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

UIN - 104N116V04

A comprehensive Life Insurance Savings Plans to meet all the milestones in your life.

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key attractions

Life cover

Complete financial security in case of death in the Policy Term

Guaranteed Maturity Benefit

Guaranteed benefit on your savings in the form of lumpsum money or regular income upto 30 years, to help meet the savings goals

Flexibility

Flexibility to choose from four plan options- Lumpsum, Short Term Income, Long Term Income, and Whole Life Income

Eligibility

  • Entry Age:

    • Lump sum Variant

      • Minimum: 91 days

      • Maximum: 60 years

    • Short Term Income

      • Minimum: 5 years

      • Maximum: 60 years

    • Long Term Income

      • Minimum: 7 years

      • Maximum: 60 years

    • Whole Life Income

      • Minimum: 45 years

      • Maximum: 65 years

  • Maturity Age:

    • Lump sum Variant

      • Minimum: 18 years

      • Maximum: 80 years

    • Short Term Income

      • Minimum: 18 years

      • Maximum: 73years

    • Long Term Income

      • Minimum:18 years

      • Maximum: 71 years

    • Whole Life Income

      • Minimum: 50 years

      • Maximum: 70 years

  • Annualised* Premium
    • Minimum:

      • Lump sum/Short Term Income/Long Term Income - Rs 11,000

      • Whole Life Income – Rs. 2,50,00

Benefits

Death Benefit:

Lump sum, Short term, Long term variants -

A lump sum guaranteed* ‘Death Benefit’ is payable immediately on the death of the life insured during the policy term and is defined as higher of:

  • 11 times the sum of Annualised Premium^ and underwriting extra premiums***, (if any),

  • 105% of all sum of Total Premiums Paid**, underwriting extra premiums*** and loadings for modal premiums, (if any) as on the date of death of life insured,

  • Any absolute amount assured to be payable on death #

^“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;

** “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.

***“Underwriting Extra Premium” means an additional amount charged by Us, as per Underwriting Policy, which is determined on the basis of disclosures made by Policyholder in the Proposal Form or any other information received by Us including medical examination report of the Life Insured

#The absolute amount assured to be payable on death under these variants is equal to the Total Premiums Paid accumulated monthly at an interest rate of 8% p.a.

Whole Life variant -

A lump sum guaranteed* ‘Death Benefit’ is payable immediately on the death of the life insured during the policy term and is defined as higher of:

  • 1.25 times the Single Premium^^ plus underwriting extra premiums***, (if any),

  • Any absolute amount assured to be payable on death ##

^^”Single Premium” means the Lumpsum premium amount paid by the policyholder at the inception of the policy excluding the taxes if any

***“Underwriting Extra Premium” means an additional amount charged by Us, as per Underwriting Policy, which is determined on the basis of disclosures made by Policyholder in the Proposal Form or any other information received by Us including medical examination report of the Life Insured

##The absolute amount assured to be payable on death under Variant 4 is equal to 1.25 times the Single Premium^^ plus underwriting extra premiums***, (if any) on the event of the first death and 10 times the Single Premium^^ plus underwriting extra premiums***, (if any) on the event of the second death during the Policy Term.

 

Maturity Benefit:

The maturity benefit for each Variant is given below.

Variant 1: Lump Sum Variant

On maturity the following benefit will be paid:

  • Guaranteed Sum Assured on Maturity, plus

  • Accrued Guaranteed Additions (if any).

The Guaranteed Sum Assured on Maturity for the variant is defined as follows:

Policy Term

Guaranteed Sum Assured on maturity

10,12

110% x Annualised Premium* x Premium Payment Term

15,16

140% x Annualised Premium* x Premium Payment Term

20

160% x Annualised Premium* x Premium Payment Term

Guaranteed Additions is expressed as a percentage of Annualised** premium and varies by the entry age, premium band and gender of the life insured and the sub-variant selected.

Guaranteed additions accrue at the end of the last four policy years, provided the policy is either premium paying or fully paid up.

The Guaranteed Additions will be payable only in the event of maturity or surrender of the policy.

Variant 2: Short Term Income Variant

A guaranteed “Income Benefit” is payable annually in arrears, for the pay-out Period as per the sub-variant selected by you, post completion of the Policy Term.

Income Benefit is expressed as a percentage of Annualised premium* and varies by the entry age, premium band and gender of the life insured and the sub-variant selected.

The beneficiary will continue to receive the outstanding income benefit even after the death of the life insured/policyholder during the pay-out period.

You have the option to the receive income in monthly, quarterly and semi-annually mode post the application of modal factor

Variant 3: Long Term Income Variant

A guaranteed* “Income Benefit” is payable annually in arrears, for the pay-out Period as per the sub-variant selected by you, post completion of the Policy Term. At the end of pay-out period a “Terminal Benefit” equal to the Total Premiums Paid, will be payable to the beneficiary.

Income Benefit is expressed as a percentage of Annualised premium* and varies by the entry age, premium band and gender of the life insured and the sub-variant selected.

The beneficiary will continue to receive the outstanding income benefit even after the death of the life insured/policyholder during the pay-out period.

You have the option to receive income in monthly, quarterly and semi-annually mode post the application of modal factor.

Variant 4: Whole Life Variant

Provided that any of the two life assured have survived the policy term, a guaranteed* “Income Benefit” is payable at the end of the period (monthly, quarterly, half yearly or annually) as per frequency chosen, post the policy term, until the death of the last surviving life.

The policy shall terminate on payment of the death benefit for the last surviving life and no further benefits will be payable.

Income benefit is expressed as a percentage of Single premium^^ and varies by the entry age, gender and premium band.

You have the option to receive income in monthly, quarterly and semi-annually mode post the application of modal factor.

 

Riders:

  • Max Life Waiver of Premium plus Rider (UIN: 104B029V03) Waiver of all future premiums in case of Critical Illness or dismemberment or Death (only when Life Insured and Policyholder are different individuals).

  • Max Life Accidental Death and Dismemberment Rider (UIN: 104B027V03) Additional benefits in case of death or dismemberment of the Life Insured due to an accident.

  • Max Life Term plus Rider (UIN: 104B026V03) additional lump sum benefit in case of death of the Life Insured.

  • Max Life Critical Illness and Disability Rider (UIN: 104B033V01) provides benefits in case of Critical Illnesses or Total and permanent Disability of the Life Insured is available under this product.

 

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

  • Premium Payment Term:

Lumpsum Variant -

Premium Payment Term (Years)

Policy Term (Years)

Maturity Benefit

5

10, 12, 15, 20

Lump sum at the end of policy term

8

10, 12, 16, 20

10

10, 12, 15, 20

12

12, 15, 20

Short Term Income -

Premium Payment Term (Years)

Policy Term (Years)

Maturity Benefit

6

7

Guaranteed* income benefit for 6 years (from 8th year to 13th year in arrears)

8

9

Guaranteed* income benefit for 8 years (from 10th year to 17th year in arrears)

10

11

Guaranteed* income benefit for 10 years (from 12th year to 21st year in arrears)

12

13

Guaranteed* income benefit for 12 years (from 14th year to 25th year in arrears)

Long Term Income -

Premium Payment Term (Years)

Policy Term (Years)

Maturity Benefit

6

7

Guaranteed* income benefit for 30 years (from 8th year to 37th year in arrears plus Terminal Benefit)

10

11

Guaranteed* income benefit for 25 years (from 12th year to 36th year in arrears plus Terminal Benefit)

Whole Life Income -

Premium Payment Term (Years)

Policy Term (Years)

Maturity Benefit

Single Pay

5

Guaranteed income benefit until the death of last survivor from 6th year in arrears

  • Payment Term:
    • Annual

    • Monthly

How Does It Work?

 

 

 

 

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.

^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.

*The Guaranteed and Non-Guaranteed benefits are applicable only if all due premiums are paid.

Disclaimer

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 corporate office at 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) -122 002

Max Life Smart Wealth Plan, Non Linked Non Participating Individual Life Insurance Saving Plan UIN- 104N116V04 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 applicable as per the product premiums are paid when due.

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 Co. Ltd. is a joint venture between Max Financial Services Limited and Axis Bank Ltd. Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co. Ltd. Customer Helpline number 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.

ARN: Max Life/Yes Bank/SWP/Web page/June 2021

IRDAI reg no: 104

IRDAI CA no. CA0125

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

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.

For more details on YES Bank copyright & disclaimer and Privacy Policy, please visit our website www.yesbank.in

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  • Max Life Smart Wealth Plan Lumpsum Variant Rates Table
  • Max Life Smart Wealth Plan Short Term Income Variant Rates Table
  • Max Life Smart Wealth Plan Long Term Variant Rates Table
  • Max Life Smart Wealth Plan WLI Rates Table
  • Commission Disclosure
  • MaxLife Smart Wealth Plan - Leaflet
  • MaxLife Smart Wealth Plan - Product Prospectus
  • MaxLife Smart Wealth Plan - Standard Disclaimer