In today’s fast-paced world, with the cost of living increasing every day, life is all about getting the right life insurance plan for yourself, thus fulfilling your dreams. You may have certain dreams such as having a peaceful retired life, offering your children the best education, and simply wishing for a perfect marriage for them. The fulfilment of every dream needs a plan, and there is no better plan for all such future milestones than earning a regular second income. Max Life Smart Wealth Advantage Growth Par Plan (Non-Linked Participating Individual Life Insurance Savings Plan; UIN: 104N135V01) offers life insurance coverage while ensuring that the future of your loved ones is secure.

What is Max Life Smart Wealth Advantage Growth Par Plan?

Max Life Smart Wealth Advantage Growth Par is a comprehensive life insurance savings plan that offers a lifelong assurance of happiness. This insurance plan combines the power of Protection, Liquidity, and Flexibility into a simple solution, allowing you to fulfil the needs of your family and live out a Smart Life.

Features of Smart Wealth Advantage Growth Par Plan

Max Life Smart Wealth Advantage Growth Par Plan is available in four variants depending on when you wish to receive income early or a few years down the line. The following are some of its key features:

1. Income stream based on four different variants

The four different variants of Max Life Smart Wealth Advantage Growth Par Plan are Insta Income, Balanced Income, Future Income, and Lifelong Income subject to your choice of income stream.

Here, the term income stream refers to the Survival Benefit payable over the policy term.

These four variants also attract the benefits of inbuilt guarantees and cash bonuses, subject to declaration, and life coverage during the policy term. Here, guarantees refer to guaranteed income payable in the case of Insta Income and Future Income variants for a period of 25 years or the policy term, whichever is lower.

In the case of Balanced Income variant, the guaranteed income is payable till the end of the policy term, whereas the Lifelong Income variant entitles you to an income stream till the age of 65 years during the policy term. Once you are 65, Enhanced Guaranteed Income is payable to you from the next policy anniversary to the policy maturity. However, cash bonuses are payable only if declared.

2. Choice of policy and premium payment terms

Max Life Smart Wealth Advantage Growth Par Plan offers the flexibility of choice of both policy term and premium payment term (PPT). You can also choose to avail life coverage starting from the age of 20 to 40 years and ranging up to 100 years. The maximum maturity age available is 100 years and 85 years without and with Policy Continuance Benefit, respectively.

3. Enhanced protection through riders and Policy Continuance Benefit (PCB)

This plan allows you to enhance your protection by opting for riders in exchange for a small amount of extra premium payment. If you opt for PCB, your survival and maturity benefits are paid continuously as and when due, particularly in the case of the death of the Life Insured without paying an additional premium. The option of PCB is available with all variants except for Policy Term 100 – Age at Entry.

4. Additional options – ‘Save the date’, ‘Accrual’ of survival benefit, and ‘Premium offset’

The ‘Save the date’ option allows you to mark a particular date of the year when you wish to receive your survival benefits. You also get the option to let your survival benefit accrue with us if you do not need it immediately or have an expense planned. You can alternatively choose your survival benefit amount to offset against a coming premium. This option is a good choice if you wish to reduce your premium obligation.

5. Enhanced Guarantees with Lifelong income variant

Once the insured individual attains the age of 65 years, they are entitled to enhanced guaranteed income from the next policy anniversary. This benefit continues until the policy term ends.

6. Discounts and special benefits

Max Life Smart Wealth Advantage Growth Par Plan offers you multiple discounts and benefits if you are an existing Max Life customer, or a staff, transgender lives, and additional benefit at maturity for female lives.

7. Additional financial security with inbuilt additional accidental cover

This product offers a comprehensive death benefit in case of the death of the insured during the policy term. An additional amount equal to 50% of the sum assured on death as the accidental death benefit is added to the policy coverage if the insured dies due to an accident, once the policy term ends.

8. Loan offers

Max Life Smart Wealth Advantage Growth Par Plan offers the option to avail a loan against the policy. This option is highly useful in the case of a financial emergency.

9. Tax Benefit

This life insurance savings plan entitles you to certain tax deduction as per prevailing income tax laws.

Benefits of Max Life Smart Wealth Advantage Growth Par Plan

Max Life Smart Wealth Advantage Growth Par Plan offers great benefits with all four variants. Depending on your choice of policy variant, you may enhance the base coverage by adding one or more riders of your choice and policy continuance benefit. The following are some key benefits of this plan:

Survival benefit

The survival benefit is payable under all four variants of the Max Life Smart Wealth Advantage Growth Par Plan as cash bonus (if declared) and Guaranteed Income. The following is the description of the benefit under different variants:

a. Insta Income

· Cash bonus (% of the annualised premium) if any, is payable from the first policy year to the end of the policy term

· Guaranteed income (% of the annualised premium) is payable from the first policy year to the end of the 25^th policy year or the end of the policy term, whichever is earlier

b. Balanced Income

· Cash bonus (% of the annualised premium) if any, is payable from the first policy year to the end of the policy term

· Guaranteed income (% of the annualised premium) is payable from the year PPT + 1 to the end of the policy term

c. Future Income

· Cash bonus (% of the annualised premium) if any, is payable from the year PPT + 1 to the end of the policy term

· Guaranteed income (certain % of the annualised premium) is payable from the policy year PPT + 1 and payable till PPT+25 or till the end of the policy term, whichever is earlier

d. Lifelong Income

· Cash bonus (% of the annualised premium) if any, is payable from the first policy year to the end of the policy term

· Guaranteed income (% of the annualised premium) is payable from the year PPT + 1 to the end of the policy year in which the life insured attains 65 years of age

· Enhanced guaranteed income (four times the ‘guaranteed income’) is payable from the next policy anniversary after the life insured attains 65 years of age to the end of the policy term

Note: All four variants of the Max Life Smart Wealth Advantage Growth Par Plan provide the option to accumulate cash bonus and guaranteed income.

Here, PPT refers to Premium Payment Term.

Maturity benefit

The maturity benefit of the Max Life Smart Wealth Advantage Growth Par Plan is the sum of the following:

a.  Sum Assured on Maturity (SAM)

b.  Accrued Cash Bonus (if any)

c.  Accrued Guaranteed Income (if any)

d.  Additional Benefit on Maturity (in case of female life)

e.  Terminal Bonus (if any)

Note: Both b and c are applicable only if the ‘Accrual of Survival Benefits’ option is selected.

The maturity benefit is offered under all four variants of the plan and is only payable on completion of the policy term, provided all due premiums were paid and the policy was active.

SAM = Annualised Premium × Premium Payment Term

Additional Benefit on Maturity (in case of female life) = 10% of SAM

Death benefit

Max Life Smart Wealth Advantage Growth Par Plan offers death benefit under this plan, which is subject to the Policy Continuance Benefit (PCB) selected when purchasing the plan.

a. With Policy Continuance Benefit

In the event of the death of the life insured, while the policy is in force, the following benefit is payable:

· Death benefit: The benefit is higher of the following:

o   Sum assured on death

o   105% of the Total Premium Paid + Underwriting Extra Premium along with loadings for the extra premium received as on the death of the life insured

Note: Accrued survival benefit (if any), if not already paid, shall be paid in addition to the death benefit.

· Policy Continuance Benefit: All future Cash Bonus (if declared) and Guaranteed Income and Maturity Benefit are payable as and when due in the future without having to pay any additional premium.

Note: Where PCB is opted for, after the death of the life insured, the beneficiary shall not be able to surrender the policy.

a. Without Policy Continuance Benefit

In the event of the death of the life insured while the policy is in force, the following benefit is payable:

· Death benefit: The benefit is higher of the following:

o   Sum Assured on Death plus Terminal Bonus (if any) or

o   105% of the Total Premium Paid + Underwriting Extra Premium along with loadings for the extra premium received as on the death of the life insured

Note: Accrued survival benefit (if any), if not already paid, shall be paid in addition to the death benefit.

The term ‘Total Premiums Paid’ refers to the sum of all Premiums received, excluding any Extra Premium, Rider Premiums, and applicable taxes, cesses, or levies, if any.

Where Sum Assured on Death is an assured amount, which is guaranteed to become payable on death of the life insured in accordance with the terms and conditions of the policy. Sum Assured on Death shall be highest of:

· 10-times the (Annualized Premium plus underwriting extra premium, if any)

·  Death Multiple x (Annualised Premium plus underwriting extra premium, if any)

Where, applicable Death Multiple are specified under the prospectus.