Axis Max Life - Platinum Wealth Plan - Conservative Fund

Presenting Max Life Platinum Wealth Plan, a non participating Unit Linked Insurance Plan (ULIP), an exclusive product for an elite customer like yourself, that helps you in planning your finances better so that your future years are the best years of your life.

Maturity Benefit

On maturity, you will be eligible to receive an amount, provided settlement option has not been exercised, equal to the Fund Value, where the Fund Value will be calculated as:

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

Death Benefit

In case of Death of the Life Insured anytime during the term of the policy provided the risk cover under the policy is in force, we will pay the Death Benefit.

The Death Benefit is defined as higher of following:

* For Single Pay Variant:

i. Sum Assured equal to 1.25 times the Single premium (reduced by applicable partial withdrawals, if any), or

ii. 105% of cumulative premiums paid till the date of death, or

iii. Total Fund Value (as on the date of death)

* For Limited Pay/ Regular Pay Variant:

i. Sum Assured equal to higher of 10 times the annualised premium or 0.5 times the product of Policy

Term and annualised premium (reduced by applicable partial withdrawals, if any), or

ii. 105% of cumulative premiums paid till the date of death, or

iii. Total Fund Value (as on the date of death)

The Policyholder can be different from the Life Insured and the same shall be governed by the applicable insurance laws and/or principles of insurable interest.

Tax Benefit

Tax benefits are subject to the changes in tax laws. 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 the tax laws prevailing at the time of payment of premiums or receipt of benefits by you. You may seek an independent advice on tax benefits from your tax advisor

Minimum Age of Life Insured at Entry : 18 years
Maximum Age of Life Insured at Entry : Single Pay and Limited Pay: 60 years
Regular Pay: 55 years

Single Pay: Policy Term of 10 years
Limited Pay: Option to choose Policy Term from 10 years to 20 years.
Regular Pay: Option to choose Policy Term from 10 years to 20 years.

There are 3 Premium Payment Term options available in the product as mentioned below:
* Single Pay: Under this variant, the premium has to be paid only once at the inception of the policy.
* Limited Pay: Under this variant, the Premium Payment Term is fixed at 5 years.
* Regular Pay: Under this variant, the Premium Payment Term is same as Policy Term .

Minimum Sum Assured
Single Pay Rs 2,50,000
Limited Pay & Regular Pay Rs 20,00,000
Maximum Sum Assured
No Limit, subject to underwriting, as per the Board approved underwriting policy of the Company

Premium Allocation charge as a % of each premium paid
Policy year Single Pay variant Limited Pay variant Regular Pay variant
Annual Mode Non Annual Mode Annual Mode Non Annual Mode
1 3% 5% 4.5% 5% 4.5%
2 NA 5% 4.5% 5% 4.5%
3 to 5 NA 4% 3.5% 4% 3.5%
6 to 10 NA Nil Nil 4% 3.5%
11 & thereafter NA Nil Nil Nil Nil

This is a charge levied as a percentage of the value of assets and shall be appropriated, usually daily, by adjusting the Net Asset Value of the Fund. The rate to be levied will be equal to the annual rate, as given above, divided by 365 and multiplied by the number of days that have elapsed since the previous unit valuation date. The charges specified below are guaranteed and shall not change during the policy lifetime.The annual rate of Fund Management Charge is as below.
Name of Fund Charge (per annum) as % of Fund Value
Growth Super Fund 1.25%
(SFIN: ULIF01108/02/07LIFEGRWSUP104)
Growth Fund 1.25%
(SFIN: ULIF00125/06/04LIFEGROWTH104)
Balanced Fund 1.10%
(SFIN: ULIF00225/06/04LIFEBALANC104)
Conservative Fund 0.90%
(SFIN: ULIF00325/06/04LIFECONSER104)
Secure Fund 0.90%
(SFIN: ULIF00425/06/04LIFESECURE104)
Secure Plus Fund 0.90%
(SFIN: ULIF01628/04/09LIFESECPLS104)
- only available with Systematic Transfer Plan
Discontinuance Policy Fund 0.50%
(SFIN: ULIF02021/06/13LIFEDISCON104)
-available only on surrender or discontinuance of policy in first five policy years

Mortality charge is levied for providing risk cover to the Life Insured during the Policy Term. This charge is unisex and is levied on the attained age of the Life Insured on the Sum at Risk and these charges are guaranteed for the entire Policy Term.On each monthly anniversary, appropriate number of Units are cancelled from the Unit Account at their Unit Price starting from the date of commencement of the policy.
Sum at Risk = Max [ Max {Sum Assured, 105% of all premiums paid} Total Fund Value, 0]

Policy Administration Charge (% of Annualised/ Single premium)
Premium Payment Term Policy Administration Charge
Year 1 to 5 Year 6 Onwards
Single Pay Rs. 330 per month Nil
Limited or Regular Pay Rs. 400 per month Nil
(For all premium payment modes)

After the first five policy years, a maximum of two Partial Withdrawals are allowed in a policy year and are free of any charge.

This charge shall be levied on the Fund Value at the time of Discontinuance of policy or effecting Complete Withdrawal (Surrender) whichever is earlier, as per the following table:
For Limited Pay and Regular Pay
Policy year Surrender Charge
1 Lower of 6% of annualised premium or 6% of Fund Value or Rs 6,000
2 Lower of 4% of annualised premium or 4% of Fund Value or Rs 5,000
3 Lower of 3% of annualised premium or 3% of Fund Value or Rs 4,000
4 Lower of 2% of annualised premium or 2% of Fund Value or Rs 2,000
5 & Above Nil

If the Life Insured, whether sane or insane, dies by suicide, within twelve (12) months from the date of inception of the policy (effective date of risk commencement)or the date of any revival of this policy, all risks under the policy shall come to an end simultaneously and the policy will terminate. In such an event, we will pay only the Fund Value, as on the date of death, to the beneficiary.
For avoidance of any doubt, any charges recovered subsequent to the date of death shall be paid-back to the beneficiary.