when due, without any premium payments

  • Plus, any accrued income benefit or loyalty income boosters, if not already paid, will be paid.

  • The PCB option is not available in the Life long wealth option.

Wealth for Milestones

• You can choose to pay for a single, 5, 6, 8, 10, or 12 years.

• The survival benefits under this option are not applicable.

• The sum assured on maturity plus the accrued guaranteed additions will be payable.

Regular Wealth

• Pay premiums for a preferred period of 5, 6, 8, 10, or 12 years.

• Survival benefits offered under the plan are as follows:

  • Income benefit, plus

  • Loyalty income boosters (equal to 20% of the income benefit)

• No maturity benefits applicable under this plan.

Early Wealth

• You can choose to pay the premiums for 5, 6, 7, 8, 10, 12, 15, or 20 years.

• The income benefits will be paid as survival benefits.

• The sum assured on maturity as well as accrued guaranteed additions will be paid as maturity benefits.

Long Term Wealth

• You can pay the premiums for a preferred period of 5, 6, 8, 10, or 12 years.

• As survival benefits, you can get income benefit plus, loyalty income boosteers (equal to 40% of the income benefit)

• For maturity benefit, you can get the sum assured on maturity, where it is equal to the total premiums payable under the policy.

Life Long Wealth

• You can choose the most suitable premium payment term of 5, 6, 8, 10, or 12 years.

• The survival benefit payable will be as follows:

  • Income benefit, plus

  • Loyalty income boosters (equal to 40% of income benefit), plus

  • Money back benefit, payable at age 85 years

• The sum assured on maturity will be equal to the total premiums payable under the policy.

• Also, the last regular guaranteed income payout will be paid as a maturity benefit.

Riders Available With Axis Max Smart Wealth Advantage Guarantee Plan

The term insurance riders offered under the Axis Max Smart Wealth Advantage Guarantee Plan are as follows:

• Axis Max Life Waiver of Premium Plus Rider
  The future premiums for the policy will be waived off in case of critical illness, dismemberment, or the death of the policyholder.

• Axis Max Life Accidental Death and Dismemberment Rider
  Offers additional benefits in case of the death or dismemberment of the life assured due to an accident.

• Axis Max Life Term Plus Rider
  This rider provides an additional lump sum benefit in case of the death of the life assured.

• Axis Max Life Critical Illness and Disability Rider
  The critical illness and disability rider provides an additional lump sum benefit in case of a critical illness diagnosis.

Eligibility Conditions for Axis Max Life SWAG Plan

Additional Details of Axis Max Life Smart Wealth Advantage Guarantee Plan

Discounts and Rebates

The following discounts are available under this plan:

• Existing customer discounts

• Auto debit booster

• Staff/Seller discount

• Transgender discount

• Special premium rates for Female customers

Save the Date: Income on the Selected Date

Under the plan options 2, 3, 4, and 5, you can select for the income to be paid on the date of the policy anniversary:

• This option is available only in case the income payment frequency is annual, and the income benefit payment mode is ‘arrear’.

• This option is available only at inception, and no change will be allowed during the policy term.

• Pro-rated income shall be payable in the first and last year of the income period in case the chosen income date is different from the policy anniversary date.

Choose Payment Frequency for Income Benefit

You can choose to receive the income benefit and loyalty boosters at a monthly, quarterly, semi-annual, or annual frequency under the 2, 3, 4, and 5 variants only.

• The feature can be used at the time of buying the policy or at any time during the policy term.

• Both the income benefit and loyalty boosters will be payable against the same selected frequency.

• By default, the income is payable in arrears unless the advance income benefit payment mode is selected.

• For advance income benefit payment mode, the income payment frequency cannot be lower than the premium pay frequency.

Payout Settlement Options

With these plans, you get the flexibility of breaking your death or maturity benefit into instalments:

• Death Benefit Settlement

  • Regular monthly income for 60 months: 1.88% of the Death benefit will be paid as monthly income for 60 months.

  • Regular annual income for 5 years: 22.10% of the Death benefit will be paid as annual income for 5 years.

• Maturity Benefit Settlement

  • Regular monthly income for 60 months

  • Regular annual income for 5 years