Max Life Platinum Wealth Plan

Key features of Max Life Platinum Wealth Plan:

This unit linked plan from Max Life has the following features

Sum assured – Sum assured under this policy is directly dependent on the premium amount chosen and the payment mode selected and could be either 1.25 times the single premium paid or the highest amount among 10 times annualised premium and 0.5 times the policy term times annualised premium for regular and limited pay options. The minimum sum assured for single pay mode is Rs. 2,50,000 and for limited and regular pay it is Rs. 20,00,000. There are no maximum limits to the sum assured subject to approved underwriting

Premium paying term – Premiums under this policy are payable for a duration of 10 years and 20 years based on the payment mode selected

Premiums – Under this limited premium paying plan, the life insured needs to pay a minimum of Rs. 2,00,000 annually in order to continue availing the benefits of the policy

Premium paying modes – The premiums can be paid annually, semi-annually, quarterly or monthly for regular and limited premium paying modes. The single premium pay though has only a lump sum payment option

Premium paying method – Premiums for the policy can be paid through internet banking, ECS, cheques, demand drafts, credit cards and other applicable transaction medium

Basis – This is a non participating unit linked life insurance, which means it allows the policyholder to garner benefits of investment through various fund options as chosen by the policyholder, loyalty additions and bonuses offered through the plan, along with providing a

Policy validity – The policy is valid for two periods, 10 and 20 years and the associated benefits are payable either to the policyholder or the nominee as the case may be

Add-on covers – One optional add-on cover or rider can be availed along with this policy and it can serve to increase the risk cover offered in the main policy

Benefits of Max Life Platinum Wealth Plan:

This traditional policy from is aimed at providing many benefits to the policyholder and his/her family to aid in a secure financial future through investments in funds. The following are a detailed list of the benefits offered under this policy –

Death benefit – The death benefit under this plan is payable on the death of the life insured, provided the policy is in force. The policy terminates with the death of the life insured and the death benefit is a total of the following –

Single Pay – Sum assured is the higher of 1.25 times the single premium (minus any applicable withdrawals), 105% of cumulative premiums paid till the date of the death or the total fund value as on the date of death

Regular Pay or Limited Pay – Sum assured is equal to or higher of 10 times the annualised premium or 0.5 times the product of policy term and annualised premium (minus any applicable withdrawals), 105% of cumulative premiums paid till date of death or the total fund value as on the date of death

Annualised Premium	Guaranteed Loyalty Additions
Band 1 (Annual Premium < 5 lakhs)	0.10% of fund value will be added from year 11, increasing by 0.05% every year thereafter
Band 2 (Annual Premium >= 5 lakhs)	0.10% of fund value will be added from year 6, increasing by 0.05% every year thereafter

Maturity benefit – Provided a settlement option hasn’t been exercised, the maturity amount will have a fund value that is a summation of the accumulated units in all the funds times the NAV of the respective funds as on the maturity date

Surrender Benefit – If surrendered within the first five policy years, funds available via Discontinuance Policy Fund will comprise the surrender benefit and the minimum guaranteed return on this fund is 4.0% per annum (or as declared by the IRDAI). Any excess income through the fund over and above the minimum return will also be made available to the policyholder

Loyalty Additions and Wealth Boosters – As an investment option, this plan offers guaranteed loyalty additions and wealth boosters that continually add to the wealth generation process –

Annualised Premium	Guaranteed Loyalty Additions
Band 1 (Annual Premium < 5 lakhs)	0.10% of fund value will be added from year 11, increasing by 0.05% every year thereafter
Band 2 (Annual Premium >= 5 lakhs)	0.10% of fund value will be added from year 6, increasing by 0.05% every year thereafter

Guaranteed Loyalty Additions – A percentage of the fund value shall be added to the fund at the end of the policy year, subject to the premium modes opted for. These additions will be paid only if all due premiums have been paid.They will be as follows –

Annualised Premium	Guaranteed Loyalty Additions
Band 1 (Annual Premium < 5 lakhs)	0.10% of fund value will be added from year 11, increasing by 0.05% every year thereafter
Band 2 (Annual Premium >= 5 lakhs)	0.10% of fund value will be added from year 6, increasing by 0.05% every year thereafter

Guaranteed Wealth Boosters – These are percentages of the funds meant for the policyholder that serve as additions to the fund from the 10th policy year onwards over a duration of 5 years each. The booster will be paid only if all due premiums have been cleared. The additional percentage to be added to the fund will be decided based on the premium paid –

Annualised Premium	Guaranteed Loyalty Additions
Band 1 (Annual Premium < 5 lakhs)	2% of fund value will be added from the end of year 10, then at 15 and at 20
Band 2 (Annual Premium >= 5 lakhs)	2.5% of fund value will be added from the end of year 10, then at 15 and at 20

Tax benefits – One might be eligible for availing tax benefits for premiums under Section 80C and for maturity/death benefits under Section 10(10D) as per the prevailing tax laws

Withdrawal Facility – This is available through a maximum of two partial withdrawals amounting to a minimum of Rs. 5000 post the 5th year of the policy. Funds shall be cancelled in lieu of the amount withdrawn

Eligibility Criteria for Max Life Platinum Wealth Plan:

The age criteria for the plan, fund options and associated riders can be summarised in the table mentioned below –

The minimum age at entry is 18 years and the maximum age at entry is depicted as below –

Investment of Funds under Max Life Platinum Wealth Plan:

The following table illustrates how funds work under this insurance plan –

The complete risk factors and investment mix for all the fund options under this policy are as follows –

Charges under Max Life Platinum Wealth Plan:

Unlimited fund switches per year are allowed under this policy and every switch requires a payment of Rs. 5000.

Premium Discontinuation:

The policy can be discontinued through non-payment of premium even within the lock-in period of 5 years and the Discontinuance Policy Fund will be used to calculate the fund value that would be available to the policyholder. The fund value will be less discontinuance charges and no switches will be allowed if discontinuance is opted for in the first five policy years.

Riders:

There is one option rider that can be availed with this policy and is known as Max Life Partner Care Rider. Under this rider option, sum of all future premiums payable under base policy or till the life insured attains an age of 60 years (whichever is earlier) is paid immediately on the life insured’s death and the rider will terminate. The rider can be opted for at any time during the base policy term and is available only for Regular and Limited pay premium modes.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017