Savings Advantage Plan

Overview

In your life, you may have many goals for which you save money. These may be short term goals, or long term goals. To ensure that you meet these goals like buying a sedan, planning for child’s education in an ivy college, planning for your daughter’s destination wedding you need a financial instrument that can systematically save and grow your money.

Presenting Max Life Savings Advantage Plan that will accelerate the growth in your systematic savings and help you build a corpus to address all your life goals while providing for insurance coverage at the same time to take care of your loved ones in case of an unfortunate event

Benefits

Illustration

Mr. Bajaj, aged 35 years, pays a premium of Rs. 50,000 in Max Life Savings Advantage Plan on an annual mode. He opts for 10-year Premium Payment Term & 20-year Policy Term. His GSAM is Rs. 4,55,000. Let's see how this plan would work for him:

Scenario 1: Mr. Bajaj survives through the Policy Term

*Important Notes

1. Kindly note that the above case studies are only examples and do not in any way create any rights and/or obligations. The actual experience of the policy may be different from what is shown above. The above scenarios are depicted at an assumed rate of returns with 4% and 8% and these are not the upper or lower limits of what one can expect from this policy, as it is dependent on the number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.

2. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to change in tax laws. It is advisable to seek an independent tax advice.

3. Bonuses are non-guaranteed and are declared at the sole discretion of the Company. For more information, please request for your Policy specific benefit illustration.

Scenario 2: Mr. Bajaj meets with an accident and dies in the 6th policy year:

*Important Notes

1. Kindly note that the above case studies are only examples and do not in any way create any rights and/or obligations. The actual experience of the policy may be different from what is shown above. The above scenarios are depicted at an assumed rate of returns with 4% and 8% and these are not the upper or lower limits of what one can expect from this policy, as it is dependent on the number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.

2. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to change in tax laws. It is advisable to seek an independent tax advice

3. Bonuses are non-guaranteed and are declared at the sole discretion of the Company.

Check your eligibility:

Age of the Life Insured at Entry (age as on last birthday)

Minimum

Single Pay : 8 years

Limited/Regular Pay : 0 years (91 days at the time of applying for this plan)

Where the Life Insured is a minor in such a case the proposer should be either parent or legal guardian and must have an insurable interest on the life of the minor. The risk coverage for minors will commence from the inception of the policy. Where the Policy has been issued on the life of a minor, the Policy will automatically vest on him on his attaining majority

Maximum

Single Pay : 65 years

Limited Pay : 60 years. If Entry age of Life insured is >=56 years then Entry age of Life Insured + Premium Payment Term shall be <=65 years.

Regular Pay : 45 years

Maturity Age of the Life Insured (age as on last birthday)

Minimum

18 years

Maximum

Single Pay : 75 years

Limited Pay : 80 years

Regular Pay : 65 years

If Entry age of Life insured is >=56 years then Entry age of Life Insured + Premium Payment Term shall be <=65 years.

Premium payment options:

Premium Payment Term (PPT)

Single Pay

Limited Pay: 5 to 12 years

Regular Pay

Policy Term (PT)

Single Pay : 10 years

Limited Pay: 10 to 30 years subject to Policy Term being greater than or equal to Premium Payment Term plus 5 years

Regular Pay : 20 to 30 years

Minimum Annual Premium

Single Pay variant: The minimum premium is Rs. 1,00,000.

Limited Pay and Regular Pay variant: The minimum premium varies as per Policy Term and premium

payment mode and is shown in table below:

The minimum premium is exclusive of any applicable tax, cesses, and levies, loading for modal premium and underwriting extra premium (if any).

Maximum Annual Premium

No limit subject to limits determined in accordance with the Board approved underwriting policy of the Company