(ANI): Max Life Insurance Company Ltd, has declared a rate revision of up to 7.25 per cent to its guaranteed savings plan, 'Max Life Smart Fixed-return Digital Plan'.
The Smart Fixed-return Digital Plan targets digitally-savvy millennials who prefer quick and hassle-free onboarding. This product innovation combines guaranteed, tax-free offering* and protection cover of life insurance, allowing young consumers to enjoy the dual benefits of savings and protection within a single product proposition.
With this plan, customers can invest for a short period of just five years and can choose policy tenures of five or ten years. This plan can also be taken by parents who wish to save for their children's education needs.
Key Features of Max Life Smart Fixed-return Digital Plan
- Fully guaranteed returns payable as a lump sum at maturity- Flexibility to pay premiums monthly or annually- Flexibility to choose between different variants, tailored to meet different financial security needs- Higher benefits offered for higher premiums paid, as per the chosen goals- Special benefits for women customers: 0.25 per cent additional maturity benefit for five years' policy term; 0.5 per cent for ten years' policy term- Option of taking a loan against policy to help in case of financial emergencies
* You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws.
(1) The table shows the Internal Rate of Return (IRR) at maturity after all due premiums have been paid for customers of different ages opting for the Titanium variant with premium payment term of 5 years and a policy term of 10 years.
(2) For a 30-year-old male customer investing ₹30,000 per month for 5 years and opting for Titanium variant with policy term of 10 years.
(3) Provided all due premiums have been paid and the policy is in force.
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd is a part of the Max Group.
Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.
As per public disclosures and annual audited financials for FY2021-22, Max Life has achieved a gross written premium of INR 22,414 crore. As of 31st March 2022, the Company had INR 1,07,510 crore of assets under management (AUM) and a Sum Assured in Force of INR 1,174,515 crore.