New Delhi Delhi India NewsVoir A comprehensive life insurance savings plan offering a life-long income stream among others Three plan options to build your secondary income stream Option to accrue survival benefits and avail of them as per need Choice of income period including whole-life income option Max Life Insurance Company Ltd Max Life Company today announced the launch of the Max Life Smart Wealth Income Plan a comprehensive Non-Linked Participating Individual Life Insurance Savings Plan This new product offering from Max Life provides customers with a complete solution to fulfill the financial needs of their family and loved ones Offering additional income options the plan allows the customers to achieve a financially protected future through various life cover and income options Prashant Tripathy CEO Managing Director Max Life said Life is about fulfilling your dreams as well as those of your loved ones At Max Life we understand the significance of such milestones that ensure the immediate happiness of your loved ones while working towards a promising future Our newly introduced Max Life Smart Wealth Income Plan is a comprehensive product that gives you lifelong financial protection through an additional income stream during the years when you need it the most Combining the power of protection assurance and reliability into a simple solution this product enables fulfillment of all aspirations while also staying assured and protected in the longer run Key features of Max Life Smart Wealth Income Plan Depending on whether one wants an early income or a few years down the line the Max Life Smart Wealth Plan offers customers the flexibility to choose a plan that matches their requirements 1 Three plan options to build your secondary income stream The plan gives you the option to choose between Early Income Early income with Guaranteed Money Back or Deferred Income All these options come with inbuilt guaranteesi in form of guaranteed incomeguaranteed money-back under all variants It will also provide cash bonuses as declared Guarantees are payable in the form of guaranteed income in case of Early Income and Deferred Income variants for 25 years or till the end of the policy term whichever is lower and in case of Early Income with Guaranteed Money Back variant it will be paid in the form of 3 Guaranteed Money Back at defined intervals 2 Option to accrue survival benefits and take them as per need The accrual of survival benefits Cash Bonus and Guaranteed Income can be opted for any time during the policy term as per the need The policyholder can also withdraw the accrued Cash BonusesGuaranteed Income partiallyfully at any point during the policy term If the unpaid survival benefits are not availed of by the policyholder during the policy tenure the same shall be payable along with the plan benefits at the time of closure of the policy due to death maturity or surrender The accrued survival benefits will be accumulated at an interest rate equal to the RBI reverse repo rate published by RBI on its website and this rate will be reviewed annually 3 Choice of income period including whole life income option starting from 2nd year The plan offers one the flexibility to receive income and avail of life cover till 100 years 85 years or 75 years of attained age 4 Enhanced protection through optional riders and policy continuance benefit1 One can also customize their protection cover by opting for riders by paying a small amount of extra premium Policy continuance benefit if opted ensures that survival and maturity benefits continue to be paid as and when due in case of death of the Life Insured without any need of premium payment The death benefit under this plan varies with the choice of policy continuance benefit 5 3 types of discountsrebates available under the plan Discounts for existing Max Life customer first year female lives all payable premiums and high sum assured on maturity rebates are further applicable under the plan Riders such as Max Life Waiver of Premium Plus Rider UIN 104B029V04 Max Life Accidental Death and Dismemberment Rider UIN 104B027V04 Max Life Term Plus Rider UIN104B026V03 and Max Life Critical Illness and Disability Rider UIN 104B033V01 can be added to the base policy under the Max Life Smart Wealth Income Plan About Max Life Insurance wwwmaxlifeinsurancecom Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited Max Financial Services Ltd is a part of the Max Group an Indian multi-business corporation Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution including agency and third-party distribution partners Max Life has built its operations over almost two decades through a need-based sales process a customer-centric approach to engagement and service delivery and trained human capital As per public disclosures and annual audited financials for FY20-21 Max Life has achieved a gross written premium of INR 19018 crore As of 31st March 2021 the Company had INR 90407 crore of assets under management AUM and a Sum Assured in Force of INR 1087987 crore 1 Policy continuance benefit is available with all the 3 Plan Options with a maturity age of 85 years or 75 years It is not available with a maturity age of 100 years i Guarantees are payable in the form of Guaranteed Income in case of Early Income and Deferred Income variants for a period of 25 years or till the end of policy term whichever is lower and as 3 Guaranteed Money Backs at defined intervals in case of Early Income with Guaranteed Money Back variant PWR PWR