Max Life Smart Fixed-Return Digital Plan

Every individual wishes to have a secure future with no financial baggage, which can be attained through proper investment planning. Therefore, Max Life has come up with an all-new "Max Life Smart Fixed-Return Digital Plan" that provides a combination of higher fixed returns, life coverage, and tax savings, making it a preferred choice for investors looking for guaranteed fixed returns. 

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  • Save upto ₹46,800 in tax under Sec 80C

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Here is the plan detail with all the features, benefits, variants, etc.

5 Year Interest Rates

Name of Bank General Citizens (per annum)
MAX Life Smart Fixed-Return Digital Plan 6.14%
Axis Bank 5.75%
Canara Bank 5.75%
IDBI Bank 5.60%
State Bank of India 5.50%
Union Bank of India 5.40%

Features of Max Life Smart Fixed-Return Digital Plan

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

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

  • Guaranteed returns as high as 6.5%, 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 select the life insurance coverage as per their financial requirement.

Max Life Smart Fixed-Return Digital Plan Variants

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.

  4. Variant illustration

    Mr. Dhruv is a 30-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:

    Variant What You PAY? What You GET?
    At the end of the policy term of 5 years At the end of the policy term of 10 years Life Insurance Benefit (Death Benefit during the policy term)
    Gold Rs. 50,000 once Rs. 61,011 Rs. 75,517 Rs. 5,00,000
    Platinum Rs. 5,000 per month for 5 years Rs. 3,41,528 Rs. 4,47,444 Rs. 6,41,774
    Titanium Rs. 5,000 per month for 5 years Rs. 3,46,374 Rs. 4,65,797 Rs. 6,41,774 + Rs. 4,65,797 as lump sum on maturity which is tax free.

Benefits of Max Life Smart Fixed-Return Digital Plan

Benefits Payable at Variants
Gold Variant Platinum / Titanium Variant
Single Premium Single Life Single Premium Joint Life
Death benefit Payable in a lump sum at the time of the policyholder's untimely demise. Either 1.25 times or 10 times the premium paid as chosen by the insured 1.25 times the single premium + underwriting premium on the first insured's death.
10 times the single premium + underwriting premium on the death of the last life insured.
11 times annualized premium + underwriting extra premium
The death benefit is higher of
Sum Assured, or
105% of total premiums + underwriting premiums + loading for modal premiums as on the death date, or
Surrender value till death.
Death benefit = Sum Assured on the death of the First holder
The death benefit is higher than the following in the case of death of the second insurer
Sum assured on death, or
Surrender value as on the date of death
The death benefit is higher of
Sum Assured on death, or
105% of total premiums paid + extra underwriting premium + loading for modal premiums, or
Surrender value
Maturity Benefits Payable at the survival of the policyholder(s) provided that the policy is in force. Gold and Platinum Variant Titanium Variant
Sum assured is provided at the time of maturity
Sum assured = Total premiums paid till date
Sum Assured on Maturity (SAM) + Accrued Guaranteed Additions (GA) where,
Sum assured = 105% of total premium paid
Guaranteed Additions = Total premiums payable

Here is a sample illustration of maturity benefits for a 30-year-old male customer at different premiums is given below:

What you PAY? What you GET?
Premium Total premiums paid At the end of the policy term of 5 years At the end of the policy term of 10 years
Platinum Titanium Platinum Titanium
Rs. 1,000 per month for 5 years Rs. 60,000 Rs. 66,510 Rs. 67,388 Rs. 82,669 Rs. 85,861
Rs. 3,000 per month for 5 years Rs. 1,80,000 Rs. 2,04,817 Rs. 2,07,319 Rs. 2,66,854 Rs. 2,77,031
Rs. 5,000 per month for 5 years Rs. 3,00,000 Rs. 3,41,528 Rs. 3,46,374 Rs. 4,47,444 Rs. 4,65,797
Rs. 10,000 per month for 5 years Rs. 6,00,000 Rs. 6,85,717 Rs. 6,94,433 Rs. 8,99,848 Rs. 9,38,033
Rs. 20,000 per month for 5 years Rs. 12,00,000 Rs. 13,75,425 Rs. 13,93,583 Rs. 18,07,963 Rs. 18,88,087
Rs. 30,000 per month for 5 years Rs. 18,00,000 Rs. 20,65,133 Rs. 20,93,408 Rs. 27,16,904 Rs. 28,38,569
  1. Surrender Benefit

    Surrender benefit is payable immediately on surrender during the policy term, after it has acquired a surrender value.

    Surrender Value is acquired as follows under the Max Life Smart Fixed-Return Digital Plan:

    • 5 Pay: On payment of the first two full years' premium.

    • Single Pay: Immediately on payment of single premium.

    The surrender value equals to higher of:

    • Guaranteed Surrender Value (GSV), or

    • Special Surrender Value (SSV)

    It is important to know that GSV and SSV are only applicable under the Titanium variant and are paid only after the policy is fully paid.

  2. Reduced Paid-Up

    Once the policy acquires a surrender value, by default, the policy will become RPU (Reduced paid-up) in case of non-payment of any further premium.

    The maturity and death benefits will be reduced as follows:

    The death benefit under RPU is higher of:

    • RPU Sum Assured on death, or

    • 105% of the total premium paid plus any extra underwriting premium plus loading for modal premiums as on the death date, or

    • Surrender value is applicable till the date of death.

    On Maturity, RPU Sum Assured on Maturity will be payable, which is equal to:

    RPU Sum Assured on Maturity = RPU Factor * Sum Assured on Maturity

  3. Special Benefits for Women

    Female insurers are offered additional maturity benefits compared to the male insurers under the 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

    Illustrative difference between the women's and men's benefits under the Max Life Smart Fixed-Return Digital Plan:

    The variant chosen is Titanium with a Premium Payment Term of 5 years and a Policy Term of 10 years with a monthly premium of Rs. 5,000.

    Age Male Female
    25 years Rs. 4,66,433 Rs. 4,68,765
    30 years Rs. 4,65,797 Rs. 4,68,126
    35 years Rs. 4,64,100 Rs. 4,66,421
  4. 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 Benefits

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

  1. Waiver of Premium Plus Rider

    Under this rider, future premiums are waived off in case of any critical illness, dismemberment, or death of the life insured. This rider can be availed only if the life insured and the policyholder are separate individuals.

  2. Accidental Death and Dismemberment Rider

    This rider simply provides an additional benefit in case of death or Dismemberment of the insurer due to any accident.

  3. Term Plus Rider

    Additional lump sum benefits are offered in case of the death of the insurer.

  4. Critical Illness and Disability Rider

    Additional benefits are offered in a lump sum method in case the life insured dies.

Steps to Buy Smart Fixed-Return Digital Plan

Smart Fixed-Return Digital Plan can be bought easily following these few simple and hassle free steps:

  • Step 1: Decide the amount you want to invest.

  • Step 2: Choose the variant (Gold, Platinum, or Titanium) and payment mode.

  • Step 3: Choose your Policy Term.

  • Step 4: Submit your documents along with the proposal form.

  • Step 5: Policy will be received in a short span of time.

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

The 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:

Details Guaranteed Savings Fixed Deposits
Tax savings on premiums paid
(Under Sec 80 C up to Rs. 1.5 lakh per annum)
Yes Only on the Invested amount with 5-year lock-in 80C
Tax Saving on returns (Sec 10(10D)) Yes No
Life cover (Death Benefit) Yes No
Option to invest monthly Yes No
Interest Rate Guarantee Yes Every new investment may have a different interest rate.
Option to invest through Credit Card Yes No

Max Life Smart Fixed-Return Digital Plan is a highly beneficial plan that offers returns as high as 6.14% 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 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.

Written By: PolicyBazaar - Updated: 07 July 2022
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