Axis Max Life - Smart Wealth Income Plan

1.Policy Continuance Benefit - At the time of purchase of this plan, you can customise your protection cover by adding the Policy Continuance Benefit. This benefit pays the nominee an additional lump sum and assures that your survival and maturity benefits are paid as and when due, to your nominee in the event of the Life Insured's death, without the need to pay any premium.
Simply put, if the life insured suffers an untimely demise, the policy will continue as it is, meaning if you ve paid 5 out of the due 15 years of Premium, and death occurs in the 6th year, the premiums for the remaining years will be paid by us, keeping all benefits remaining intact.
2. Multiple Variants Available - There are options for Early Income, Early Income with Guaranteed~ Money Back, and Deferred Income plans, as discussed. All these choices include built-in guarantees& as well as cash bonuses. You can also add the Policy Continuance Benefit to any of the variants to ensure your family s financial security is never compromised.
3. Deferment of due Survival Benefit - Max Life Smart Wealth Income Plan also has the option to accrue survival benefits and take them as per your need. You can choose to accrue your survival benefit pay-outs and withdraw as much as you like, whenever you like, while earning an interest over the accrued benefits and letting it grow.
4. Enhanced Liquidity in your hands - With the Early Income and Early Income with GMB variants, the customers start getting the survival benefits starting from 2nd policy year, hence giving liquidity in customer s hands.
5. Choice of Income Period - As the policyholder, you have control over the choice of income period including whole life income option. You can opt to receive income and avail life cover till your chosen maturity age which can be 100 years, 85 years, or 75 years of age.
6. Optional Riders - Other than the Policy Continuance Benefit you can also add riders such as waiver of premium plus, accidental death & dismemberment rider, term plus rider, critical illness, and disability rider, etc. to further enhance the benefits of the Max Life Smart Wealth Income Plan. Refer the rider prospectus for details.
7. Special Discounts and Rebates - Another distinguishing feature of Max Life Smart Wealth Income Plan is the discounts offered for existing customers and female policyholders on the premium rate and high sum assured rebates built in the plan. It helps customers to gain financial security without putting a strain on their existing financial lives.

75 years Age at Entry
85 years Age at Entry
100 years Age at Entry

Maximum - No Limit, subject toboard approvedunderwriting policy.

1. Without Policy Continuance Benefit:
In case of an unfortunate demise of the Life Insured during the policy term, the Death Benefit shall be equal to:
i. Sum Assured on Death, plus
ii. Terminal Bonus (if any)
Any accrued survival benefit, if not already paid shall be paid in addition.
Please refer section
Accrual of Survival Benefits
for related details.
2. With Policy Continuance Benefit:
In case of an unfortunate demise of the Life Insured during the policy term, the benefit payable is the sum of following components:
i) Death Benefit: The Death Benefit is equal to Sum Assured on Death, Any accrued survival benefit, if not already paid shall be paid in addition to death benefit. Please refer section
Accrual of Survival Benefits
for related details.
ii) Policy Continuance Benefit: All future Cash Bonus (if declared), Guaranteed Income, Guaranteed Money Back and Maturity Benefit (Sum Assured at Maturity plus Terminal Bonus) shall be payable as and when due in future without any need for the premium payment.
The policy will participate in future profits (i.e. all future bonuses shall be payable under the policy). All future survival and maturity benefits shall be paid to the beneficiary as and when due, as would have been the case had the Life Insured been alive and would have been paying premiums.
where
Sum Assured on Death
is higher of:
a. 11 times the (Annualised Premium plus underwriting extra premium, if any) or
b. 105% of (Total Premiums Paid plus Underwriting Extra Premiums paid plus loadings for modal premiums received as on the date of death of Life Insured),

Under all plan options, Survival benefit payable in the form of Cash Bonus (if declared) and Guaranteed Income / Guaranteed Money Back. The applicable
Guaranteed Income
and
Guaranteed Money back
rates have been
mentioned in the Annexure towards the end of the document. The survival benefits under each of three key Plan Options are explained below:
1. Early Income
a. Cash Bonus (% of Sum Assured on Maturity), if declared, from 2nd Policy Year till end of Policy Term; and
b. Guaranteed Income (% of Sum Assured on Maturity) from 2nd Policy Year and payable for a period of 25 years or till the end of Policy Term, whichever is earlier.
2. Early Income with Guaranteed Money Back
a. Cash Bonus (% of Sum Assured on Maturity), if declared, from 2nd Policy Year till end of Policy Term; and
b. Guaranteed Money Back (% of Sum Assured on Maturity) at the end of the Policy Years (PPT+1), (PPT+6) and (PPT+11).
3. Deferred Income
a. Cash Bonus (% of Sum Assured on Maturity), if declared, starting policy year PPT +2till end of Policy Term; and
b. Guaranteed Income (% of Sum Assured on Maturity) starting policy year PPT+2 and payable for a of 25 years or till the end of Policy Term, whichever is earlier.
Where, PPT is the chosen premium payment term. Guaranteed Income and Cash Bonus (if declared) shall be payable in arrears (i.e. end of year for annual pay-out
mode and end of each month for monthly pay-out mode) as per the chosen pay-out frequency. The Income payout frequency has to be chosen at inception and the Pay-out frequency options available are annual and monthly.

You have a period of 15 days (30 days in case of electronic policies and policies obtained through Distance Marketing mode) from the date of receipt of the policy, to review the terms and conditions of the policy, where if you disagree to any of those terms and conditions, you have the option to return the policy stating the reasons
for objections. You shall be entitled to an amount which will be equal to premium paid less proportionate premium for providing risk coverage for the period of cover, expenses incurred on medical examination, if any, and stamp duty charges.
The following distance marketing modes are applicable for this product:
1. Voice mode, which includes telephone-calling;
2. Short Messaging service (SMS);
3. Electronic mode which includes e-mail, and interactive television (DTH);
4. Physical mode which includes direct postal mail and newspaper and magazine inserts.

1. Once your Policy has acquired a surrender value, loans will be available under this product during the premium payment term subject to a maximum of 50% of Surrender Value. The minimum loan amount that can be granted under the policy at any time will be Rs.10,000.
2. Upon grant of a loan under this Policy, the Policy shall automatically be assigned in favor of the Company, till the time the entire loan amount including interest has been repaid to the Company. On such repayment of the loan and accumulated interest, if any, the Policy will be reassigned to you and the maturity/survival/death/surrender benefits will be payable. In case of Reduced Paid up policies, corresponding applicable benefits will be payable.
3. During the policy term, any outstanding loan (together with accrued interest) will be deducted from the payable survival benefits (cash bonus, if declared and guaranteed income/guaranteed money back). Future survivals benefits shall be paid after adjusting the outstanding loan amount. The adjustment will be done firstly to repay accrued loan interest and the balance, if any towards the principal outstanding loan.
4. At the time of termination, any outstanding loan (together with accrued interest) will be deducted from any benefit payable (i.e. surrender, maturity or death benefit).
5. The inforce polices or fully paid up polices will not be foreclosed for non-payment of outstanding loan balance even if the outstanding loan balance together with interest exceeds the surrender value.
6. For Reduced Paid-up policies, should the loan together with interest thereon exceed the surrender value, the policy shall terminate.
7. In case outstanding loan amount including interest exceeds 95% of the surrender value or the remaining policy term is 6 months (whichever is earlier), customer communication will be sent for repayment of loan along with the accrued interest.
8. The policy loan interest rate is determined by using the RBI Bank rate + 3.0% as a reference point, and the interest rate is revised only if the
RBI Bank Rate
changes by 100 bps or more from the
RBI Bank Rate
used to determine the prevailing loan interest rate (reviewed on every 31st March). For further details and the loan interest rate applicable as on date, please refer to our website www.maxlifeinsurance.com.
9. The loan interest rate is reviewed on 31st March of every year and any change in loan interest rate will be applicable from the following 1st July to 30th June period to allow sufficient time for making changes in the policy administration system. The existing loan interest rate is 7.65% p.a. compounded annually.
10. Please note that any change in the basis of determining policy loan interest rate shall be made by the Company with prior approval of IRDAI.

You can surrender the policy any time after it has acquired a surrender value. The policy acquires a Surrender Value on payment of first two full years
premium. The Surrender Value will be equal to the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV), where,
GSV= Maximum of ( [{GSV Factor x (Total Premiums Paid plus loadings for modal premiums)} less
Survival benefits applicable till date7] or Zero)
SSV= Maximum of ( [{SSV Factor x (Total Premiums Paid plus loadings for modal premiums)} less Survival
benefits applicable till date7] or
Zero
)
Any accrued survival benefit, if not already paid shall be paid in addition. Please refer section
Accrual of Survival Benefits
for related details. For details on GSV percentage, please refer the sample Policy Document available on Company website. Terminal Bonus may be paid from fifth Policy Year