Max Life Insurance Investment Plan:
Max Life investment programmes outperform regular investment plans in terms of returns. These are either ULIP (Unit Linked Insurance Plans) plans, in which the success of your assets is determined by the financial instrument in which they are invested, or traditional insurance plans.
What are Traditional Investment Plans?
Traditional plans, also known as Conventional Insurance Plans, are those in which money is invested in accordance with the parameters outlined in the Insurance Act. The policyholder has no idea where the invested premium is. Certain benefits are offered to the policyholder at death, maturity, or as money returned. Traditional plans are insurance plans that give many benefits such as risk coverage, set income return, safety, and tax benefits. Traditional plans are the oldest and are best suited for people who do not enjoy taking chances. Traditional plans pay out the sum insured plus a guaranteed or vested bonus at maturity. These ideas are also appropriate for tax planning.
Traditional investment plans include the following fundamental features:
- These plans are given for the long term, and money cannot be withdrawn from them.
- If the premium payment is stopped, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a lower Sum Assured, and the policyholder can either continue to operate the plan with the lower coverage or surrender the plan.
- The plans might be either participating or non-participating. Participating plans are able to share in the company’s earnings and receive incentives, but non-participating plans are not.
- Endowment Plans or Money Back Plans are the two types of plans available.
Investment Plans offered by Max Life
- Max Life Fast Track Super Plan
- Max Life Assured Wealth Plan
- Max Life Monthly Income Advantage Plan
- Max Life Savings Advantage Plan
- Max Life Guaranteed Income Plan
- Max Life POS Guaranteed Benefit Plan
- Max Life Maxi Super Plan
Max Life Fast Track Super Plan
Max Life Fast Track Super Plan assists you in better saving and planning your finances in order to guarantee your future. It is a non-participating unit-linked insurance plan with a variety of fund alternatives and portfolio methods.
Features of Max Life Fast Track Super Plan:
- Choose from five different fund alternatives for risk coverage.
- Systematic money transfer and dynamic fund allocation mechanisms to safeguard your assets from market volatility.
- Partial withdrawals are permitted to cover unanticipated expenditures.
- Purchase comprehensive life insurance.
- You can select the policy duration and premium payment methods that are most convenient for you.
- To some extent, you may be eligible for tax breaks on your premiums and policy benefits. However, it is subject to the tax regulations in effect at the time of policy acquisition and benefit receipt by you.
- Obtain death benefits. In the event of the death of the life insured within the policy term, the greater of the sum promised or the fund value will be paid.
- There is a maturity advantage available.
Minimum Entry Age – 18 years
Maximum Entry Age – 60 years for single pay and 5 pay and 50 years of age for regular pay
Maximum Maturity Age – 70 years
Max Life Assured Wealth Plan
The Max Life Assured Wealth Plan is a non-participating, non-linked, limited pay life insurance plan that provides the insured guaranteed returns over time to help them build wealth. This plan offers clients a complete option to satisfy the financial demands of their family and loved ones. The plan helps customers achieve a financially secure future by providing a variety of life insurance and income options, as well as supplemental income options.
Features of Max Life Assured Wealth Plan:
- Fixed Premium Policy and Payment Terms: Because the policy term spans from 5 to 10 years, the insurance policy aids in the accumulation of wealth in a short period of time.
- Guaranteed Maturity Benefit: The plan offers a 100 percent guaranteed lump sum pay out to assist the insured in meeting his or her financial objectives.
- Tax Advantage: According to current tax legislation, tax benefits apply to premiums paid.
- Death Benefit: Upon the death of the life insured during the policy term, the nominee receives an instant and total death benefit from Max Life Assured Wealth Plan.
- Reduced Paid-Up Benefit: If the policyholder fails to pay the necessary premiums by the end of the grace period after receiving the surrender value, the insurance policy will become Reduced Paid-Up (RPU).
Max Life Monthly Income Advantage Plan
Max Life Monthly Income Advantage Plan is a popular financial plan because it provides guaranteed monthly income for ten years, allowing policyholders to satisfy their financial obligations even in the face of unforeseen circumstances. Life is unpredictable, but your income doesn’t have to be. This comprehensive savings and protection Life Insurance plan assists you in covering your regular costs when the premium payment period is completed. It also provides lump-sum payments and incentives that are not guaranteed.
Features of Max Life Monthly Income Advantage Plan:
- Monthly income that is guaranteed: After the premium payment period is over, the Max Life Monthly Income Advantage Plan offers you with guaranteed regular monthly income that you may spend for future expenditures or to enjoy a quiet retirement.
- Financial protection for your family: Max Life Monthly Income Advantage Plan also provides a lump-sum payment to the policyholder’s nominees upon the policyholder’s death.
- Maturity advantage: Max Life Monthly Income Advantage Plan provides the whole accrued compound and terminal bonuses upon policy maturity to ensure your financial stability.
- Benefit upon death: If the insured individual dies, the death benefit is payable if 11 times the annualised premium and 105 percent of all premiums paid up to the date of death are paid.
- Benefit of policy continuation: In the event of a misfortune, the Max Life Monthly Income Advantage Plan waives all future premiums owed by the policyholder. Aside from the lump-sum reward, the insurance provides a waiver on all future premiums, making the policyholder or nominees eligible for maturity and income benefits.
- Tax break: The Max Life Monthly Income Advantage Plan, like the majority of the plans offered by Max Life Insurance, comes with tax advantages.
Max Life Savings Advantage Plan
Max Life Savings Advantage Plan is a Max Life Insurance insurance savings plan. The plan aids in the growth of your savings and the accumulation of sufficient wealth to meet your various life goals. Max Life Savings Advantage Plan offers comprehensive insurance coverage with the goal of providing financial security to the insured’s family members in the event of the policyholder’s untimely death.
The Max Life Savings Advantage Plan’s worth may be measured in terms of life goals. If the life insured chooses this plan, they will get a lump sum maturity amount as well as life insurance in the form of a step-up death benefit.
Features of Max Life Savings Advantage Plan:
- Premium Payment Options – The Max Life Savings Advantage Plan offers a variety of premium payment options, including limited pay, single pay, and regular pay. Depending on the premium payment option you select when purchasing the Max Life Savings Advantage Plan, you may also choose a policy period ranging from 10 to 30 years.
- Life Insurance Component to Save Tax – According to the Income Tax Act, you may be eligible for tax deductions with the Max Life Savings Advantage Plan. You may take advantage of these tax benefits by paying premiums for the Max Life Savings Advantage Plan in accordance with current tax legislation.
- Death Benefit that Increases After 10 Years – The Max Life Savings Advantage Plan protects the family from financial issues by providing a guaranteed death benefit.
Max Life Guaranteed Income Plan
Max Life Guaranteed Income Plan provides you with guaranteed benefits from the start, ensuring that you and your family can fulfil your aspirations. Providing for your children’s education, planning for your retirement, or considering your family’s security and requirements in your absence. The Max Life Guaranteed Income Plan guarantees you a fixed income for ten years. The monthly income payable in the final five years of the pay-out period is double the monthly income payable in the first five years of the pay-out period. Then, at the end of the pay-out period, there is a one-time guaranteed terminal benefit.
Features of Max Life Guaranteed Income Plan:
- Guaranteed tax-free monthly income – In accordance with Income Tax rules, you will get a monthly income for the next ten years. In addition to a once-only guaranteed terminal benefit payable at the conclusion of the pay-out period (10 years).
- Guaranteed income that doubles over a 5-year period – the monthly income given during the first five years of the pay-out term is doubled over the remaining five years.
- Immediate pay out at the conclusion of the insurance period – get a monthly pay out immediately following the policy term.
- Guaranteed alternatives on death – If the policyholder dies within the policy term, the nominee will have the option of selecting either a) a lump sum death benefit or b) income for 10 years after death.
- Receive monthly income as a lump sum – provides a commutation option in which you receive the present value of the survival and death benefit rather than monthly payments. This option is available at any moment once the monthly payment has begun.
Max Life POS Guaranteed Benefit Plan
An insured may save and protect themselves with the Max Life POS Guaranteed Benefit Plan, which provides guaranteed returns and Life Insurance coverage until the end of the Policy Term. You must pay premiums for the first five years of this Max Life insurance plan before receiving the guaranteed lump payment amount after ten years.
Features of Max Life POS Guaranteed Benefit Plan
- Advantages of Maturity: If the policy is not in Reduced Paid-Up status, the maturity benefit is paid to the life guaranteed. At maturity, your maturity benefit equals the Guaranteed Sum Assured (GSAM). And, once paid, the policy will be terminated, with no future benefits due.
- Death Benefit: If the Life Assured dies during the policy term, a death benefit is payable to the policyholder nominee, provided the policy is in effect and not in reduced paid-up mode. In this case, a 90-day waiting period will apply from the start of coverage. Because if an insured individual dies within the waiting period, no benefit is available to the nominee other than a full refund.
- The Death Benefit of the Max Life POS Guaranteed Benefit Plan is the highest of the following:
- 10 times the yearly premium + underwriting premiums (if any)
- 105 percent of total premiums paid + underwriting excess premiums + modal premium loading
- Maturity Sum Assured Guaranteed
- Any fixed sum guaranteed to be paid at the death of the Life Assured
Max Life Maxi Super Plan
When you have worked hard to save for your family’s future and to offer the best for them. This Max Life Maxis Super plan will optimise your savings to enable you to enjoy life to the fullest, allowing you to realise your wants and achieve your aspirations.
Features of Max Life Maxi Super Plan:
- The main purpose of is to assist you manage your finances by balancing your equity and debt exposure so that you may completely enjoy your future years.
- This is based on his age.
- Allows you to select a premium payment of your choosing at your leisure.
- Give you a choice of five funds with diverse investors and risk tolerances.
- With their dynamic asset allocation technique, you can safeguard your assets from market volatility.
- With partial withdrawals, this plan also compensates for those unexpected costs that require immediate attention.
Why choose Max Life Investments Plans
There are several reasons why you should choose Max Life’s investing options.
- They assist you in saving and making the greatest use of your money in order to plan for a brighter future.
- Provide a dynamic asset allocation system to assist you in protecting your assets from market volatility.
- Provide protection to the life covered for a longer length of time.
- Partial withdrawal is permitted to fulfil your specific requirements.
- Provide full life insurance protection.
- You can pick the duration of your premium payments according on your needs.
How to apply for Max Life Investments Plan
Online: The firm provides unique plans that are only available online. The consumer merely needs to enter onto the company’s website, select the appropriate plan, select the coverage, and supply the necessary information. The premium will be calculated based on the information provided. The consumer must then pay the premium online using a credit card, debit card, or net banking, and the insurance will be issued.
Intermediaries: Plans that are not accessible online can be acquired through agents, brokers, banks, and other intermediaries that assist with the application process.
Other Max Life Insurance Plans
- Max Life Insurance Child Plans
- Max Life Insurance Pension Plans
- Max Life Insurance Savings Plans
- Max Life Insurance Group Plans
- Max Life Term Insurance Plans
Frequently asked Questions (FAQ’s)
1.What is the policy renewal process for Max Life traditional plans?
Follow these three simple actions to renew your coverage online.
- Step 1: To access the e-portal, enter your Client ID and Date of Birth.
- Step 2: Fill up the insurance information and payment method (debit/credit card or net banking).
- Step 3: Save/print the premium deposit receipt after receiving payment confirmation.
- You may also pay in cash or by check at any of the nearby branches.
- Which is the best Max Life Investment Plans for long term?
With a maximum of 25 years of coverage, the Max Life Guaranteed Income plan allows you to accumulate money over time.
Which is the best investment plan of Max Life Investment Plans 2018?
Max Life Assured Wealth Strategy is a comprehensive plan that assists you in meeting long-term financial goals such as your child’s schooling, marriage, or retirement preparation.
Why should I buy Max Life Investment Plans?
The firm provides plans online through its website, and the premium is calculated based on the information given. Insurance plans can also be purchased through intermediaries such as agents, brokers, or partner banks, who can assist you with the complete application procedure.
How to pay the premium? What are the modes of payment available?
Users have five premium payment methods accessible to them, which are as follows:
- online payment via the website
- Telephone payment
- Branch or auto-debit from a bank account Cheque for Max Life Drop Box Pick-up
How can I check policy status for Max Life Investment Plans?
Online insurance status checks are available to registered users. Log in using your username and password on the company’s home page’s LOGIN tab.