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Life Insurance

Max Life Platinum Wealth Plan

Achieve your ambitions and keep your family secure with a plan that lets you create additional wealth

Comprehensive Life insurance coverage

Get a life insurance cover of 10 times the Annualised Premium

Option to choose Premium Payment Term and Policy Term

Choose premium payment term and policy term as per your convenience

Your choice of Funds & Investment strategies

Choice of 5 (five) Funds for investors with different risk appetite

Guaranteed Loyalty Additions & Wealth Boosters

Guaranteed Loyalty Additions and Guaranteed Wealth Boosters to further enhance your Policy Fund Value

Features and Benefits

Features Max Life Platinum Wealth Plan
Product Type A Non Participating Unit Linked Insurance Plan
Entry Age
(Age as on Last Birthday)
Minimum: 18 years
Premium Payment Term Maximum Entry Age (years)
Single Pay / Limited Pay (5 Years) 60
Regular Pay 55
Maximum Maturity Age
(Age as on Last Birthday)
Premium Payment Term Maximum Maturity Age (years)
Single Pay / Limited Pay (5 Years) 70
Regular Pay 65
Premium Payment Term / Policy Term
Premium Payment Term Policy Term (years)
Single Pay 10
Limited Pay (5 Years) 10 to 20
Regular Pay 10 to 20
Annualised Premium
  • Minimum: Rs 2,00,000
  • Maximum: No limit

Annualised premium is defined as the total premium payable during a policy year.
Premium Payment Mode Single Pay: One time Premium Payment

Limited Pay (5 Years) or Regular Pay: Annual, Semi-Annual, Quarterly & Monthly
Premium Bands There are two premium bands in the product, as mentioned below:
Band 1: Premium of less than Rs. 5 Lacs shall constitute Band 1
Band 2: Premium of Rs. 5 Lacs and above shall constitute Band 2
Sum Assured Multiple Single Pay: 1.25 times Single premium

Limited Pay (5 Years) / Regular Pay: Higher of (10 times Annualised Premium or 0.5 X Policy Term X Annualised Premium)
Charge Explanation
Premium Allocation Charge The premium allocation charge is levied as a percentage of each premium paid. The rate of premium allocation charge for different variants is as follows:
Policy year Premium Allocation charge as a percentage of each premium paid
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 NA NA 4% 3.5%
11 & thereafter NA NA NA Nil Nil
Fund Management Charge 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 Risk Rating
Growth Super Fund

(SFIN: ULIF01108/02/07LIFEGRWSUP104)
1.25% High
Growth Fund

(SFIN: ULIF00125/06/04LIFEGROWTH104)
1.25% High
Balanced Fund

(SFIN: ULIF00225/06/04LIFEBALANC104)
1.10% Medium
Conservative Fund

(SFIN: ULIF00325/06/04LIFECONSER104)
0.90% Low
Secure Fund

(SFIN: ULIF00425/06/04LIFESECURE104)
0.90% Low
Secure Plus Fund

(SFIN: ULIF01628/04/09LIFESECPLS104)

- only available with Systematic Transfer Plan
0.90% Low
Discontinuance Policy Fund
(SFIN : ULIF002021/06/13/LIFEDISCON104)

- only available in case of policy discontinuance in first five policy years
0.50% Low
Policy Administration Charge This is a fixed charge for all variants and is levied at each monthly anniversary by cancelling proportionate Units starting from the date of commencement of policy.
Premium Payment Term Year 1 to 5 Year 6 onwards
Single Pay Rs 330 per month Nil
Limited Pay (5 Years) or Regular Pay (For all premium payment modes) Rs. 400 per month Nil
Mortality Charge

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]

Please note that for the purpose of the above definition, Sum Assured reduced by partial withdrawals, if any, shall be considered.
Sample Ages (Years) Mortality charge
(per Rs. 1,000 Sum at Risk)
25 0.79
30 0.84
35 1.03
40 1.44
45 2.30
50 3.96
Surrender / Discontinuance 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 (5 Years) 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
For Single Pay
Policy Year Surrender Charge
1 Lower of 1% of Single pay premium or 1% of Fund Value or Rs 6,000
2 Lower of 0.50% of Single pay premium or 0.50% of Fund Value or Rs 5,000
3 Lower of 0.25% of Single pay premium or 0.25% of Fund Value or Rs 4,000
4 Lower of 0.10% of Single pay premium or 0.10% of Fund Value or Rs 2,000
5 & above Nil
Switch Charge There are unlimited number of switches available and all are free of charge
Premium Redirection Charge A maximum of six Premium Redirections are allowed in each policy year and are free of any charge.
Partial Withdrawal Charge After the first five policy years, a maximum of two Partial Withdrawals are allowed in a policy year and are free of any charge.
Rider Charge In case you have opted for Max Life Partner Care rider, a rider charge will be levied on the rider sum at risk every month by cancelling units.
‘Rider Sum at Risk’ is defined as sum of future premiums payable till the end of Premium Payment Term or You attaining age 60 years, whichever is lower.

All applicable taxes, cesses and levies as imposed by the Government are applicable on all charges as per the prevailing Tax laws. Any further taxes and cess shall be passed on to the Policyholder.

This Life Insurance Product Is Offered and Underwritten By Max Life Insurance Co. Ltd. Life Insurance Coverage Is Available In This Product. The Life Insurance contract is between the Proposer and Max Life Insurance Co. Ltd. All applicable taxes, cesses and levies as imposed by the Government from time to time will be deducted from the premiums received.

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd.11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram - 122002 (Haryana). IRDAI Registration No. – 104. For more details on risk factors, Terms and Conditions, please read the sales brochure carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Insurance is the subject matter of solicitation. For further details, call Toll free number 1800 200 4006.

Axis Bank Limited is the Corporate Agent of Max Life Insurance Co. Ltd. Axis Bank Limited, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025. IRDAI Certificate Regn. No: CA0069. The purchase of a Max Life Insurance product by Axis Bank's customer is purely on a voluntary basis. As Axis Bank is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products.

The Linked Insurance products do not offer any liquidity during the first five years of the Policy contract. The policyholder will not be able to surrender/withdraw the monies invested in the Linked Insurance products completely or partially till the end of fifth year. Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Insurance policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Proposer/Insured is responsible for his/her decisions. Max Life Insurance Company Limited is only the name of the company and Max Life Platinum Wealth Plan is only the name of the Unit Linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects and returns.  Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

ARN: Max Life/Axis/Website/Content/Platinum Wealth Plan/April 2017


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