Max Life Insurance has rolled out a new market-linked life insurance product.
Named Smart Capital Guarantee Solution, it combines the features of two of Max’s existing products – ‘Max Life Smart Wealth Plan’ and 'Max Life Flexi Wealth Advantage Plan’, the company announced in a press release.
According to the statement, the product takes customers through three stages of on-boarding: pre-issuance, issuance, and post-issuance. The policy also comes with a unified issuance and unique identifier that simplifies premium payments, thus resulting in better customer experience. Buyers also have the flexibility to choose from different premium term payment options.
The key features of the product are:
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
Unique and customised storyboards tailored to meet varied financial needs in the form of lump sum benefits, regular income, or whole-life income benefit
Flexibility to choose from different premium term payment option
Comprehensive protection with death benefit
Tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act 1961
The company said that the insurance policy provides wealth growth through market-linked returns along with a guarantee on the premiums paid at maturity with additional financial protection. Essentially, it comprises the following products.
Max Life Smart Wealth Plan: This product offers a combination of protection and savings. It is a comprehensive life insurance savings product with guaranteed returns. It provides greater flexibility by offering five different variants - three in lump sum and one each in regular and whole-life income. Depending on the variant, all five variants provide distinct living benefits as well as comprehensive life cover.
Max Life Flexi Wealth Advantage Plan: This plan maximises wealth creation while providing financial protection. It ensures the return of eligible policy charges, loyalty add-ons, and power-packed boosters. Additionally, it allows for greater customisation through unlimited switches and free premium redirection at various stages of the growth journey.
V Viswanand, deputy managing director, Max Life said, “As per the latest India Protection Quotient survey, over 46 per cent 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 combination with a unified and integrated sales, on-boarding, and servicing process.”
