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Max Life Platinum Wealth Plan

Max Life Platinum Wealth Plan is a life insurance policy offered by Max Life Insurance. It is a non-participating unit linked insurance plan. Max Life Platinum Wealth Plan is a single life policy, which provides smart investment solutions and helps people manage their finances. The plan offers a comprehensive life insurance coverage that pays 10 times of the annualized premium (for Regular Pay and Limited Pay premium options) and additional protection through Partner Care Rider. It provides death benefit, maturity benefit, guaranteed wealth boosters and guaranteed loyalty additions. Policyholders are allowed to select a premium payment term and policy term that suits their requirements. Max Life Platinum Wealth Plan has low charges and it allows customers to make unlimited switches. Premium for this policy starts from Rs.2,00,000*. Apart from the above, policyholders can avail tax benefits as per the prevailing tax laws.

*Premiums vary based on age, location, plan term and other factors.

Eligibility - Who is the Max Life Platinum Wealth Plan for?

Max Life Platinum Wealth Plan can be availed only by people who fulfil the eligibility requirements mentioned below:

Type Individual, non-participating unit linked insurance plan
Maximum Age at Maturity (age as on last birthday) 70 years for Limited Pay and Single Pay 65 years for Regular Pay
Maximum Age at Entry (age as on last birthday) 60 years for Limited Pay and Single Pay 55 years for Regular Pay
Minimum Age at Entry (age as on last birthday) 18 years

Sum Assured and Premium Range – What you Get and what it Costs?

The Sum Assured Multiple for Limited Pay variant and Regular Pay variant is higher of the following:

  • 10 times of the Annualised Premium.
  • 0.5 x policy term x annualised premium.

The Sum Assured Multiple for Single Pay variant is 1.25 times of the Single Premium. There is no limit on the maximum Sum Assured of Max Life Platinum Wealth Plan.

Minimum Sum Assured Rs.2,50,000 for Single Pay variant. Rs.20,00,000 for Limited Pay and Regular Pay variants.
Maximum Sum Assured No Limit

Max Life Platinum Wealth Plan offers 3 Premium Payment Term options to all the policyholders, which are Single Pay, Limited Pay and Regular Pay. Under Single Pay, policyholders have to pay the premium only once, which is during the start of the policy. Under Limited Pay, the premium payment term is 5 years and under Regular Pay, the premium payment term is the same as policy term. The premium payment term is not the same as policy term for all the variants. Policy Term for the different variants is mentioned below:

  • Single Pay Variant – Here, the policy term is 10 years.
  • Limited Pay Variant – Here, policyholders can choose a policy term between 10 years and 20 years.

Regular Pay Variant – Here, policyholders can choose a policy term between 10 years and 20 years.

The premium for Limited Pay and Regular Pay variants can be paid using Annual, Semi-Annual, Quarterly or Monthly payment modes. There are two premium bands in this policy. Band 1 constitutes of premium below Rs.5 lakhs and Band 2 constitutes of premium of Rs.5 lakhs and above. The minimum and maximum Annualised Premium for Max Life Platinum Wealth Plan is mentioned below:

Minimum Annualised Premium Rs.2,00,000 for all variants.
Maximum Annualised Premium No Limit

*Premiums vary based on age, location, plan term and other factors.

Plan Coverage – What the Max Life Platinum Wealth Plan Covers?

Max Life Platinum Wealth Plan is a comprehensive life insurance plan that helps policyholders in managing and planning their finances in a way that will ensure a secure future. The plan provides the following benefits:

Benefit Details
Maturity Benefit Owners of Max Life Platinum Wealth Plan will avail an amount, which is equal to Fund Value on the date of maturity, provided the settlement options has not been used. Here, Fund Value is calculated in the following way: 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 If the Life Insured passes away during the policy term and the risk cover is active, then death benefit will be paid by the company. Death Benefit for this policy is mentioned below:
  • For Single Pay variant – The Death Benefit is higher of:
    • 105% of the cumulative premiums that have been paid until the date of demise.
    • Sum Assured that is equal to 1.25 times of the Single Premium (it is reduced in case of partial withdrawals).
    • Total Fund Value (value as on the date of demise).
  • For Regular Pay or Limited Pay variant – The Death Benefit is higher of:
    • 105% of the cumulative premiums that have been paid until the date of demise.
    • Sum Assured that is equal to 10 times of the annualised premium or 0.5 times x policy term x annualised premium (it is reduced in case of partial withdrawals).
    • Total Fund Value (value as on the date of demise).
The policyholder and the Life Insured does not have to be the same person. The partial withdrawals mentioned above refers to the withdrawals that were made during the 2 years prior to the death of the Life Insured.
Guaranteed Loyalty Additions A percentage of the Fund Value will be added by creating additional Units to the Fund at the end of every policy year. These additions are dependent on the premium that policyholders pay. If a policyholder falls in Band 1, 0.10% of Fund Value will be added as guaranteed loyalty additions at the end of the 11th policy year to his/her fund, which will increase by 0.05% per year after that. If a policyholder falls in Band 2, 0.10% of Fund Value will be added as guaranteed loyalty additions at the end of the 6th policy year to his/her fund, which will increase by 0.05% per year after that. The additional Units will be created in different Funds in the exact same proportion as Fund Value on the date the guaranteed loyalty additions are to be paid. *Loyalty additions will be paid according to the terms and conditions of the company.
Guaranteed Wealth Boosters It is a type of guaranteed loyalty additions. It is an additional percentage of the Fund Value that the company will add to the Fund of policyholders by creating additional units at the end of every 4 years. Guaranteed wealth boosters will be added from the 10th policy year and is available for all 3 variants. These additions are dependent on the premium that policyholders pay. If a policyholder falls in Band 1, then 2% of Fund Value will be paid to him/her at the of the 10th, 15th and 20th policy years. If a policyholder falls in Band 2, then 2.5% of Fund Value will be paid to him/her at the end of the 10th, 15th and 20th policy years. The additional Units will be created in different Funds in the exact same proportion as Fund Value on the date the guaranteed wealth boosters are to be paid. *Guaranteed wealth boosters will be paid according to the terms and conditions of the company.

Max Life Platinum Wealth Plan gives policyholders the option to invest in 5 funds.

Fund Name Risk Rating Corporate Bonds Cash Instruments and Money Market Equity and Equity related securities Government Securities Objective
Balanced Fund Medium 20% to 40% 0% to 40% 10% to 40% 20% to 50% Investments are primarily in debt instruments such as government securities, corporate bonds and money market instruments.
Secure Fund Low 0% to 50% 0% to 40% Nil 50 to 100% Investments in debt instruments. No equity investments.
Growth Fund High 0% to 30% 0% to 40% 20% to 70% 0% to 30% Investments across corporate bonds, equities, government securities and money market instruments.
Conservative Fund Low 0% to 50% 0% to 40% 0% to 15% 50 to 80% Primarily invests in debt instruments.
Growth Super Fund High 0% to 20% 0% to 30% 70% to 100% 0% to 20% 70% of corpus invested in equities. 30% in debt instruments.

Apart from the above, policyholders can invest in Secure Plus Fund only if they have chosen Systematic Transfer Plan as their investment strategy. The risk rating is low for this fund.

Fund Name Corporate Bonds Cash Instruments and Money Market Equity and Equity related securities Government Securities Objective
Secure Plus Fund 0% to 40% 0% to 40% Nil 60% to 100% Offers high security through high investments in sovereign papers that guarantee repayment of interest and principal amount by the Government of India. Invests in debt instruments that are issued by the Government of India or State Governments, Banks and Corporates. Invests in market instruments.

The plan allows policyholders to invest in any one of the two investment strategies mentioned below to protect their funds from market volatilities.

  • Dynamic Fund Allocation – Here, the initial part of the policy term will have Equity Oriented Fund investments, which will move to conservative fund by end of term. 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.
  • Systematic Transfer Plan – This strategy is available for Single Pay policy or policies with annual mode. The Annual Premium or Single Premium is allocated first to the Secure Plus Fund and on the monthly anniversary the Fund Value Units will be switched to Growth Super Fund automatically.

Add-On Plans – Additional coverage under the Max Life Platinum Wealth Plan:

Owners of Max Life Platinum Wealth Plan can opt for the following rider for additional protection:

Max Life Partner Care Rider Here, in case of death of the Life Insured, the company will pay a sum of all the future premiums that is to be paid under the base policy or until the Life Insured reaches 60 years of age (whichever occurs earlier).

Exclusions - What the Max Life Platinum Wealth Plan Doesn’t Cover?

Suicide Exclusion – In case the Life Insured kills himself/herself within 12 months, starting from the policy initiation date or revival date, then his/her policy will terminate immediately. The beneficiary/ nominee will only get the Fund Value on the date of demise.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Max Life Platinum Wealth Plan policy has many other important features. Some of them are mentioned below.

Particulars Details
Switch Minimum amount - Rs.5,000.
Premium Redirection Policyholders can use this feature by submitting a written request to the company. This feature will allow them to redirect their future among the funds that are available.
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). Maximum 2 such withdrawals allowed every year after the first 5 years.
Grace Period Monthly payment mode – 15 days. Other payment modes – 30 days.
Settlement Option Option can be used at least 15 days before the maturity date, post which the company will manage funds for the policyholders for a maximum of 5 years (from maturity date) and also make payments. Policyholders have to let the company know about the settlement period and payout frequency. Under this option, the balance Units that is in the Fund at the start of the settlement period will be divided in equal parts. *During this period, no risk cover will be provided. Policyholders have to pay Fund Management Charge.
Freelook Period 15 days.
Policy Revival Within 2 years from discontinuance date.
Nomination Nomination is permitted.

Tax Benefits – How you can Save with the Max Life Platinum Wealth Plan?

Owners of Max Life Platinum Wealth Plan can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Deductions can be claimed under Sections 80C, 80CCC, 80D and 80DD of the IT Act and Exemptions can be claimed under Section 10 (10D) 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.

Other Benefits – How you can Save with the Max Life Platinum Wealth Plan?

Max Life Platinum Wealth Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are mentioned below.

Download Premium Receipt Facility Max Life Platinum Wealth Plan premium receipts can be availed easily. People can simply download it online from the website of the company.
Expert Advice Max Life Insurance provides expert advice to customers at their doorstep. Customers can request for this service by contacting the company.
Online Payment Facility Paying premium for Max Life Platinum Wealth Plan is very easy. The premium can be paid online on the website of Max Life Insurance.
SMS Updates Max Life Insurance sends updates via SMS to all the policyholders. To receive these updates, policyholders have to activate it. They can do so by sending an SMS to the company.
Customer Care Max Life Insurance offers 24x7 customer care service to all the customers. To get in touch with the customer care team, people can contact on the toll-free number, write an email/letter or send an SMS.

Why you should Buy the Platinum Wealth Plan from Max Life Insurance?

You should buy Max Life Platinum Wealth Plan from Max Life Insurance because it is an award winning life insurance company, which has a presence all over India. Max Life Insurance has over 2,000 branches across the country that makes it very accessible. It is well-known for its customer care service, which people can avail 24x7. Max Life Platinum Wealth Plan is one of the most popular products of the company because apart from providing a comprehensive life insurance coverage, this plan also helps people in managing their present wealth.

FAQs about Max Life Platinum Wealth Plan:

  1. How much does the company charge from policyholders for using Switch option?

    A. The company does not charge anything from policyholders for using the Switch option.

  2. What is the charge for Premium Redirection?

    A. The company does not charge anything for Premium Redirection. Policyholders are permitted to make a maximum of 6 Premium Redirections in a policy year.

    Q. What is the Premium Allocation Charge for Max Life Platinum Wealth Plan?

    A. The Premium Allocation Charge for the different variants of Max Life Platinum Wealth Plan is displayed below:

    Premium Allocation Charge
    Policy Year Single Pay Limited Pay Regular Pay
    Annual Mode Non-Annual Mode Annual Mode Non-Annual Mode
    1 3% 5% 4.5% 5% 4.5%
    2 NA 5% 4.5% 5% 4.5%
    3-5 NA 4% 3.5% 4% 3.5%
    6-10 NA Nil Nil 4% 3.5%
    11 and above NA Nil Nil Nil Nil
  3. What is the Policy Administration Charge for Max Life Platinum Wealth Plan?

    A. The Policy Administration Charge for Max Life Platinum Wealth Plan is charged on every monthly anniversary for all variants.

    Premium Payment Term Policy Administration Charge
    Single Pay Rs.330 per month during policy years 1 to 5. No charge from year 6.
    Limited Pay and Regular Pay Rs.400 per month during policy years 1 to 5. No charge from year 6.
  4. What is the discontinuance or surrender charge for Max Life Platinum Wealth Plan?

    A. The discontinuance or surrender charge for Max Life Platinum Wealth Plan is mentioned in the table below:

    Policy Year Surrender Charge for Limited Pay and Regular Pay
    1 It is the lower of the following:
    • Rs.6,000.
    • 6% of Annualised Premium.
    • 6% of Fund Value.
    2 It is the lower of the following:
    • Rs.5,000.
    • 4% of Annualised Premium.
    • 4% of Fund Value.
    3 It is the lower of the following:
    • Rs.4,000.
    • 3% of Annualised Premium.
    • 3% of Fund Value.
    4 It is the lower of the following:
    • Rs.2,000.
    • 2% of Annualised Premium.
    • 2% of Fund Value.
    5 and above Nil
    Policy Year Surrender Charge for Single Pay
    1 It is the lower of the following:
    • Rs.6,000.
    • 1% of Single Pay Premium.
    • 1% of Fund Value.
    2 It is the lower of the following:
    • Rs.5,000.
    • 0.5% of Single Pay Premium.
    • 0.5% of Fund Value.
    3 It is the lower of the following:
    • Rs.4,000.
    • 0.25% of Single Pay Premium.
    • 0.25% of Fund Value.
    4 It is the lower of the following:
    • Rs.2,000.
    • 0.1% of Single Pay Premium.
    • 0.1% of Fund Value.
    5 and above Nil
  5. What is Mortality Charge?

    A. For providing risk cover to the Life Insured, the company takes Mortality Charge.

  6. How much does the company charge policyholders for using the Partial Withdrawal feature?

    A. The company does not charge any money from policyholders for using the Partial Withdrawal feature. They are permitted to use this feature twice in a year.

  7. Does the company charge anything for adding rider to Max Life Platinum Wealth plan?

    A. If owners of Max Life Platinum Wealth Plan add the Max Life Partner Care Rider, then the company will take a rider charge from them. This charge will be imposed every month on the Rider Sum at Risk by cancelling units.

  8. Does Max Life Platinum Wealth Plan provide loan facility and Top Up Option?

    A. No, Max Life Platinum Wealth Plan does not provide loan facility and Top Up Option.

  9. How to make a claim on Max Life Platinum Wealth Plan?

    A. To make a claim on Max Life Platinum Wealth Plan, the following has to be submitted to Max Life Insurance:

    • Original policy document.
    • Claimant’s statement in the form prescribed Max Life Insurance.
    • Copy of policy complaint or F.I.R. It has to be submitted in case of death of the Life Insured.
    • Copy of certified post mortem report. It has to be submitted in case of death of the Life Insured.
    • Death Certificate that has been issued by the municipal or local authority. It has to be submitted in case of death of the Life Insured.
    • Valid ID and address proof of the Nominee(s) or claimant. The document must have signature and photographs.
    • Other documents requested by the company.

    The claim documents can be downloaded from the company’s website.