Max Life Insurance Introduces Smart Wealth Advantage Guarantee Plan; Read Benefits Here

Max life Insurance on Wednesday launched its ‘Smart Wealth Advantage Guarantee Plan’. This is a non-linked, non-participating individual life insurance savings plan that promises to offer guaranteed returns, life insurance cover, tax benefits and financial protection.

In addition to this, the Max Life Smart Wealth Advantage Guarantee Plan provides a customised solution that meets your financial requirements.

If you’re looking forward to protecting your family, read on to know the complete details of the plan.

Smart Wealth Advantage Guarantee Plan is a comprehensive solution that offers wealth-building and financial protection for your family. It ensures that customers meet their life goals and stay protected in the long run from any kind of financial uncertainty. Moreover, this product also provides the receipt of the annual income on a preferred date decided by the policyholder.
Let’s move ahead and look at the features of this plan.

1. Guaranteed income: As mentioned above, the first feature of the product is to provide you with guaranteed income. It offers you to get easy liquidity with income payout as early as the first month. Additionally, you can get income returns up to 30-40 years with a lump sum at maturity. All in all, you can lock in your returns irrespective of how the market is performing.
2. Enhanced Flexibility: The plan allows you to choose premium payment terms, deferment periods and income duration. It has a ‘Save the Date’ feature which allows you to receive annual income on your special date of the year like birthdays, marriage anniversaries etc. Additionally, the product allows you to choose to accrue your income and withdraw it later with added interest. It also allows you to choose the income payout frequency.
3. Comprehensive Financial Security for your loved ones: The plan offers a life cover if the life insured dies untimely during the policy term. Moreover, the plan also comes with an in-built accidental death benefit that pays an additional amount if the insured dies.

4. Facility to Avail Loans: The plan also helps you avail of loans against your policy to meet your urgent financial requirements.
5. Secured Retirement: The plan offers you to get tax-free income for life. The GST is applicable on premiums as per prevailing tax laws. You can get returns of 50% of Total Premiums Payable at the age of 85 years, applicable under select variants only. Also, get an additional 100% return of premium on maturity applicable under select variants only.

1. Survival Benefits: Through the plan, the customer is eligible to avail of survival benefits if they survive the policy term. This benefit is payable in the form of an Income Benefit, Loyalty Income Booster or/and Money Back Benefit, depending on the choice of variant.
Variant 1- Wealth for Milestones: This variant cannot provide survival benefits.
Variant 2- Regular Wealth: Under this, the survival benefit includes both the income benefit and the Loyalty Income Booster. The booster is equal to 10% of the Income Benefit.
Variant 3- The Long-Term Wealth: Under this, the survival benefit includes the income benefit and the loyalty income boosters. The booster is equal to 20% of the Income Benefit.
Variant 4- Early Wealth Variant: Under this variant, only income benefit is applicable.
Variant 5- Lifelong Wealth Variant: This variant offers income benefits, loyalty income boosters and money-back benefits. However, payable once the subscriber attains the age of 85. The Money Back Benefit equals 50% of the Sum Assured on Maturity.

2. Maturity Benefit: Maturity benefits are for Variant 1, Variant 3,4, and 5.

3. Death Benefit: Death benefit is offered under all variants. It shall be payable when the life insured dies during the policy term. Moreover, the death benefit varies depending on the Policy Continue Benefit (PCB).

Disclaimer: The information mentioned above was taken from the concerned service provider's official website at the time of writing. BQ Prime is not liable for any changes. Please research before you purchase.