Max Life Smart Wealth Income Plan; Check 5 Major Features

The Max Life Smart Wealth Income Plan is a non-linked participating individual life insurance savings plan. It's a comprehensive solution that ensures your pleasure for the rest of your life by giving an additional income stream when you need it most. It is a participating product that provides you with the financial means to meet your family's needs while ensuring that you and your loved ones live comfortably.

Main features of Smart Wealth Income Plan

1) Policyholders can pick from three options: 'Early Income,' 'Early Income with Guaranteed Money Back,' or 'Deferred Income.' Under all versions, all of these alternatives provide built-in assurances in the form of guaranteed income/guaranteed money-back.

2) Survival benefits ('Cash Bonus' and 'Guaranteed Income') can be accumulated at any moment during the insurance period, according on the need. The policyholder can also take partial or total withdrawals of the accrued 'Cash Bonuses/Guaranteed Income' at any time during the policy period.

3) If the policyholder does not use the unpaid survival benefits throughout the policy term, they will be paid along with the plan benefits when the policy is closed due to death, maturity, or surrender. The accrued survival benefits will be accumulated at an annual interest rate equal to the RBI reverse repo rate, which is published on the RBI's website.
4) By paying a tiny additional fee, one may also tailor their protection insurance by adding riders. In the event of the Life Insured's death, policy continuation benefits ensure that survival and maturity payments are paid as and when due, without the need to pay a premium.

5) The plan also includes discounts for current Max Life customers (first year), female lives (all due premiums), and high sum assured on maturity refunds.

Under the 'Max Life Smart Wealth Income Plan,' riders such as the Max Life Waiver of Premium Plus Rider, Max Life Accidental Death and Dismemberment Rider, Max Life Term Plus Rider, and Max Life Critical Illness and Disability Rider can be added to the base policy.