Max Life Insurance Company on June 8, 2023 launched the Smart Wealth Advantage Growth Par Plan. It is a non-linked participating individual life insurance savings plan, which aims to provide individuals with financial protection and savings accumulation.
Non-Linked Participating Individual Life Insurance Savings Plan
These types of plans combine the benefits of life insurance coverage with savings. They also offer death benefit that ensures financial protection for beneficiaries in case of the policyholder’s demise.
Non-linked means they are not tied to market investments or returns. Participating implies that policyholders have the opportunity to participate in insurance company profits through bonuses.
Smart Wealth Advantage Growth Par Plan
Max Life Insurance Company said the plan offers benefits of enhanced liquidity, guaranteed income, cash bonuses, retirement income planning, flexibility in income options, and enhanced protection benefits.
The liquidity feature allows access to funds from the first policy year. The cash bonus feature allows a percentage of annualised premium to be payable to the policyholder as a cash bonus if declared. Retirement income assists in planning for retirement by offering enhanced income with minimum guarantee during the retired years, i.e., after age 65.
The plan comes with four variants – namely, Insta Income, Balanced Income, Future Income, and Lifelong Income, all with built-in guarantees, cash bonuses (if declared), and life coverage throughout the policy term.
The plan also provides flexibility in premium payment and policy terms, accommodating individual needs and preferences. Policyholders can choose premium payment terms and avail of life cover ranging from 20-40 years, extending up to age 100.
Policyholders can also enhance their protection through optional riders, policy continuance benefit (PCB), and additional accidental benefit cover. The plan also offers multiple options for taking payouts, such as selecting specific dates for survival benefits, accruing benefits for future use, or offsetting them against premium obligations.
Prashant Tripathy, managing director and CEO of Max Life Insurance, said in a statement: “We recognised the emerging need for a well-designed income plan emphasising the value of a regular additional income for long-term financial stability. With Smart Wealth Advantage Growth Par Plan, our primary objective is to offer a comprehensive savings plan, which provides lasting income assurance during the years when one needs it the most.”
In addition, the plan emphasises financial inclusivity by extending special discounts to transgender customers and additional benefits on maturity for women, the insurer said in a press release.
