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Overview
The Axis Max Life Smart Wealth Plan is a combination of insurance and savings that protects your loved ones financially in your absence and guarantees survival returns. This plan offers four plan options, allowing you to choose the one that best suits your needs.
The Axis Max Life Smart Wealth Plan is a non-participating, non-linked savings life insurance plan. Let's explore the plan in detail for better clarity and understanding.
Key Benefits of the Axis Max Life Smart Wealth Plan
The Axis Max Life Smart Wealth Plan offers a range of benefits, including:
- Maturity returns
- Death benefit
- Guaranteed additions
- Whole-life income with a joint life option
- Rider protection
- Surrender option
- Reduced paid-up
How to Buy the Axis Max Life Smart Wealth Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the ‘Investment’ tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of Axis Max Life Smart Wealth Plan
Here are the benefits of buying the Axis Max Life Smart Wealth Plan:
- Death Benefits: This plan offers death benefits to your loved ones in case of your uncertain demise. This amount can help them to continue their lives without financial issues.
- Maturity Benefits: At the end of the policy tenure, you will receive maturity benefits along with applicable additions. You can use this amount to fulfill your future financial needs.
- Guaranteed Additions: Under the lump sum option of the Axis Max Life Smart Wealth Plan, you get guaranteed additions to your policy. These additions increase the total value of maturity benefits.
- Rider Benefits: You can avail of 4 kinds of rider benefits to enhance the overall coverage of your plan. These rider benefits are available at a nominal additional cost.
- Policy Loan: You can avail of a policy loan in emergencies. The loan amount is a minimum of Rs 10,000 and a maximum of 50% of the surrender value of the policy.
- Joint Life Plan: Under the whole life income option, you get a joint life policy that covers you and your spouse under a single plan. You don’t need to spend any additional amount to buy an insurance policy for your spouse.
- Commutation Option: The commutation option is available under plan options 2, 3, and 4. Under this option, you can receive the present value of the outstanding maturity or death benefits as a lump sum.
Free Look Option
This plan offers a free look option to review the terms and conditions. If you are not satisfied and wish to return it, you can do so within a free look period of 15 days.
Grace Period
There are instances when policyholders miss their premium payments. During the grace period, you can pay your late premiums without late fees. A grace period of 15 days is provided for monthly payments and 30 days for annual payments.
Policy Revival
If your policy has lapsed due to non-payment of premiums, you can revive it within five years from the date of the unpaid premium. If the policy is not revived within five years, the insurance company may terminate it.
Reduced Paid-Up
When your policy acquires a surrender value, it automatically becomes eligible for reduced paid-up in case you do not wish to pay further premiums.
Surrender Value
Your policy acquires a surrender value if you have continuously paid premiums for the first two years under plan options 1, 2, and 3, and after the expiry of the free look period for plan option 4.
How to Buy the Axis Max Life Smart Wealth Plan from Axis Max Life Insurance
- Visit the official website of Axis Max Life Insurance.
- Hover over 'Investment Plans' from the top menu.
- Click on 'Axis Max Life Smart Wealth Plan'.
- Click on ‘Buy Now’ to be redirected to a new page.
- Enter your name and contact information. A representative will contact you to discuss quotes.
- Once discussed, you can make the premium payment and receive the policy documents.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. In such a scenario, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, will be paid.
Documents Required to Buy Axis Max Life Smart Wealth Plan
Here is the list of documents required to buy the Axis Max Life Smart Wealth Plan:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical records of the policyholder, if requested.
- Income Proof: Bank statement, last three months' salary slips (if salaried).
Other Features
- Maturity Benefits in Reduced Paid-Up (RPU): RPU Sum Assured + Accrued Guaranteed Additions.
- Death Benefits in Reduced Paid-Up (RPU): (Total premiums paid / Total premiums payable) * Death benefits.
