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Max Life Platinum Wealth Plan is a non-participating unit linked insurance plan that helps you plan the finances, so you can create wealth for your future years. This Unit Linked Plan provides you the flexibility to choose from multiple fund options that further help you to achieve your financial goals. This Plan also offers life insurance cover to ensure financial security for the family.
Comprehensive Insurance cum Investment Plan
Choice of Multiple funds and Investment Strategies
Guaranteed Loyalty Additions & Guaranteed Wealth Boosters
Flexible Policy Term & Premium Payment Term
Low charges that boost Returns
The insured has an option to invest in one of the following investment funds:
Growth Super Fund
Secure Plus Fund (available only under Systematic Transfer Plan)
You can either opt for Systematic Transfer Plan or Dynamic Allocation Option, but not both. Discontinuance Policy Fund is only available in case policy is surrendered/discontinued during the first 5 policy years.
In case of the unfortunate event of death of the life insured within the policy term, following death benefit is payable.
For Single Pay, it is higher of
For Regular/Limited Pay, it is higher of
Guaranteed Loyalty Additions
The Company will pay an additional percentage of Fund Value to the Fund by creation of additional units, at the end of policy year.
Guaranteed Wealth Boosters
Apart from the Guaranteed Loyalty Additions the Company will also pay Wealth Boosters to the Policyholder, which is an additional percentage of Fund Value to be added to the fund by creation of additional units, at the end of the policy year. The additional percentage will be determined by the premium paid by the Policyholder
You have the flexibility to switch between available funds at any time during the Policy Term. There is no limit on the number of switches available in a policy year, subject to a minimum switch amount of Rs.5,000.
You may redirect your future premiums between available funds at any time by giving a written notice before the premium due date. Six premium redirections are allowed in a policy year.
Partial withdrawals are allowed after five policy years and up to a maximum of 2 partial withdrawals are allowed during a policy year. The minimum amount of partial withdrawal of Rs 5000 is allowed for each transaction.
You may opt for settlement option and you will receive periodic payouts for up to 5 years starting from the date of maturity. To exercise this option, you need to intimate this to the company 15 days prior to the maturity date.
Loan is not entitled under this policy.
In case of discontinuance of payment of premium during the first five policy years, you have the option to revive the policy within 2 years from the date of discontinuance of the policy. In case of discontinuance of payment of premium after the first five policy years, you have the option to revive the policy within 2 years or convert the policy into a paid up policy.
If you surrender the policy with-in 5 year lock-in period, the Company will credit the Fund Value after deducting applicable surrender charges. If you surrender the policy after 5 year lock-in period, Company close the Unit Account and pay the Fund Value as on the date of receipt of surrender request.
|Age (as on last birthday)||18 years||55 years – For Regular Pay 60 years – For Single Pay & 5 years Limited Pay|
|Maturity Age||-||65 years – For Regular Pay 70 years – For Single Pay & 5 years Limited Pay|
|Policy Tenure||10 years||20 years- For Regular Pay and 5 Years Limited Pay|
|Premium Paying Term||Single Pay, Limited Pay (5 Years) or Same as policy term||-|
|Premium Paying Mode||Monthly, Quarterly, Semi Annually & Annually, One time payment (Single Pay)||-|
|Sum Assured||Rs 2.5 Lacs - For Single Pay Rs 20 Lacs- For Regular & Limited Pay||No Limit (subject to underwriting)|
|Sum Assured||Rs 2 Lacs||No Limit (subject to underwriting)|
|Freelook Period||15 days from the receipt of the policy document||-|
|Grace Period||30 days & 15 days (for monthly mode)||-|
Max Life Partner Care Rider is available with this plan on payment of an Additional Premium.
Premiums paid under this policy, qualify for the tax benefits as per Section 80C and the policy proceeds qualify for tax benefits under section 10 (10D) of the Income Tax Act.
(Subject to the provisions stated therein.)
Let’s look at some examples to understand the product benefits better.
Standard Male Life, Premium Payment Mode: Annual, Fund Chosen: Balanced Fund
Please note that the above assumed rates of return, 4% and 8% are only scenarios at these rates after recovering all applicable charges. These are not guaranteed and they are not the upper or lower limits of returns of the Fund Options elected in your policy, as the performance of the Funds is dependent on a number of factors including future investment performance. Applicable Service Tax, Cess, and any other taxes as imposed by the government from time to time will be deducted from the premium received.