Leading life insurance company Max Life Insurance Company Ltd. A comprehensive, unrelated individual life insurance plan aimed at clients who wish to meet the financial needs of their families. MaxLife said in a statement that the new product provides customers with a complete solution to meet the financial needs of their families and loved ones. The policy called Max Life Smart Wealth Income Plan is a flexible plan, and can be tailored to the needs of the client in terms of how long they want to last. By providing additional income options, the plan allows customers to achieve a financially protected future through various life and income insurance options.
“Life is about making your dreams come true, as well as the dreams of your loved ones. At Max Life, we understand the importance of such milestones ensuring instant happiness for your loved ones while working towards a promising future. Our newly introduced Max Life Smart Wealth Income Plan is a comprehensive product that gives you Lifetime financial protection with an extra income stream during the years you need it most. By combining the power of protection, warranty and reliability in a simple solution, this product enables all aspirations to be fulfilled while maintaining long-term trust and protection.”
Here’s everything you need to know about the Max Life Smart Wealth income plan, which launched November 11, Friday.
1) The Max Life Smart Wealth plan offers customers the flexibility to choose a plan that suits their requirements. The plan gives customers the option to choose between “early income,” “early income with guaranteed money back,” or “deferred income.” All of these options come with internal safeguards in the form of guaranteed income/cashback, under all variables. It will also offer cash rewards, as advertised.
2) guarantees in the form of guaranteed income are accrued in the case of the “early income” and “deferred income” variants for a period of 25 years or until the end of the policy term, whichever is less; And in the case of the “early income with guaranteed refund” variant, it will be paid in the form of 3 “guaranteed refunds” at specified intervals.
3) Entitlement to survival benefits (“Cash Bonus” and “Guaranteed Income”) can be chosen at any time during the policy term as needed. The policy holder can also withdraw the “cash rewards / guaranteed income” partially / fully accrued at any time during the term of the policy.
4) If unpaid survival benefits are not availed by the policyholder during the term of the policy, the same amount must be paid along with the plan benefits at the time the policy is closed due to death, entitlement or surrender, according to the statement. Survival benefits accrued will be aggregated at an interest rate equal to the reverse repurchase rate (RBI) published by the RBI on its website and this rate will be revised annually.
5) Under Max Life Insurance, the plan provides the flexibility to receive income and benefit from life coverage up to 100 years, 85 years or 75 years.
6) Customers can also customize their own protective cover by choosing riders by paying a small amount of additional premiums. If continuity of policy benefits is chosen, it ensures continued payment of survival and maturity benefits. This can be done at maturity in the event of the death of the insured without having to pay a premium. The death benefit under this plan varies with the policy’s continuity benefit.
7) There are three types of discounts/rebates available under the plan. Discounts apply to existing Max Life customers (first year), Female Lives (all premiums payable) and the high amount guaranteed in accrual discounts under the plan, according to the statement.
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