Smart Wealth Advantage Growth Par Plan

The four different variants of Max Life Smart Wealth Advantage Growth Par Plan are Insta Income, Balanced Income, Future Income, and Lifelong Income subject to your choice of income stream.

Here, the term income stream refers to the Survival Benefit payable over the policy term.

These four variants also attract the benefits of inbuilt guarantees and cash bonuses, subject to declaration, and life coverage during the policy term. Here, guarantees refer to guaranteed income payable in the case of Insta Income and Future Income variants for a period of 25 years or the policy term, whichever is lower.

In the case of Balanced Income variant, the guaranteed income is payable till the end of the policy term, whereas the Lifelong Income variant entitles you to an income stream till the age of 65 years during the policy term. Once you are 65, Enhanced Guaranteed Income is payable to you from the next policy anniversary to the policy maturity. However, cash bonuses are payable only if declared.

Max Life Smart Wealth Advantage Growth Par Plan offers the flexibility of choice of both policy term and premium payment term (PPT). You can also choose to avail life coverage starting from the age of 20 to 40 years and ranging up to 100 years. The maximum maturity age available is 100 years and 85 years without and with Policy Continuance Benefit, respectively.

This plan allows you to enhance your protection by opting for riders in exchange for a small amount of extra premium payment. If you opt for PCB, your survival and maturity benefits are paid continuously as and when due, particularly in the case of the death of the Life Insured without paying an additional premium. The option of PCB is available with all variants except for Policy Term 100 – Age at Entry.

The ‘Save the date’ option allows you to mark a particular date of the year when you wish to receive your survival benefits. You also get the option to let your survival benefit accrue with us if you do not need it immediately or have an expense planned. You can alternatively choose your survival benefit amount to offset against a coming premium. This option is a good choice if you wish to reduce your premium obligation.

Once the insured individual attains the age of 65 years, they are entitled to enhanced guaranteed income from the next policy anniversary. This benefit continues until the policy term ends.

Max Life Smart Wealth Advantage Growth Par Plan offers you multiple discounts and benefits if you are an existing Max Life customer, or a staff, transgender lives, and additional benefit at maturity for female lives.

This product offers a comprehensive death benefit in case of the death of the insured during the policy term. An additional amount equal to 50% of the sum assured on death, as the accidental death benefit, is added to the policy coverage if the insured dies due to an accident, once the premium payment term ends.

Max Life Smart Wealth Advantage Growth Par Plan offers the option to avail a loan against the policy. This option is highly useful in the case of a financial emergency.

This life insurance savings plan entitles you to certain tax deduction as per prevailing income tax laws.

The survival benefit is payable under all four variants of the Max Life Smart Wealth Advantage Growth Par Plan as cash bonus (if declared) and Guaranteed Income. The following is the description of the benefit under different variants:

• a. Insta Income
  • 
    · Cash bonus (% of the annualised premium) if any, is payable from the first policy year to the end of the policy term
  • · Guaranteed income (% of the annualised premium) is payable from the first policy year to the end of the 25th policy year or the end of the policy term, whichever is earlier
• b. Balanced Income
  • 
    · Cash bonus (% of the annualised premium) if any, is payable from the first policy year to the end of the policy term
  • · Guaranteed income (% of the annualised premium) is payable from the year PPT + 1 to the end of the policy term
• c. Future Income
  • 
    · Cash bonus (% of the annualised premium) if any, is payable from the year PPT + 1 to the end of the policy term
  • · Guaranteed income (certain % of the annualised premium) is payable from the policy year PPT + 1 and payable till PPT+25 or till the end of the policy term, whichever is earlier
• d. Lifelong Income
  • 
    · Cash bonus (% of the annualised premium) if any, is payable from the first policy year to the end of the policy term
  • · Guaranteed income (% of the annualised premium) is payable from the year PPT + 1 to the end of the policy year in which the life insured attains 65 years of age
  • · Enhanced guaranteed income (four times the ‘guaranteed income’) is payable from the next policy anniversary after the life insured attains 65 years of age to the end of the policy term

Note: All four variants of the Max Life Smart Wealth Advantage Growth Par Plan provide the option to accumulate cash bonus and guaranteed income.

Here, PPT refers to Premium Payment Term.

The maturity benefit of the Max Life Smart Wealth Advantage Growth Par Plan is the sum of the following:

• a. Sum Assured on Maturity (SAM)
• b. Accrued Cash Bonus (if any)
• c. Accrued Guaranteed Income (if any)
• d. Additional Benefit on Maturity (in case of female life)
• e. Terminal Bonus (if any)

Note: Both b and c are applicable only if the ‘Accrual of Survival Benefits’ option is selected.

The maturity benefit is offered under all four variants of the plan and is only payable on completion of the policy term, provided all due premiums were paid and the policy was active.

SAM = Annualised Premium × Premium Payment Term

Additional Benefit on Maturity (in case of female life) = 10% of SAM

Max Life Smart Wealth Advantage Growth Par Plan offers death benefit under this plan, which is subject to the Policy Continuance Benefit (PCB) selected when purchasing the plan.

• a. With Policy Continuance Benefit
  
• In the event of the death of the life insured, while the policy is in force, the following benefit is payable:
  
  
  • · Death benefit: The benefit is higher of the following:
  • o Sum assured on death
  • o 105% of the Total Premium Paid + Underwriting Extra Premium along with loadings for the extra premium received as on the death of the life insured

Note: Accrued survival benefit (if any), if not already paid, shall be paid in addition to the death benefit.

· Policy Continuance Benefit: All future Cash Bonus (if declared) and Guaranteed Income and Maturity Benefit are payable as and when due in the future without having to pay any additional premium.

Note: Where PCB is opted for, after the death of the life insured, the beneficiary shall not be able to surrender the policy.

• a. Without Policy Continuance Benefit
  
• In the event of the death of the life insured while the policy is in force, the following benefit is payable:
  
  
  • · Death benefit: The benefit is higher of the following:
  • o Sum Assured on Death plus Terminal Bonus (if any) or
  • o 105% of the Total Premium Paid + Underwriting Extra Premium along with loadings for the extra premium received as on the death of the life insured

Note: Accrued survival benefit (if any), if not already paid, shall be paid in addition to the death benefit.

The term ‘Total Premiums Paid’ means total of all the Premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

Where Sum Assured on Death is an assured amount, which is guaranteed to become payable on death of the life insured in accordance with the terms and conditions of the policy. Sum Assured on Death shall be highest of:

• · 10-times the (Annualized Premium plus underwriting extra premium, if any)
• · Death Multiple x (Annualised Premium plus underwriting extra premium, if any)

Cash bonus is a certain percentage of your annual premium that is payable to you over time during the policy term.

a. For Insta Income, Balanced Income, and Lifelong Income variants

The cash bonus will be payable from the 1st Policy year. In case non-annual modes of Cash Bonus payout is opted for, it will start from the end of 1st policy month/quarter/Half Year onwards. In case the annual mode is opted for in arrears, it will start at the end of 1stpolicy year onwards from the date of risk commencement and be payable on the same date thereafter, every, month, quarter, half year, or year as applicable.

b. For Future Income variant

The cash bonus is payable one year after the completion of the premium payment term. In case of the non-annual mode of Cash Bonus payout is opted for, it will start from the end of 1st policy month/quarter/half year post the completion of the premium paying term. In case the annual mode is opted for in arrears, it will start at the end of 1st years after premium paying term ends. It will be payable on the same date thereafter, every year, month, quarter, or half year as applicable.

If declared, all eligible policies shall receive the terminal bonus on maturity or on exit due to death or surrender based on the terminal bonus rates declared by the company. Terminal Bonus is an additional bonus paid only ONCE, on earlier of death, surrender, or maturity. In the case of PCB, only a terminal bonus on maturity shall be payable, and no terminal bonus is payable at the time of death as the policy benefits continue.

The value of the terminal bonus can vary for death, surrender, and maturity.

If chosen, this rider provides additional lump sum benefit in case of death of the Life Insured.

This rider provides a waiver of all future premiums in case of Critical Illness or dismemberment or Death of the Life Insured. This rider is available even if the PCB option is selected under the base plan. In case PCB and Waiver of Premium Plus (WOP+) Rider are taken together, the WOP+ Rider covers only Critical Illness or dismemberment.

This rider provides additional benefits in case of death or dismemberment of the Life Insured due to an accident.

This rider provides an additional lump sum benefit in case the life insured is diagnosed with a critical illness.