Max Life Insurance launches ‘Max Life Smart Wealth Plan’, a comprehensive life insurance savings plan with guaranteed returns to meet life-stage needs with certainty

New Delhi : Max Life Insurance Company Ltd. (“Max Life” / “Company”), today announced the launch of ‘Max Life Smart Wealth Plan’, a comprehensive life insurance savings plan with guaranteed returns, to meet life’s important milestone goals such as children’s education, marriage and retirement. Combining protection and savings into a simple and flexible solution, ‘Max Life Smart Wealth Plan’ offers customers guaranteed returns to help meet important life-stage needs and achieve a financially secure future. 

Commenting on the product, Aalok Bhan, Director and Chief Marketing Officer, Max Life said, “Life is all about fulfilling dreams – our own and of our loved ones. We spend most of our lives planning and working towards life-stage goals such as child education, marriage and retirement. However, in these uncertain times, it is even more important to protect our finances from risks and uncertainties that could obstruct the realization of these dreams. With ‘Max Life Smart Wealth Plan’, we aim to ensure safety of capital and offer guaranteed returns in the long run that can help customers accomplish their dreams with utmost certainty. Offering superior flexibility via four different variants targeted at specific life-stage needs such as marriage, parenthood, child’s education and retirement, ‘Max Life Smart Wealth Plan’, with its guaranteed returns can help achieve key life goals while enabling a financially secure future.”   

Tailored to address the distinct goals of one’s life, ‘Max Life Smart Wealth Plan’ offers the option to choose from four different variants namely – lump-sum, short term income, long term income and whole life income All four variants come with distinct maturity benefits depending on the variant chosen along with comprehensive life cover during the policy term. 

i. Lumpsum option: Guaranteed Maturity benefit at the end of the policy term makes this variant ideal to plan for milestone-based life events like child education or marriage

ii. Short Term Income option: Guaranteed income benefit for 6, 8, 10 or 12 years makes this an ideal option to plan for recurring expenses in future

iii. Long Term Income option: An ideal option to plan for retirement, this variant offers guaranteed income for 25 years or 30 years and all the premiums paid are returned to the policyholder at the end of income payout period

iv. Whole Life Income option: This single premium variant offers a joint life cover and guaranteed, lifetime income till the death of the last survivor.

Furthermore, there is also an option to enhance protection through need-based riders on the policy. Riders such as ‘Max Life Waiver of Premium Plus Rider’, ‘Max Life Accidental Death and Dismemberment Rider’ and ‘Max Life Term Plus Rider’ can be added to base policy under the ‘Max Life Smart Wealth Plan’. 

About Max Life Insurance 

Max Life Insurance Co. Ltd. (“Max Life”) is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max group, an Indian multi business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group. 

Max Life offers comprehensive protection and long-term savings solutions, through its multichannel distribution including agency and third distribution partners. Max Life has built its operations over almost two decades through need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.   

As per public disclosures, during the financial year 2019-20, Max Life achieved gross written premium of Rs. 16,184 crore. As on 31st March 2020, the Company had Rs. 68,471 crore of assets under management (AUM) and a Sum Assured in Force of Rs. 913,660 crore. 

Source: Press Release

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