Axis Max Life Smart Wealth Advantage Guarantee Elite Plan

The following are a range of benefits are payable under Axis Max Life Smart Wealth Advantage Guarantee Elite Plan:

• 1. Survival Benefit

  Survival benefit is payable if the Life Insured is alive on the due date of benefit, provided the policy is in-force. Please refer the table below for details:

  Variant	Survival Benefit
  1. Wealth For Milestones	a. Lump Sum equal to Return of Premium (RoP), which is 100% of Total Premiums Paid, payable at the end of the survival benefit period, plus b. Lump sum Guaranteed Milestone benefit, payable at the end of survival benefit period, plus c. Lump sum Accrued guaranteed additions, payable at the end of survival benefit period Both guaranteed milestone benefit and guaranteed addition shall be expressed as a percentage of total premiums paid. While both RoP and guaranteed milestone benefit shall fully accrue at the inception of the policy, guaranteed addition benefit shall be split in 4 equal parts, each part accruing at the start of the last four policy years of the survival benefit period, provided the policy is either premium paying or fully paid up. Both milestone and guaranteed addition rates vary by age, premium band and PT/PPT combination.
  2. Long Term Income	a. Income benefit, payable each year during the income period, plus b. Loyalty income boosters, payable each year during the income period, plus c. Lump sum equal to Return of Premiums (RoP), which is 100% of Total Premiums Paid, payable at the end of survival benefit period Where loyalty income booster amount is equal to 20% of income benefit amount. While income benefit fully accrues at the inception of the policy, annual loyalty income booster shall accrue at the start of each year after the income deferment period ends and shall be payable every year during the income period.

  Note: For more details, please refer to the prospectus available under the Downloads section of the page

• 2. Death Benefit

  The death benefit offered under this plan varies based on whether you have opted for Policy Continuance Benefit (PCB) at inception.

  a. PCB is Not Opted for
  
  If the Life Insured dies during the Policy Term, provided the Policy is in-force or fully paid-up, the Death Benefit payable shall be higher of:
  
  1. Guaranteed^*# Death Benefit
  2. 100% of Surrender value applicable as on date of death

  where, Guaranteed^*# Death Benefit payable shall be higher of:

  • Sum assured on death
  • 105% of (Total premiums paid plus underwriting extra premiums plus loadings for modal premiums) as on the date of death of life insured
  
  Any accrued survival benefit, if not already paid shall be paid in addition to death benefit. Please refer section ‘Option to accrue the applicable survival benefit’ for details.
  
  

  b. PCB is Opted for
  If the Life Insured dies during the Policy Term provided the Policy is in-force or fully paid-up, the Benefit Payable is:
  
  1. Guaranteed^*# Death Benefit

where, Guaranteed^*# Death Benefit payable shall be higher of:

• Sum assured on death
• 105% of (Total premiums paid plus underwriting extra premiums plus loadings for modal premiums) as on the date of death of life insured

Any accrued survival benefit, if not already paid, shall be paid in addition to death benefit.

2. Policy Continuance Benefit

All future survival benefit shall be payable as and when due in future without any need for the premium payment.

For clarity, all future survival benefits shall be paid to the beneficiary as and when due during the survival benefit period, as would have been the case had the Life Insured been alive and would have been paying premiums.

Please note that PCB is only available during the survival benefit period as post survival benefit period, only guaranteed*# death benefit is available. Therefore, if PCB gets triggered during the survival benefit period, the policy shall terminate at the end of survival benefit period. In case of death of the life insured post survival benefit period, the guaranteed*# death benefit shall be paid and the policy will terminate.


• 3. Reduced Paid up (RPU) Benefits
  
  

  Once the policy acquires surrender value, the policy will become RPU by default, in case of non-payment of any further premium. The death benefit and other survival benefits payable for an RPU policy is as follows:
  
  RPU Death benefit:

  • RPU sum assured on death = (RPU Factor * Sum assured on death, applicable before policy moved to RPU)
  • 105% of (Total Premiums Paid plus underwriting extra premiums plus loadings for modal premiums), as on the date of death of life insured
  • 100% of Surrender value as on date of death
  Any accrued survival benefit, if not already paid, shall be paid in addition.
  
  RPU return of premium benefit: RPU factor * RoP benefit
  RPU guaranteed^*# milestone benefit: RPU factor * guaranteed^*# milestone benefit
  RPU guaranteed^*# addition benefit : RPU factor *30%* accrued GA benefit
  RPU income benefit: RPU factor * income benefit
  RPU loyalty income benefit: RPU factor *30%* accrued loyalty income benefit
  
  where RPU Factor shall be the ratio of the ‘total period for which premiums have already been paid’ to the ‘maximum period for which premiums were originally payable’.
  
  Any accrued survival benefit, if not already paid, shall be paid in addition
  
  Policy Continuance Benefit:
  
  Policy Continuance Benefit shall be available in RPU mode such that in case of death of life insured, following shall be payable:
  
  • Higher of (RPU Sum Assured on Death, 105% of Total Premiums Paid plus underwriting extra premiums plus loadings for modal premiums), as on the date of death of life insured
  • Future survival benefit (as defined above for a policy in RPU mode).
  
  Note: In case of survival of life insured, survival benefit, as defined above, shall be payable to all RPU policies.



• 4. Surrender Benefit
  
  You can surrender the policy any time after it has acquired a surrender value. On payment of the Surrender Benefit, the policy will terminate and no more benefits will be payable.
  
  The Surrender Value will be equal to the higher of Guaranteed^*# Surrender Value (GSV) or Special Surrender Value (SSV), In addition, on surrender, any accrued survival benefit shall also be payable, if not paid earlier.
  
  Note: For additional details regarding, please refer to the Prospectus available under the Downloads section of the page.