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(A Unit Linked Non-Participating Individual Life Insurance Plan)

UIN - 104L115V01

IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

With Max Life Flexi Wealth Plus, get a customizable unit linked insurance plan that offers you flawless flexibility and continuous financial protection.

key attractions

Flexible Plan Options

Wide range of Policy Term and Premium Payment Term options

Power to Personalize Your Investments

Choice of 10 funds and multiple investment strategies to suit your risk appetite

Minimum Cost of Investment

Return of mortality charges along with guaranteed wealth boosters and loyalty addition

Eligibility

  • Minimum Sum Assured:

    • Wealth Variant:

      • Single Pay: Rs. 2,50,000/- if cover multiple opted is 1.25 OR Rs. 20, 00,000 if cover multiple opted is 10

      • Regular Pay: Rs. 2,50,000/-

      • Limited Pay: Rs. 5,00,000/-

    • Whole Life Variant:

      • Limited Pay: Rs. 10,00,000

  • Entry Age:

    • Wealth Variant

      • Minimum: 91 days

      • Maximum:

        • Single Pay

          • 70 years; Cover Multiple - 1.25

          • 45 years; Cover Multiple - 10

        • Limited/ Regular Pay: 65 minus premium payment term years

    • ​​Whole Life Variant

      • Minimum: 18 years

      • Maximum: 65 minus premium payment term

  • Policy Term:

    • Wealth Variant: 10 to 30 years (Policy Term of 10 years for single pay variant with 10 times cover multiple)

    • Whole Life Variant: 100 minus Entry age

  • Maturity Age:

    • Minimum:

      • Wealth Variant: 18 years

      • Whole Life Variant: 100 years

    • Maximum:

      • Wealth Variant: 80 years

      • Whole Life Variant: 100 years

Benefits

Death Benefit:

In case of Death of the Life Insured, the nominee shall receive highest of the following values -

  • Sum Assured (reduced by applicable partial withdrawals~, if any from the accumulated fund value), or

  • Fund Value (as on date of death of Life Insured)

  • 105% of the total premiums received up to the date of death (reduced by applicable partial withdrawals~, if any from the accumulated fund value)

The policy will terminate after the payment of the death benefits.

~The applicable partial withdrawals mentioned above refers to all the partial withdrawals made by you (as the policyholder) for two years immediately preceding death of the Life Insured under the plan. 

 

Maturity Benefit:

  • Fund Value - On maturity of this ULIP investment plan, you will be eligible to receive an amount (provided that you have not exercised the settlement option), which equals to the accumulated Fund Value, under both Wealth Variant & Whole Life Variant. Under this ULIP plan, the Fund Value payable upon maturity will be calculated as:

Fund Value = Summation of Number of Units in Fund(s) multiplied by the respective NAV of the Fund(s) as on the date of maturity

  • Return of Mortality Charges - You are also entitled to receive the total amount of mortality charges (Return of Mortality Charges) paid towards the ULIP plan, upon surviving the policy tenure. At the end of the Policy Term, on the maturity date, the total amount of mortality charges deducted in respect of life cover provided throughout the Policy Term will be added back as Return of Mortality Charges to the Fund Value, as applicable. Return of Mortality Charges is not applicable in case of a Surrendered, Discontinued or Paid-up policy and will be payable provided all due Regular Premiums under the policy have been paid up to date.

 

Survival Benefit:

Max Life Flexi Wealth Plus offers guaranteed loyalty additions and wealth boosters as part of survival benefit, based on your annualised premium* band.

The three premium bands under Max Life Flexi Wealth Plus plan are as follows –

  • Band 1: Annualised* premium less than Rs. 100,000

  • Band 2: Annualised* premium between Rs. 100,000 to Rs. 199,999 (both inclusive).

  • Band 3: Annualised*/Single premium of Rs 200,000 and above.

*Annualised Premium: means Premium amount payable during a Policy Year chosen by Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any.

  • Guaranteed Loyalty Addition -

Payable as a percentage of total fund value at the end of each policy year starting from 6th policy year onwards, provided all due premiums have been paid depending upon the premium band as follows-

Band 1

Band 2

Band 3

NA

0.25%

0.40%

  • Guaranteed Wealth Boosters -

Guaranteed wealth boosters are an additional percentage of fund value which are added to the Fund by creation of additional units. These additional units are created at the end of every 5 years starting from 10th policy year basis the premium band as below-

Band 1

Band 2 and 3

NA

2.00%

Riders:

Not available in this Plan

 

Tax Benefits:

You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to change in tax laws. It is advisable to seek an independent tax advice.

 

Seamless Claim Settlement Process:

Nominee contacts Max Life and a dedicated Claims Relationship Officer is assigned to him / her to assist in the claims process.

Payment Options

  • Flexible Premium Payment Option:

    • Premium Payment Term:

      • Wealth Variant:

        • Regular Pay: 10 to 30 years (Policy Term should always be equal to Premium Payment Term)

        • Single Pay:

          • Premium Payment Term (Years) -1

          • PT (Years) - 10 to 30

        • Limited Pay:

          • Premium Payment Term (Years) - 5 to 29

          • PT (Years) - 10 to 30


          (Premium Payment Term should always be less that Policy Term chosen)


      • Whole Life Variant:

        • Limited Pay: 7 to 20 years

  • Payment Term:

    • Single Pay

    • Annual

    • Semi-Annual

    • Quarterly

    • Monthly

 

  • Choose Your Investment Strategy:

You may choose to invest in 10 funds available in this plan.

Investment Mix of the Funds (in %)

Funds

Risk Rating

Government Securities

Corporate Bonds

Money Market & Cash Instruments

Equities

High Growth Fund

(SFIN: ULIF01311/02/08LIFEHIGHGR104)

Very High

0 – 30

0 – 30

0 – 30

70 – 100

Diversified Equity

(SFIN: ULIF02201/01/20LIFEDIVEQF104)

 

 

High

0 – 20

0 – 20

0 – 30

70 – 100

Growth Super Fund

(SFIN: ULIF01108/02/07LIFEGRWSUP104)

High

0 – 20

0 – 20

0 – 30

70 – 100

Growth Fund ((SFIN: ULIF00125/06/04LIFEGROWTH104)

High

0 – 30

0 – 30

0 – 40

20 – 70

Balanced Fund

(SFIN: ULIF00225/06/04LIFEBALANC104)

Medium

20 – 50

20 – 40

0 – 40

10 – 40

Conservative Fund

(SFIN: ULIF00325/06/04LIFECONSER104)

Low

50 – 80

0 – 50

0 – 40

0 – 15

Dynamic Bond Fund

(SFIN: ULIF02401/01/20LIFEDYNBOF104)

Low

60 – 100

0 – 40

0

Secure Fund

(SFIN: ULIF00425/06/04LIFESECURE104)

Low

50 – 100

0 – 50

0 – 40

0

Secure Plus Fund

(SFIN: ULIF01628/04/09LIFESECPLS104)

Low

60-100

0-40

0-40

0

Money Market Fund II

(SFIN:ULIF02301/01/20LIFEMONMK2104)

Low

0

0

0 – 100

0

Option to choose between 5 investment strategies - Self-Managed Portfolio Strategy, Systematic Transfer Plan (STP), Lifecycle Portfolio Strategy, Trigger Based Portfolio Strategy* or Dynamic Fund Allocation (DFA) strategy

How Does It Work?

Scenario 1:

 

 

Scenario 2:

 

 

Illustration Disclaimer:

*Annualised Premium: means Premium amount payable during a Policy Year chosen by Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any.

** Expected Fund value of balanced fund, the fund value denoted above in year 3 (before payment of 4th premium); this might be different depending on exact date of death of Life Insured. Fund value will be calculated as per the prevailing NAV as on the date of death.

^Total Premiums Paid means the total of all Premiums received, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums, and applicable taxes, cesses or levies, if any.

#Please note that the above assumed rates of return @ 4% and 8% p.a. respectively, for Balanced Fund, are only scenarios at these rates after recovering all applicable charges. These are not guaranteed and they are not the upper or lower limits of returns of the Funds selected in your policy, as the performance of the Funds is dependent on a number of factors including future investment performance. For more information, please request for your policy specific benefit illustration

Disclaimers

THE LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST 5 YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF 5th YEAR. ALL APPLICABLE TAXES, CESSES AND LEVIES AS IMPOSED BY THE GOVERNMENT TO TIME WILL BE DEDUCTED FROM THE PREMIUM RECEIVED OR FROM THE FUNDS AS APPLICABLE.

YES Bank is a registered Corporate Agent of Max Life Insurance Company Limited under the Corporate Agency License no. CA0125. The Life Insurance Products are offered and underwritten by Max Life Insurance Company Limited having IRDAI Registration No:104, CIN: U74899PB2000PLC045626 having its registered office at 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122 002 .

Max Life Flexi Wealth Plus (A Unit Linked Non Participating Individual Life Insurance Plan, UIN 104L115V01) are obligations only of Max Life Insurance Company Limited. They are not Bank deposits or obligations of or guaranteed by YES Bank Limited. All claims under the policy will be solely decided upon by Max Life Insurance Company Limited.

The purchase of any insurance product by YES Bank Customers is purely voluntary and is not linked to availment of any other facility from YES Bank. For more details on risk factors, benefits, waiting period, exclusions, coverage, terms and conditions please read the sales brochure carefully before concluding the sale.

Tax benefits on the Insurance Product are subject to the conditions and limits mentioned in the Income Tax Act 1961 as amended from time to time. Customer is advised to take an independent view from tax consultant.

All guaranteed benefits are payable only when all premiums are paid when due.

The premium paid in Unit Linked Life Insurance policies are subject to investment risks associate with capital markets and the NAVs of the units may go up or down based on the performance of the fund and factors influencing the capital market and the insured is responsible for his or her decision. Max Life Insurance Company Limited is only the name of the Insurance Company and the funds offered are only the names of the funds and does not in any way indicate the quality of the contract, its future prospects or returns

Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns. Past performance is not necessarily indicative of future performance

LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT. THIS LIFE INSURANCE PRODUCT IS OFFERED AND UNDERWRITTEN BY MAX LIFE INSURANCE CO. LTD. THE LIFE INSURANCE CONTRACT IS BETWEEN THE PROPOSER AND MAX LIFE INSURANCE CO LTD.

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Limited. For more details on the risk factors, terms and conditions, please read the prospectus carefully before concluding a sale. Insurance is a subject matter of solicitation. Trade logos displayed belong to Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. respectively and are used by Max Life Insurance Co. Ltd. under a license. You can call us on our Customer Helpline No. 1860 120 5577, Website- https://www.maxlifeinsurance.com/, SMS 'LIFE' to 5616188.

Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Policy holders are advised to consult tax expert for better clarification /interpretation.

For any queries with respect to Insurance Policies bought through YES Bank, kindly contact us at our Toll Free No:18001200, Email ID: yestouch@yesbank.in, Website: www.yesbank.in

IRDAI Certificate Regn. No. CA0125

IRDAI Regn. No: 104

ARN No.: Max Life/Yes Bank/FWP/Web Page/June 2020

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.

  • Public receiving such phone calls are requested to lodge a police complaint.

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  • MaxLife Flexi Wealth Plus Plan - Premium Table
  • Commission Disclosure
  • MaxLife Flexi Wealth Plus Plan - Leaflet
  • MaxLife Flexi Wealth Plus Plan - Product Prospectus