Max Life Insurance Company Limited has announced the launch of Max Life Flexi Wealth Advantage Plan, a unit-linked non-participating individual life insurance plan.
“The unique offering will offer guaranteed return of eligible policy charges, loyalty additions, power-pack boosters, and a variety of variants that ensure to meet the diverse needs of policyholders. In addition, customers can customize the plan with unlimited switches and premium redirects along different stages of the growth journey,” according to a Max Life press release.
Salient Features of the Scheme:
Refund of charges where the policyholder is eligible for a refund of all or part of the deducted policy charges which are added back to the Fund Value.
Guaranteed Loyalty Addition to Boost Fund Value: One can enjoy Guaranteed Loyalty Addition to further enhance the Fund Value from the 8th year onwards as per the variant chosen.
Auto Debit Booster is available to encourage customers to adopt digital payment option with enhanced benefits in case of renewal premium payment through automatic and electronic debits (ENACH, Standing Instruction etc.).
Two plan variants (Money/Whole Life) and multiple premium paying terms and policy term options to suit the investment horizon for the specific requirement. One can choose from 5 smart investment strategies and 11 funds to suit the individual investment style.
Option of Whole Life Cover and Wealth Acceleration – Whole Life Plan offers financial protection to the Life Assured starting from the premium paying term of 5 years and allows the personal wealth to grow till the age of 100 years.
Option to choose Sum Assured Cover Multiple of 1.25, 7, 10 and 15 times of premium depending upon the option of premium paying term and requirement of the customer, as per the press release.
Smart withdrawal option to avail regular systematic money withdrawal as per one’s requirement. The whole life variant lets the individual enjoy a secondary income stream by regularly withdrawing money from the policy through systematic and automatic partial withdrawals. The policyholder can opt for this option of ‘Smart Withdrawal’ at the inception or anytime during the policy term.
Unlimited Free Switches and Premium Redirections, where there is a base change in the risk profile, one can also avail Unlimited Switches and Premium Redirections for other investment funds, absolutely free of cost.
Tax benefits may be applicable on premiums paid and benefits received as per prevailing tax laws.
Optional Waiver of Premium Benefit which ensures that in case of unfortunate death of the policyholder, the Life Assured continues to get the policy benefits as per the plan, without worrying about paying future premiums. According to the press release, this option is especially suitable for customers looking to secure their child’s future through disciplined systematic savings.
V Vishwanand, Deputy Managing Director, Max Life, said, “The Max Life Flexi Wealth Advantage plan is the perfect combination of life coverage and wealth creation for today’s customers who seek personalization in financial planning. This plan puts our customers at the center of our business. Comes with a host of innovative features and benefits designed to keep you alive. With options like Whole Life Design, Unlimited Switches, and No Cost Premium Redirection, customers can build their long-term wealth portfolio while meeting their life goals can do.”