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Features & Benefits of Axis Max Life Smart Wealth Plan for All Age Groups

Features & Benefits of Axis Max Life Smart Wealth Plan for All Age Groups

Name: Features & Benefits of Axis Max Life Smart Wealth Plan for All Age Groups
Brand: Axis Max Life Insurance
Rating: 4.2 (56 reviews)

In life, we have multiple investment goals, yet there is a need for securing your finances too. That’s why many get confused when choosing between life insurance and investment plans. This is where the co

Disclaimer

: In Unit Linked Policies, the investment Risk in the investment portfolio is borne by the policyholder.

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Disclaimer

: Axis Max Life Smart Wealth Plan | A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan | @₹31,83,264 as lump sum at the end of 20 years, for a 30 years old healthy male.

Written by

Abhishek Chakravarti

BFSI Writer

Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Axis Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc.

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Reviewed by

Sahil Rawal

BFSI Expert

Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing strategy, website content marketing and brand communication designed to increase brand awareness, drive engagement & sales.

What is Axis Max Life Smart Wealth Plan?

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Axis Max Life Smart Wealth Plan is a life insurance product we offer to ensure disciplined savings and guaranteed returns payable as per your needs under the chosen variant.

You can gauge the importance of Axis Max Life Smart Wealth Plan from the very fact that the contemporary environment is full of uncertainties. With the impact of COVID-19 pandemic, these uncertainties have grown manifold, making us look for more options to plan for financial security, no matter how much savings we have accumulated over time.

Axis Max Life Smart Wealth Plan has been designed to control the impact of life’s uncertainties, while also take care of your dreams and milestones.

There are many reasons why you should invest in Axis Max Life Smart Wealth Plan.

1. Maturity Benefits to Help You Meet Goals

Axis Max Life Smart Wealth Plan can help you move a step closer to achieve your savings goal with its guaranteed benefits.

2. Guaranteed Additions to Boost Your Corpus

Investing in Axis Max Life Smart Wealth Plan gives you a maturity benefit that includes accrued guaranteed additions and sum assured on maturity.

3. Multiple Variants to Choose From

Investing money to create wealth becomes easier with Axis Max Life Smart Wealth Plan, which has several variants – Lumpsum on maturity, short term income, long-term income, and whole life income.

4. Death Benefit for Your Family

In case of your unfortunate demise (as life insured) during the policy term, the policy nominee will get comprehensive death benefit under Axis Max Life Smart Wealth Plan.

Benefits & Features of Axis Max Life Smart Wealth Plan

Given below are Axis Max Life Smart Wealth Plan benefits in detail:

Maturity Benefits:

Maturity Benefits under Axis Max Life Smart Wealth Plan differ as per the variant chosen.

For Variant 1 (Lump sum):

Axis Max Life Smart Wealth Plan benefits for Variant 1 includes guaranteed sum assured on maturity, along with accrued guaranteed additions.

Guaranteed sum assured on maturity under Axis Max Life Smart Wealth Plan further varies as per the chosen policy term.
Guaranteed additions, on the other hand, varies as per entry age, gender, premium band, and selected sub-variant.
Life cover too.

For Variant 2 (Short term income):

For this variant of Axis Max Life Smart Wealth Plan, the insured individual gets a guaranteed income benefit, which is defined as a percentage of annualised premium. This income benefit of Axis Max Life Smart Wealth Plan is payable after the Policy Term as per the chosen frequency and for a duration equal to Premium Payment Term.

For Variant 3 (Long term income):

In this variant of Axis Max Life Smart Wealth Plan, the guaranteed income benefit is payable for a period of as long as 25/30 years basis the premium payment term chosen. Also, a terminal benefit which equals the sum of all the premiums paid, is payable at the end of income benefit term.

For Variant 4 (Whole Life income):

This variant provides a guaranteed income benefit post the policy term, provided either of the two life insured have survived the policy term and this income is payable until the death of the last surviving life.

Death Benefits:

For all the variants of Axis Max Life Smart Wealth Plan, the beneficiary is entitled to receive a lump sum guaranteed death benefit, calculated basis the variant chosen, payable immediately if the life insured dies during the policy term.

What Makes Axis Max Life Smart Wealth Plan Fit for All Age Groups?

The choice of savings and income plans vary from one individual to the other. However, Axis Max Life Smart Wealth Plan is unique in this aspect, as it can benefit people from all age groups.

Young Individual in his/her 20s

Most people start their career at this age and do not have significant financial responsibilities. By investing in Axis Max Life Smart Wealth Plan in this age, they can plan to save money from a young age. Also, the guaranteed benefits from Axis Max Life Smart Wealth Plan will act as a source of additional income, that can be used to enhance lifestyle.

Married Individual in his/her 30s

With spouse and kids along in this age, people have a lot of responsibilities to fulfil and thus, do not focus more on high-risk investments in their 30s. Particularly for the overall development of children, affordability often comes up as an obstacle.

By investing in Axis Max Life Smart Wealth Plan, you can plan for an income source to ensure your children get access to everything they need for a brighter future.

For instance, you can pay for their vocational classes or sports training through the pay-outs of Axis Max Life Smart Wealth Plan.

Adults in their 40s

Often, jobs and business take a toll on life in this age. Given the current global condition around COVID 19 disease, job security as well as sustaining business is a risk everywhere. With Axis Max Life Smart Wealth Plan, you can tackle various uncertainties in life and have a guaranteed income source by your side, no matter how difficult things may become otherwise.

Also, investing in Axis Max Life Smart Wealth Plan will make your finances future-proof.

Old People in their 50s

Life is short, and nature always finds ways to make us realise that once in a while. If you want to explore your retirement dreams and hobbies without worrying about finances, think of Axis Max Life Smart Wealth Plan as your financial partner for a steady income.

By ensuring guaranteed returns under Axis Max Life Smart Wealth Plan for your retirement planning, you can ensure that you enjoy more time with your family members with lesser worries.

Who Should Invest in Axis Max Life Smart Wealth Plan?

You can invest in this Plan if you are:

Self-employed
A Salaried individual
Having dependents who need financial security
Risk-averse
Looking for guaranteed returns on savings
Planning to get a life cover along with an investment component in it

How Does Axis Max Life Smart Wealth Plan Variants Work?

Axis Max Life Smart Wealth Plan has four variants that you can choose to plan your savings. These include

1. Lumpsum

2. Short term income

3. Long term income

4. Whole life income

Once an individual selects any of these variants of Axis Max Life Smart Wealth Plan, he/she needs to choose income pay-out/premium and a sub-variant. As per these selections, the benefits of Axis Max Life Smart Wealth Plan are payable to the life insured.

Basis the variant chosen, the benefits under the Axis Max Life Smart Wealth Plan are payable after the policy period ends in the form of a lump sum, or guaranteed income or both.

Frequently Asked Questions (FAQs)

What is the maximum age at entry for Axis Max Life Smart Wealth Plan?

Which variant of Axis Max Life Smart Wealth Plan should I choose?

What is annualized premium under Axis Max Life Smart Wealth Plan?

Can I add rider options with my Axis Max Life Smart Wealth Plan?

Which policy term should I choose while investing in Axis Max Life Smart Wealth Plan?

ARN NO: Aug23/Bg/02J

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