Max Life Assured Wealth Insurance Plan
Max Life Assured Wealth Plan is a non-linked, non-participating, limited pay, life insurance plan, that assures the insured guaranteed returns to build their wealth over a period to time. Life is all about fulfilling your dreams for one’s loved ones plan to like savings, children’s education, marriage and a peaceful retirement. However, in an environment which is full of uncertainty and volatility, this plan is specifically designed to moderate risk through guaranteed assurance, that surmounts all such risks.
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Distribution - Number of branches pan India (March 2019)
239
Entry Age Minimum/Maximum (Years) - Term Plans
18/70
Sum Assured Minimum / Maximum - Term Plans
10 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/50
Solvency Ratio (FY 2018-19) *
2.42
Number of Policies Sold (Ind+Group) *
527,601
Number of Lives Covered (Ind+Group) **
6,438,358
Claims Settlement Ratio (Ind+Group) ***
98.95%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20 | *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published
Max Life Assured Wealth Insurance Plan Overview
- Key Features
- Eligibility
- Benefit Descriptions
Key Features of Max Life Assured Wealth Insurance
- Guaranteed Maturity Benefit The product offers fully guaranteed lump sum benefit to meet the insured’s savings goals.
- Fixed Premium Payment and Policy Terms : The product helps build wealth in a short time by saving systematically as it offers a short premium payment term of 5 years and policy term of 10 years.
- Complete financial security in case of death : This plan offers immediately payable and comprehensive death benefit to the nominee in case of death of Life Insured during the policy term, provided the policy is in force.
- Tax Benefit Tax benefits apply to the premiums paid and benefits received by the insured as per the prevailing tax laws.
- Enhanced protection through Riders : The insured can opt for relevant riders to enhance the overall coverage under this plan.
Eligibility of Max Life Assured Wealth Insurance
| Eligibility Criteria |
|---|
| Age of the Life Insured at Entry (age as on last birthday) | Minimum entry age : 8 years
(Where the life to be insured is a minor at the date of commencement of policy, there shall be a proposer to propose Life Insurance cover on the life of the minor. The proposer shall have insurable interest on the life of the minor. The proposer is the rightful owner of the policy during the minority of the life insured. The policy shall continue on the life of the life insured once he/she attains majority. The relationship of the proposer to the Life insured (minor) shall be either parent or legal guardian and the same shall be mentioned in the proposal form.) |
- Max Life Waiver of Premium Plus Rider : This provides waiver of all future premiums in case of Critical Illness or dismemberment or Death (only when Life Insured and Policyholder are different individuals). This product doesn’t have an inbuilt Waiver of Premium benefit and thus rider benefit is an additional benefit.
- Max Life Accidental Death and Dismemberment Rider : It provides additional benefits in case of death or dismemberment of the Life Insured due to an accident and
- Max Life Term Plus Rider : This rider provides additional lump sum benefit in case of death of the Life Insured.
| Band | GSAM (₹) |
|---|
| 1 | Less than 3,50,000 |
| 2 | 3,50,000 - 5,24,999 |
| 3 | 5,25,000 – 10,99,999 |
| 4 | >=11,00,000 |
Benefit Description of Max Life Assured Wealth Insurance
- 10 times the Annualised Premium*
- 105% of all premiums paid as on the date of death of life insured
- Guaranteed Sum Assured on Maturity
- Any absolute amount assured to be paid on death#
The policy will continue with reduced benefits as below :
RPU Guaranteed Sum Assured on Maturity = ((Total premiums paid for base policy less extra premium (if any)) / (Total premiums payable under base policy less extra premium (if any))) * Guaranteed Sum Assured on Maturity.
RPU Death Benefit = ((Total premiums paid for base policy less extra premium (if any)) / (Total premiums payable under base policy less extra premium (if any))) * Death Benefit
The death benefit and maturity benefit for a policy in RPU mode will be as follows:
- Death Benefit for a RPU Policy: RPU Death Benefit will be paid immediately on death of life insured during the term of the policy in RPU status.
- Maturity Benefit for a RPU Policy: RPU Guaranteed Sum Assured on Maturity shall be payable on the maturity date.
