• Benefits include multiple power-packed boosters and return of charges* as enhanced fund value
• Offers flexibility to choose between eleven fund options and five different investment strategies
New Delhi, 9th May, 2022: Max Life Insurance Company Ltd. (“Max Life” / “Company”), has announced the launch of ‘Max Life Flexi Wealth Advantage Plan’ (UIN: 104L121V01), a unit linked non-participating individual life insurance plan designed to maximize the customer’s wealth creation needs while shielding their loved ones financially.
The unique offering will guarantee a return of eligible policy charges, loyalty additions, power-packed boosters, and a wide choice of variants that ensures meeting policyholders’ diverse needs. Furthermore, the customer can customize the plan with unlimited switches and premium redirection free of cost along different stages of the growth journey.
V Viswanand, Deputy Managing Director, Max Life said, “Max Life Flexi Wealth Advantage Plan is the perfect combination of life coverage and wealth creation for today’s customers, who demand personalization in financial planning. The plan comes with many innovative features and benefits designed to keep our customers at the centre. With options like whole life design, unlimited switches, and premium redirection at no cost, the customers can build their long-term wealth portfolio fulfilling their life goals.”
Key features of ‘Max Life Flexi Wealth Advantage Plan’:
1. Return of charges* where the policyholder is eligible for a refund of all or some part of the policy charges deducted that are added back to the fund value.
2. Guaranteed Loyalty Additions to boost fund value: one can enjoy guaranteed loyalty additions to further enhance fund value from the 8th year onwards as per the variant chosen.
3. Auto Debit Booster is available to encourage customers to adopt digital payment options with enhanced benefit in case of renewal premium payment through automatic and electronic debits (eNACH, standing instruction etc.).
4. Choose from flexible plan options from 2 plan variants (wealth/whole life) and multiple premium payment terms and policy term options to suit the investment horizon for the specific need. One can further choose from 5 smart investment strategies and 11 funds to suit individual investment style.
5. Option of whole life cover and wealth acceleration -in the whole life plan variant starting with 5 years of premium payment term, offers the life insured financial protection for the whole of life and lets personal wealth grow till 100 years of age.
6. Option to choose Sum Assured Cover Multiple of 1.25, 7, 10, and 15 times the premium depending upon the choice of the premium payment term and need of the customer.
*Charges eligible for return will be mortality charge on the death benefit, policy administration charge, and premium allocation charge and will exclude any extra mortality charge, mortality charge on WOP benefit, rider charge and Goods & Service Tax/any other applicable tax levied on the charges deducted. The return of charges will vary with the premium amount payable in a year.
7. Smart Withdrawals option to avail regular systematic money withdrawals per one’s need. The whole life variant lets one enjoy a secondary income stream by withdrawing money regularly from the policy through systematic and automated partial withdrawals. The policyholder may choose this option of ‘smart withdrawals’ at inception or anytime during the policy term.
8. Unlimited free switches and premium redirections, where basis change in risk profile, one can avail unlimited switches and premium redirections to other investment funds, absolutely free of cost.
9. Tax advantages may be applicable on premiums paid and benefits received as per prevailing tax laws.
10. Optional Waiver of Premium Benefit that ensures that in case of unfortunate demise of the Policyholder, the life insured continues to get the policy benefits as planned, without worrying to pay the future premiums. This option is especially suited for customers wanting to secure their child’s future through disciplined systematic savings.
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners.
Max Life has built its operations over almost two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per public disclosures and annual audited financials for FY20-21, Max Life has achieved a gross written premium of INR 19,018 crore.
As of 31st March 2021, the Company had INR 90,407 crore of assets under management (AUM) and a Sum Assured in Force of INR 1,087,987 crore. For more information, please visit the Company's website at www.maxlifeinsurance.com