In this article, we will give you information about the Max Life Smart Wealth Plan.
We’ll talk about what the plan is, its features, benefits, eligibility, necessary documents, premium, and how to buy the plan.
Max Life Insurance is a leading life insurance company in India. It is a partnership between Max Financial Services Limited and Mitsui Sumitomo Insurance Company Limited.
Previously known as Max New York Life Insurance Company Limited, it was established in 2000.
Max Life Insurance is currently the largest private sector life insurance company in India that is not affiliated with a bank.
What Is Max Life Smart Wealth Plan?
The Max Life Smart Wealth Plan is a Non-Linked, Non-Participating, Individual, Life Insurance Savings plan.
This plan is designed to help secure your financial future through guaranteed returns.
Through this plan, you can not only get life coverage but also benefit from a savings scheme.
Endowment plans allow you to build wealth by saving regularly and provide a lump sum amount when the plan matures.
They are also known as savings plans because they allow you to save while having life insurance coverage.
These plans help you achieve long-term financial goals such as home loans and your child’s marriage.
In the event of the policyholder’s death, the lump-sum benefit is paid out to provide financial support to their family.
Max Life Insurance offers a variety of savings products, some of which offer bonuses to boost your savings.
Max Life Smart Wealth Plan Features
The Max Life Smart Wealth Plan offers the following features:
1. The plan is available in four different variants:
i) Lumpsum
At the end of the policy term, this variant pays out a maturity benefit as a lump sum amount.
ii) Short Term Income
After the chosen policy term is completed, you receive a guaranteed ‘income benefit’ at the end of a specified period (monthly, quarterly, semi-annual, or annual) of your choice.
iii) Long Term Income
With this variant, you receive a guaranteed ‘income benefit’ based on the chosen payout period.
iv) Whole Life Income
Under this version of the Max Life Smart Wealth Plan, you receive a guaranteed ‘income benefit’ based on the chosen payout period.
2. You have the flexibility to choose from these four plan options.
3. In the Max Life Smart Wealth Plan, you are provided with guaranteed maturity benefits on your savings.
4. The Lumpsum option under the Max Life Smart Wealth Plan works to enhance your benefits through guaranteed additions.
5. In the Max Life Smart Wealth Plan, the nominee receives a death benefit if the insured person passes away during the policy term.
6. The Max Life Smart Wealth Plan also offers rider options to increase your coverage. The available riders are:
- Max Life Waiver of Premium Plus Rider
- Max Life Accidental Death & Dismemberment Rider
- Max Life Critical Illness & Disability Rider
- Max Life Term Plus Rider.
Benefits of Buying Max Life Insurance Plans
Max Life Insurance provides various benefits to its customers who purchase life insurance policies.
However, the specific benefits depend on the type of life insurance plan you have chosen. Here are some advantages of buying Max Life Insurance plans:
- Financial Security: Life insurance plans ensure that your family is financially secure in case of your absence. If the insured person passes away during the policy term, a lump sum amount is paid to the nominee to help them cope with the financial loss. Max Life Insurance not only covers the risk of premature death but also provides coverage for cancer, offering a lump sum to cover expensive treatment costs without any financial burden.
- Creation of Corpus: Life insurance plans help you build a corpus through long-term investments, ensuring the accumulation of wealth. This corpus can be used to achieve various life goals such as your child’s education, home loans, and their marriage. Endowment plans, money-back plans, and Unit-Linked Insurance plans assist in creating a corpus for your future financial needs.
- Child Future Planning: Child insurance plans help you plan for your child’s future, including their higher education and marriage. The benefits from Max Life child insurance plans enable you to fulfill your child’s dreams and life goals, even when you are not around.
- Attainment of Financial Goals: Max Life insurance plans assist in achieving both long-term and short-term financial goals. Term insurance plans help fulfill the goal of income replacement, while retirement plans help create a corpus for your retirement. Similarly, child insurance plans assist in planning for your child’s future financial needs, and cancer care plans help cover the expensive treatment costs.
- Loan Facility: Certain life insurance plans, such as endowment and money-back plans, offer policy loans after a specific period. Moreover, Max Life Insurance plans can be used as collateral security to obtain loans. Hence, life insurance policies serve as financial assets that can be used for borrowing when needed.
- Liquidity: Money-back policies provide regular money-back benefits, which help meet your liquidity needs. With these plans, you can strategically plan your short-term financial goals. In addition, unit-linked insurance plans allow partial withdrawals after the first 5 years to meet liquidity requirements. Under endowment plans, you can surrender the policy before its completion to access funds if needed.
- Retirement Planning: Life insurance plans assist in retirement planning. Max Life Insurance offers both deferred annuity plans and immediate annuity plans, which provide a regular and steady flow of income after retirement, allowing you to enjoy your golden years without financial burden.
- Tax Benefits: You can avail tax benefits on both the payout benefits received from the plans and the premiums paid, subject to certain terms and conditions. Max life insurance policies offer tax-free returns. Detailed information about the specific tax benefits can be found below.
Max Life Insurance Claim Settlement Process
Max Life Insurance strives to provide easy, suitable, and affordable solutions for its life insurance policies at every stage of its customers’ lives.
Simultaneously, the company aims to simplify and expedite the claims process for you and your family.
Here is the step-by-step claim process of Max Life Insurance:
- Inform the insurance company about the claim by contacting your agent or visiting the nearest branch office. You can also email the claim details to claims.support@maxlifeinsurance.com.
- Download the claim form from the official website of Max Life Insurance or obtain it from a branch office. Fill it out completely.
- Submit the filled claim form along with the necessary documents at the nearest branch office for claim processing.
- The insurance company will review and verify all the submitted documents to validate the claim.
- Once the verification is complete, the claim will be processed, and reimbursement will be made within 30 days of receiving the claim request.
Documents Required for Death Claim:
To register a death claim, the following documents need to be submitted:
- Original policy documents
- Death claim application form
- Attested copy of the death certificate issued by the local Municipal authority
- NEFT mandate form attested by the bank, along with a canceled check or bank account passbook
- Identification proof and address proof of the nominee
- Additional documents such as attending physician statements, medical records, FIR, panchnama, and post-mortem reports are required in case of the life assured’s death due to an accident.
Documents Required for Maturity Claim:
For a maturity claim, the following documents need to be submitted:
- Original policy document
- Completely filled ‘Form M’ provided by the Insurance Company
- Copy of the claimant’s identification proof
- A canceled cheque with a pre-printed name or a copy of the bank passbook with the banker’s attestation in the case of NEFT.
Max Life Insurance Review
Here are some details about Max Life Insurance Company:
- Max Life Insurance manages assets worth INR 6,847 crores for the financial year 2019-20.
- The company has more than 269 offices across India and employs over 14,000 people.
- Max Life Insurance has a claim settlement ratio of 99.22% for the financial year 2019-20.
- The solvency ratio of Max Life Insurance is 207% as of the end of the financial year 2019-20.
- Max Life Insurance is ranked 24th as the best company to work for in India in 2020.
- The company ensures instant claim payment within one day after the submission of required documents. In case of any delay, it also promises to pay interest as per terms and conditions.
- During the financial year 2018-19, Max Life Insurance achieved a gross written premium of INR 14,575 crore.
- These statistics highlight that Max Life Insurance is a leading life insurance provider in India, offering a wide range of insurance products and a simplified claim settlement process.
