Max Life Insurance Company has declared a rate revision of up to 7.25% to its guaranteed savings plan — Max Life Smart Fixed-return Digital Plan. The plan targets digitally-savvy millennials who prefer quick and hassle-free onboarding. According to Max Life, the product innovation combines guaranteed, tax-free offering and protection cover of life insurance. It allows young consumers to enjoy the dual benefits of savings and protection within a single product proposition.
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With this plan, customers can invest for a short period of just five years and can choose policy tenures of five or ten years. This plan can also be taken by parents who wish to save for their children’s education needs.
Max Life Smart Fixed-return Digital Plan – Key Features
1. Fully guaranteed returns payable as a lump sum at maturity
2. Flexibility to pay premiums monthly or annually
3. Flexibility to choose between different variants, tailored to meet different financial security needs
4. Higher benefits offered for higher premiums paid, as per the chosen goals
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5. Special benefits for women customers: 0.25% additional maturity benefit for five years’ policy term; 0.5% for 10 years’ policy term
6. Option of taking a loan against policy to help in case of financial emergencies
7. Tax benefits on premiums and policy benefits as per tax laws
Max Life Insurance Company Limited is a joint venture between Max Financial Services and Axis Bank. Max Financial Services Limited is a part of the Max Group.
As per public disclosures, the company has Rs 1,07,510 crore of assets under management (AUM) and a sum assured in force of Rs 1,174,515 crore, as of 31 March 2022.
