{"uin":"104N111V04","name":"Axis Max Life Savings Advantage Plan","url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04","insurer":{"slug":"axis-max-life-insurance","name":"Axis Max Life Insurance Limited","url":"https://indiainsurances.com/insurer/axis-max-life-insurance"},"line":"life","category":"savings-life","category_name":"Endowment and savings plans","irdai_type":"Product","kind":"product","status":"active","approved_on":"2018-08-06","withdrawn_on":null,"summary":"Axis Max Life Savings Advantage Plan is a non-linked participating individual savings plan with Single, Limited and Regular Pay variants. It adds Guaranteed Additions of 5.5% of the Guaranteed Sum Assured on Maturity for the first 5 years and pays 110% of that sum on maturity plus bonuses.","analysis":{"state":"extracted","analysed_at":"2026-10-16 07:12:00.420889+00","note":"Every stated fact carries a verbatim quote found in the cited clause."},"facts":[{"key":"plan_variants","label":"Plans and variants","section":"Overview","meaning":"The named plans inside this product (not cover types or payout options). Facts can differ between them.","status":"cross-checked","value":["Single Pay Variant","Limited Pay Variant","Regular Pay Variant"],"display":"Single Pay, Limited Pay and Regular Pay variants","note":null,"quote":"\"Limited Pay Variant\" means ... \"Regular Pay Variant\" means ... \"Single Pay Variant\" means","sources":[{"clause":"18","heading":"“Limited Pay Variant”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-18"},{"clause":"36","heading":"“Regular Pay Variant”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-36"},{"clause":"42","heading":"“Single Pay Variant”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-42"}],"law":[]},{"key":"policy_term","label":"Policy term","section":"Eligibility","meaning":"How long one policy runs before it ends or must be renewed.","status":"cross-checked","value":"10 years for Single Pay; 10 to 30 years for Limited Pay (at least 5 years more than the Premium Payment Term); 20 to 30 years for Regular Pay.","display":"10 years (Single Pay); 10 to 30 years (Limited Pay); 20 to 30 years (Regular Pay)","note":null,"quote":"Premium Payment Term is ranging from 5 years to 12 years with Policy Term ranging from 10 years to 30 years subject to the Policy Term being greater than the Premium Payment Term by at least 5 years ... Premium Payment Term is same as Policy Term and ranges from 20 years to 30 years ... the Policy Term is a fixed term of 10 years","sources":[{"clause":"18","heading":"“Limited Pay Variant”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-18"},{"clause":"36","heading":"“Regular Pay Variant”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-36"},{"clause":"42","heading":"“Single Pay Variant”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-42"}],"law":[]},{"key":"claim_intimation","label":"Claim intimation deadline","section":"Claims","meaning":"How soon you must tell the insurer about a claim or hospitalisation.","status":"cross-checked","value":"The claimant must intimate the claim with the necessary documents at the earliest possible time, in person, online, through the distribution channel or the authorized call centre.","display":"At the earliest possible time (no fixed number of days)","note":"No fixed deadline in days is printed.","quote":"The Claimant is required to intimate Us along with necessary documents as mentioned above, regarding a claim under the Policy, at the earliest possible time either in person or through online mode or Our distribution channel or authorized call centre.","sources":[{"clause":"2.5","heading":null,"page":17,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-2-5-2"}],"law":[{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 20, 21","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"claim_documents","label":"Claim documents","section":"Claims","meaning":"Documents the insurer asks for when you claim.","status":"cross-checked","value":["Claimant's statement in the prescribed form (death claim application form - form A)","Original Policy document","Copy of police complaint / FIR (accident, unnatural or suicidal death)","All medical / hospital records in case of hospitalisation","Post mortem report, autopsy/viscera report and final police investigation report (accident, unnatural or suicidal death)","Original / attested copy of death certificate","Discharge summary / indoor case papers","Self-attested identity proof of the Claimant including Nominee(s)","Other life / health insurance details with claim history","Employer certificate with complete leave records (Form E)","ITR for last 3 years / GST certificate if self employed","Attending physician's statement (Form C) for medical/natural death","NEFT mandate form and bank details of Claimant","Maturity: NEFT Form, cancelled cheque or passbook copy, self-attested photo ID proof"],"display":"Death claim: claim form A, original policy, death certificate, medical records, police/post mortem reports for unnatural death, ID and bank details; maturity: NEFT form, cancelled cheque, photo ID","note":"Also medical booklet / CGHS card for defence and central government personnel, passport copy and body transfer / embassy documents for death abroad, and any other document the insurer requires.","quote":"claimant’s statement in the prescribed form (death claim application form -form A); ... original Policy document; ... a copy of police complaint/ first information report (in the case of death by accident or unnatural death or suicidal death of the Life Insured); ... All medical/ hospital records (including diagnostic records) in case of hospitalisation; ... a copy of duly certified post mortem report, autopsy/viscera report and a copy of the final police investigation report /charge sheet (in the case of death by accident or unnatural death or suicidal death of the Life Insured); ... original/ attested copy of death certificate issued by the local/municipal authority ... discharge summary / indoor case papers in case death happened due to medical reasons in a hospital; ... a self-attested copy of identity proof of the Claimant including Nominee(s) ... other life / health insurance details with claim history details; ... employer certificate with complete leave records (Form E); ... ITR for last 3 years / GST certificate in case of self employed; ... in case of a medical/natural death of the Life Insured, the attending physician’s statement (Form C) ... NEFT mandate form attested by bank authorities ... Bank details of Claimant; ... NEFT Form (if not provided earlier) ... a cancelled cheque or copy of passbook with pre-printed name and bank account number ... a self-attested photo ID proof","sources":[{"clause":"2.1.1","heading":"Death Claim documents","page":17,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-2-1-1"},{"clause":"2.1.2","heading":"Maturity claim documents","page":17,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-2-1-2-2"}],"law":[{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 17","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 22","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 23","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(iii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"claim_settlement_time","label":"Claim settlement time promised","section":"Claims","meaning":"How quickly the policy says a claim is decided or paid, and from when that is counted (intimation or last document).","status":"not-stated","value":null,"display":null,"note":"No settlement time is printed. The CIS points to an external page: 'For details, refer to \"Service TATs in Insurance - Axis Max Life Insurance\"'.","quote":null,"sources":[],"law":[{"title":"The Insurance Act, 1938","section":"Section 64UM(4) to (6)","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on General Insurance Business, 2024","section":"Ch I, Para 10","url":"https://indiainsurances.com/law/irdai-general-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 15","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 16","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 22","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(i), V.3(ii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(iii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.4","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 23","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"The Motor Vehicles Act, 1988: Chapter XI, insurance of motor vehicles against third party risks","section":"Section 149","url":"https://indiainsurances.com/law/motor-vehicles-act-1988"}]},{"key":"exclusions_main","label":"Main exclusions","section":"Exclusions","meaning":"What the policy does not pay for, in the policy's own words.","status":"cross-checked","value":["Suicide within 12 (Twelve) months from the Date of Inception of Policy or from the date of Revival of this Policy"],"display":"Suicide within 12 months of inception or revival","note":"The suicide exclusion is the only exclusion printed in the wording, prospectus and CIS. The wording says there are no restrictions on travel or occupation; the CIS says no waiting period applies. What is refunded on suicide is under the suicide clause.","quote":"SUICIDE EXCLUSION ... If the Life Insured commits suicide , within 12 (Twelve) months from the Date of Inception of Policy or from the date of Revival of this Policy, as applicable, all risks and benefits under this Policy shall cease and the Policy shall terminate immediately ... There are no restrictions on travel or occupation under this Policy. ... No waiting period applicable","sources":[{"clause":"5","heading":"SUICIDE EXCLUSION","page":18,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-5-4"},{"clause":"5.1","heading":null,"page":18,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-5-1-7"},{"clause":"6","heading":"TRAVEL AND OCCUPATION","page":18,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-6-4"},{"clause":"Row 10","heading":"Waiting /lien Period, if any","page":2,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/226#c-row-10"}],"law":[{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 11","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 16","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"grievance","label":"Grievance route","section":"Claims","meaning":"Who to complain to first, as stated in the policy, before going to the Insurance Ombudsman.","status":"cross-checked","value":"First write to your agent or the customer helpdesk (Helpline 1860 120 5577, service.helpdesk@axismaxlife.com) or any office. If the response is unsatisfactory or there is none within 14 days, complain to the Grievance Redressal Officer (manager.services@axismaxlife.com), or to the IRDAI Bima Bharosa grievance cell.","display":"Agent or customer helpdesk (1860 120 5577), then Grievance Redressal Officer after 14 days","note":"Insurance Ombudsman if not satisfied or no response within 1 month, within 1 year of the insurer's reply.","quote":"All consumer grievances and/or queries may be first addressed to Your agent or Our customer helpdesk as mentioned below: ... Helpline No. – 1860 120 5577, Email: service.helpdesk@axismaxlife.com ... b) To any office of Axis Max Life Insurance Limited. ... If Our response is not satisfactory or there is no response within 14 (Fourteen) days ... Grievance Redressal Officer, Axis Max Life Insurance Limited ... Email: manager.services@axismaxlife.com ... The complainant or his legal heirs may approach the Grievance Cell of the IRDAI","sources":[{"clause":"1.1","heading":null,"page":20,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-1-6"},{"clause":"1.2","heading":"If Our response is not satisfactory or there is no response within 14 (Fourteen) days","page":20,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-2-5"},{"clause":"1.2.1","heading":null,"page":20,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-2-1-2"},{"clause":"1.2.2","heading":null,"page":20,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-2-2-3"}],"law":[{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 3","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 4","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 5","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"The Consumer Protection Act, 2019","section":"Section 2(11)","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 2(42)","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 34","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 69","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Insurance Act, 1938","section":"Section 38","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on General Insurance Business, 2024","section":"Ch I, Para 12","url":"https://indiainsurances.com/law/irdai-general-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 19","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 20","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 13","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 5(5), 5(6)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 5(9)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 25","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 26","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule III, Para 11","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"Review of revision in premium rates under health insurance policies for senior citizens, 2025","section":"Para 3","url":"https://indiainsurances.com/law/irdai-senior-premium-2025"},{"title":"Insurance Ombudsman Rules, 2017","section":"Rule 13","url":"https://indiainsurances.com/law/ombudsman-rules-2017"},{"title":"Insurance Ombudsman Rules, 2017","section":"Rule 14","url":"https://indiainsurances.com/law/ombudsman-rules-2017"}]},{"key":"sum_assured","label":"Sum assured","section":"Cover","meaning":"The minimum and maximum life cover, or the rule that sets it (for example 10 times the annual premium).","status":"cross-checked","value":"Minimum Guaranteed Sum Assured on Maturity: Rs 78,123 (Single Pay); Rs 1,67,988 (Limited/Regular Pay, Policy Term under 15 years); Rs 24,990 (Limited/Regular Pay, Policy Term 15 years or more). No maximum, subject to the board approved underwriting policy.","display":"Minimum GSAM Rs 78,123 (Single Pay), Rs 1,67,988 or Rs 24,990 (Limited/Regular Pay); no maximum","note":"Sum assured on death is the Guaranteed Death Benefit (see death benefit). Minimum premium: Rs 1,00,000 single; Rs 50,000 or Rs 8,500 annual for Limited/Regular Pay depending on term.","quote":"Guaranteed Sum Assured on Maturity (GSAM) (subject to minimum premium limit) | Minimum | Single Pay : ₹78,123 Limited Pay & Regular Pay : Policy Term less than 15 years : ₹1,67,988 Policy Term greater than and equal to 15 years : ₹24,990 ... Maximum | No limit subject to limits determined in accordance with the Board approved underwriting policy of the Company","sources":[{"clause":null,"heading":"Modal Factors","page":3,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/225#c-modal-factors"}],"law":[]},{"key":"death_benefit","label":"Death benefit","section":"Cover","meaning":"What your family gets if you die during the term, and how it is calculated.","status":"cross-checked","value":"Guaranteed Death Benefit plus accrued Guaranteed Additions, accrued Paid Up Additions and Terminal Bonus; for Limited and Regular Pay, 110% of the Guaranteed Death Benefit if death is after 10 policy years. Guaranteed Death Benefit is the highest of 11 times annualised premium, 105% of total premiums paid, GSAM, or 110% of GSAM (Single Pay: highest of 125% of single premium, GSAM, or 110% of GSAM).","display":"Guaranteed Death Benefit (110% of it after 10 policy years for Limited/Regular Pay) plus accrued Guaranteed Additions, Paid Up Additions and Terminal Bonus","note":"Single Pay: no 110% uplift after 10 years (term is 10 years). Payable as lump sum or as monthly (1.07%) or annual (12.46%) income for 10 years.","quote":"Guaranteed Death Benefit, plus ... Accrued Guaranteed Additions (if any), plus ... Accrued Paid Up Additions (if any), plus ... Terminal Bonus (if any) ... If the Life Insured’s death occurs after the completion of 10 Policy Years: ... 110% of Guaranteed Death Benefit, plus ... For Single Pay Variant means an amount which will be the highest of the following: ... 125% of the Single Premium (including Underwriting Extra Premium, if any), ... For Limited Pay Variant and Regular Pay Variant means an amount which will be the highest of the following: ... 11 times the sum of Annualised Premium and Underwriting Extra Premium (if any), ... 105% of sum of Total Premiums Paid ... Guaranteed Sum Assured on Maturity, ... Any absolute amount assured to be paid on death, which is equal to 110% of the Guaranteed Sum Assured on Maturity. ... Monthly income for 120 months equivalent to 1.07% of the Death Benefit; or ... Annual income for 10 years equivalent to 12.46% of the Death Benefit.","sources":[{"clause":"1.1.1.1","heading":"For Single Pay Variant - The Death Benefit payable shall be","page":9,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-1-1-1"},{"clause":"1.1.1.2","heading":"For Limited Pay Variant and Regular Pay Variant","page":9,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-1-1-2"},{"clause":"12","heading":null,"page":6,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-12"},{"clause":"1.1.2.2","heading":"Option 2 - Regular monthly/annual income for 10 years","page":9,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-1-2-2"}],"law":[]},{"key":"maturity_benefit","label":"Maturity benefit","section":"Cover","meaning":"What you get if you survive to the end of the term.","status":"cross-checked","value":"110% of the Guaranteed Sum Assured on Maturity plus accrued Guaranteed Additions, accrued Paid Up Additions and Terminal Bonus, if any.","display":"110% of GSAM plus accrued Guaranteed Additions, Paid Up Additions and Terminal Bonus","note":"Can be taken as a lump sum or as monthly income over 120 months / annual income over 10 years (option chosen at least 15 days before maturity).","quote":"i) 110% of Guaranteed Sum Assured on Maturity, plus ... ii) Accrued Guaranteed Additions, plus ... iii) Accrued Paid Up Additions (if any), plus ... iv) Terminal Bonus (if any) ... You can opt for any one of the following options to receive the Maturity Benefit under the Policy by giving Us written intimation at least 15 days before the Maturity Date ... You will receive Maturity Benefit as monthly income payable over 120 months or annual income payable over 10 years","sources":[{"clause":"1.2.1","heading":null,"page":9,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-2-1"},{"clause":"1.2.2","heading":"Settlement & Commutation Option for the Maturity Benefit","page":9,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-2-2-2"},{"clause":"1.2.2.2","heading":"Option 2 - Regular monthly/annual income for 10 years","page":9,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-2-2-2-2"}],"law":[]},{"key":"premium_paying_term","label":"Premium paying term","section":"Premium","meaning":"For how many years you pay premiums.","status":"cross-checked","value":"Single premium (Single Pay); 5 to 12 years (Limited Pay); same as the Policy Term, 20 to 30 years (Regular Pay).","display":"Single (Single Pay); 5 to 12 years (Limited Pay); 20 to 30 years (Regular Pay)","note":null,"quote":"Premium Payment Term is ranging from 5 years to 12 years ... Premium Payment Term is same as Policy Term and ranges from 20 years to 30 years ... “Single Pay Variant” means where the Premium is received in full in advance of the Inception of Policy","sources":[{"clause":"18","heading":"“Limited Pay Variant”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-18"},{"clause":"36","heading":"“Regular Pay Variant”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-36"},{"clause":"42","heading":"“Single Pay Variant”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-42"}],"law":[]},{"key":"maturity_age","label":"Maximum maturity age","section":"Eligibility","meaning":"The oldest age at which cover ends.","status":"cross-checked","value":"Maximum maturity age 75 years (Single Pay), 80 years (Limited Pay), 65 years (Regular Pay); minimum 18 years.","display":"75 years (Single Pay); 80 years (Limited Pay); 65 years (Regular Pay)","note":null,"quote":"Maturity Age of the Life Insured (age as on last birthday) | Minimum | 18 years ... Maximum | Single Pay : 75 years Limited Pay : 80 years Regular Pay : 65 years","sources":[{"clause":null,"heading":"Product Specifications","page":2,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/225#c-product-specifications"}],"law":[]},{"key":"suicide_clause","label":"Suicide clause","section":"Exclusions","meaning":"What is paid if death is by suicide within the first 12 months.","status":"cross-checked","value":"If the Life Insured commits suicide within 12 months of inception or revival, the policy ends and the insurer pays the higher of the Surrender Value or total premiums paid (with modal loadings and underwriting extra premium) if the policy has acquired a Surrender Value; otherwise the total premiums paid.","display":"Within 12 months: higher of Surrender Value or total premiums paid (premiums paid if no Surrender Value)","note":"Payable provided the policy is in force.","quote":"If the Life Insured commits suicide , within 12 (Twelve) months from the Date of Inception of Policy or from the date of Revival of this Policy ... higher of the Surrender Value as on the date of death or the sum of Total Premiums Paid, loadings for modal premium and Underwriting Extra Premium paid till the date of death received by Us, if the Policy has acquired a Surrender Value; or ... sum of Total Premiums Paid, loadings for modal premium and Underwriting Extra Premium if any, till the date of death received by Us, if the Policy has not acquired a Surrender Value. ... We shall only pay the following to the Claimant, provided the policy is in force","sources":[{"clause":"5.1","heading":null,"page":18,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-5-1-7"},{"clause":"5.1.1","heading":null,"page":18,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-5-1-1-2"},{"clause":"5.1.2","heading":null,"page":18,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-5-1-2-2"}],"law":[{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 21","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 35","url":"https://indiainsurances.com/law/irdai-life-products-2024"}]},{"key":"surrender","label":"Surrender value","section":"Renewal and rights","meaning":"What you get if you stop the policy early, and from when.","status":"cross-checked","value":"Surrender Value is the higher of the Guaranteed Surrender Value and the Special Surrender Value. Single Pay acquires it on receipt of the single premium; Limited and Regular Pay acquire the Guaranteed Surrender Value after 2 full years' premiums and the Special Surrender Value after the first policy year if one full year's premium is paid.","display":"Higher of GSV or SSV; Single Pay immediately, Limited/Regular Pay after first policy year (SSV) or 2 years' premiums (GSV)","note":"GSV factors on premiums paid: Single Pay 75% (years 1 to 3), 90% (year 4 onward); Limited/Regular Pay nil in year 1, 30% in year 2, 50% in year 4, 56% in year 7, then graduating to 90% in the last two years. The Special Surrender Value is not guaranteed.","quote":"The Surrender Value will be equal to the higher of Guaranteed Surrender Value or Special Surrender Value . ... For Single Pay Variant: Upon receipt of the single Premium. For Limited Pay Variant and Regular Pay Variant: On receipt of first 2 (two) Policy Years Premium in full. ... b) Limited Premium Payment Variant / Regular Premium Payment Variant: After completion of first Policy Year provided one full year Premium has been received ... 1 | 75% | NIL ... 2 | 75% | 30% ... 4 | 90% | 50% ... 7 | 90% | 56% ... Graduating linearly from 56% to 90% during the last two Policy Years ... The SSV is not guaranteed","sources":[{"clause":"1.3","heading":null,"page":12,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-3-2"},{"clause":"1.4.1","heading":null,"page":12,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-4-1-2"},{"clause":"1.5.2(b)","heading":null,"page":12,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-5-2-b"},{"clause":"1.4.1(i)","heading":null,"page":12,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-4-1-i-2"},{"clause":null,"heading":"Special Surrender Value (SSV)","page":10,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/225#c-special-surrender-value-ssv"}],"law":[{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 26.1 to 26.3","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 26.4 and 26.5","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 27","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.3","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.6","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.16 and 1.17","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(1) to (3)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(4) and (5)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(6) to (9)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(B)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 2(A)(vi)(c)(V)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"paid_up","label":"Paid-up value","section":"Renewal and rights","meaning":"What cover continues if you stop paying premiums after a few years.","status":"cross-checked","value":"If premiums stop after the policy has acquired a Surrender Value, it continues as Reduced Paid Up: Guaranteed Death Benefit and GSAM are multiplied by premiums paid period over the original premium period; on death the reduced death benefit (110% after 10 policy years) plus accrued Guaranteed Additions and Paid Up Additions is paid, not less than 105% of total premiums paid; on maturity 110% of the reduced GSAM plus accrued additions.","display":"Reduced Paid Up after Surrender Value is acquired, proportionate to premiums paid","note":"RPU policies do not participate in future bonuses (prospectus). The policy lapses if the reduced paid up sum is less than Rs 2,500.","quote":"If this Policy has acquired a Surrender Value as specified under Clause 1 of Part D, then, in the event of non-payment of the due Premiums by You to Us, on the expiry of the Grace Period, this Policy will not become a Lapsed Policy and will continue under Reduced Paid-Up Mode unless Revived. ... We will pay the Reduced Paid Up Guaranteed Death Benefit if the Life Insured’s death occurs on or before the completion of 10 Policy Years and 110% of the Reduced Paid Up Guaranteed Death Benefit if the Life Insured’s death occurs after the completion of 10 Policy Years plus the accrued Guaranteed Additions and accrued Paid Up Additions (if any) ... will not be less than 105% of sum of Total Premiums Paid ... We shall pay the 110% of the Reduced Paid Up Guaranteed Sum Assured on Maturity plus accrued Guaranteed Additions and Accrued Paid Up Additions (if any) ... “Reduced Paid Up Factor” means the ratio of total period for which Premiums have already been paid under the Policy to the maximum period for which Premiums were originally payable under the Policy ... The Policy which has acquired the Surrender Value shall lapse if the reduced paid up sum insured exclusive of attached bonuses and the Guaranteed Additions under the Policy is less than Rs. 2500/- ... RPU policies will not participate in future bonuses.","sources":[{"clause":"1.6.1","heading":null,"page":10,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-6-1"},{"clause":"1.6.1.1","heading":"Death Benefit","page":10,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-6-1-1"},{"clause":"1.6.1.2","heading":"Maturity Benefit","page":10,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-6-1-2"},{"clause":"32","heading":"“Reduced Paid Up Factor”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-32"},{"clause":"1.6.1.3","heading":"Surrender Value","page":10,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-6-1-3"},{"clause":null,"heading":"What happens when you discontinue paying the Premiums?","page":11,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/225#c-what-happens-when-you-discontinue-paying-the-pre"}],"law":[]},{"key":"revival","label":"Revival period","section":"Renewal and rights","meaning":"How long after lapsing you can restart the policy.","status":"cross-checked","value":"A lapsed or Reduced Paid Up policy can be revived within 5 consecutive years from the due date of the first unpaid premium, with evidence of insurability and overdue premiums plus interest.","display":"5 years from the due date of the first unpaid premium","note":"Revival interest: nil for 0-60 days, RBI Bank Rate + 1% for 61-180 days, RBI Bank Rate + 3% beyond 180 days (currently 7.75% and 9.75%). Cannot be revived beyond the Policy Term.","quote":"“Revival Period” means a period of 5 (Five) consecutive years from the due date of the first unpaid Premium. ... 0-60 | Nil | 0.00% ... 61-180 | RBI Bank Rate + 1% p.a. (compounded annually on due Premiums) | 7.75% ... >180 | RBI Bank Rate + 3% p.a. (compounded annually on due Premiums) | 9.75% ... For the avoidance of doubt, the Policy cannot be Revived beyond the Policy Term. ... if You produce an evidence of insurability (in form of declaration of health condition and/or relevant medical reports) of Life Insured at Your own cost which is acceptable to Us ... on payment of all overdue Premiums","sources":[{"clause":"38","heading":"“Revival Period”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-38"},{"clause":"3.1.3","heading":null,"page":13,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-3-1-3"},{"clause":"3.5","heading":null,"page":14,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-3-5-2"},{"clause":"3.1.2","heading":null,"page":13,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-3-1-2-2"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 50","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.1 and 40.1.2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.4","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.6","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.7","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, III.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.10","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.28","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.39","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"policy_loan","label":"Policy loan","section":"Renewal and rights","meaning":"Whether you can borrow against the policy.","status":"cross-checked","value":"Yes, once the policy has acquired a Surrender Value: up to 80% of the Special Surrender Value if the deferment period is 15 years or less, 50% if more; minimum INR 10,000; interest at RBI Bank Rate plus 3.0% (currently 9.75% p.a.).","display":"Yes, up to 80% (or 50%) of Special Surrender Value, minimum INR 10,000, interest 9.75% p.a. currently","note":"Deferment period is Policy Term less Premium Payment Term. The wording says the 9.75% rate is effective 1st July 2019 but based on the RBI Bank Rate as at 31st March, 2024.","quote":"Once this Policy has acquired the Surrender Value, then, You will be eligible for grant of loans from Us subject to a maximum of the following. ... Less than and equal to 15 years | 80% ... Greater than 15 years | 50% ... The minimum amount of loan which can be granted by Us under this Policy is INR 10,000 ... The loan interest rate shall be equal to applicable ‘RBI Bank Rate’ plus 3.0%. The current loan interest rate is 9.75% p.a. compounded annually ... Deferment Period is equal to Policy Term less the Premium Payment Term ... is effective 1st July 2019 based on ‘RBI Bank Rate’ of 6.75% p.a. prevailing as at 31st March, 2024","sources":[{"clause":"2.1","heading":null,"page":13,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-2-1"},{"clause":"2.2","heading":null,"page":13,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-2-2-2"},{"clause":"2.4","heading":null,"page":13,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-2-4-2"}],"law":[]},{"key":"riders_available","label":"Riders available","section":"Cover","meaning":"Optional add-ons such as accidental death, critical illness or waiver of premium.","status":"cross-checked","value":["Axis Max Life Term Plus Rider (UIN 104B026V04)","Axis Max Life Accidental Death & Dismemberment Rider (UIN 104B027V05)","Axis Max Life Waiver Of Premium Plus Rider (UIN 104B029V06)","Axis Max Life Critical Illness and Disability Rider (UIN 104B033V02)"],"display":"Term Plus, Accidental Death & Dismemberment, Waiver Of Premium Plus, Critical Illness and Disability riders","note":"The prospectus says 'following 3 riders' but lists four; the CIS also lists all four.","quote":"1. Axis Max Life Term Plus Rider (UIN – 104B026V04) ... 2. Axis Max Life Accidental Death & Dismemberment Rider (UIN – 104B027V05) ... 3. Axis Max Life Waiver Of Premium Plus Rider (UIN – 104B029V06) ... 4. Axis Max Life Critical Illness and Disability Rider (UIN - 104B033V02)","sources":[{"clause":"Row 4(b)","heading":"Regular Monthly/Annual Income for 10 years","page":6,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/225#c-row-4-b-3"}],"law":[]},{"key":"section45","label":"Claims after 3 years (Section 45)","section":"Claims","meaning":"After 3 years a life policy cannot be questioned on any ground, and only for fraud with proof before that.","status":"cross-checked","value":"No policy can be called in question on any ground after 3 years from the later of issue, commencement of risk, revival or rider date; within 3 years it can be questioned on fraud or misstatement of material fact, with written grounds.","display":"Cannot be questioned on any ground after 3 years; fraud or misstatement only within 3 years","note":"If repudiated for misstatement (not fraud), premiums are refunded within 90 days.","quote":"No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs from a. the date of issuance of policy or b. the date of commencement of risk or c.the date of revival of policy or d. the date of rider to the policy, whichever is later. 2. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years ... Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression of a fact material to expectancy of life of the insured was incorrectly made","sources":[{"clause":"Section 45","heading":"Policy shall not be called in question on the ground of mis-statement after three years","page":22,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-section-45"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 45","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 10","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 10","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, IV.6","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 8","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"tax_note","label":"Tax note in the document","section":"Premium","meaning":"What the document says about tax benefits. Not stated when it only says taxes are charged on the premium. Tax law changes; confirm separately.","status":"cross-checked","value":"Tax benefits may be available under Section 80(C) and Section 10(10D) of the Income Tax Act 1961 as per prevailing tax laws, which are subject to change.","display":"May be eligible under Section 80(C) and 10(10D), subject to tax laws","note":"The policy wording only says tax benefits may be available as per prevailing tax laws.","quote":"You may be entitled to certain applicable tax benefits under Section 80 (C) and Section 10(10D) of Income Tax Act 1961 on your premiums and Policy benefits respectively as per prevailing tax laws. Tax benefits are subject to change in tax laws.","sources":[{"clause":null,"heading":"TAX BENEFIT","page":9,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/225#c-tax-benefit"}],"law":[]},{"key":"free_look","label":"Free-look period","section":"Renewal and rights","meaning":"Days after you receive the policy in which you can return it for a refund if you do not agree with its terms.","status":"cross-checked","value":{"unit":"days","amount":30},"display":"30 days","note":"Refund of premium less proportionate risk premium, stamp duty and medical examination expenses.","quote":"“Freelook”means a period of 30 days beginning from the date of receipt the Policy to review the terms and conditions of the Policy. ... You shall be entitled to a refund of the Premium received by Us after deducting the proportionate risk Premium for the period of cover, stamp duty charges paid and the expenses incurred by Us on medical examination of the Life Insured","sources":[{"clause":"6","heading":"FREELOOK CANCELLATION","page":14,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-6-3"}],"law":[{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 5","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 5","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(1), 20(2)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(3) to 20(5)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(6)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, II.8","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, III.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, III.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"grace_period","label":"Grace period","section":"Renewal and rights","meaning":"Days you get after the due date to pay without losing cover or continuity.","status":"cross-checked","value":{"unit":"days","amount":30},"display":"30 days (15 days for monthly mode)","note":"15 days for monthly mode. The CIS shows a template placeholder '< 15/30 >'.","quote":"The grace period is a period of 15 (Fifteen) days from the due date of the first unpaid Premium for monthly Premium payment mode and 30 (Thirty) days from the due date of the first unpaid Premium for annual, semi-annual or quarterly premium payment modes ... Number of Days: < 15/30 >","sources":[{"clause":"10","heading":"“Grace Period”","page":6,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-10"},{"clause":"Row 11","heading":"Grace period","page":2,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/226#c-row-11"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 50","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 8","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 9","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 8","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, IV.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, IV.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.2","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule III, Para 1.3","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"eligibility_entry_age","label":"Entry age","section":"Eligibility","meaning":"The youngest and oldest age at which you can buy this policy.","status":"cross-checked","value":"Minimum: 8 years (Single Pay), 0 years / 91 days (Limited and Regular Pay). Maximum: 65 years (Single Pay), 60 years (Limited Pay), 45 years (Regular Pay).","display":"8 to 65 years (Single Pay); 91 days to 60 years (Limited Pay); 91 days to 45 years (Regular Pay)","note":"Age last birthday. Limited Pay: if entry age is 56 or more, entry age plus Premium Payment Term must be 65 or less.","quote":"Minimum | Single Pay : 8 years Limited/Regular Pay : 0 years (91 days at the time of applying for this plan) ... Maximum | Single Pay : 65 years Limited Pay : 60years If Entry age of Life insured is >=56 years then Entry age of Life Insured + Premium Payment Term is <=65 years Regular Pay : 45 years","sources":[{"clause":null,"heading":"Product Specifications","page":2,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/225#c-product-specifications"}],"law":[]},{"key":"premium_modes","label":"Premium payment options","section":"Premium","meaning":"How often you can pay: yearly, half-yearly, quarterly, monthly.","status":"cross-checked","value":["Annual","Semi-annual","Quarterly","Monthly"],"display":"Annual, semi-annual, quarterly or monthly","note":"Single Pay variant pays one premium in full in advance. Modal factors: 1.0 annual, 0.520 semi-annual, 0.265 quarterly, 0.090 monthly. The mode can be changed from the next policy anniversary.","quote":"You can pay the Premiums annually, semi-annually, quarterly or on monthly basis, as per the Premium payment mode chosen by You. ... The Modal Factors for this Policy are as follows: i) for annual Premium payment mode – (1.0); ii) for semi-annual Premium payment mode - (0.520); iii) for quarterly Premium payment mode - (0.265); iv) for monthly Premium payment mode - (0.090); ... “Single Pay Variant” means where the Premium is received in full in advance of the Inception of Policy","sources":[{"clause":"3.1","heading":null,"page":11,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-3-1"},{"clause":"21","heading":"“Modal Factor”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-21"},{"clause":"42","heading":"“Single Pay Variant”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-42"}],"law":[]},{"key":"premium_type","label":"Premium payment type","section":"Premium","meaning":"Single premium, regular premium (every year of the term) or limited premium (fewer years than the term).","status":"cross-checked","value":["Single","Limited","Regular"],"display":"Single, limited or regular pay","note":null,"quote":"“Limited Pay Variant” means ... “Regular Pay Variant” means ... “Single Pay Variant” means","sources":[{"clause":"18","heading":"“Limited Pay Variant”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-18"},{"clause":"36","heading":"“Regular Pay Variant”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-36"},{"clause":"42","heading":"“Single Pay Variant”","page":7,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-42"}],"law":[]},{"key":"guaranteed_benefits","label":"Guaranteed benefits","section":"Cover","meaning":"What is guaranteed, in rupees or as a formula, regardless of the insurer's performance.","status":"cross-checked","value":"Guaranteed Additions of 5.5% of the Guaranteed Sum Assured on Maturity at the end of each of the first 5 policy years; on maturity 110% of the GSAM plus accrued Guaranteed Additions; on death the Guaranteed Death Benefit; and a Guaranteed Surrender Value.","display":"Guaranteed Additions of 5.5% of GSAM a year for 5 years, 110% of GSAM on maturity, Guaranteed Death Benefit","note":"Guaranteed only while the policy is in force and all due premiums are paid.","quote":"“Guaranteed Addition” means an amount equal to 5.5% of the Guaranteed Sum Assured on Maturity which are guaranteed to be paid under the Policy ... Guaranteed Additions will accrue under the Policy at the end of each Policy Year for the first 5 Policy Years ... 110% of Guaranteed Sum Assured on Maturity, plus ... ii) Accrued Guaranteed Additions, plus ... Guaranteed Death Benefit, plus ... “Guaranteed Surrender Value” means the minimum Surrender Value computed in accordance with Clause 1 of Part D, which is guaranteed by Us ... provided that the Policy is in force on the date the Guaranteed Addition becomes due ... if the Life Insured is alive on the Maturity Date and all due Premiums have been received by Us, in full","sources":[{"clause":"11","heading":"“Guaranteed Addition”","page":6,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-11"},{"clause":"1.3","heading":"Guaranteed Additions","page":10,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-3"},{"clause":"1.2.1","heading":null,"page":9,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-2-1"},{"clause":"1.1.1.1","heading":"For Single Pay Variant - The Death Benefit payable shall be","page":9,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-1-1-1"},{"clause":"14","heading":"“Guaranteed Surrender Value”","page":6,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-14"},{"clause":"13","heading":"“Guaranteed Sum Assured on Maturity”","page":6,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-13"}],"law":[]},{"key":"bonus","label":"Bonus type","section":"Cover","meaning":"Participating plans share profits as bonuses; these are NOT guaranteed.","status":"cross-checked","value":"Participating plan. A bonus is declared every year after the second policy year as Paid Up Additions (or used for Premium Offset or Paid In Cash), plus a one-time Terminal Bonus if the policy has been in force for at least 5 policy years. Bonuses are non-guaranteed.","display":"Annual bonus as Paid Up Additions after the 2nd policy year, plus Terminal Bonus after 5 years; not guaranteed","note":"Paid Up Additions can be partly or fully withdrawn (minimum INR 5,000) except in Reduced Paid Up Mode.","quote":"The bonus (as a percentage rate applied on policy Guaranteed Sum Assured on Maturity and all previously accrued bonuses) shall be declared by default in the form of Paid Up Additions every year post completion of the second (2nd) Policy Year ... two additional bonus options ... i) Premium Offset ... ii) Paid In Cash ... pay an additional 1 (One) time Terminal Bonus ... provided this Policy is in force for at least 5 (Five) complete Policy Years ... Bonuses are non-guaranteed and are declared at the sole discretion of the Company. ... (A Non-Linked Participating Individual Life Insurance Savings Plan) ... The minimum withdrawal value of the Paid Up Additions shall not be less than INR 5,000","sources":[{"clause":"2","heading":"BONUSES","page":10,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-2-3"},{"clause":"2(i)","heading":"Premium Offset","page":11,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-2-i"},{"clause":"2(ii)","heading":"Paid In Cash","page":11,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-2-ii"},{"clause":null,"heading":"B. Terminal Bonus","page":11,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-b-terminal-bonus"},{"clause":null,"heading":"HOW DOES AXIS MAX LIFE SAVINGS ADVANTAGE PLAN WORK FOR YOU?","page":8,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/225#c-how-does-axis-max-life-savings-advantage-plan-wo"},{"clause":null,"heading":"Axis Max Life Savings Advantage Plan","page":3,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-axis-max-life-savings-advantage-plan"}],"law":[]},{"key":"illustration_returns","label":"Illustrated returns","section":"Cover","meaning":"The benefit illustration at the IRDAI rates (4% and 8%); not a promise.","status":"cross-checked","value":"Example: age 35, annual premium Rs 50,000, 10-year premium term, 20-year policy term, GSAM Rs 4,51,998: maturity benefit Rs 7,58,836 at 4% and Rs 12,37,332 at 8%.","display":"Rs 7,58,836 at 4%, Rs 12,37,332 at 8% (age 35, Rs 50,000 a year, 10/20 years)","note":"Death in 6th year example: Rs 7,06,983 at 4%, Rs 9,33,197 at 8%. Illustrative only, not guaranteed.","quote":"Mr. Bajaj, aged 35 years, pays a premium of ₹50,000 in Axis Max Life Savings Advantage Plan on an annual mode. He opts for 10 year Premium Payment Term & 20 year Policy Term. His GSAM is ₹ 4,51,998. ... Maturity Benefit @4%: 7,58,836 ... @8%: 12,37,332","sources":[{"clause":null,"heading":"HOW DOES AXIS MAX LIFE SAVINGS ADVANTAGE PLAN WORK FOR YOU?","page":8,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/225#c-how-does-axis-max-life-savings-advantage-plan-wo"}],"law":[]},{"key":"money_back","label":"Survival or money-back payouts","section":"Cover","meaning":"Instalments paid during the term.","status":"cross-checked","value":"No survival benefits are payable during the term.","display":"None","note":"Under the optional 'Paid In Cash' bonus option, the surrender value of each year's Paid Up Additions is paid out yearly.","quote":"No survival benefits are payable under this Policy. ... Paid In Cash: Upon declaration of Paid Up Additions each year, the Surrender Value of Paid Up Additions shall be payable to You every year till the end of Policy Term.","sources":[{"clause":"1.5","heading":"Survival Benefit","page":10,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-1-5"},{"clause":"2(ii)","heading":"Paid In Cash","page":11,"url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224#c-2-ii"}],"law":[]}],"documents":[{"kind":"wording","label":"Policy Contract","pages":23,"fetched_at":"2026-10-16 07:11:46.564151+00","source_url":"https://www.axismaxlife.com/static-page/assets/homepage/SAP-Policy-Contract.pdf","url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/224"},{"kind":"prospectus","label":"Prospectus","pages":16,"fetched_at":"2026-10-16 07:11:46.564151+00","source_url":"https://www.axismaxlife.com/static-page/assets/homepage/SAP-Prospectus.pdf","url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/225"},{"kind":"cis","label":"Customer Information Sheet","pages":5,"fetched_at":"2026-10-16 07:11:46.564151+00","source_url":"https://www.axismaxlife.com/static-page/assets/homepage/SAP-CIS.pdf","url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/226"},{"kind":"brochure","label":"Leaflet","pages":2,"fetched_at":"2026-10-16 07:11:46.564151+00","source_url":"https://www.axismaxlife.com/static-page/assets/homepage/SAP-Leaflet.pdf","url":"https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04/document/227"}],"versions":[{"uin":"104N111V01","version":null,"approved_on":null},{"uin":"104N111V04","version":null,"approved_on":null}],"where_to_buy":[],"claims_and_complaints":[],"notice":"Information, not advice. IndiaInsurances is not an insurer or an insurance intermediary, does not sell insurance and earns no commission. Policy terms change and your own policy schedule can differ: always confirm with the policy document and the insurer before you buy or claim.","cite_as":"Axis Max Life Savings Advantage Plan (UIN 104N111V04), IndiaInsurances, https://indiainsurances.com/policy/axis-max-life-insurance/axis-max-life-savings-advantage-plan-104n111v04"}