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Launch Date UIN Status
18/4/2018 104L090V03 Active

About Max Life Platinum Wealth Plan

The Max Life Platinum Wealth plan is a non-participating unit-linked insurance plan (ULIP) that invests in multiple funds for profits from the share market. It also works as a life insurance policy to cover the investor’s family in case of his/her untimely death. An additional benefit of the plan is the flexible policy term options, which can be chosen from between 10 and 20 years. The plan also offers guaranteed wealth boosters as well as loyalty additions to enhance the fund value.

Let’s understand this plan in brief before getting into its details.

Modes of Payment

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly
  • Single premium

Claim Settlement Ratio of the Insurer

98.26

USPs of the Policy

  • Life insurance cover can be as much as 10 times of annualized premium
  • Option to choose policy term from 10 to 20 years
  • Additional protection against volatile markets with options of two fund strategies of systematic transfer plan and dynamic fund allocation
  • Guaranteed loyalty additions and guaranteed wealth boosters for you
  • Zero policy administration charges after five policy years

Bonus Rate

-

Illustration

  • If a 35-year-old individual opts for an annualized premium of Rs 2,00,000 for a policy term of 20 years and a premium payment term of 20 years, the fund value at maturity with 8% rate of returns will be Rs 86,21,557 and with 4% rate of returns will be Rs 55,04,191. The sum assured will be Rs 20,00,000.
  • If a 40-year-old individual opts for an annualized premium of Rs 5,00,000 for a policy term of 10 years and a premium payment term of 10 years, the fund value at maturity with 8% rate of returns will be Rs 55,91,954 and with 4% rate of returns will be Rs 69,80,935. The sum assured will be Rs 50,00,000.
  • If a 45-year-old individual opts for an annualized premium of Rs 7,50,000 for a policy term of 10 years and a premium payment term of 5 years, the fund value at maturity with 8% rate of returns will be Rs 58,77,565 and with 4% rate of returns will be Rs 42,80,702. The sum assured will be Rs 75,00,000.

How Does the Plan Work?

Firstly, an individual is required to choose the premium-paying mode: single premium, 5-pay, and regular pay. The single premium and 5-pay options can be selected for a policy term of 10 years and the regular pay option can be selected for a policy term from 10 years to 20 years. The minimum annualized premium for all variants is Rs 2,00,000.

The Max Life Platinum Wealth plan gives the customer the option of the following funds:

  • High Growth Fund:
  • SFIN: ULIF01311/02/08LIFEHI GHGR104
  • Government securities: 0% to 30%
  • Corporate bonds: 0% to 30%
  • Money market and cash instruments: 0% to 30%
  • Equity and equity related securities: 70% to 100%
  • Risk rating: Very high
  • Growth Super Fund:
  • SFIN: ULIF01108/02/07LIFEG RWSUP104
  • Government securities: 0% to 20%
  • Corporate bonds: 0% to 20%
  • Money market and cash instruments: 0% to 30%
  • Equity and equity related securities: 70% to 100%
  • Risk rating: High
  • Growth Fund:
  • SFIN: ULIF00125/06/04LIFEG ROWTH104
  • Government securities: 0% to 30%
  • Corporate bonds: 0% to 30%
  • Money market and cash instruments: 0% to 40%
  • Equity and equity related securities: 20% to 70%
  • Risk rating: High
  • Balanced Fund:
  • SFIN: ULIF00225/06/04LIFEB ALANC104
  • Government securities: 20% to 50%
  • Corporate bonds: 20% to 40%
  • Money market and cash instruments: 0% to 40%
  • Equity and equity related securities: 10% to 40%
  • Risk rating: Medium
  • Conservative Fund:
  • SFIN: ULIF00325/06/04LIFEC ONSER104
  • Government securities: 50% to 80%
  • Corporate bonds: 0% to 50%
  • Money market and cash instruments: 0% to 40%
  • Equity and equity related securities: 0% to 15%
  • Risk rating: Low
  • Secure Fund:
  • SFIN: ULIF00425/06/04LIFES ECURE104
  • Government securities: 50% to 100%
  • Corporate bonds: 0% to 50%
  • Money market and cash instruments: 0% to 40%
  • Equity and equity related securities: Nil
  • Risk rating: Low
  • Secure Plus Fund (available with systematic transfer plan only):
  • SFIN: ULIF01628/04/09LIFESECPLS104
  • Government securities: 50% to 100%
  • Corporate bonds: 0% to 50%
  • Money market and cash instruments: 0% to 40%
  • Equity and equity related securities: Nil
  • Risk rating: Low

Let’s look at some benefits of the Max Life Platinum Wealth plan:

  • Maturity Benefits: The maturity amount, as a unit-linked plan, will be equal to the fund value on the date of maturity.

           Fund Value = Summation of [Accumulated Units in Fund(s)
           x
          NAV of respective Fund(s) as on the Maturity Date]

  • Death Benefits: This is the treatment of death cover under the Max Life Platinum Wealth plan:
  • Fixed sum assured for single premium mode is 1.25 times the single premium
  • Fixed sum assured for 5-pay is 10 times annualized premium or 0.5 times the product of policy term and annualized premium (reduced by applicable partial withdrawals)
  • Fixed sum assured for regular pay mode is 10 times annualized premium or 0.5 times the product of policy term and annualized premium (reduced by applicable partial withdrawals)

The pay-outs in the event of the unfortunate death of the policyholder is the highest of the following sums:

  • Sum assured (as explained in the previous list of bullets points)
  • Total fund value at the time of the insured’s death
  • 105% of all premiums paid till date
  • Guaranteed Additions: Additional benefits are paid annually as units. This starts from the 11th policy year. Additions of about 0.1% and 0.55% for 11 and 20 years respectively for the less-than-Rs-5-lakhs band and additions of 0.35% and 0.8% for 11 and 20 years respectively for the more-than-Rs-5-lakhs band.

Riders

The Max Life Platinum Wealth plan comes with the Max Life Partner Care rider.

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Why Should I Buy This Plan?

Along with the benefits mentioned earlier, here are some additional ones:

  • Guaranteed wealth booster additions    
  • Availability of rider Max Life Partner Care Rider for limited pay 5 years variant of the plan
  • Guaranteed death benefit of 105% of all premiums paid
  • It is a safe method to invest in the share market

Who Should Buy This Plan?

The plan can be purchased by citizens of India with a minimum age at entry of 18 years and maximum age at entry of 60 years for the single-premium and 5-pay modes. The maximum age at entry is 55 years for regular pay. The plan is a perfect investment option with a death cover. It is a safe and simple method to make profits from the share market.

Company Overview

Max Life Insurance Company is a joint venture between Max India Limited, an Indian multi-business corporate and Mitsui Sumitomo Insurance Company, a prominent insurance company from Japan. Max Life offers a wide range of long term savings and protection-oriented products and is one of the fastest growing Private life insurance companies in India. Max Life emphasizes on advice based sale process, customer centric approach, financial stability and investment expertise.

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