Axis Max Life Smart Fixed-Return Digital Plan

Leading Banks Interest Rate Comparison

Following is the comparison of the Axis Max Life Smart Fixed Return Digital Plan with other bank FD rates:

Note: The above-mentioned bank rates are for FD amounts below Rs. 3 crores.

Features of Axis Max Life Smart Fixed-Return Digital Plan

Following are the main highlights of the Axis Max Life Smart Fixed-Return Digital Plan:

• Easy, quick, and hassle-free online process.

• Guaranteed returns as high as 7.45%, payable as a lump sum at maturity.

• Tax saving benefits on the premiums and tax-free maturity benefits.

• A loan can be availed in case of financial emergencies.

• Insured can choose the life insurance coverage as per their financial requirement.

• Axis Max Life Smart Fixed-Return Digital Plan offers special advantages for women customers.

Axis Max Life Smart Fixed-Return Digital Plan Variants

Axis Max Life Smart Fixed-Return Digital Plan comes with 3 variants:

• Gold

• Platinum

• Titanium

1. Gold

   Under this variant:

   • Premium is paid one time in a lump sum (Single Pay)

   • A guaranteed lump sum amount is received at the end of the policy tenure, either 5 years or 10 years, whatever the insured chooses.

   • Life insurance benefit is either 1.25 times or 10 times the premium paid as chosen by the insured.

   • A joint life coverage option is available under the Gold variant.

2. Platinum

   Under this variant:

   • The Premium Payment Term is for 5 years.

   • A guaranteed lump sum amount is received at the end of the policy tenure, either 5 years or 10 years, whatever the insured chooses.

   • Life insurance benefit of a minimum of 11 times the Annualized Premium is available under the Platinum variant.

3. Titanium

   Under this variant:

   • The Premium Payment Term is for 5 years.

   • A guaranteed lump sum amount is received at the end of the policy tenure, either 5 years or 10 years. The lump-sum amount includes additional benefits in the form of Guaranteed Additions which are accrued only after all the premium payments.

   • Life insurance benefit of a minimum of 11 times the Annualized Premium is available under the Platinum variant.

Variant illustration

Mr. Dhruv is a 35-year-old IT professional who wants to create a wealth corpus for his short-term goals. Let's look at the benefits he will receive under the different variants:

Benefits of Axis Max Life Smart Fixed-Return Digital Plan

Below are the benefits of Axis Max Life Smart Fixed-Return Digital Plan:

1. Maturity Benefit

   A guaranteed corpus is provided as a maturity benefit if the policyholder completes the policy term. This maturity benefit comprises the following:

   • Sum Assured on Maturity

   • Accrued Guaranteed Additions (applicable only to the Titanium variant)

   • Additional Maturity Benefit for higher premium payments

   • Additional Maturity Benefit exclusively for female customers

   • Across all variants, the maturity benefit includes the extra amount awarded for paying higher premiums. In the Titanium variant, it also includes guaranteed additions accrued through the payment of all due premiums.

2. Guaranteed Returns

   The plan offers guaranteed returns that are payable as a lump sum at maturity. These guaranteed benefits are applicable only if all due premiums have been paid and the policy is in force.

3. Lumpsum Tax-free Benefits

   Benefits from the plan may be tax-free. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. These benefits are subject to tax laws prevailing at the time of payment or receipt and are subject to change. It is advisable to seek independent tax advice.

4. Life Cover

   The plan provides life cover. A Life Insurance Benefit is provided on the death of the insured life during the chosen Policy Term. In case of the unfortunate event of death of the insured during the Policy Term, the nominee will receive a death benefit.

5. Guaranteed Lump Sum Corpus at Maturity

   On survival at the end of the chosen Policy Term of 5 or 10 years, a guaranteed lump sum corpus is payable. For Platinum and Titanium variants with a 10-year policy term, this includes the guaranteed lump sum corpus plus Accrued Guaranteed Additions. Examples show a Guaranteed Sum Assured on Maturity, Accrued Guaranteed Additions, Guaranteed Additional Maturity Benefit, and a Guaranteed Total Maturity Benefit depending on the variant and terms.

6. Shorter Tenure

   The plan offers a shorter tenure, with policy terms available for 5 or 10 years.

7. Option of Loan Facility

   A loan facility is available under the policy. You may take a loan up to a maximum of 75% of the Surrender Value, subject to terms and conditions. The minimum loan amount is ₹10,000.

8. Special Benefits for Women

   Female insurers are offered additional maturity benefits compared to the male insurers under the Axis Max Life Smart Fixed-Return Digital Plan. Following are the additional benefits offered to females under this plan:

   • 0.25% of additional maturity benefit for a policy term of 5 years

   • 0.5% of additional maturity benefit for a policy term of 10 years

Eligibility for Joint Life Coverage

Under the joint life policy coverage option, the following eligibility criteria are required:

• The age of the older policyholder will be considered in case of the maximum entry age and maximum maturity age criteria.

• One of the two policyholders has to be above the age of 18 to buy this policy.

• Following relationships are allowed under the joint life coverage option:

  • Husband and Wife

  • Parents with children under 18 years at the time of policy purchase.

Rider Under Axis Max Life Smart Fixed-Return Digital Plan

Following riders are available under the Axis Max Life Smart Fixed-Return Digital Plan:

• Max Life Waiver of Premium Plus Rider (UIN: 104B029V04): This rider provides a waiver of all future premiums in case of Critical Illness or dismemberment or Death, but only when the Life Insured and Policyholder are different individuals. The sources note that this policy doesn't have an inbuilt Waiver of Premium benefit, making this rider an additional benefit.

• Max Life Accidental Death and Dismemberment Rider (UIN: 104B027V04): This rider provides additional benefits in case of death or dismemberment of the Life Insured due to an accident.

• Max Life Term Plus Rider (UIN: 104B026V03): This rider provides an additional lump sum benefit in case of death of the Life Insured.

• Max Life Critical Illness and Disability Rider (UIN: 104B033V01): This rider provides an additional lump sum benefit in case of critical illness diagnosis.

Why Axis Max Life Smart Fixed-Return Digital Plan Is Better Than FD

The Axis Max Life Smart FRD Plan is better when compared to the normal FDs offered by various banks and other institutions in the financial market in the following ways:

Conclusion

Axis Max Life Smart Fixed-Return Digital Plan is a highly beneficial plan that offers returns as high as 7.45% in 5 years, which is much higher when compared to any normal FD available in the market. With life coverage, tax benefits, higher return rates, etc. The Axis Max Life Smart Fixed-Return Digital Plan is the new plan to look out for in the market for a safe and secure financial future.