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Max Life Insurance launches Savings Advantage Plan


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·         Flexibility to choose premium payment term and policy term
·         Step-up death benefit post 10 policy years
·         Superior maturity benefit – 110% of guaranteed sum assured on maturity
·         5.5% of guaranteed sum assured on maturity as guaranteed additions, at the end of each policy year for the first 5 policy years
·         Flexibility to convert the lump sum maturity benefit/death benefit into regular income for 10 years

New Delhi, August 22, 2018: Max Life Insurance, one of the leading life insurance companies in India, has launched Max Life Savings Advantage Plan, a non-linked participating life insurance plan, that provides the policyholder with the triple benefits of flexibility, to select a premium payment term and policy term and systematic savings, to build a wealth corpus to cater to any life-stage need and protection, to be prepared for any exigency.
Max Life Savings Advantage Plan comes with the flexibility that allows the customers to fulfill short, medium or long term life goals by choosing the premium payment term and policy term as per their desired milestone. This product also offers a flexibility to the customer to take the maturity benefit or death benefit in lump sum or in a regular monthly/annual income for 10 years.
A plan that will help the customers achieve their financial goals in a systematic manner, Max Life Savings Advantage Plan offers a superior maturity benefit of 110% of guaranteed sum assured on maturity. Additionally, the customers get guaranteed additions of 5.5% of guaranteed sum assured on maturity each year for the first 5 years of the policy and step-up death benefit after 10 years of policy as per the policy terms and conditions. Max Life Savings Advantage Plan offers the flexibility of partial/full withdrawal of accumulated bonuses at any point of time during the policy term. Once the policy acquires a surrender value, loan facility can also be availed during the policy term to meet the expenses for any unplanned event.
Mr. Manik Nangia, Director Marketing and Chief Digital Officer of Max Life Insurance said, “We at Max Life Insurance continuously endeavour to offer the best-in-category products for customers, in line with their ever-changing financial needs. Every consumer has various short-term and long-term financial goals ranging from buying a car, to saving for a child’s education and marriage, to building a retirement corpus, which require systematic savings. Hence, the new product offering will address various life stage needs by providing a boost to one’s savings and helping to build a corpus while providing for risk coverage in case of an exigency.”
Furthermore, Max Life Savings Advantage Plan  comes with three optional riders– Max Life Term Plus Rider (UIN:104B026V02 ) that offers additional guaranteed death benefit in case of death of the life insured; Max Life Accidental Death and Dismemberment Rider (UIN – 104B027V02) that provides additional benefit in case of death or dismemberment of life insured due to accident and Max Life Waiver of Premium Plus Rider (UIN – 104B029V02) that provides waiver for all future premiums in a policy and attached riders on happening of dismemberment, diagnosis of critical illness and death (only when life insured and policyholder are different individuals), provided the base policy and attaching riders are in-force-. These rider benefits are available on payment of additional premium.

Key Product Features – Max Life Savings Advantage Plan (Product UIN: 104N111V01)

#
Description
Details
2.1
Entry Age (age as on last birthday)
Minimum
Single Pay: 8 years
Limited/Regular Pay: 0 years (91 days at the time of applying for this plan)
Where the Life Insured is a minor, the proposer should be either parent or legal guardian and must have insurable interest on the life of the minor.

Maximum
Single Pay: 65 years
Limited Pay: 55 years
Regular Pay: 45 years
2.2
Maximum maturity Age (age as on last birthday)
Maximum
Single Pay: 75 years
Limited Pay: 80 years
Regular Pay: 65 years
2.3
Premium Payment Term
Single Pay: 1 year
Limited Pay: 5 to 12 years
Regular Pay: 20 to 30 years
2.4
Policy Term
Single Pay: 10 years
Limited Pay: 10 to 30 years subject to Policy Term being greater than or equal to Premium Payment Term plus 5 years
Regular Pay: 20 to 30 years
2.5
Premium Payment Modes & Modal Factors

The product allows annual, semi-annual, quarterly and monthly premium paying modes. The modal factors are as follows:
Modal Factors

Premium Mode
Factor

Annual
 1.000

Semi-Annual
 0.520

Quarterly
 0.265

Monthly
 0.090


The Premium Payment mode can be changed anytime during the Policy term provided it meets minimum premium requirement criteria (as mentioned below) and
guaranteed sum assured on maturity remains unchanged.

2.6
Minimum Annual Premium

Single Pay variant: The minimum premium is Rs.1,00,000.

Limited Pay and Regular Pay variant: The minimum premium varies as per Policy Term and premium payment mode and is shown in table below:

Payment Mode
Policy Term
less than 15 years
Policy Term
greater than or equal to
15 years

Annual
Rs.50,000
Rs. 8,500

Semi-annual
         Rs. 27,500
Rs. 6,000

Quarterly
Rs. 15,000
Rs. 4,000

Monthly
Rs. 5,250
Rs. 1,500


The premium is exclusive of applicable taxes, cesses and levies, as imposed by the government from time to time, modal extra and extra premium (if any)
2.7
Maximum
Annual Premium
Subject to limits determined in accordance with the Board approved underwriting policy of the Company
2.8
Guaranteed Sum Assured on Maturity (GSAM)
(subject to minimum premium limit)
Minimum
Single Pay: Rs. 78,738
Limited Pay & Regular Pay:
Policy Term less than 15 years: Rs. 1,69,379
Policy Term greater than and equal to 15 years: Rs. 24,425

Maximum
Subject to limits determined in accordance with the Board approved underwriting policy of the Company






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