Max Life Maxis Super Plan is a non-participating unit linked insurance plan offered by Max Life Insurance.This plan can prove to be of great help when you are planning your finances. It automatically balances the debt and equity exposure of your investment and ensures that your future is happy and safe. It offers life insurance coverage, tax benefits and various investment options to policyholders. Premium for this policy starts from Rs.35,000*.
*Premiums vary based on age, location, plan term and other factors.
Max Life Maxis Super Plan can be availed only by people who fulfil the eligibility requirements mentioned below.
|Type||Individual, non-participating unit linked insurance plan|
|Minimum Age at Entry (age as on last birthday)||18 years|
|Maximum Age at Entry (age as on last birthday)||55 years|
|Maximum Age at Maturity (age as on last birthday)||70 years|
The minimum and maximum Sum Assured offered by Max Life Maxis Super Plan is mentioned in the table below.
|Minimum Sum Assured||Rs.3,85,000|
|Maximum Sum Assured||No Limit|
The Sum Assured Multiples available for this plan are:
|Age at entry||Sum Assured Multiples|
|18 years – 34 years||11, 15 or 20 times of the Annualised Premium|
|35 years – 44 years||11 or 15 times of the Annualised Premium|
|45 years and above||11 times of the Annualised Premium|
Max Life Maxis Super Plan offers the following 2 Premium Payment Term options:
Policyholders have to pay the premium annually. The policy term for this plan is 15 years.
|Minimum Annualised Premium||Rs.35,000|
|Maximum Annualised Premium||No Limit|
*Premiums vary based on age, location, plan term and other factors.
Max Life Maxis Super Plan is a life insurance plan that helps policyholders plan their finances by automatically balancing the debt and equity exposure. The plan provides the following benefits:
|Maturity Benefit||Policyholders will receive an amount equal to the fund value on date of maturity, provided he/she has not used the settlement options. In this case, the fund value will calculated using the following formulae: Fund Value = Sum of Units Accumulated in Fund(s) X NAV of respective Fund(s) on the date of maturity. *If maturity date is a holiday (non-working) for the company, then next working day’s NAV will be considered.|
|Death Benefit||In case of death of Life Insured during the policy term, then the company will pay Sum Assured and the Fund Value on the date of death. A minimum of 105% of premiums paid till the date of demise will be given.|
Max Life Maxis Super Plan provides policyholders the option to invest in the following 5 funds:
|Fund Name||Government Securities||Cash Instruments and Money Market||Corporate Bonds||Risk Rating||Equity and Equity related securities||Objective|
|Growth Fund||0% to 30%||0% to 40%||0% to 30%||High||20% to 70%||Investments across equities, corporate bonds, money market instruments and government securities.|
|Balanced Fund||20% to 50%||0% to 40%||20% to 40%||Medium||10% to 40%||Investments are primarily in debt instruments.|
|Growth Super Fund||0% to 20%||0% to 30%||0% to 20%||High||70% to 100%||70% of invested in equities and 30% in debt instruments.|
|Secure Fund||50 to 100%||0% to 40%||0% to 50%||Low||Nil||Investments in debt instruments. No equity investments.|
|Conservative Fund||50 to 80%||0% to 40%||0% to 50%||Low||0% to 15%||Primarily invests in debt instruments.|
The plan allows policyholders to invest in Dynamic Fund Allocation in order to save their funds from market volatilities. In this type of investment strategy, the initial part of the policy term will have Equity Oriented Fund investments, which moves to conservative fund by term end. The assets under management will be held in a pre-decided proportion amongst Growth Super Fund and Secure Fund and will change depending on the maturity years. Policyholders can select this option only at the time of policy inception and they can opt out of it at any time during the policy term.
|Dynamic Fund Allocation|
|Number of years to maturity||Assets under management under Secure Fund||Assets under management under Growth Super Fund|
|11 years to 15 years||30%||70%|
|6 years to 10 years||50%||50%|
|0 years to 5 years||70%||30%|
Max Life Maxis Super Plan does not provide any add-on plans.
Suicide Exclusion – If any Life Insured dies by suicide within 12 months from the policy inception/revival date, then his/her policy will terminate immediately. The beneficiary/ nominee will only get the Fund Value on the date of demise.
Max Life Maxis Super Plan policy has many other important features. Some of them are mentioned below.
|Switch||Minimum amount - Rs.5,000.|
|Premium Redirection||Policyholders can use this feature to redirect their future premium between the funds available at any time by submitting a request in writing.|
|Partial Withdrawal||Minimum amount – Rs.5,000. Maximum amount – 50% of Fund Value (as on withdrawal date, provided fund value after withdrawal is equal to or more than 1 annualised premium or 25% of Single premium).|
|Grace Period||Monthly payment mode – 15 days. Other payment modes – 30 days.|
|Settlement Option||Policyholders can use this option at least 15 days before the date of maturity, after which Max Life Insurance will manage funds for the policyholders for a maximum of 5 years (from date of maturity) and also make payments. The company must receive instructions from policyholders about the settlement period and payout frequency. Under this option, the balance Units present in the Fund at the start of the settlement period will be divided in equal parts. *During this period, no risk cover is provided and Fund Management Charge has to be paid.|
|Freelook Period||15 days.|
|Policy Revival||Within 2 years from date of discontinuance.|
|Nomination||Nomination is permitted.|
Max Life Maxis Super Plan owners can enjoy tax benefits in the form of Deductions and Exemptions under the Income Tax Act of 1961. Exemptions can be claimed under Section 10 (10D) of the IT Act and Deductions can be claimed under Sections 80C, 80CCC, 80D and 80DD of the IT Act.
*Tax Benefits are dependent on the tax laws and may change at any time. It is advisable to consult someone who is an expert in tax matters.
Max Life Maxis Super Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are mentioned below.
|Customer Care||Customers can contact the customer care team for any policy or claims related queries.|
|Expert Advice||Customers can get expert advice at their doorstep. To avail this service, they have to simply contact the company.|
|Download Premium Receipt Facility||Max Life Maxis Super Plan owners can download their premium receipts online from the website of the company.|
|SMS Updates||Customers can receive updates from the company regularly about their policy via SMS. To get the updates, they have to simply request the company to initiate the service for them.|
|Online Payment Facility||Customers can easily pay their premium online on the website of the company.|
You should buy Max Life Maxis Super Plan from Max Life Insurance because it helps policyholders plan their finances by balancing their debt and equity exposure. It provides multiple investment options to policyholders, shorter premium payment terms and risk cover choice. The company is a leading life insurance company in India with over 2,000 branches spread across the country. Max Life Insurance is known for employing superior technology to fasten the claims process compared to its rivals. Out of all the insurance products that it offers, Max Life Maxis Super Plan is the most popular.
A. A maximum of 12 fund switches are allowed in a policy year.
A. Policyholders can make 2 Partial Withdrawals in a policy year.
A. The company does not charge fee for the Switch option.
A. Six Premium Redirections are allowed for free in a policy year.
A. The Premium Allocation Charge for the different variants of Max Life Maxis Super Plan is:
|Premium payment Term||Policy year – 1 to 5||From 6th policy year|
A. The discontinuance or surrender charge for Max Life Maxis Super Plan is:
|Policy Year||Surrender Charge|
|1||It is the lower of the following:
|2||It is the lower of the following:
|3||It is the lower of the following:
|4||It is the lower of the following:
|5 and above||Nil|
A. No, Max Life Maxis Super Plan does not offer rider option, loan facility and Top Up Option.
A. Max Life Insurance imposes Mortality Charge for providing risk cover.
A. The company does not charge any fee for Partial Withdrawals.
A. To make a claim on Max Life Maxis Super Plan, you have to submit the documents mentioned below to Max Life Insurance: