Max Life Online Savings Plan
Max Life Online Savings Plan is a unit-linked Non-Participating individual life insurance policy that provides financial coverage to the family of the life insured along with market-linked returns. Max Life Online savings policy has two variants to choose from, one providing more comprehensive death coverage, while the other guaranteeing more returns.
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Save Upto ₹46,800 in tax under Sec 80C
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Max Life Online Savings Plan Details:
| Parameters | Details |
| Policy Tenure | Variant 1:
|
| Premium Paying Term | Variant 1:
|
| Premium Paying Mode | Yearly, Half-Yearly, Quarterly, Monthly |
| Entry Age | Variant 1: 18-60 years Variant 2: 18-54 years |
| Maturity Age | Variant1:
|
| Grace Period | 30 days (15 days for monthly premium payment) |
| Sum Assured | Minimum: Rs. 1,20,000/- Maximum: No upper limit |
| Liquidity | Partial withdrawal allowed after 5 policy years, up to 50% of fund value. Loan facility not available under the plan |
Benefits of Max Life Online Savings Policy
Max Life Online Savings Plan comes packed with a wide range of benefits to offer to its buyers. The main benefits offered under this plan are as follows:
- Maturity Benefits: Under both the variants, the life insured will receive an amount equal to the fund value as on the date of maturity as maturity benefit provided that the settlement option has not been exercised. Fund value shall be equal to total units held by the policy multiplied by Net Asset Value (NAV) of each unit.
- Death Benefits: The death benefits under the variants shall be as follows:
Variant 1: The death benefit shall be the highest of-
- Sum Assured, which shall be the higher of cover multiplied by the annual premium or 0.5 times the product.
- 105% of total premiums paid till the date of death
- Total fund value
Variant 2: The death benefit shall be-
- The highest of sum assured (higher of 10 times the annualised premium or 0.5 times the product) or 105% of total premiums paid by the life insured.
- Family monthly income benefit will be paid equal to 1% of the sum assured for a minimum of 36 months up to a maximum of 120 months from the policy anniversary date.
- Max Life Insurance shall fund all the remaining premiums following the next due installment date since the date of death.
- Fund value till the date of death
- Surrender Value: The life insured may at any time choose to surrender the plan during the policy term. The surrender value shall be equal to fund value minus the discontinuance charge.
- Tax Benefits: The policyholder will enjoy tax benefits against premiums paid and the receipt of maturity benefits as per The Income Tax Act, 1961.
- *Subject to the prevailing tax laws
The Premiums for Max Life Online Savings Insurance
The Max Life Online Savings premium depends on the following factors:
- Plan variant chosen
- Age of the entry of the life insured
- Sum assured
- Premium payment frequency
There are other factors at play as well, like lifestyle habits of the life insured, gender, etc.
One can use the Max Life Online Savings calculator available online to determine premiums rates tailored to one’s requirement.
Additional Riders for Max Life Online Savings Insurance
Max Life COVID 19 One Year Term Plus rider is offered by the company for additional benefits to the insured.
Eligibility for Max Life Online Savings Policy
The eligibility criteria for the plan are:
Entry Age: 18 to 60 years for Variant 1
18-54 years for Variant 2
Maturity Age: 85 years for Variant 1 (10 pay option)
70 years for Variant 1 (5 pay options)
65 years for Variant 2
For More information about Savings Plan.Please contact us