Axis Max Life ULIP Plans

Types of Max Life Insurance ULIP Plans:

1. Axis Max Life Fast Track Super:

This ULIP from Axis Max Life provides its policyholders a Comprehensive Life insurance coverage that provides financial protection in case of untimely death of insured and ensures growth of wealth through wide variety of investment options. 

Features and Benefits of Axis Max Life Fast Track Super: 

1. Long-Term Financial Security: Helps you achieve financial goals while ensuring future stability. 

1. Market-Linked Growth: Provides 16 fund options to maximize returns. 

1. Loyalty Benefits: Earn additional rewards for staying invested longer. 

1. Maturity benefit: Either total fund value will be offered on maturity or will provide monthly instalment over a peridot of five years after maturity. 

1. Death benefit: The higher of life cover or total fund value will be provided as on the death of the insured depending on the minimum of 105% of all premiums paid to the nominee. 

1. Guaranteed Loyalty Additions: Additional units are added to the policyholder’s unit account at the end of each policy year as a reward for staying invested starting from the 11th policy year. 

1. Tax benefit: Offers based on the prevailing government norms. 

1. Free withdrawal: After the lock-in period of five years, you can make two free withdrawals every year. 

2. Max Life Shiksha Plus Super:

Axis Max Life Shiksha Plus Super is a unit-linked non-participating individual life insurance plan, designed to secure funds for your child's future education and financial well-being. It provides market-linked returns along with life cover, ensuring financial support when needed. 

Features and Benefits of Axis Max Life Shiksha Plus Super: 

1. Flexibility to invest in equity markets with 12 fund options. 

1. In case of emergencies, provide financial security for your child. 

1. Provides assured funds for higher education and future expenses. 

1. Comprehensive coverage: Provided financial protection with extensive coverage for child’s education along with policy continuance benefits in case of death of insured. 

1. Guaranteed Loyalty Additions: Starting from the end of the 11th policy year, additional units are added to your fund every year. 

1. Tax Benefits: Enjoy tax deductions on premiums and proceeds as per prevailing tax laws. 

3. Max Life Platinum Wealth Plan:

Axis Max Life Platinum Wealth plan is a unit linked non-participating individual life insurance plan which is designed to help you grow savings and achieve long-term goals through market-linked returns and additional benefits while securing your family's financial future. 

1. Comprehensive maturity and death benefits for financial security. 

1. Guaranteed loyalty additions and wealth boosters for enhanced savings. 

1. Flexible premium payment and policy terms as per your convenience. 

1. Maturity Benefit: At the end of the policy term, you will receive the total fund value. 

1. Guaranteed Loyalty Additions: A percentage of the fund value is added to the unit account at the end of each policy year. 

1. Guaranteed Wealth Booster: Additional units are allocated at the end of every 5th year, starting from the 10th policy year, enhancing fund value. 

1. Low charges: Five years after the start of the policy, zero administration charges will be applied. 

1. Multiple fund option: Based on your risk appetite, provided 16 fund options along with two fund strategies to protect your investment. 

4.  Axis Max Life Online Savings Plan 

• Variant 1: Axis Max Life Online Savings Plan Variant 1 offers a dual benefit of lump sum payouts for financial goals and protection during emergencies. This ULIP allows flexible fund selection, policy term choice, and tax savings on investments. 
  

1. No policy admin charge and premium allocation charge applied. 

1. Flexibility to  

1. Switch your money as many times as you want 

1. Choose policy term from 5 years to 30 years 

1. Choose investment funds based on risk profile 

1. Maturity benefit: On maturity, you will be eligible to receive an amount, provided the settlement option has not been exercised, equal to the Fund Value. 

1. Death benefit: On the death of the insured, the nominee shall get the highest of the following: 

1. Sum Assured equal to higher of Cover multiple times the Annualised Premium 

1. 0.5 times the product of Policy Term and Annualised Premium   

1. 105% of Total Premiums received till the date of death 

1. Total Fund Value 

1. Tax benefits: Will be offered as per the prevailing tax laws. 

• Variant 2: Axis Max Life Online Savings Plan Variant 2 offers an immediate lump sum payout on death, followed by regular Family Income Benefit payouts and total Fund Value on maturity. The company also funds all outstanding premiums after the policyholder's death. 

1. Key benefits: 

1. Triple Protection on Parent's Demise: Provides a lump sum payout, monthly income, and automatic policy continuation. 

1. No Extra Charges: Zero policy administration and premium allocation fees. 

1. Unlimited Fund Switching: Flexibility to switch investments anytime without limits. 

1. Customizable Policy Term: Choose a duration between 5 to 30 years. 

1. Investment Flexibility: Select funds based on your risk profile. 

1. Tax benefits: Premiums qualify for tax deductions under Section 80C of the Income Tax Act, 1961. Maturity payouts and life cover benefits received upon the policyholder's death are tax-exempt under Section 10(10D). 

Charges Related to ULIP Plan 

The applicable charges on Axis Max Life ULIP plans are mentioned below: 

1. Premium Allocation Charge 

1. Levied as a percentage of the premium received. 

1. Deducted before allocating the premium into different fund options. 

1. Fund Management Charge 

1. Charged as a percentage of fund value and deducted daily by adjusting the Net Asset Value (NAV). 

1. Calculated based on the annual rate divided by 365 and multiplied by elapsed days since the last valuation. 

1. Policy Administration Charge 

1. Deducted monthly as a percentage of the premium paid. 

1. Charged by cancelling proportionate units from the policy commencement date. 

1. Mortality Charges 

1. Covers life risk and is applied based on the insured’s age and sum at risk. 

1. The charge remains guaranteed throughout the policy term. 

1. Surrender or Discontinuance Charge 

1. Deducted from the fund value if the policy is discontinued or surrendered before maturity. 

1. Switch Charge 

1. Up to 12 fund switches are allowed per policy year without any charge. 

1. Switching is also permitted during the settlement period. 

1. Premium Redirection Charge 

1. Allows up to 6 premium redirections per policy year without any fee. 

1. Partial Withdrawal Charge 

1. After 5 policy years, a maximum of 2 partial withdrawals per year are free of charge. 

1. No withdrawals are allowed during policy discontinuance or settlement periods. 

What are the Steps to Buy Axis Max Life ULIP Plans Online? 

The steps to purchase the Axis Max Life ULIP plans online are mentioned below: 

1. Visit the official website of Axis Max Life Insurance. 

1. Select the preferred investment plan. 

1. Click on ‘View Plans’. 

1. Explore various plans and select plans as per your requirements. 

1. Click on ‘Check Eligibility’. 

1. Enter personal details, check premium estimate and click on ‘Proceed’. 

1. Select your preferred payment mode, such as UPI< credit card, net banking, etc. 

1. Make payment to purchase the plan. 

GST of 18% is applicable on life insurance effective from the 1st of July, 2017