Smart Wealth Plan Max Life

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Life is all about planning for uncertainties. There may be some of the most anticipated milestones in your life, such as getting a job, getting married, pursuing higher education, launching a business, and so on. However, what remains uncertain throughout is life itself. Therefore, in addition to planning for these milestones, it is also crucial to plan for a secure tomorrow. A life insurance policy is what can bring you peace in such times. With a life insurance policy like Max Life Insurance Smart Wealth, it becomes easier to plan for tomorrow without financial worries.

A life insurance policy ensures financial protection for your family even in your absence. Max Life Insurance Smart Wealth is a life insurance policy that offers a smart blend of guaranteed income and life insurance coverage for the life assured. Read on as we discuss all the benefits, features, and eligibility for Max Life Insurance Smart Wealth.

Highlights of Smart Wealth Plan by Max Life

The policy offers both death and maturity benefits under a single premium

The premium charged may vary depending on the policy variant chosen

You have the option to choose from various riders. It further enhances the scope of the policy

The policy also offers surrender benefits, which are payable immediately upon surrender of the policy

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Max Life Insurance Smart Wealth Plan Highlights

The table below gives a brief overview of the Max Life Insurance Smart Wealth policy:

Particulars	Details
Policy Name	Max Life Insurance Smart Wealth
Product Type	Non-Participating Non-Linked Individual Life Insurance Savings Plan
Insurance Company	Max Life Insurance Company and Axis Bank
Benefits	Death Benefit (11X annualised premium/105% of the premium paid/guaranteed sum assured amount)Guaranteed Income Benefit (Depends on the variant chosen) Maturity Benefit (Depends on the variant chosen)Surrender Benefit (Payable after surrender value is accumulated)
Variant Types	Lump Sum Variant Short-Term Income VariantLong-Term Income VariantWhole Life Income Variant
Variant Types	Minimum: 91 days Maximum: 65 Years
Variant Types	Minimum: 18 years Maximum: 85 Years

Wish to Enhance Your Coverage? Take a look at the Riders Available with Max Life Insurance Smart Wealth

You can customise your policy with specific add-ons. Some of these are available and
are given below:

Add-On Covers	Details
Waiver of Premium Plus Rider	This add-on waives off all upcoming premiums if a critical illness is diagnosed, the policyholder/life assured dies, or suffers dismemberment. This is only applicable when the policyholder and the life assured are different individuals.
Accidental Death and Dismemberment Rider	If the life assured suffers death or dismemberment due to an accident, additional benefits are paid to the nominee
Critical Illness and Disability Rider	This add-on is a cover against the uncertainties of life
Term Plus Rider	With this add-on, the nominee receives an additional lump sum benefit if the life assured passes away during the policy tenure.

Max Life Insurance Smart Wealth: Eligibility Criteria

If you are planning to purchase the Max Life Insurance Smart Wealth, here is the eligibility criterion that you must check:

Entry Age (Minimum)

The minimum entry age for children is 18 years.

Entry Age (Maximum)

The maximum entry age is 65 years.

Max Life Insurance Smart Wealth: What is Not Covered?

Max Life Insurance Smart Wealth is a life insurance policy that offers multiple benefits. The primary purpose of the policy is to provide life insurance against life's uncertainties. Hence, attempts at suicide or suicidal death are not covered under the policy. These are not considered the uncertainties of life, but rather a voluntary choice. Hence, these conditions fall outside the scope of the life insurance policy.

Entry Age (Maximum)

The maximum entry age is 65 years.

Pros & Cons Smart Wealth Plan by Max Life

The Smart Wealth Plan allows fully guaranteed returns that helps investors to save for their long-and short-term milestones

It allows investors the flexibility to choose plan options according to your needs. So, you can choose from the various income plans such as short-term income, long-term income, lump sum income or whole life income

Smart Wealth Plan also offers financial security to the family in case of death of the insured during the term of the policy and if the policy is active

The plan also let the investor to earn enhanced protection by means of additional riders as per requirement

With the Whole Life Income Option of the Smart Wealth Plan, you can get the flexibility to cover your spouse’ life jointly with you under the same policy

If the Life Insured (or any of the life insured in case of joint insured plans under variant 4), whether mentally stable or unstable, dies by committing suicide within the first year of the policy purchase date or the policy revival date, it will cause the policy to get terminated immediately

If such a thing takes place, the insurer will pay the nominee either the surrender value if it is greater or the value of the total premiums paid if that is higher (in case the policy has acquired a surrender value)

Or the nominee will receive total premium amount that has been paid so far along with the extra amounts such as taxes, levies etc., in case the plan has not acquired a surrender value

Our verdict

Max Life Insurance Smart Wealth is a life insurance policy offered by Max Life Insurance Company in collaboration with Axis Bank. It is one of the most popular life insurance policies as it offers both a death benefit and a guaranteed income benefit. This way, you cannot only ensure financial protection for your family but also save regularly for the upcoming milestones in your life.

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Max Life
Insurance Company

Established in 2000, Max Life Insurance Company is a joint venture between Max India Limited and Axis Bank. The company was formerly named Max New York Life Insurance Company Limited. It is the largest non-banking private-sector insurance company in India. It is a part of Max India Limited Group and a subsidiary company of Max Financial Services.
Max Life Insurance is amongst the foremost formed life insurance companies in India. It provides long-term protection, retirement, and savings plans through its multi-channel distribution and agency partners. Max Life Insurance has recently introduced comprehensive riders to provide financial protection against disease, death, and disability.

Founded in

2000

Number of Claims

6+Lakhs

Number of Policies

48+Lakhs lives covered

Turnover (GWP)

25,341.91 CRores

JV Partners

Max Financial Services and Axis Bank

Claims Experience

Claims Experience Rating 4.7

Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?

99.65%

Benefits of Smart Wealth Plan by Max Life

Key Benefits
Guaranteed Maturity Benefits	Guaranteed long-term savings benefits
Flexibility	Income plans: Short, Long, Lumpsum, Whole.
Other Benefits
Guaranteed Additions	Accrued Guaranteed Additions benefit.
Financial Security in case of Death	Comprehensive death benefits provided.

Top Smart Wealth Plan by Max Life

Smart Secure Plus Plan

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The age limit set for individual investors under the Max Life Smart Wealth Plan is 60 years. However, it is 65 years for the Whole Life Income variant under the plan.

The investor must choose a plan variant under the Max Life Smart Wealth Plan by considering the specific needs as well as preferences depending on their financial goals.

Yes, you can add below riders to your plan variants 1, 2 and 3 as mentioned below:

Waiver of Premium Plus Rider
Accidental Death and Dismemberment Rider
Term Plus Rider

You can choose the plan depending on your needs. As such the policy term for each variant is different under the plan, which you must define while choosing a plan. Also, you must refer to the policy wordings on the product before buying.

You will have to submit the surrender request with the required documents at a nearby Max Life insurance branch. Or you may get it done online by visiting the official website of Max Life.

Max Life Insurance Smart Wealth has four variants, and the last variant, the Whole Life Income Plan, offers a joint life insurance option. The remaining three variants are single-life insurance policies.

Max Life Insurance Smart Wealth has four variants:

Lump Sum Variant (Variant 1)
Short-Term Income Variant (Variant 2)
Long-Term Income Variant (Variant 3)
Whole Life Income Variant (Variant 4)

Individuals aged 18 years or older can purchase the policy. It is always wise to purchase a life insurance policy as early as possible. Not only does it charge a lower premium, but it also ensures a shield against the unpredictable events of life.