Max Life Insurance, one of India’s leading life insurers, has launched ‘Max Life Platinum Wealth Plan’ – a product offering to niche segment of High Net worth Individuals.
The plan has been designed to provide superior returns by keeping charges low while providing enhanced flexibility and features for customer to choose from. It offers Guaranteed Loyalty Additions and Guaranteed Wealth Boosters to further enhance the maturity fund value. Max Life Platinum Wealth Plan also offers unlimited free switches to policyholder, so that he/she has the flexibility to switch between funds depending on market conditions and thus encourage active portfolio management. The death benefit for Platinum Wealth Plan is kept at 10 times of annualised premium (for 5 Pay and Regular Pay), thus offering tax benefits of 80C and 10(10D) to customer as per existing income tax laws.
Speaking on the launch, Rajesh Sud, CEO & Managing Director, Max Life Insurance said, “At Max Life Insurance, we design our products keeping in mind future needs of our customers and requirements. The ‘Max Life Platinum Wealth Plan’ has been specifically designed for High Net worth Individual with an objective of enhanced flexibility and more features for customer to choose from. The launch of Max Life Platinum Wealth Plan is also in line with our strategy to offer customized products and service to our customers as per their segment.
Key Features & Benefits of Max Life Platinum Wealth Plan
a) Flexibility – The product offers flexibility to customer with 23 product variants
a. Single Pay with 10 years Policy Term
b. 5 Pay with 10 to 20 years Policy Term (customer can select any term option from 10 years to 20 years)
c. Regular Pay with 10 to 20 years Policy Term (customer can select any term option from 10 years to 20 years)
b) Fund Strategies and Fund Options – The customer may choose to invest in five (5) Funds available in this plan. Alternatively, he/she may opt for fund based strategies of Systematic Transfer Plan or Dynamic Fund Allocation strategy, to protect investments against market volatility.
c) Higher Death Benefit with rider – The product offers Partner Care Rider as an option to the customer, which offers an additional death benefit equal to remaining premiums paid as lump sum, in case of death of the Life Insured.
d) Low Charges – Platinum Wealth Plan has been designed to offer low charges to enhance customer returns. There is no admin charge post year 6 i.e. post year 5, there will be only mortality charge, fund management charge and allocation charge for regular pay. For 5 pay variant there is no allocation charge from year 6.