New Delhi: Private sector insurer Max Life Insurance has launched Max Life Savings Advantage Plan, a non-linked participating life insurance plan, that provides the policyholder with the triple benefits of flexibility, to select a premium payment term and policy term and systematic savings, to build a wealth corpus to cater to any life-stage need and protection, to be prepared for any exigency.
Max Life Savings Advantage Plan comes with the flexibility that allows the customers to fulfill short, medium or long term life goals by choosing the premium payment term and policy term as per their desired milestone. This product also offers a flexibility to the customer to take the maturity benefit or death benefit in lump sum or in a regular monthly/annual income for 10 years.
A plan that will help the customers achieve their financial goals in a systematic manner, Max Life Savings Advantage Plan offers a superior maturity benefit of 110% of guaranteed sum assured on maturity. Additionally, the customers get guaranteed additions of 5.5% of guaranteed sum assured on maturity each year for the first 5 years of the policy and step-up death benefit after 10 years of policy as per the policy terms and conditions. Max Life Savings Advantage Plan offers the flexibility of partial/full withdrawal of accumulated bonuses at any point of time during the policy term. Once the policy acquires a surrender value, loan facility can also be availed during the policy term to meet the expenses for any unplanned event.
Mr. Manik Nangia, Director Marketing and Chief Digital Officer of Max Life Insurance said, “We at Max Life Insurance continuously endeavour to offer the best-in-category products for customers, in line with their ever-changing financial needs. Every consumer has various short-term and long-term financial goals ranging from buying a car, to saving for a child’s education and marriage, to building a retirement corpus, which require systematic savings. Hence, the new product offering will address various life stage needs by providing a boost to one’s savings and helping to build a corpus while providing for risk coverage in case of an exigency.”
Furthermore, Max Life Savings Advantage Plan comes with three optional riders– Max Life Term Plus Rider(UIN:104B026V02 ) that offers additional guaranteed death benefit in case of death of the life insured; Max Life Accidental Death and Dismemberment Rider (UIN – 104B027V02) that provides additional benefit in case of death or dismemberment of life insured due to accident and Max Life Waiver of Premium Plus Rider (UIN – 104B029V02) that provides waiver for all future premiums in a policy and attached riders on happening of dismemberment, diagnosis of critical illness and death (only when life insured and policyholder are different individuals), provided the base policy and attaching riders are in-force-. These rider benefits are available on payment of additional premium.