Axis Max Life - Smart Value Income & Benefit Enhancer Plan

About Plan

Axis Max Life Smart Value Income & Benefit Enhancer Plan, that gives you an unmatched flexibility to grow your wealth and protect your loved ones! It combines protection and guaranteed return on your savings and offers a highly customizable solution to fulfill the certain as well as uncertain needs of your family, assuring you and your loved ones a guaranteed smart life.

Features

1. Guaranteed Returns with a choice of 3 variants
Fully guaranteed benefits with the choice of 3 variants to help you plan and meet your planned milestones.
2. Choice of Death Benefit Multiples
You have the flexibility to choose between death benefit multiple of 5 or 7 (as per age of the Life Insured) and 11 times the annualized premium.
3. Enhanced protection through optional riders and optional PCB (Policy Continuance Benefit)
Increase your protection cover by opting for additional riders by paying a small premium. Further Details can be found under Riders Section. Also, Policy Continuance Benefit if opted, ensures your survival and maturity benefits continue to be paid, as and when due in case of death of the Life Insured without any need of premium payment.
4. Flexi Income Benefits
Get Higher Income benefit via Flexi Income Benefit is the 1st policy year.
5. Enhanced Maturity Boosters
You are eligible for many types of Enhanced Maturity Boosters under this plan including Enhanced Maturity Booster for existing customer, staff, transgender lives, and for female lives. Special boosters on choosing higher premiums.
6. Enhanced liquidity
You now have an option to Advance your Future Milestone Benefit to meet your immediate liquidity needs during the Future Income Period (FIP).
7. Inbuilt Benefits
Enjoy inbuilt features life Sr. Citizen Benefit and Cover Continuance Option.
8. Choose how you like to take payouts with Accumulation of income option

You may choose to accumulate your incomes with the company in case you dont want to use it at the time.

9. Tax Benefits
You may be eligible for tax benefits as per prevailing tax laws

Entry Age Details

Variant Name
Insta Wealth
Future Wealth
Insta Wealth Boost
Minimum - 91 days
Maximum- 70 years

Maturity Age Details

Minimum Maturity Age: 18 years. Maximum Maturity Age depends on the Premium Payment Term(PPT)

Premium payment mode

Annual
Semi-Annual
Quarterly
Monthly

Death Benefits

The death benefit under this plan varies depending upon whether you have opted for Policy Continuance Benefit (PCB) at inception.
When PCB is not opted by you: On death of the Life Insured anytime during the policy term, the death benefit payable shall be higher of:
Sum assured on death
105% of (Total premiums paid plus underwriting extra premiums plus loadings for modal premiums) as on the date of death of life insured
Surrender value applicable as on date of death
When PCB is opted by you: The benefit payable is:
Death benefit; plus
Policy continuance benefit (PCB)
Death Benefit shall be higher of
a. Sum assured on death
b. 105% of (Total premiums paid plus underwriting extra premiums plus loadings for modal premiums) as on the date of death of life insured
c. Any accumulated survival benefits, if not already paid, shall be paid in addition to death benefit.
Policy continuance benefit: All future survival benefits and maturity benefits shall be payable as and when due in future without any need for the premium payment.

Maturity Benefits

Insta Wealth
As opted by the policyholder, the Maturity Benefit shall be payable as per the details given below:
Future Income benefit payable throughout the FIP, plus
Future Milestone benefit paid at the end of the FIP.
On the maturity date, an option is available to receive the sum assured on maturity plus present value of Accrued Income Booster (discounted at 9% p.a.) as a lump sum.

Future Wealth
As opted by the policyholder, the Maturity Benefit shall be payable as per the details given below, during the chosen FIP:
Future Income benefit payable throughout the FIP, plus
Future Milestone benefit paid at the end of the FIP.
On the maturity date, an option is available to receive the sum assured on maturity plus present value of Accrued Income Booster (discounted at 9% p.a.) as a lump sum.

Insta Wealth Boost
Maturity Benefit shall be payable as lump sum at the end of policy term. Maturity Benefit is equal to Guaranteed Maturity Benefit.

Survival Benefit

Survival benefit payable under the product is in the form of Insta Income benefit and Flexi Income benefit.
Insta Income: Insta Income, if applicable, is payable from year 2 till the end of the policy term or premium paying term, depending upon the variant you choose at policy inception, provided you have paid all due premiums till the date of such payout.
Flexi Income: Flexi Income Benefit shall be paid in the first policy year, provided you have paid all due premiums till the date of such payout. At policy inception, you will have the option to choose the income amount to be received as the Flexi Income. You may also choose nil flexi income benefit.

Options Availability

Variant 1: Insta Wealth
This plan variant offers the flexibility to choose a premium payment term that suits your needs, where both policy terms and a Future Income Period remain fixed as per your requirements. In the first policy year, you get a Flexi Income Benefit, allowing you to select the payout level, frequency, and mode (either in advance or arrears) right from the inception. From the second policy year (or the 13th month), you will start receiving Insta Income, which will continue until the end of the policy term, based on your chosen mode (advance or arrears). When your policy matures, you have two options:
Receive the sum assured on maturity along with the present value of the Accrued Income Booster (discounted at 9% per annum) as a lump sum along with the Enhanced Maturity Booster, if any.
Opt for Enhanced Maturity Booster, if any, followed by Future Income payments for the duration of the Future Income Period (FIP) you selected. At the end of the FIP, Future Milestone Benefit shall be provided as per the level chosen by you at inception, which will be paid out at the end of the FIP.
Variant 2: Future Wealth
This plan variant offers the flexibility to choose a premium payment term, policy term, and Future Income Period (FIP) that suits your needs. In the first policy year, you get a Flexi Income Benefit, allowing you to select the payout level, frequency, and mode (either in advance or arrears) right from the start. When your policy matures, you have two options:
Receive the sum assured on maturity along with the present value of the Accrued Income Booster (discounted at 9% per annum) as a lump sum along with the Enhanced Maturity Booster, if any.
Opt for Enhanced Maturity Booster, if any, followed by Future Income payments for the duration of the Future Income Period (FIP) you selected. At the end of the FIP, Future Milestone Benefit shall be provided as per the level chosen by you at inception, which will be paid out at the end of the FIP.
Variant 3: Insta Wealth Boost
This plan variant offers a limited pay option. You can choose a premium payment term with fixed policy terms that suit your needs. In the first policy year, you get the Flexi Income Benefit, allowing you to select the payout level, frequency, and mode (either in advance or arrears) right from the start.
Starting from the second year, you will begin receiving Insta Income, which will continue until the end of the Premium Payment Term. As the policy term ends, you will receive a Maturity Benefit, which includes the Guaranteed Maturity Benefit plus Enhanced Maturity Boosters, all paid out as a lump sum.

Claim & Solvency Ratio

Claim Ratio	Solvency Ratio
100% (2023-24)	-

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Frequently Asked Questions About Insurance

Health

Life

Auto

Home

What is health insurance? +

Health insurance is a type of coverage that pays for medical and surgical expenses incurred by the insured. It may also provide coverage for other types of health-related costs, such as prescription drugs, mental health services, and preventive care.

Why do I need health insurance? +

Health insurance helps protect you from high medical costs. It provides access to medical care when you need it, helping to pay for doctor visits, hospital stays, surgeries, prescription medications, and other health-related services.

What is a premium? +

A premium is the amount you pay for your health insurance every month. Depending on your plan, the premium may vary based on factors like age, location, and level of coverage.

What is a deductible? +

A deductible is the amount of money you must pay out-of-pocket before your health insurance starts covering your medical expenses. For example, if you have a deductible of $1,000, you must pay $1,000 out-of-pocket before your insurance starts covering your medical bills.

What are copayments and coinsurance? +

Copayment (copay): A fixed amount you pay for a covered health care service, typically when you get the service. Coinsurance: The percentage of the cost you pay for covered health services after you've paid your deductible. For example, if your coinsurance is 20%, you pay 20% of the bill, and the insurance company pays the remaining 80%.

What is an out-of-pocket maximum? +

The out-of-pocket maximum is the maximum amount you can spend on your health insurance. If you exceed this amount, your insurance company will pay 100% of your medical expenses.

What is the difference between in-network and out-of-network providers? +

In-network providers: Health care providers that have a contract with your health insurance plan to provide services at negotiated rates. Out-of-network providers: Providers that don't have a contract with your insurance plan. Services from these providers may cost more or not be covered at all.

What is a Special Enrollment Period (SEP)? +

The Special Enrollment Period (SEP) is a special time during the year when you can sign up for or make changes to your health insurance plan. If you miss this period, you may have to wait until the next one unless you qualify for a Special Enrollment Period (e.g., due to a life event like marriage or having a baby).

Can I keep my doctor with health insurance? +

If you have a preferred doctor, it’s important to check if they are in-network with your insurance plan. If they are not in-network, you may need to pay more out-of-pocket, or you may have to switch to another doctor who is in-network.

What is a Health Savings Account (HSA)? +

A tax-advantaged account for people with high-deductible health plans (HDHPs). The funds roll over from year to year and can be used for qualifying medical expenses.

What is a Flexible Spending Account (FSA)? +

A tax-advantaged account for people with low-deductible health plans (LDHPs). The funds roll over from year to year and can be used for qualifying medical expenses.

What is a Health Maintenance Organization (HMO)? +

An HMO is a type of health insurance plan that requires you to choose a primary care physician (PCP) and get referrals from them to see specialists. HMOs often have lower premiums and out-of-pocket costs but offer less flexibility in choosing providers.

What is a Preferred Provider Organization (PPO)? +

A PPO is a health insurance plan that offers more flexibility in choosing healthcare providers and doesn’t require referrals to see specialists. You can see any doctor, but you’ll pay less if you use in-network providers.

What is the difference between a Health Savings Account (HSA) and a Flexible Spending Account (FSA)? +

HSA: A tax-advantaged account for people with high-deductible health plans (HDHPs) The funds roll over from year to year and can be used for qualifying medical expenses. FSA: A tax-advantaged account for people with low-deductible health plans (LDHPs) The funds roll over from year to year and can be used for qualifying medical expenses.

What does the term "pre-existing condition" mean? +

A pre-existing condition is a medical condition that you had before you got your health insurance. It could include things like diabetes, high blood pressure, or heart disease.

Can I cancel my health insurance at any time? +

Yes, you can cancel your health insurance plan at any time. However, if you cancel outside the open enrollment period, you may not be able to get another plan until the next enrollment period unless you qualify for a Special Enrollment Period.

Are prescription drugs covered by health insurance? +

Many health insurance plans cover prescription medications, but the coverage may vary. Plans typically have a formulary, or list of covered drugs, and different drugs may have different levels of coverage, depending on whether they are generic, brand-name, or specialty drugs.

What is preventive care? +

Preventive care includes health services that help prevent illnesses, such as vaccinations, screenings, and annual checkups. Under the Affordable Care Act, most preventive services are covered by health insurance plans at no additional cost to the policyholder.

What should I do if my health insurance claim is denied? +

If your claim is denied, you can appeal the decision. Review the denial letter for reasons, contact your insurer for assistance, and file a written request for a hearing. If you win the appeal, you may be able to get a refund or other compensation.

How can I choose the best health insurance plan for me? +

When selecting a plan, consider factors like: Your health care needs (e.g., frequent visits, prescriptions) The plan’s network of doctors and hospitals The cost of premiums, deductibles, copays, and out-of-pocket maximums Coverage for specialized care or treatments Compare the different plans and benefits to find one that meets your needs.

What happens if I don't have health insurance? +

If you don’t have health insurance, you can still access some health care services, such as emergency care, in-network doctors, and in-network hospitals. You may be eligible for Medicaid, which provides some health care services at no cost to you.

What is life insurance? +

Life insurance is a contract between you and an insurance company, where you pay regular premiums in exchange for a lump sum payment (death benefit) to your beneficiaries upon your death.

What are the different types of life insurance? +

Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years). If you pass away during this term, your beneficiaries receive the death benefit. It does not build cash value. Whole Life Insurance: Offers lifetime coverage with a death benefit and also builds cash value over time, which you can borrow against or use. Universal Life Insurance: A flexible policy that allows you to adjust the premiums and death benefit while also building cash value.

How much life insurance coverage do I need? +

The amount of coverage you need depends on factors like your income, debts, family needs, and long-term financial goals. A common rule is to have coverage worth 10 to 15 times your annual income, but this can vary based on your individual situation.

What is the difference between beneficiaries and policyholders? +

The policyholder is the person who owns the life insurance policy and pays the premiums, while the beneficiary is the person or group that receives the death benefit when the policyholder passes away.

Can I change my beneficiaries? +

Yes, you can change your beneficiaries at any time during the life of the policy, as long as the policy is in force and you follow the correct procedure with the insurance company.

What is the contestability period? +

The contestability period is the time during which you have the right to contest the decision of the insurer to pay the death benefit. This period varies depending on the type of life insurance policy and the insurer.

Does life insurance cover accidental death? +

Some life insurance policies include accidental death coverage, while others may require a separate rider for this benefit. Be sure to review your policy to understand what’s covered.

Can I cancel my life insurance policy at any time? +

Yes, you can cancel your life insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is cash value? +

Cash value is the accumulated value of the life insurance policy that can be used to pay for expenses, such as medical bills or funeral expenses.

How do I borrow against cash value? +

You can borrow against the cash value of your life insurance policy, but it will need to be repaid, and any unpaid loan will reduce the death benefit.

What is the difference between whole life and universal life insurance? +

Whole life insurance provides coverage for a specific period (e.g., 10, 20, or 30 years) and builds cash value over time. Universal life insurance offers lifetime coverage with a death benefit and also builds cash value over time.

How are life insurance premiums determined? +

Life insurance premiums are based on factors like age, health, lifestyle (e.g., smoking), coverage amount, and type of policy. Generally, younger, healthier individuals pay lower premiums.

Can I borrow money from my life insurance policy? +

If you have a whole life or universal life policy, it may build cash value over time. You can borrow against this cash value, but it will need to be repaid, and any unpaid loan will reduce the death benefit.

What happens if I stop paying my life insurance premiums? +

If you stop paying premiums, your policy may lapse. For permanent policies like whole or universal life, the cash value may cover the premiums for a time, but eventually, if premiums are not paid, the policy will end.

What is auto insurance? +

Auto insurance is a contract between you and an insurance company that provides financial protection against damage or injury caused by accidents, theft, or other incidents involving your vehicle. It covers both liability and your vehicle's repair costs depending on the type of policy.

What types of auto insurance coverage are available? +

There are several types of auto insurance coverage, including liability, collision, comprehensive, uninsured/underinsured motorist, and additional coverage like roadside assistance and collision damage waiver.

How much auto insurance do I need? +

The amount of coverage you need depends on factors such as the value of your car, your driving habits, your state's legal requirements, and whether you own or lease your vehicle. A good starting point is to meet your state's minimum required coverage, but you may want additional coverage for added protection.

Can I cancel my auto insurance policy at any time? +

Yes, you can cancel your auto insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is the difference between liability and comprehensive coverage? +

Liability coverage covers the damages and injuries caused by accidents, while comprehensive coverage also covers non-accident damages, such as theft or vandalism.

How do I choose the right auto insurance policy? +

When selecting an auto insurance policy, consider factors such as the type of coverage you need, your driving habits, the value of your vehicle, and your state's legal requirements.

What factors affect my auto insurance premium? +

Several factors impact your insurance premium, including: Your driving history (accidents, tickets), The make, model, and age of your car, Your location (accident rates in your area), Your age, gender, and marital status, The level of coverage you choose, Your credit score (in some states).

What is a deductible? +

A deductible is the amount you must pay out of pocket before your insurance policy starts to cover the remaining cost of repairs or claims. For example, if you have a $500 deductible and incur $2,000 in damages, you will pay $500, and your insurer will pay the remaining $1,500.

What is the difference between comprehensive and collision coverage? +

Collision coverage pays for repairs to your vehicle after a collision with another vehicle or object, regardless of who is at fault. Comprehensive coverage covers non-collision incidents, such as theft, vandalism, or damage from natural disasters.

Can I get uninsured/underinsured motorist coverage? +

Yes, uninsured/underinsured motorist coverage is available in some states. This coverage provides financial protection for you if another driver is uninsured or underinsured.

Is auto insurance required by law? +

Yes, in most states, you are required to have a minimum level of liability insurance. Some states also require additional coverage like Personal Injury Protection (PIP) or uninsured motorist coverage. The requirements vary by state, so it’s important to check your local laws.

What happens if I don’t have auto insurance? +

If you drive without insurance, you risk facing legal penalties, fines, and the possibility of your driver's license being suspended. If you're involved in an accident, you could be held responsible for the damages.

Can I add other drivers to my auto insurance policy? +

Yes, you can add other drivers, such as family members or friends, to your policy. However, their driving record and age may affect your premium. It's important to inform your insurer about all the drivers in your household.

What should I do if I get into an accident? +

If you're in an accident, follow these steps: Ensure safety by moving to a safe location if possible. Call the police and file a report. Exchange contact and insurance information with the other driver(s). Take photos of the accident scene, vehicle damage, and injuries. Notify your insurance company about the accident as soon as possible.

What is home insurance? +

Home insurance is a contract between you and an insurance company that provides financial protection against damage or loss caused by natural disasters, theft, or other incidents.

What types of home insurance coverage are available? +

There are several types of home insurance coverage, including flood, fire, burglary, and liability. You may also have coverage for water damage, mold, and other property damage.

How much home insurance do I need? +

The amount of home insurance coverage you need depends on the value of your property, the type of coverage you want, and your insurance provider. You may also need additional coverage for water damage, mold, and other property damage.

Can I cancel my home insurance policy at any time? +

Yes, you can cancel your home insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is the difference between flood and fire coverage? +

Flood coverage covers damage caused by floods, while fire coverage covers damage caused by fires.

How do I choose the right home insurance policy? +

When selecting home insurance, consider factors such as the type of coverage you need, the value of your property, and your insurance provider.

What factors affect my home insurance premium? +

Factors such as the type of coverage you need, the value of your property, and your insurance provider can significantly impact your premium.