Max Life Insurance Company has launched the“Smart Wealth Advantage Growth Par Plan” - a non-linked participating individual life insurance savings plan. The plan combines the power of ‘Protection, Liquidity, and Flexibility’ into a simple solution and offers comprehensive financial protection for the family for key milestones in life including retirement.
With its six big benefits, the plan enables customers to fulfill their retirement goals while assuring comprehensive protection for themselves and their loved ones:
- Liquidity: Insta income with enhanced early liquidity benefits, enabling access to funds from the first policy year.
- Guaranteed component: Guaranteed income-based benefits to ensure predictability of returns for the customer.
- Cash bonus: A percentage of annualized premium shall be payable to the policyholder as a cash bonus (if declared).
- Retirement income: Assists in planning for retirement by offering an enhanced income with minimum guarantee during life’s golden years (after the life insured attains the age of 65 years).
- Flexibility: Offers flexibility to opt from four income designs with the option to receive income on special days, e.g., birthdays, anniversaries, etc., or to accumulate for future needs and withdraw basis requirement.
- Enhanced protection benefits: Offered through policy continuance benefit, inbuilt additional accidental benefit, and optional riders.
Prashant Tripathy, Managing Director & CEO, Max Life said, “Developing flexible products that respond to evolving consumer needs is our core competency. We recognized the emerging need for a well-designed income plan emphasizing the value of a regular additional income for long-term financial stability. With this plan, our primary objective is to offer a comprehensive savings plan, which provides lasting income assurance during the years when one needs it the most.”
Promoting financial inclusivity, the “Smart Wealth Advantage Growth Par Plan” extends special discounts to transgender customers and additional benefits on maturity for women. With these measures, Max Life reaffirms its dedication to fostering a more inclusive and equitable society through innovative insurance offerings.
The key product features include:
| Four variants to build an income stream | Choose between insta income, balanced income, future income, or lifelong income variants available. All these options come with inbuilt guarantees and cash bonuses (if declared), and a life cover for the entire policy term. |
| Enjoy enhanced income with a lifelong income option | Post-attainment of age 65 under the lifelong income option for the life insured, the customer will receive an enhanced income till the end of the policy term |
| Choice of premium payment term and policy term | Flexibility to choose from various premium payment terms and avail life cover starting from 20 to 40 years and ranging up to age 100 years |
| Enhanced protection through optional riders, Policy Continuance Benefit (PCB), and additional accidental benefit |
|
| Choose how you like to take payouts: “Save the date”, “Accrual” of survival benefit, and “Premium Offset” |
|
| Discounts and special benefits |
|
| Option to avail of loans |
|