When you invest in your future, you are investing in your family’s well-being and security. Max Life Flexi Wealth Advantage Plan can help you in this journey by providing unique features such as return of all charges 1, auto-debit boosters, guaranteed loyalty additions to enhance your fund value ~*, smart withdrawals and much more.
Under this plan, you can make unlimited fund switches/ premium redirections, at no extra cost whatsoever. Along with this, you also get maximum control of your plan by choosing from a variety of premium payment term #, policy term, investment funds and strategies. It is designed to help you fulfill your evolving wealth maximization goals as you move ahead in life.
What is Max Life Flexi Wealth Advantage Plan?
Max Life Flexi Wealth Advantage Plan enables you to develop a wealth portfolio for yourself and your loved ones while continuing to meet all of their aspirations and milestones. This plan aids to the acceleration of your wealth-creation goals by providing an array of valuable features and benefits like Loyalty Additions, Return of Charges, Auto Debit Boosters etc.
With the Max Life Flexi Wealth Advantage Plan, you now have the ability to fulfill your investment and wealth-creation goals by putting your money in a customized plan that lets you stay in control of your growth journey. Furthermore, the plan is designed in such a way that it accommodates your evolving financial needs as you move through different stages of life.
So, take a step towards a financially secure and stable future for yourself and your loved ones and build your wealth with Max Life Flexi Wealth Advantage Plan.
1Charges eligible for return will be mortality charge on death benefit, policy administration charge and premium allocation charge and will exclude any extra mortality charge, mortality charge on WOP benefit, rider charge and Goods & Service Tax/any other applicable tax levied on the charges deducted
2The whole life plan variant starting with 5 years of premium payment term allows you to shield your loved ones for the whole of your life, and lets your wealth grow till 100 years of age.
~* Enjoy Guaranteed Loyalty Additions to further enhance your Fund Value from 8th year onwards
#All premiums are payable at the beginning of year
Plan Benifits
Maturity Benefit
On maturity, you will be eligible to receive an amount, provided settlement option has not been exercised, equal to the Fund Value~* as applicable on the date of maturity of the policy, where the Fund Value will be calculated as:
Fund Value~* = Summation of Number of Units in Fund(s) multiplied by the respective NAV of the Fund(s) as on the date of maturity.
Death Benefit
Irrespective of whether Waiver of Premium Benefit is opted or not opted at inception:
On death of the Life Insured anytime during the term of the policy, the nominee shall get higher of the following benefits, given the policy is in force:
· Sum assured* (reduced by applicable partial withdrawals, if any), or
· Fund value~* (as on date of intimation of death), or
· 105% of the total premiums received up to the date of death (reduced by applicable partial withdrawals, if any)
*Sum assured is defined as below.
PPT | Sum Assured |
Single Pay | It is equal to Cover multiple* X Single premium |
Limited Pay & Regular Pay | It is equal to Cover multiple* X Annualised premium |
*Cover multiple options may be checked from the section “Check your eligibility”
The Policy Terminates on the death of Life Insured. Please note that the ‘applicable partial withdrawals’ mentioned above refers to all the partial made during the two years’ period immediately preceding the death of the Life Insured.
Charges other than fund management charge, recovered subsequent to the date of death shall be added back to the fund value as available on the date of intimation of death.
Further, If Waiver of Premium (WOP) Benefit is opted at inception and WOP cover is active on the date of death of the policyholder:
On death of the policyholder subject to policy being inforce, , the Company shall fund all future outstanding premiums of the base policy as and when due under the policy and all committed policy benefits shall continue as is.
Once the WOP benefit has been accepted under your Policy and future premium(s) are being funded by the Company, then subsequently in case the life insured surrenders the base policy or dies, the company will pay the present value of the future premiums (if any) in addition to the other payable base benefit (Surrender Value in case of surrender and Death Benefit in case of death of life insured).
Tax Benefits
You can avail of tax benefits on the premiums paid towards the policy and the proceeds received from it, depending on the prevailing tax laws at the time of payment of premium or receipt of benefits.
Return of Charges (RoC)
You are eligible to receive the charges deducted under your policy basis the variant and premium amount opted by you, provided all due premiums have been paid.
Here’s how it works for both plan variants:
i. Wealth Variant: RoC basis the charges deducted from inception till maturity will be paid on the date of maturity.
ii. Whole Life Variant: RoC basis the charges deducted between inception and (PPT+10)th year will be returned at end of (PPT+10th ) year. Thereafter, the RoC basis the charges deducted during next five years will be returned at the end of every 5 years or maturity, whichever is earlier.
The following is the proportion of charges that shall be added back as RoC, to the Fund Value.
Premium Band | Mortality Charge on death benefit | Policy Administration Charge | Premium Allocation charge |
Band 1 | 100% | 0% | 0% |
Band 2 | 100% | 50% | 0% |
Band 3 | 100% | 100% | 0% |
Band 4 | 100% | 100% | 50% |
Band 5 | 100% | 100% | 100% |
Band 6 | 100% | 100% | 100% |
Guaranteed Loyalty Additions
You are eligible for Guaranteed Loyalty Additions (GLAs) under the product which differ according to the premium band that you choose.
These shall be added to your fund value~* starting from the end of 8th policy year and at the end of each year thereafter (i.e. first GLA shall be credited at the end of 8th policy year and second at the end of 9th policy year and so on).
GLA as a % of fund value~* for various premium bands as a percentage of fund value is as follows:
Wealth Variant
Premium Band | GLA as a % of Fund Value from end of 8th policy year till maturity |
Band 1 | 0.15% |
Band 2 | 0.50% |
Band 3 | 0.50% |
Band 4 | 0.50% |
Band 5 | 0.50% |
Band 6 | 0.90% |
Whole Life Variant
Premium Band | GLA as a % of fund value~* | |
Applicable from end of 8th policy year till PPT+10th year | Applicable from end of PPT+11th policy year till maturity | |
Band 1 | Not Applicable | Not Applicable |
Band 2 | 0.50% | 0.75% |
Band 3 | 0.50% | 0.75% |
Band 4 | 0.50% | 0.75% |
Band 5 | 0.50% | 0.75% |
Band 6 | 0.90% | 0.90% |
Guaranteed loyalty additions percentage will be applied on the total fund value~* at the end of the respective policy year (before RoC are credited).
Auto Debit Booster
If you pay any of your first five year premiums (excluding the 1st premium) through auto debit mode of payment, an extra “auto debit booster” amount of 0.75% of premium will get added to your fund value~* at end of 5th policy year, provided all due premiums till date have been paid and the policy is in-force. This Feature is applicable under both Wealth & Whole Life variants.
In case of death of the life insured during the first five policy years, the accrued booster as on the date of intimation of death shall be added to the fund value~*.
Flexibilities in Plan
Other benefits of the plan includes:
i. Smart Withdrawals – Available under the whole life variant, It allows you to systematically withdraw money from your fund value~* (a pre-determined percentage of the fund) and plan a secondary income as per your need.
ii. Partial Withdrawal – Partial withdrawals are allowed after the end of 5Th policy year and are effected by cancelling units subject to certain conditions. A maximum of 12 partial withdrawals are allowed in a policy year with a minimum amount per transaction being Rs 5,000.
iii. Switching of Funds – There is no limit on number of switches done in a policy year i.e. you may switch any number of times without any charges being levied with a minimum switching amount of Rs 5,000.
iv. Premium Redirection – You may redirect your future premiums between available Funds at any time by providing a written notice before the premium due date. – There is no limit on number of premium redirections done in a policy year without any charges being levied.
v. Available Investment Strategies under the Plan
a) Self-Managed Portfolio Strategy – A strategy wherein your money will be allocated in your choice of fund(s) from a range of 11 fund options:
· High Growth Fund (SFIN: ULIF01311/02/08LIFEHIGHGR104)
· Diversified Equity Fund (SFIN: ULIF02201/01/20LIFEDIVEQF104)
· Growth Super Fund (SFIN: ULIF01108/02/07LIFEGRWSUP104)
· Growth Fund (SFIN: ULIF00125/06/04LIFEGROWTH104)
· Balanced Fund (SFIN: ULIF00225/06/04LIFEBALANC104)
· Conservative Fund (SFIN: ULIF00325/06/04LIFECONSER104)
· Dynamic Bond Fund (SFIN: ULIF02401/01/20LIFEDYNBOF104)
· Secure Fund (SFIN: ULIF00425/06/04LIFESECURE104)
· Money Market Fund II (SFIN: ULIF02301/01/20LIFEMONMK2104)
· Sustainable Equity Fund (SFIN: ULIF02505/10/21SUSTAINEQU104)
· Pure Growth Fund (SFIN: ULIF02630/12/22PUREGROWTH104)
b) Lifecycle based portfolio strategy – An option to manage your funds by creating a balance between an equity and a debt fund of your choice through systematic allocation based on your changing age.
c) Trigger based portfolio strategy – An event based strategy that helps you in ‘Securing your Gains’. The premium will initially be distributed between an equity and a debt fund chosen by you, in a 75%: 25% proportion. Your portfolio will be re-balanced and funds will be re-allocated based on a pre-defined trigger event at every monthly anniversary of the policy.
d) Systematic transfer plan – An option which replicates a rupee cost averaging method by systematically moving your money from a debt to equity fund every month. The premium received net of charges shall be allocated first to Secure Plus Fund. Immediately thereafter and on each subsequent monthly anniversary, units available in Secure Plus Fund will be systematically transferred to Growth Super Fund based on the formula: [1 / (13 – month number in the policy year)].
e) Dynamic fund allocation strategy – A standardized approach for striking the right balance between debt and equity by rebalancing your portfolio basis years to maturity remaining in your policy. The funds shall be maintained amongst Growth Super Fund and Secure Fund in a pre-defined proportion that changes depending upon the years left to maturity as per a matrix.
Check Your Eligibility
There are a few eligibility criteria that you must meet to avail Max Life Flexi Wealth Advantage Plan. These include:
Minimum Age of Life Insured at Entry (age as on last birthday) | Wealth and Whole life variant:0 years (91 days) The risk cover for base plan will start immediately on date of commencement of Policy for both minor and major lives. On attainment of majority, The policy will automatically vest on the life insured, and the life insured (minor) will become the policy holder, irrespective of whether WOP is chosen or not.
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Maximum Age of Life Insured at Entry (age as on last birthday) | The maximum age of Life Insured is defined below, basis the maximum premium payment age being capped at 70 years for 7x and 10x cover multiple respectively and 65 years for 7x cover multiple under limited/regular pay and 70 years under single pay.
Wealth variant:
Single pay:
For both Limited pay and Regular pay:
For Waiver of Premium (WOP) benefit under wealth variant, the maximum entry age for the policyholder shall be 60 years for cover multiple 15 and 65 years for cover multiple 7 & 10, respectively. Further, the maximum entry age for the policyholder is subject to ‘65 less PPT’ years for cover multiple 15 and ‘70 less PPT’ years for cover multiple 7 and 10, respectively.
Whole life variant:
For WOP Benefit under Whole Life Variant, the maximum age for the policyholder shall be 60 years. | ||||||||||||||||||||||||||
Minimum and Maximum Maturity Age of the Life Insured (age as on last birthday) | Minimum maturity age Wealth variant: 18 years Whole life variant: Maturity age is fixed at 100 years
Maximum maturity age Wealth variant: Single Pay:
Limited Pay:
80 years for 7x and 10x for cover multiples 75 years for 15x cover multiples
Regular Pay:
70 years for 7x and 10x for cover multiples 65 years for 15x cover multiples
For Waiver of Premium (WOP) benefit under wealth variant, the maximum maturity age of the policyholder shall be 65 years for Cover Multiple 15 and 70 years for Cover Multiple 7 and 10, respectively.
Whole Life variant: 100 years for all cover multiples
Maximum premium payment age is 65 years except in case of single pay where it is the same as maximum entry age of 70 years.
For Waiver of Premium (WOP) benefit, policyholder’s entry age plus the chosen premium payment term shall be less than or equal to 65 years. | ||||||||||||||||||||||||||
Premium Payment Modes | Single, Annual, Semi-Annual, Quarterly, and Monthly |
Premium Paying Options
Max Life Flexi Wealth Advantage Plan allows Single, Annual, Semi-annual, Quarterly and Monthly premium payment modes. The available premium payment term# and policy term options available under the plan:
Variant | PPT type | PPT | PT |
Wealth | Single Pay | 1 | 10 to 30 |
| Limited Pay | 5 | 10 to 15 |
|
| 6 | 10 to 16 |
|
| 7 | 10 to 17 |
|
| 8 | 10 to 18 |
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| 9 | 10 to 19 |
|
| 10 to 19* | 11 to 20 |
| Regular Pay | 10 to 30^ | 10 to 30 |
Whole Life | Limited Pay | 5 to 20 | 100 – entry age |
*subject to premium payment term being less than policy term
^subject to premium payment term being equal to policy term
For Waiver of Premium (WOP) benefit, the policy term of the WOP benefit shall be same as the premium payment term of the base plan. In case the Life Insured is a minor as on the Date of Commencement of Risk, the term of the WOP benefit shall be restricted to (18 less than age of the minor Life Insured at inception) years and upon vesting of the Policy on the Life Insured, the WOP benefit shall cease to be in effect.
8 Reasons Why You should Buy Max Life Flexi Wealth Advantage Plan
- Return of All Charges1on Maturity
- Guaranteed Loyalty Additions and Auto Debit Boosters To Boost Up Your Fund Value~*
- Flexible Plan Options – 2 Variants (Wealth/Whole Life) and Multiple Premium Payment Term# and Policy Term Options.
- 2Option of Whole Life Cover with wealth growth
- Optional Waiver Of Premium Benefit
- Choice of 5 Investment Strategies and 12 Funds to Suit Your Investment Style.
- Flexibility with Smart Withdrawals Option
- Unlimited Free Switches and Premium Redirections
| Downloads | Actions | |||
| Prospectus |  | |||
| Leaflet | | |||
| Policy Contract | | |||
| Premium Rates Table | |