Max Life Platinum Wealth Plan

What are the Key Features?

What are the Fund Investment Options?

The insured has an option to invest in one of the following investment funds:

You can either opt for Systematic Transfer Plan or Dynamic Allocation Option, but not both. Discontinuance Policy Fund is only available in case policy is surrendered/discontinued during the first 5 policy years.

What are the Plan Benefits?

In case of the unfortunate event of death of the life insured within the policy term, following death benefit is payable.

For Single Pay, it is higher of

• Total Fund Value (on date of death)
• Sum Assured equal to 1.25 times the single premium (reduced by applicable partial withdrawals)
• 105% of cumulative premiums (till date of death)

For Regular/Limited Pay, it is higher of

• Total Fund Value (on date of death)
• Sum Assured equal to the higher of 10 times the annualized premium or 0.5*annualized premium*policy term (reduced by applicable partial withdrawals)
• 105% of cumulative premiums (till date of death)

Guaranteed Loyalty Additions

The Company will pay an additional percentage of Fund Value to the Fund by creation of additional units, at the end of policy year.

Guaranteed Wealth Boosters

Apart from the Guaranteed Loyalty Additions the Company will also pay Wealth Boosters to the Policyholder, which is an additional percentage of Fund Value to be added to the fund by creation of additional units, at the end of the policy year. The additional percentage will be determined by the premium paid by the Policyholder

You have the flexibility to switch between available funds at any time during the Policy Term. There is no limit on the number of switches available in a policy year, subject to a minimum switch amount of Rs.5,000.

You may redirect your future premiums between available funds at any time by giving a written notice before the premium due date. Six premium redirections are allowed in a policy year.

Partial withdrawals are allowed after five policy years and up to a maximum of 2 partial withdrawals are allowed during a policy year. The minimum amount of partial withdrawal of Rs 5000 is allowed for each transaction.

You may opt for settlement option and you will receive periodic payouts for up to 5 years starting from the date of maturity. To exercise this option, you need to intimate this to the company 15 days prior to the maturity date.

Loan is not entitled under this policy.

In case of discontinuance of payment of premium during the first five policy years, you have the option to revive the policy within 2 years from the date of discontinuance of the policy. In case of discontinuance of payment of premium after the first five policy years, you have the option to revive the policy within 2 years or convert the policy into a paid up policy.

If you surrender the policy with-in 5 year lock-in period, the Company will credit the Fund Value after deducting applicable surrender charges. If you surrender the policy after 5 year lock-in period, Company close the Unit Account and pay the Fund Value as on the date of receipt of surrender request.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	18 years	55 years – For Regular Pay 60 years – For Single Pay & 5 years Limited Pay
Maturity Age	-	65 years – For Regular Pay 70 years – For Single Pay & 5 years Limited Pay
Policy Tenure	10 years	20 years- For Regular Pay and 5 Years Limited Pay
Premium Paying Term	Single Pay, Limited Pay (5 Years) or Same as policy term	-
Premium Paying Mode	Monthly, Quarterly, Semi Annually & Annually, One time payment (Single Pay)	-
Sum Assured	Rs 2.5 Lacs - For Single Pay Rs 20 Lacs- For Regular & Limited Pay	No Limit (subject to underwriting)
Sum Assured	Rs 2 Lacs	No Limit (subject to underwriting)
Freelook Period	15 days from the receipt of the policy document	-
Grace Period	30 days & 15 days (for monthly mode)	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

Max Life Partner Care Rider is available with this plan on payment of an Additional Premium.

What are the Plan Charges?

• Premium Allocation Charge: For 1st policy year, for single pay variant, it is 3%, for limited/regular pay variant-annual mode, it is 5% and non-annual mode, it is 4.5%. For 2nd policy year, for limited/regular pay variant-annual mode, it is 5% and non-annual mode, it is 4.5%. From 3rd to 5th policy year, for limited/regular pay variant-annual mode, it is 4% and non-annual mode, it is 3.5%. From 6th to 10th policy year, for regular pay variant-annual mode, it is 4% and non-annual mode, it is 3.5%. Nil charges for limited pay variant. From 11th policy year onwards, charges are Nil from regular & limited pay variant.
• Fund Management Charge: The Fund Management Charge is 1.25% for the Growth Super Fund and Growth Fund. It is 1.10% for the balanced fund and 0.90% for the Conservative, Secure and Secure plus fund. 0.50% for discontinuance policy fund.
• Policy Administration Charge: For Single pay from year 1 to 5, Rs 330 per month and from year 6 onwards, nil charges are applicable. For Limited or Regular pay from year 1 to 5, Rs 400 per month and from year 6 onwards, nil charges are applicable.
• Mortality Charge: It is levied as per the risk cover provided to the life insured during the policy term and it may vary depending on the age of the insured.
• Surrender/Discontinuance Charge: The applicable surrender charges are levied on the fund value at the time of Discontinuance of the policy or Complete Withdrawal, whichever occurs earlier. For more details, refer to the policy brochure.
• Switching/Premium Redirection/Partial Withdrawal: No charges are applicable for Switching, Premium Redirection & Partial Withdrawal.

Is the Plan, eligible for Tax Benefit?

Premiums paid under this policy, qualify for the tax benefits as per Section 80C and the policy proceeds qualify for tax benefits under section 10 (10D) of the Income Tax Act.

(Subject to the provisions stated therein.)

How the Plan Works?

Let’s look at some examples to understand the product benefits better.

Standard Male Life, Premium Payment Mode: Annual, Fund Chosen: Balanced Fund

Please note that the above assumed rates of return, 4% and 8% are only scenarios at these rates after recovering all applicable charges. These are not guaranteed and they are not the upper or lower limits of returns of the Fund Options elected in your policy, as the performance of the Funds is dependent on a number of factors including future investment performance. Applicable Service Tax, Cess, and any other taxes as imposed by the government from time to time will be deducted from the premium received.