Merging company

Max Life launches a new life insurance product, Smart Capital Guarantee Solution

NEW DELHI: Max Life Insurance Company Ltd. launched Smart Capital Guarantee Solution, a life insurance product solution that combines three advantages. Merging the benefits of “Max Life Smart Wealth Plan” and “Max Life Flexi Wealth Advantage Plan”, the product will offer wealth creation through market-linked returns as well as a guarantee on premiums paid at maturity with additional financial protection, the company said.

“According to the latest India Protection Quotient survey, over 46% of consumers prefer financial products as a combination of secured and market-linked instruments. While consumers want to reap the benefits of market-linked products, there is a latent need for protection of invested capital, as well as additional financial protection. With this knowledge, we designed the Smart Capital Guarantee solution,” said V Viswanand, Deputy Managing Director of Max Life.

Main features of the Max Life Smart Capital Guarantee solution:

1. Capital guarantee until maturity of Max Life Smart Wealth Plan; market-linked returns through a portion of the premium paid for the Max Life Flexi Wealth Advantage Plan

2. Unique and personalized scenarios designed to meet various financial needs in the form of lump sum benefits, regular income or lifetime income benefits

3. Flexibility to choose from different premium term payment options

4. Comprehensive protection with death benefits

5. Tax Benefits under Section 80C and Section 10 (10D) of the Income Tax Act 1961*

The product offers customers a unified and seamless onboarding journey through the pre-issuance, issuance and post-issuance stages. With a single proposal form and combined illustration, clients can have a single view of cash flow and other benefits. A unified issue and a unique identifier allow for simplified payment of premiums.

Combining the benefits of market-linked returns with guaranteed returns, the Smart Capital Guarantee solution includes the following products:

Max Life Smart Wealth Plan (an individual, unlinked, non-participating life insurance savings plan) – A comprehensive life insurance savings product with guaranteed returns, the plan unifies protection and savings into one easy and flexible solution. Allowing for greater flexibility, the Plan offers the choice between five different variants – three in lump sum and one in regular income and one in lifetime income. All five variants come with separate living benefits depending on the variant chosen and full life coverage depending on their design.

Max Life Flexi Wealth Advantage Plan (an individual unit-linked, non-participating life insurance plan) – A plan designed to maximize wealth creation needs while financially protecting loved ones. The plan guarantees a return of eligible policy fees, loyalty add-ons, and powerful boosters. Additionally, the plan allows for greater customization with unlimited switches and free premium redirection throughout the various stages of the growth journey.

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