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New Delhi, August 22, 2018: Max Life Insurance, one of the leading life insurance companies in India, has launched
Max Life Savings Advantage Plan, a non-linked participating life insurance plan, that provides the policyholder with
the triple benefits of flexibility, to select a premium payment term and policy term and systematic savings, to build
a wealth corpus to cater to any life-stage need and protection, to be prepared for any exigency.
Max Life Savings Advantage Plan comes with the flexibility that allows the customers to fulfill short, medium or long
term life goals by choosing the premium payment term and policy term as per their desired milestone. This product
also offers a flexibility to the customer to take the maturity benefit or death benefit in lump sum or in a regular
monthly/annual income for 10 years.
A plan that will help the customers achieve their financial goals in a systematic manner, Max Life Savings Advantage
Plan offers a superior maturity benefit of 110% of guaranteed sum assured on maturity. Additionally, the customers
get guaranteed additions of 5.5% of guaranteed sum assured on maturity each year for the first 5 years of the policy
and step-up death benefit after 10 years of policy as per the policy terms and conditions. Max Life Savings Advantage
Plan offers the flexibility of partial/full withdrawal of accumulated bonuses at any point of time during the policy
term. Once the policy acquires a surrender value, loan facility can also be availed during the policy term to meet the
expenses for any unplanned event.
Mr. Manik Nangia, Director Marketing and Chief Digital Officer of Max Life Insurance said, “We at Max Life
Insurance continuously endeavour to offer the best-in-category products for customers, in line with their ever-
changing financial needs. Every consumer has various short-term and long-term financial goals ranging from buying
a car, to saving for a child’s education and marriage, to building a retirement corpus, which require systematic
savings. Hence, the new product offering will address various life stage needs by providing a boost to one’s savings
and helping to build a corpus while providing for risk coverage in case of an exigency.”
Furthermore, Max Life Savings Advantage Plan comes with three optional riders– Max Life Term Plus Rider
(UIN:104B026V02 ) that offers additional guaranteed death benefit in case of death of the life insured; Max Life
Accidental Death and Dismemberment Rider (UIN – 104B027V02) that provides additional benefit in case of death or
dismemberment of life insured due to accident and Max Life Waiver of Premium Plus Rider (UIN – 104B029V02) that
provides waiver for all future premiums in a policy and attached riders on happening of dismemberment, diagnosis
of critical illness and death (only when life insured and policyholder are different individuals), provided the base
policy and attaching riders are in-force-. These rider benefits are available on payment of additional premium.
Key Product Features – Max Life Savings Advantage Plan (Product UIN: 104N111V01)
# Description Details
Entry Age (age as on last birthday) Minimum
Single Pay: 8 years
Limited/Regular Pay: 0 years (91 days at the time of
2.1 applying for this plan)
Where the Life Insured is a minor, the proposer should be
either parent or legal guardian and must have insurable
interest on the life of the minor.
Maximum
Single Pay: 65 years
Limited Pay: 55 years
Regular Pay: 45 years
Maximum maturity Age (age as on Maximum
last birthday) Single Pay: 75 years
2.2
Limited Pay: 80 years
Regular Pay: 65 years
Premium Payment Term Single Pay: 1 year
2.3 Limited Pay: 5 to 12 years
Regular Pay: 20 to 30 years
Policy Term Single Pay: 10 years
Limited Pay: 10 to 30 years subject to Policy Term being
2.4 greater than or equal to Premium Payment Term plus 5
years
Regular Pay: 20 to 30 years
The product allows annual, semi-annual, quarterly and
monthly premium paying modes. The modal factors are
as follows:
Modal Factors
Premium Mode Factor
Annual 1.000
Premium Payment Modes & Semi-Annual 0.520
2.5 Modal Factors Quarterly 0.265
Monthly 0.090
During the financial year 2017-18, Max Life Insurance achieved gross written premium of Rs. 12,501 crore and had
sum assured in force of Rs. 5,11,541 Crore. As on 31st March 2018, the Company had Rs. 52,237 crore of assets under
management (AUM) and a share capital including reserves and surplus of Rs. 2,689 crore. The Company has more
than 32 lakh customers serviced by its 10,226 employees and 54,791 agent advisors through 210 offices across the
country.