• Investment
  • Term Life

Max Life Platinum Wealth Plan

Max Life Platinum Wealth Plan is a Unit Linked Insurance Plan offered by Max Life Insurance. Max Life Insurance Company Limited is a leading life insurance company in India. During the Financial Year 2018-19, Max Life Insurance achieved sum assured in force of Rs. 7,03,972 crore. The company had Rs. 62,798 crore of Assets Under Management. Max life has a solvency ratio of 242%, its 13th Month Persistency stands at 83% and has a Claims Paid Percentage 98.74%. Max life has established its presence through its 239 own offices across the country.

Max Life Platinum Wealth Plan is an insurance cum investment plan which helps you accumulate and grow your savings, so that you achieve your long-term goals easily.

Note: All information has been sourced from the official website of Max Life.

Features of Max Life Platinum Wealth Plan

The features of this plan are:

  • This plan offers coverage of 10 times the annualised premium (for Limited and Regular Pay options) of base policy and get additional life cover, equal to the sum of all future premiums payable under the policy till the age of 60 years, with Partner Care Rider.
  • Option to choose Policy Term and Premium Payment Term
  • Choose from 6 (six) Funds via Systematic Transfer Plan and Dynamic Fund Allocation
  • Low charges with unlimited free switches
  • Guaranteed Loyalty Additions and Guaranteed Wealth Boosters

Benefits of Max Life Platinum Wealth Plan

The features of this plan are:

Maturity Benefit

The fund value will be payable on maturity, where the fund value will be calculated as: Fund Value = Summation of [Accumulated Units in Fund(s) X NAV of respective Fund(s) as on the Maturity Date].

Death Benefit

The death benefit payable will be the highest of the following sums: For Single Pay Variant:

  • Sum Assured equal to 1.25 times the Single premium (reduced by applicable partial withdrawals, if any), or
  • 105% of cumulative premiums paid till the date of death, or
  • Total Fund Value (as on the date of death) For Limited Pay/Regular Pay Variant:
  • Sum Assured equal to higher of 10 times the annualised premium or 0.5 times the product of Policy Term and annualised premium (reduced by applicable partial withdrawals, if any),
  • 105% of cumulative premiums paid till the date of death, or
  • Total Fund Value (as on the date of death)

Guaranteed Loyalty Additions

The Company will add a percentage of Fund Value to the Fund by creation of additional units, at the end of the policy year basis the premium paid.

Guaranteed Wealth Boosters

Apart from the Guaranteed Loyalty Additions, the company will also pay Guaranteed Wealth Boosters to you, which is an additional percentage of Fund Value to be added to the Fund. This is done by creation of additional units, at the end of every 5 years, starting from 10th policy year. Guaranteed Wealth Boosters are a form of additional guaranteed additions only. The additional percentage will be determined by the premium paid.

Eligibility Criteria

The eligibility criteria for this plan is:

CriteriaSpecification
Minimum Age of Life Insured at Entry (age as on last birthday)18 years
Maximum Age of Life Insured at Entry (age as on last birthday) Single Pay and Limited Pay: 60 years Regular Pay: 55 years
Maximum Maturity Age of the Life Insured (age as on last birthday)Single Pay and Limited Pay: 70 years Regular Pay: 65 years

Plan Details

Sum Assured Multiple

Single Pay: 1.25 times Single premium

Limited Pay/Regular Pay: Higher of (10 times annualised premium or 0.5 X Policy Term X annualised premium)

Minimum Sum Assured

Single Pay

Rs. 2,50,000

Limited Pay & Regular Pay

Rs. 20,00,000

Maximum Sum Assured

No Limit, subject to underwriting, as per the Board approved underwriting policy of the Company.

Rider Options

Max Life Partner Care Rider

Policy Term

● Single Pay: Policy Term of 10 years

● Limited Pay: Option to choose Policy Term from 10 years to 20 years

● Regular Pay: Option to choose Policy Term from 10 years to 20 years

Premium Details

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Premium Payment Term
  • Single Pay: Under this variant, the premium has to be paid only once at the inception of the policy
  • Limited Pay: Under this variant, the Premium Payment Term is fixed at 5 years
  • Regular Pay: Under this variant, the Premium Payment Term is same as Policy Term
  • Minimum annualised premiumRs. 2,00,000 for all variants. Annualised premium is defined as the total premium payable during a policy year.
    Maximum annualised premiumNo Limit.
    Premium Bands
    There are two premium bands in the product, as mentioned below:
    Band 1: Premium of less than Rs. 5 Lakhs.
    Band 2: Premium of Rs. 5 Lakhs and above.
    Premium Payment mode
  • Single Pay: Single
  • Limited or Regular Pay: Annual, Semi-Annual, Quarterly or Monthly
  • Other Details of Max Life Platinum Wealth Plan

    Tax Benefits -

    Tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961 are applicable.

    Switch

    You may switch between available Funds at any time during the Policy Term, subject to a minimum Switch amount of Rs. 5,000.

    Premium Redirection

    A maximum of six (6) Premium Redirections are allowed in a policy year and all are free of charge.

    Partial Withdrawal

    No partial withdrawals are allowed in the first five policy years and thereafter, a maximum of two partial withdrawals are allowed in any policy year.

    Documents Required to buy Max Life Platinum Wealth Plan

    The documents required for this plan are:

    • Application/Proposal form
    • KYC Details - Proof of ID and Address
    • Proof of Age
    • Proof of Income - Bank Account Statement
    • SIP/Auto Debit/SI Mandate Form
    • Medical check-up/report if required

    Exclusions

    If the Life Insured, whether sane or insane, dies by suicide, within twelve (12) months from the date of inception of the policy (effective date of risk commencement)or the date of any revival of this policy, all risks under the policy shall come to an end simultaneously and the policy will terminate. The fund value will be paid to the nominee.

    FAQs on Max Life Platinum Wealth Plan

    Why you should buy the Platinum Wealth Plan from Max Life Insurance?

    You should buy Platinum Wealth Plan from Max Life Insurance because it is an excellent investment cum insurance option. This plan provides cover for you and your family.

    What is the Policy Administration Charge for Max Life Platinum Wealth Plan?

    • The PAC for this plan is:

    What is the discontinuance or surrender charge for Max Life Platinum Wealth Plan?

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    What is Mortality Charge

    Mortality charge is levied for providing risk cover to the Life Insured during the Policy Term.

    How much does the company charge policyholders for using the Partial Withdrawal feature?

    After the first five policy years, a maximum of two Partial Withdrawals are allowed in a policy year and are free of any charge.

    Does the company charge anything for adding rider to Max Life Platinum Wealth plan? -

    Yes, a rider charge will be levied on the rider sum at risk every month by cancelling units.

    Does Max Life Platinum Wealth Plan provide loan facility and Top up Option?

    No, this plan does not have loan facility or Top up Option.

    How to make a claim on Max Life Platinum Wealth Plan?

    To make a claim, you need to intimate one by providing written information Max Life through your Agent Advisor or nearest Max Life Insurance Company office or email at claims.support@maxlifeinsurance.com.