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Max Life Platinum Wealth Plan

Max Life Platinum Wealth Plan is a Non Participating Unit Linked Insurance Plan which is ideal in helping the insured accumulate and grow their savings which enables them to meeting their long-term financial goals easily. Maximizing one’s hard-earned money through market-linked returns and additional wealth boosters is what this plan is all about while securing the your family’s financial future, to enjoy the future years ahead with peace of mind and financial stability.
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Max Life insurance review

Max life Insurance plans
Distribution - Number of branches pan India (March 2019)
239
Entry Age Minimum/Maximum (Years) - Term Plans
18/70
Sum Assured Minimum / Maximum - Term Plans
10 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/50
Solvency Ratio (FY 2018-19) *
2.42
Number of Policies Sold (Ind+Group) *
527,601
Number of Lives Covered (Ind+Group) **
6,438,358
Claims Settlement Ratio (Ind+Group) ***
98.95%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Max Life Fast Track Super Plan

  • Key Benefits
  • Eligibility
  • Investment Strategy
  • Benefit Description

Key Benefits of Max Life Fast Track Super Plan

The insured enjoys the following benefits under this plan:
  • Comprehensive life insurance coverage – Get coverage of 10 times the annualised premium (for Limited and Regular Pay options) of base policy and get additional life cover, equal to sum of all future premiums payable under the policy till the age of 60 years, with Partner Care Rider.
  • Option to choose Policy Term and Premium Payment Term as per the insured’s convenience – Pay premiums for a limited period (one year or five years) or entire Policy Term; with Policy Term options available from 10 years to 20 years.
  • Choice of Funds or Fund based strategies – Choose from 6 (six) Funds for investors with different risk factors depending on the appetite of the insured. Alternatively one may select one of two Fund based strategies of Systematic Transfer Plan and Dynamic Fund Allocation, to protect your investments against market volatility.
  • Unlimited Free Switches - There is no limit on number of switches done in a policy year i.e. The insured may switch any number of times without any charges being levied.
  • Guaranteed Loyalty Additions and Guaranteed Wealth Boosters – Enjoy Guaranteed Loyalty Additions and Guaranteed Wealth Boosters to further enhance the Fund Value.
  • Low charges - Low charges to boost customer returns. This product offers zero policy administration charge post the fifth year except mandatory charges like mortality charge, Fund management charge and allocation charges.

Eligibility of Max Life Fast Track Super Plan

Eligibility Criteria
Minimum Age of Life Insured at Entry (age as on last birthday) 18 years
Maximum Age of Life Insured at Entry (age as on last birthday)
  • Pay and Limited Pay: 60 years
  • Regular Pay: 55 years
Maximum Maturity Age of the Life Insured (age as on last birthday)
  • Single Pay and Limited Pay: 70 years
  • Regular Pay: 65 years
Premium Payment Term There are 3 Premium Payment Term options available in the product as mentioned below:
  • Single Pay: Under this variant, the premium has to be paid only once at the inception of the policy
  • Limited Pay: Under this variant, the Premium Payment Term is fixed at 5 years
  • Regular Pay: Under this variant, the Premium Payment Term is same as Policy Term
Minimum Annualized PremiumPolicy Term
  • Single Pay: Policy Term of 10 years
  • Limited Pay: Option to choose Policy Term from 10 years to 20 years
  • Regular Pay: Option to choose Policy Term from 10 years to 20 years
Minimum Annualised Premium ₹2,00,000 for all variants
Maximum Annualised Premium No Limit
Premium Bands There are two premium bands in the product, as mentioned below:
  • Band 1: Premium of less than ₹5 Lakhs shall constitute Band 1
  • Band 2: Premium of ₹5 Lakhs and above shall constitute Band 2
Premium Payment Mode
  • Single Pay: Single
  • Limited or Regular Pay: Annual, Semi-Annual, Quarterly or Monthly
Sum Assured Multiple
  • Single Pay: 1.25 times Single premium
  • Limited Pay / Regular Pay: Higher of (10 times annualised premium or 0.5 X Policy Term X annualised premium)
Minimum Sum Assured
  • Single Pay ₹2,50,000
  • Limited Pay & Regular Pay ₹20,00,00
Maximum Sum Assured
  • Maximum Sum Assured No Limit, subject to underwriting, as per the Board approved underwriting policy of the Company
Rider Benefit Max Life Partner Care Rider

Sum of all future premiums payable under the base policy or till Life Insured attains an age of 60 years (whichever is earlier), will be paid immediately on Life Insured’s death and the rider will terminate. If the base policy is in the grace period, the unpaid premium shall also be a part of the death benefit.

This rider is only available with Limited Pay and Regular Pay variants of the product. at any time during the Policy Term, subject to underwriting and rider restrictions. The term of this rider shall be equal to the premium payment term of the base plan, chosen at the inception of the base policy (if the rider is attached to the base policy at a further date, then the term of the rider will be equal to the remaining premium payment term of the base policy.)

However, if the premium payment term under the base plan goes beyond the rider’s maximum maturity age of 60 years, the term of this rider shall be sixty (60) less Life Insured’s age at entry subject to minimum rider term of 5 years.

The specifications on this rider are as follows:
  • Minimum Entry Age: 21 years
  • Maximum Entry Age: 55 years
  • Rider Expiry Age: 60 years
  • Minimum Rider Term: 5 years
The benefits under the Rider are paid only on the death of the Life Insured.
Top Up Not available in this plan
Policy loan Provisions Not available in this plan

Investment Strategy of Max Life Fast Track Super Plan

The insured may choose to invest in following six (6) Funds available in this plan. Alternatively, one may also opt for either Systematic Transfer Plan or Dynamic Fund Allocation strategy, but not both.
Choose the Investment Strategy
High Growth Fund High Growth Fund is a multi-cap fund with a focus on mid cap equities, where predominant investments are equities of companies with high growth potential in the long term (to target high growth in capital value assets). At least 70% of the Fund corpus is invested in equities at all times. However, the remaining is invested in government securities, corporate bonds and money market instruments; hence the risk involved is relatively higher.
Growth Super Fund Growth Super Fund is primarily equity oriented by ensuring at least 70% of the Fund corpus is invested in equities at all times. The remaining is invested in debt instruments across Government, corporate and money market papers.
Growth Fund Growth Fund invests in various asset classes such as Equities, Government Securities, Corporate Bonds and Money Market Instruments. The equities exposure in the Fund will at all times be at a minimum of 20% but not more than 70%. The Fund invests the remaining Fund corpus in debt instruments across Government, corporate and money market papers.
Balanced Fund Balanced Fund invests primarily in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments and to some extent in Corporate Bonds and Money Market Instruments. The Fund invests minimum of 10% and up to maximum of 40% of Fund corpus in equities.
Conservative Fund Conservative Fund invests primarily in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments and to some extent in Corporate Bonds and Money Market Instruments. The Fund invests up to 15% of Fund corpus in equities.
Secure Fund Secure Fund invests in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments, corporate and banks. The Fund also invests in money market instruments as prescribed by IRDA. No investment is made in equities.

Benefit Description of Max Life Fast Track Super Plan

Death Benefit In case of Death of the Life Insured anytime during the term of the policy provided the risk cover under the policy is in force, we will pay the Death Benefit. The Death Benefit is defined as higher of following:
  • For Single Pay Variant:
    • Sum Assured equal to 1.25 times the Single premium (reduced by applicable partial withdrawals, if any), or
    • 105% of cumulative premiums paid till the date of death, or
    • Total Fund Value (as on the date of death)
  • For Limited Pay/ Regular Pay Variant:
    • Sum Assured equal to higher of 10 times the annualised premium or 0.5 times the product of Policy Term and annualised premium (reduced by applicable partial withdrawals, if any), or
    • 105% of cumulative premiums paid till the date of death, or
    • Total Fund Value (as on the date of death)
The Policyholder can be different from the Life Insured and the same shall be governed by the applicable insurance laws and/or principles of insurable interest.

Maturity Benefit On maturity, the insured will be eligible to receive an amount, provided settlement option has not been exercised, equal to the Fund Value, where the Fund Value will be calculated as: Fund Value = Summation of [Accumulated Units in Fund(s) X NAV of respective Fund(s) as on the Maturity Date]

Please Note: In case the Maturity Date is a non working day for the Company or markets then next working day‟s NAV will be applicable.

Flexibilities Offered

  • Switch – The insured may Switch between available Funds at any time during the Policy Term, subject to a minimum Switch amount of ₹5,000. Maximum of twelve (12) Switches are allowed in a Policy Year and they are free of charge. Following receipt of a written notice from the insured, the insurer will redeem the Units from the existing fund and purchase Units in the Fund the insured wishes to switch to.
  • Premium Redirection – The insured may redirect future Premiums between available Funds at any time by giving a written notice before the premium due date. The notice must quote the Policy Number and it must specify precisely the Fund(s) along with the percentage of premium allocation against each Fund to which the redirection of premium is sought. A maximum of six (6) Premium Redirections are allowed in a policy year and all are free of charge.
  • Partial Withdrawal - No Partial Withdrawals are allowed in the first five policy years and thereafter a maximum of two (2) Partial Withdrawals are allowed in a policy year. There is no charge on Partial Withdrawals. The minimum amount of Partial Withdrawal allowed per transaction is ₹5,000. In a policy year, the maximum amount that can be partially withdrawn is 50% of the Fund Value as on the date of partial withdrawal, subject to the Fund Value immediately after Partial Withdrawal being at least equal to 1 (One) Annualized Premium or 25% of Single Premium, as the case maybe, i.e., one may make two partial withdrawals in a policy year such that the summation of percentage of Fund Value withdrawn, is less than or equal to 50%.
  • Settlement Option – The insured may, at least fifteen (15) days prior to the Maturity Date, opt for a Settlement Option, pursuant to which the Company will continue to manage the Funds for a maximum period of five (5) years from the Maturity Date and make periodic payments. While opting for settlement option the insured will have to instruct the insurer on settlement period (up to 5 years) and the frequency (monthly, quarterly, semi-annual or annual) of payouts. Under settlement option, the balance number of Units in the Fund at the start of the settlement period will be divided in equal instalments for payout over the settlement period. During the settlement period, only Fund Management Charges shall continue to be levied and there shall be no risk cover. During the settlement period, the insured will not be entitled to affect Partial Withdrawal or exercise Switch options. In case of the death of the Life Insured during the settlement period, the Fund Value, prevailing as on the date of intimation of death, will be paid. The insured may, at any time, opt out of the Settlement Option pursuant to which the Company shall close the Unit Account on the date of receipt of such request and pay the prevailing Fund Value.

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