The Max Life Online Savings Plan (UIN - 104L098V05) is a Unit Linked Non Participating Individual Life Insurance Plan that comes with dual benefits. This plan offers life insurance protection for your family as well as market-linked returns to help you meet life’s milestones. In addition to being a versatile plan, this is also a flexible one, you can tailor your sum assured and funds options to suit your needs.
This plan can be an important part of your financial plan and long-term stability. A savings plan can help you stay confident in the face of expected or unexpected life events, like medical emergencies, retirement, children’s wedding, etc.
There are two variants under the Max Life Online Savings Plan. With both these variants, you will be eligible to receive a lump sum amount upon maturity, provided that the policyholder has not exercised the settlement option. This amount will be equal to the total fund value, which will be calculated as:
Fund Value = Summation of Units accumulated in Fund(s) X NAV of respective Fund(s) as on the Maturity Date
Under this variant, death benefit is defined as the highest of the following
Sum assured
105% of total premiums paid till the date of death
Total fund value as on the date of death
Further, there are three cover multiple options available under this variant depending on the policyholder’s age band:
Age Bands |
Cover Multiple |
18 to 45 years |
10, 15, 20 |
45 to 55 years |
10, 15 |
56 years & above |
10 |
Under this variant, death benefit will include a lump sum benefit that is payable immediately upon death of the policyholder. This will be followed by regular payouts in the form of ‘Family Income Benefit.’ In addition to this, all outstanding premiums after the date of death of the policyholder will be funded by Max Life Insurance. The cover multiple under this variant is fixed at 10 times the Annualised Premium.
Here are some of the features of the Max Life Online Savings Plan:
The Max Life Online Savings Plan offers a wider age bracket while also providing the option to customise the investment tenure according to your needs. The minimum entry age for this plan is 18, while the maximum age of entry is 60. Similarly, the policy term can range anywhere between 5 years and 67 years.
With the Max Life Online Savings Plan, you can leverage the dual benefits of guaranteed life cover and market-linked returns. You can tailor your life cover benefit to reflect your and your family’s needs. In addition to this, you can also enhance your coverage with the help of riders - Max Life Critical Illness and Disability Secure Rider. This rider will kick in if you’re ever diagnosed with a covered critical illness.
Saving plans are also a great way to save on taxes. Premium payments of up to ₹1.5 Lakhs towards many life insurance savings plans are deductible under Section 80C of the Indian Income Tax Act, 1961. On a similar note, death and maturity benefits offered under savings plans are also tax-exempt under Section 10(10D) of the Indian Income Tax Act, 1961.
Here are some of the benefits of Max Life Online Savings Plan:
Long-term wealth accumulation
Financial protection throughout life
Guaranteed payouts to support important life milestones
Life insurance protection for the entire family
Max Life Online Savings scheme is a great comprehensive protection and wealth-growth plan that can help ensure that you’re financially protected while also offering attractive returns. Max Life’s savings plans are aimed at cultivating a disciplined savings habit so you can be confident about your financial future. Whether you’re looking for a plan to help with life’s uncertainties or milestone events, Max Life Online Savings may be a good option to consider.
Disclaimer :Max Life Online Savings Plan is a Unit Linked Non-Participating Individual Life Insurance Plan (UIN104L098V05)
Some benefits are guaranteed, and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid. The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.
The online journey is being enabled through the Insurance Self Network platform (ISNP) of the Company (Max Life Insurance Company Limited) where Bajaj Finserv Direct Ltd is a market participant as the corporate agent (CA 0551) to the insure. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.