If you are planning to create a Retirement Fund, look into Max Life Smart Wealth Advantage Guarantee Plan (Max Life SWAG) which offers you – regular income, wealth-building and financial protection for your family. The highlight of the plan is the guaranteed returns that you can get on your savings and investment.
For retirement planning, the following two variants are recommended by The Insurance Advisor –
1. The Long-Term Wealth Variant:
The long-term wealth variant of Max Life Smart Wealth Advantage Guarantee Plan pays back the total premium paid by you as a lump-sum on maturity. It is a limited pay variant where you can choose the premium payment term, income period, and deferment period of 0 to 5 years. The maturity benefit under this variant is the total premium paid by you.
- The survival benefit applicable under this variant includes both the income benefit and the Loyalty Income Boosters.
- The Long-term Wealth variant of the plan is ideal for who want a regular stream of long term secondary income to fulfil multiple planned goals for themselves and their family.
- The minimum age criteria to buy the Long-Term Wealth Variant is 91 days. If the PCB has not been opted, the minimum entry age is 18 years.
2. Lifelong Wealth Variant :
This variant of Max Life Smart Wealth Advantage Guarantee Plan gives you the option of choosing the premium payment term. The policy term of the period would be the gap between 100 and the entry age (the age at which you buy the policy). The income period of this variant begins 1 year after the premium payment term ends. This period lasts till the policyholder attains the age of 100. The guaranteed maturity benefit under this variant is divided into two phases, wherein 50% of the premium paid is payable once the insured reaches the age of 85. The remaining premium is payable at the end of the policy term as a maturity benefit. The death benefit is also applicable under this variant.
- This variant offers income benefits, Loyalty Income Boosters and Money Back benefit payable once the subscriber attains age 85.
- The Lifelong Wealth variant of our plan is ideal for individuals wanting an income stream for their post-retirement years.
- The minimum entry age for this variant for all premium payment terms is 40 years. PCB cannot be opted for this Variant.
Policy Continue Benefit
As the Max Life Smart Wealth Advantage Guarantee Plan comes with a life cover, a death benefit is offered as well. It shall be payable when the life insured dies during the policy term. The death benefit varies depending on the Policy Continue Benefit (optional).
If Policy Continue Benefit is Opted:
The death benefit (payout on death of the insured) would be equal to or higher of Sum Assured on Death or 105% of Total Premiums Paid plus underwriting extras plus modal loadings as on the date of death of the life insured. The policy continuance benefit shall be applicable where all future premiums will be waived off and the Survival and Maturity Benefits shall be provided as and when due.
If Policy Continue Benefit has not been Opted:
The death benefit would be the sum assured on death and 125% of the Surrender Value, whichever is higher. This is applicable only when the customer has opted for a single-pay Premium Payment Term.
If the single pay premium payment term has not been opted, whichever is higher of the three will be payable: Sum Assured on Death, 105% of the (Total Premiums paid and underwriting extra premiums plus loading for modal premiums) and 125% of the surrender value should be payable.
Rider Options Available –
Here are the riders available with Max Life Smart Wealth Advantage Guarantee Plan:
- Waiver of Premium
- Accidental Death and Dismemberment
- Term Plus
- Critical Illness and Disability
Max Life Smart Wealth Advantage Guarantee Plan is a must-buy financial instrument if you want to attain financial certainty in life. This versatile and far-ranging investment plan offers the benefit of guaranteed returns, among others, to meet the growing financial demands of life.
Contact The Insurance Advisor for more information about the Max Life Smart Wealth Advantage Guarantee Plan.