Max Life Savings Advantage Insurance Plan, Savings Advantage Insurance Plan

Max Life Savings Advantage Insurance Overview

Key Features
Eligibility
Benefit Descriptions

Key Benefits of Max Life Savings Advantage Insurance

The key benefits under this plan include:

Choice of Premium Payment Terms and Policy Terms : The insured has the flexibility to choose from various premium payment terms & policy terms as per their financial requirement and cash flow.
Guaranteed Additions: This plan provides the insured guaranteed 5.5% of Guaranteed Sum Assured on Maturity (GSAM) as Guaranteed Additions at the end of each year for first five policy years to enhance coverage under the policy.
Death Benefit:
- In case of death of the life insured on or before completion of 10 policy years, Guaranteed Death Benefit along with accrued Guaranteed Additions, Paid Up Additions (if any) & Terminal Bonus (if any) shall be payable.
- In case of death of the life insured after 10 policy years, 110% of Guaranteed Death Benefit along with accrued Guaranteed Additions, Paid Up Additions (if any) & Terminal Bonus (if any) shall be payable.
Maturity Benefit : The insured will enjoy 110% of Guaranteed Sum Assured on Maturity along with accrued Guaranteed Additions, accrued Paid Up Additions (if any) and Terminal Bonus (if any).
Settlement and Commutation Benefit : The insured/nominee, as the case may be, have the flexibility to convert the lumpsum maturity benefit/death benefit into regular income for 10 years depending on their financial requirement.
Tax Benefit: The insured is entitled to tax benefits on the premiums paid and benefits received as per the prevailing tax laws.

Eligibility of Max Life Savings Advantage Insurance

Eligibility Criteria

Age of the Life Insured at Entry (age as on last birthday)

Minimum - Single Pay : 8 years, Limited / Regular Pay : 0 years (91 days at the time of applying for this plan).
Where the Life Insured is a minor in such a case the proposer should be either parent or legal guardian and must have insurable interest on the life of the minor. The risk coverage for minors will commence from the inception of the policy. Where the Policy has been issued on the life of a minor, the Policy will automatically vest on him/her becoming a major.

Maximum - Single Pay : 65 years, Limited Pay : 55 years, Regular Pay : 45 years.

Maturity Age of the Life Insured (age as on last birthday)

Minimum - 18 years

Maximum - Single Pay : 65 years, Limited Pay : 55 years, Regular Pay : 45 years.

Premium Payment Term (PPT)

Single Pay / Limited Pay: 5 to 12 years / Regular Pay

Premium Payment Modes

The product allows annual, semi-annual, quarterly and monthly premium paying modes.

Minimum Annual Premium

Only annual mode is available Single Pay variant: The minimum premium is ₹1,00,000.
Limited Pay and Regular Pay variant: The minimum premium varies as per Policy Term and premium payment mode and is shown in table below:

Premium Payment Mode	GSAM (₹)Policy Term < 15 years	Policy Term >= 15 years
Annual	₹50,000	₹8,500
Semi-annual	₹27,500	₹6,000
Quarterly	₹15,000	₹4,000
Monthly	₹5,250	₹1,500

Maximum Annual Premium

No limit subject to limits determined in accordance with the Board approved underwriting policy of the Company.

Guaranteed Sum Assured on Maturity (GSAM) (subject to minimum premium limit)

Minimum - Single Pay : ₹78,738
Limited Pay & Regular Pay :

Policy Term less than 15 years : ₹1,69,379
Policy Term greater than and equal to 15 years : ₹24,425

Maximum : No limit subject to limits determined in accordance with the Board approved underwriting policy of the Company.

Guaranteed Sum
Assured on Maturity Bands

Policy Term :<15 years

Band	GSAM (₹)
1	Less than 2,50,000
2	2,50,000 - 4,99,999
3	5,25,000 – 10,99,999
4	>=11,00,000

Policy Term: >15 years

Band	GSAM (₹)
1	Less than 3,50,000
2	3,50,000 - 5,24,999
3	5,25,000 – 10,99,999
4	>=11,00,000

Benefit Description of Max Life Savings Advantage Insurance

Benefit Description

Death Benefit

A sum of following shall be payable:

Guaranteed Death Benefit
Accrued Guaranteed Additions
Accrued Paid Up Additions (if any)
Terminal Bonus (if any)

where, Guaranteed Death Benefit for Single Pay variant is defined as higher of:

125% of the Single Premium
Guaranteed Sum Assured on Maturity
Any absolute amount assured to be paid on death (which is 110% of Guaranteed Sum Assured on Maturity)

For Limited Pay and Regular Pay variant
Death of Life Insured before or on completion of 10 policy years
A sum of following shall be payable:

Guaranteed Death Benefit
Accrued Guaranteed Additions
Accrued Paid Up Additions (if any)
Terminal Bonus (if any)

Death of Life Insured after completion of 10 policy years
A sum of following shall be payable:

110% x Guaranteed Death Benefit
Accrued Guaranteed Additions
Accrued Paid Up Additions (if any) d) Terminal Bonus (if any)

where, Guaranteed Death Benefit for Limited Pay and Regular Pay variant is defined as higher of:

11 times the Annualised Premium
105% of all premiums paid as on the date of death of Life Insured
Guaranteed Sum Assured on Maturity
Any absolute amount assured to be paid on death (which is 110% of Guaranteed Sum Assured on Maturity) Settlement and Commutation Option Settlement Option can be exercised by the insured/nominee only at the time of receiving the ‘Death Benefit’ under either of the following options under this plan.

Lump Sum Benefit: You/nominee can choose to take the entire Death Benefit’ as lump sum payout.
Regular Monthly/Annual Income for 10 years

Maturity Benefit

In case the life insured has survived till the end of policy term, following shall be payable on maturity:
Sum of:

110% of Guaranteed Sum Assured on Maturity
Accrued Guaranteed Additions
Accrued Paid Up Additions, if any Terminal Bonus, if any /li>

Settlement and Commutation Option Settlement Option can be exercised by the insured/nominee only at the time of receiving the ‘Death Benefit’ under either of the following options under this plan.

Lump Sum Benefit: You/nominee can choose to take the entire Death Benefit’ as lump sum payout.
Regular Monthly/Annual Income for 10 years

Terminal Bonus

Terminal Bonus is an additional bonus paid only ONCE, on earlier of death, surrender or maturity, provided the policy has been in force for at least five years i.e. payable in case of claims made from end of 60th month onwards. However, in case of Surrender, only the Surrender Value of Terminal Bonus shall be payable.

Annual Bonus

The bonus shall be declared in the form of Paid Up Additions every year post completion of 2 Policy Years. Paid Up Additions shall be payable on earlier of surrender, death or maturity. However, in case of surrender, only surrender value of accrued Paid Up Additions (if any) shall be payable. Following bonus utilization options shall be available to You at the Proposal Form stage:

Paid Up Additions: The bonus once declared shall accrue and be payable in full on earlier of death or maturity. In case of surrender of policy, the surrender value of all accrued Paid Up Additions shall be payable.
Premium Offset: Upon declaration of Paid Up Additions each year, the surrender value of Paid Up Additions shall be utilized to offset the future premium.
Paid In Cash: Upon declaration of Paid Up Additions each year, the surrender value of Paid Up Additions shall be payable every year till the end of Policy Term.

Terminal Illness

While this Policy is in force (including RPU mode), should the Life Insured be diagnosed to be suffering from a disease which, in the opinion of a Medical Practitioner and the concurrence of Company’s appointed doctor, is likely to lead to the death of the Life Insured within six months from the date of such certification from the Medical Practitioner, the Company shall, at the insured’s request, pay the Benefits to the Life Insured under this policy as follows:

Up to 50% of the Guaranteed Maturity Sum Assured at the date of intimation (or RPU Sum Assured, if applicable), subject to maximum cumulative amount of ₹10 lakhs under all policies which provide for the Terminal Illness Benefit, then in force with the Company.

Rider Benefit

The insured can opt for any or all of the following riders:

Max Life Waiver of Premium Plus Rider : This provides waiver of all future premiums in case of Critical Illness or dismemberment or Death (only when Life Insured and Policyholder are different individuals). This product doesn’t have an inbuilt Waiver of Premium benefit and thus rider benefit is an additional benefit.
Max Life Accidental Death and Dismemberment Rider: It provides additional benefits in case of death or dismemberment of the Life Insured due to an accident and
Max Life Term Plus Rider : This rider provides additional lump sum benefit in case of death of the Life Insured.

Please refer to the respective Rider Brochures for more details on Riders.

Premium Rates

Premium rates and the benefits are uni-smoker and uni-sex (same for both male and female).
This plan can be offered to sub-standard lives with extra mortality charges basis Board approved underwriting policy of the Company.

Loan Provision

Policy loans will be available under this product subject to the maximum limits as defined below. Deferment period is equal to Policy Term less the Premium Payment Term as chosen by the insured.

Deferment Period Maximum (Policy Term less PPT)	Loan Amount as % of SSV
<=15	80%
15	50%

The minimum loan amount that can be granted under the policy at any time will be ₹10,000.

Max Life Savings Advantage Insurance

Max Life insurance review

Max Life Savings Advantage Insurance Overview

Key Benefits of Max Life Savings Advantage Insurance

Eligibility of Max Life Savings Advantage Insurance

Benefit Description of Max Life Savings Advantage Insurance

Brochure

Policy wordings

Search for Max Life Investment Plans

Useful links

Product links

Keep in touch