Max Life Insurance Company Ltd. today announced the launch of the Max Life Smart Wealth Income Plan, a comprehensive, unlinked, participatory personal life insurance savings plan.
“This new product from Max Life provides customers with a complete solution to meet the financial needs of their families and loved ones. This plan, which offers additional income options, gives customers a variety of life covers. Through income options, we can realize an economically protected future. “Max Life said in the release.
Max Life’s CEO and Managing Director, Prasant Tripacy, said: By combining the power of protection, warranty and reliability with a simple solution, this product can fulfill all aspirations while maintaining warranty and protection over the long term. “
Main features of the plan
The Max Life Smart Wealth Plan gives you the flexibility to choose the plan that suits your requirements, depending on whether you want early income or income in the next few years.
1. Three planning options for building secondary revenue streams
With this plan, you can choose between “early income,” “guaranteed early income,” and “deferred income.” All of these options have a built-in guarantee in the form of guaranteed income / guaranteed refunds in all variations. As declared, it also offers a cash bonus.
The guaranteed income is paid in the form of a guaranteed income for the “early income” and “deferred income” variations, up to 25 years or until the end of the insurance period, whichever is lower. Also, for the “Money-back Guarantee Early Income” variant, you will be paid in the form of three “Money-back Guarantee” at defined intervals according to the release.
2. Options to earn survival benefits and utilize them as needed
You can choose to generate a survival benefit (“cash bonus” and “guaranteed income”) at any time during the insurance period, if desired. The policyholder can also partially / fully withdraw the “cash bonus / guaranteed income” generated at any time during the insurance period. If the unpaid survival benefit is not used by the policyholder during the term of the policy, the same shall be paid along with the plan benefit at the end of the policy due to death, maturity or surrender. According to the press release, the survival benefits incurred will be accumulated at the same interest rate as the RBI Reverse Repo Rate published on the RBI website, which will be reviewed annually.
3. Selection of income period including whole life options from the second year
This plan gives you the flexibility to receive income and take out life insurance up to age 100, 85, or 75.
4. Enhanced protection with the benefits of optional riders and policy continuity
You can also customize the protective cover by choosing a rider for a small additional premium. If selected, the insurance continuation benefit guarantees that the survival and maturity benefits will continue to be paid on time in the event of the insured’s death without the need to pay premiums. Death benefits under this plan depend on your choice of continuing insurance benefits.
5. 3 types of discounts / rebates available in the plan
The plan also offers high discounts guaranteed by existing Max Life customers (first year), women’s lives (all payable premiums), and maturity rebates.
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