Max Life launches ‘Smart Capital Guarantee Solution' - Press release
New Delhi, July 07, 2022: Max Life Insurance Company Ltd. (“Max Life” / “Company”), has launched the ‘Smart Capital Guarantee Solution’, a unique life insurance product solution that combines three distinguished benefits in one comprehensive solution. Merging the benefits of ‘Max Life Smart Wealth Plan’ and ‘Max Life Flexi Wealth Advantage Plan’, the product will offer wealth creation through market-linked returns along with a guarantee on the premiums paid at maturity with additional financial protection.
V Viswanand, Deputy Managing Director, Max Life said, “As per the latest India Protection Quotient survey, over 46% of consumers prefer financial products as a mix of guaranteed and market-linked instruments. While the consumers want to get the upside of the market-linked products, there is a latent need to ensure the protection of the invested capital, along with additional financial protection. With this insight, we have designed the Smart Capital Guarantee Solution as an innovative combo with a unified and integrated sales, onboarding, and servicing process.”
Key features of Max Life Smart Capital Guarantee Solution:
1. Capital guarantee through maturity benefit of Max Life Smart Wealth Plan; Market linked returns through a part of the premium paid towards the Max Life Flexi Wealth Advantage Plan
2. Unique and customized storyboards tailored to meet varied financial needs in the form of lumpsum
benefits, regular income, or whole-life income benefit
3. Flexibility to choose from different premium term payment options
4. Comprehensive protection with death-benefits
5. Tax benefits under section 80C and Section 10 (10D) of the Income Tax Act 1961*
The ‘Smart Capital Guarantee Solution’ offers customers a unified, seamless onboarding journey across pre-issuance, issuance, and post-issuance stages. With a single proposal form and a combined illustration, customers can have a single view of the cash flow along with other benefits. Furthermore, a unified issuance and unique identifier allow for simplified premium payments leading to a superior customer experience.
Merging the benefits of market-linked returns along with guaranteed returns, the Smart Capital Guarantee Solution comprises the following products:
Max Life Smart Wealth Plan (a Non-Linked, Non-Participating, Individual, Life Insurance Savings plan, UIN:
104N116V07) – A comprehensive life insurance savings product with guaranteed returns, the Plan unifies
protection and savings into a simple and flexible solution. Allowing greater flexibility, the Plan offers choice
amongst five different variants – three in lump-sum and one each in regular and whole-life income. All five
variants come with distinct living benefits depending on the chosen variant and comprehensive life cover
depending on their design.
Max Life Flexi Wealth Advantage Plan (a Unit-Linked, Non-Participating, Individual Life Insurance Plan UIN:
104L121V01) - A plan designed to maximize wealth creation needs while shielding loved ones financially. The
Plan guarantees a return of eligible policy charges, loyalty additions, and power-packed boosters. Furthermore,
the Plan allows greater customization with unlimited switches and free-of-cost premium redirection along
different stages of the growth journey.
* Subject to prevailing tax laws
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis
Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business
corporation. Max Life offers comprehensive protection and long-term savings life insurance solutions,
through its multi-channel distribution including agency and third-party distribution partners.
Max Life has built its operations over two decades through a need-based sales process, a customer-
centric approach to engagement and service delivery and trained human capital. As per public
disclosures and annual audited financials for FY2021-22, Max Life has achieved a gross written premium
of INR 22,414 crore. As of 31st March 2022, the Company had INR 1,07,510 crore of assets under
management (AUM) and a Sum Assured in Force of INR 1,174,515 crore.
For more information, please visit the Company's website at www.maxlifeinsurance.com
V Viswanand, Deputy Managing Director, Max Life said, “As per the latest India Protection Quotient survey, over 46% of consumers prefer financial products as a mix of guaranteed and market-linked instruments. While the consumers want to get the upside of the market-linked products, there is a latent need to ensure the protection of the invested capital, along with additional financial protection. With this insight, we have designed the Smart Capital Guarantee Solution as an innovative combo with a unified and integrated sales, onboarding, and servicing process.”
Key features of Max Life Smart Capital Guarantee Solution:
1. Capital guarantee through maturity benefit of Max Life Smart Wealth Plan; Market linked returns through a part of the premium paid towards the Max Life Flexi Wealth Advantage Plan
2. Unique and customized storyboards tailored to meet varied financial needs in the form of lumpsum
benefits, regular income, or whole-life income benefit
3. Flexibility to choose from different premium term payment options
4. Comprehensive protection with death-benefits
5. Tax benefits under section 80C and Section 10 (10D) of the Income Tax Act 1961*
The ‘Smart Capital Guarantee Solution’ offers customers a unified, seamless onboarding journey across pre-issuance, issuance, and post-issuance stages. With a single proposal form and a combined illustration, customers can have a single view of the cash flow along with other benefits. Furthermore, a unified issuance and unique identifier allow for simplified premium payments leading to a superior customer experience.
Merging the benefits of market-linked returns along with guaranteed returns, the Smart Capital Guarantee Solution comprises the following products:
Max Life Smart Wealth Plan (a Non-Linked, Non-Participating, Individual, Life Insurance Savings plan, UIN:
104N116V07) – A comprehensive life insurance savings product with guaranteed returns, the Plan unifies
protection and savings into a simple and flexible solution. Allowing greater flexibility, the Plan offers choice
amongst five different variants – three in lump-sum and one each in regular and whole-life income. All five
variants come with distinct living benefits depending on the chosen variant and comprehensive life cover
depending on their design.
Max Life Flexi Wealth Advantage Plan (a Unit-Linked, Non-Participating, Individual Life Insurance Plan UIN:
104L121V01) - A plan designed to maximize wealth creation needs while shielding loved ones financially. The
Plan guarantees a return of eligible policy charges, loyalty additions, and power-packed boosters. Furthermore,
the Plan allows greater customization with unlimited switches and free-of-cost premium redirection along
different stages of the growth journey.
* Subject to prevailing tax laws
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis
Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business
corporation. Max Life offers comprehensive protection and long-term savings life insurance solutions,
through its multi-channel distribution including agency and third-party distribution partners.
Max Life has built its operations over two decades through a need-based sales process, a customer-
centric approach to engagement and service delivery and trained human capital. As per public
disclosures and annual audited financials for FY2021-22, Max Life has achieved a gross written premium
of INR 22,414 crore. As of 31st March 2022, the Company had INR 1,07,510 crore of assets under
management (AUM) and a Sum Assured in Force of INR 1,174,515 crore.
For more information, please visit the Company's website at www.maxlifeinsurance.com