Max Life ULIP Plans in India
Max Life ULIP Plans in India
  • Lump Sum Maturity Benefits
  • Withdrawal Flexibility Option
  • Tax Benefits Under 80C
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Max Life ULIP Plans

Max Life Insurance is one the most admired life insurance companies in India which secures the financial future of its customers. Max Life Insurance Company is offering two Ulips options. Ulips basically help you stay on top of the market changes. It offers good returns on investment. Let's get into the details of Max Life Ulip Plans.

Types of Max Life ULIP Plans

1. Max Life Fast Track Super

Max Life Fast Track Super Plan is one of the classic products that offer a simple and safe approach to invest. The plan offers insurance cover along with wealth creation solutions as well. It offers huge returns and comes out as the safest mode of investment.

Key Features

  • Maturity Benefit: This Max Life ULIP plan allows you to get maturity benefits in a lump sum or on a monthly basis.
  • 6 Fund Options: With this, you will get the flexibility to invest in 6 different funds and 12 free fund switches.
  • Death Benefit: In case of your demise, the higher life cover or total fund value will be paid to your nominee.
  • Loyalty Additions: This insurance plan offers additional benefits paid yearly in the form of units starting from the 11th policy year.
  • Withdrawal Flexibility: It allows you to make 2 free partial withdrawals every year after completion of the lock-in period.
  • Tax Benefits: As per the Indian Law, you are liable to get tax benefits under this plan.

Eligibility

Entry Age91 days to 60 years
Maximum Maturity Age70 years
Premium Payment TermSingle, regular and 5 pay
Fund options6 options
Withdrawal2 free partial withdrawals

2. Max Life Platinum Wealth

Max Life Platinum refers to be an ideal plan that helps the insured to accumulate and grow savings to meet long term goals. It allows you to maximize your hard-earned money with the help of market-linked returns. It also offers additional wealth boosters while securing your family’s future.

Key Features

  • Maturity Benefit: This Max Life ULIP plan allows you to receive comprehensive benefits in the form of maturity benefit at the end of the policy.
  • Death Benefit: It is basically an amount that is payable on the death of the policyholder. In such a case, the insurer will pay the entire amount to the nominee.
  • Boost Returns: It is an affordable yet safest way to boost your returns. You have to pay a zero policy administration charge.
  • Flexible premium payment options: The plan offers multiple premium payment options to choose from. You can pay the premium in a single year, five years or during the entire policy term.
  • Fund options: This Max Life ULIP plan offers 6 funds options to choose from based on your risk appetite. It also provides 2 fund strategies to secure your investment.
  • Guaranteed Loyalty Additions: The plan allows you to enhance your investment with the help of guaranteed loyalty additions and wealth boosters as well.
Entry Age91 days to 60 years
Maturity Age70 years
Policy term10-20 years
Funds6 options
Premium Payment ModeSingle Pay: One-time Premium Payment
Limited Pay: 5 Years
Regular Pay: Annual, Semi-Annual, Quarterly & Monthly

Add-on-Covers (Riders)

To offer different options to enhance the cover, the company offers Max Life Partner Care Rider. It is an add on-benefit which boosts the cover at an additional cost for ease of its customers. More details about the same are given below.

Max Life Partner Care Rider

This plan offers additional protection to your spouse when you are not around. The rider offers a sum of all future premiums. It will be paid as per the premium payment term or till you turn 60 years. This rider is available for limited and regular pay variants and needs to be attached at the policy inception only.

Type of Rider(A Unit-Linked Non-Participating Individual Life Insurance Rider)
Available issue ages (Age Last Birthday)Minimum – 21 years & Maximum - 55 years
CoverageAll individuals in accordance with the Board Approved Underwriting Policy
Minimum Rider Sum AssuredRs. 1,000
Grace PeriodSame as the base policy

Why Invest in Max Life ULIP Plans?

It is a life insurance cum investment plan that allows you to fulfill all of your long term goals. Max Life Insurance gives an opportunity to invest your funds in bonds, stocks & mutual funds for growth along with protection.

  1. Safe and secure: Max Life ULIPs offer safe and secure investment options along with healthy market returns. Unlike other market-linked products, its products are completely safe and beneficial for the long term.
  2. Flexible: It offers flexible investment options. It allows you to change funds to secure your hard-earned money from the market ups and downs.
  3. Tax Benefits: Max Life Ulips allows you to avail of tax benefits on your investments and returns.
  4. Life Cover: Apart from the wealth creation feature, the company provides life insurance cover to protect your family.
  5. Transparency: The company offers transparency of all your investments and makes it smooth to access.

How To Get Better Returns With Max Life ULIPs?

While investing in ULIPs, it is important for you to create a versatile product. It will help you in getting complete protection and better returns. Below are a few tips that will help you in getting more of what you invest.

  1. Balance Your Funds: The first thing that you need to understand is the art of balancing equities and debts. It is important to know that the selection between the debt and equity ratio totally depends on the different needs of growing life stages. As per the thumb rule, if you choose to invest 100, make sure to deduct your age from the same and invest the remainder in equity.
  2. Understand Requirements: You must check the requirements of different life stages. It is also important to check switching options from more risky equity funds to less risky debt funds.
  3. Semi Controlled Switching Options: To check funds movement and monitor the same, you can use a programmed switching option available with Ulips. It allows you to switch easily.
  4. Check The Economic Scenario: Keep an eye on the overall market scenario. If it looks significantly expensive, you can switch from equity funds and can be back only when the equity market is stable. Many insurance funds have the auto-trigger option that allows automatic switching.

Ulips always come out as a strong investment option. It offers the dual benefits of insurance cum savings. Max Life Ulips understand the importance of both features, hence it offers customized Ulips. Both plans hold great features and are designed in a way that can assist at different stages of life. Affordable solutions with great features are the USP of Max Life. With a great claim settlement ratio, the company has been the most trusted player in the investment world. You can easily trust this one for your next Ulips purchase.

Max Life ULIP Plans: FAQs

Yes, the company allows you to switch between funds as per your wish. However, there will be some switching charges that you might have to pay.

Yes, you can do this by opting for a top-up facility. You must connect with the insurer for the same.

Yes. As a customer, you have the authority to change the premium payment mode of Max Life Platinum Wealth. To use this option, you should connect with the team along with a duly signed form.

Yes. According to IRDA norms, you can surrender your Max life Ulip by paying surrender charges.

There are a few charges associated with Max Life Fast Track Super such as allocation charge, administration charge and a mortality charge among others.

Last updated on 06-11-2020