Max Life Platinum Wealth Plan

Max Life Platinum Wealth Plan is a Unit-linked Investment Plan which also offers life coverage to ensure the financial stability of your loved ones in your absence. The plan offers a choice of 6 different funds and 2 investment strategies namely Systematic Transfer Plan and Dynamic Fund Allocation. The fund options can be switched by you any number of times free of charge during a policy year. The plan’s Systematic Transfer Option protects your returns from market volatility by first allocating your premiums to its Secure Plus Fund and then systematically transferring it to its Growth Super Fund.

This investment plan enhances your fund value if you stay invested in the policy for a long period of time by providing guaranteed loyalty additions and guaranteed wealth boosters. The plan levies no administration charges and no allocation charges in the case of Regular Pay plans after the completion of the first 5 policy years. 

Best Features of Max Life Platinum Wealth Plan

Following is the list of best features that make this plan distinctive from its alternatives :

• Fund Options- The plan offers 6  fund options namely High Growth Fund, Growth Super Fund, Growth Fund, Balanced Fund, Conservative Fund, and Secure Fund.
• Fund Switching-  The plan allows you to switch the fund options unlimited times in a policy year without any additional charge.
• Investment Strategies - There are 2 optional investment strategies namely Systematic Transfer Plan and Dynamic Fund Allocation available with this plan.
• Low Charges-  No policy administration charge and no premium allocation charges (only for the Regular Pay plan) are levied after the completion of 5 policy years.
• Guaranteed Loyalty Additions- The plan provides guaranteed additions to your fund from the 6th or the 11th policy year basis the amount of your annualised premium.
• Guaranteed Wealth Boosters- The plan provides an additional percentage of your fund value at the end of every 5th year starting from the 10th policy year to help you boost your earnings.
• Rider Benefit- Max Life Platinum Wealth Plan offers 1 optional rider namely Max Life Partner Care Rider.
• Partial Withdrawals- You can make a maximum of 2 partial withdrawals under this plan. These withdrawals are allowed only after the end of the lock-in period of 5 years and both of them can be made without any extra cost.

Benefits of Max Life Platinum Wealth Plan

Max Life Platinum Wealth Plan provides the following benefits to its investors -

• Death Benefit

In the case of an unfortunate demise of the life assured, a death benefit is payable to the nominee. The payout of the death benefit is dependable on the type of premium payment frequency chosen at the inception of the policy.

• For Single Pay

The highest of the following is paid as the death benefit - 

1. Sum assured equivalent to 1.25 times of the single premium less partial withdrawals
2.  105% of accumulated premiums paid till the date of death
3.  Total fund value as available on the date of death.

• For Limited Pay/ Regular Pay

The highest of the following is paid as the death benefit - 

1. Sum assured equivalent to higher of 10 times of the annualised premium or 0.5 times of the product of the policy term and annualised premium after the deduction of partial withdrawals
2. 105% of accumulated premiums paid till the date of death
3. Total fund value as available on the date of death.

• Maturity Benefit

If the life assured survives till the date of maturity then, the fund value is payable to the assured as the maturity benefit.

• Guaranteed Loyalty Additions

Max Life Platinum Wealth Plan adds a percentage of fund value to your fund by creating additional units, at the end of the policy year based on the premium paid by you. The percentage of the additions as per the premium is shown in the table below:

•  Guaranteed Wealth Boosters

Max Life Platinum Wealth Plan also adds a percentage of fund value to the Fund as wealth boosters by creating additional units, every 5 years starting from the 10th policy year based on the premium paid by the investor. The segregation of the additions as per the premium is shown in the table below:

Max Life Platinum Wealth Plan Eligibility

For becoming an investor in Max Life Platinum Wealth Plan following eligibility conditions are applicable: 

Max Life Platinum Wealth Plan Fund Options

 Max Life Platinum Wealth Plan offers the following 6 fund options to allocate the premium based on your risk appetite: 

Alternatively, you can also choose to invest via any of the following 2 investment strategies -

1. Systematic Transfer Plan

This option is only available with single premium policies. It protects your returns from market risks and volatility by allocating your premium initially to its Secure Plus Fund and then systematically transferring it to its Growth Super Fund on a monthly basis. This strategy provides you with the benefit of rupee cost averaging.

        2. Dynamic Fund Allocation 

Under this strategy, the premium in the early policy years is allocated to a high-returns generating equity-oriented fund and as your policy term progresses, the funds are transferred to a relatively safer conservative fund. The allocation of the funds is done in accordance with the outstanding years to maturity, as shown in the table below:

Max Life Platinum Wealth Plan Review

Max Life Platinum Wealth Plan is an investment plan accompanying the benefits of a life insurance plan. The plan offers an array of 6 different fund options with the facility of unlimited fund switches throughout the policy term. The plan also offers 2 optional investment strategies which take care of your money in a systematic and dynamic manner. Also, the charges levied under this plan are comparatively lower than its counterparts because of the exemption of policy administration charges and allocation charges after 5 policy years.

One of the notable features of the plan is its fund appreciation mechanism which increases your fund value by way of guaranteed loyalty additions and wealth boosters. Max Life Platinum Wealth Plan ensures enough flexibility for the investors by offering options for premium redirection, partial withdrawals, and customisable settlement payouts. It is an ideal plan for individuals looking for an investment solution offering a host of benefits and substantial liquidity with minimal charges.