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Monthly Income Advantage Plan

Monthly Income Advantage Plan
A Traditional Participating Money Back Life Insurance PlanUIN: 104N091V01

LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT.

Presenting Max Life Monthly Income Advantage Plan, a plan that gives a guaranteed monthly income for 10 years to fulfill the planned milestones even in case of any eventuality.

Max Life Monthly Income Advantage Plan
4.0/5 based on 378 reviews
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    What this plan offers you

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    Plan Benefits

    Survival BenefitSurvival Benefit: Income Benefit + Maturity Benefit where,

    Income Benefit: Guaranteed monthly income equal to one twelfth (1/12th) of 10% of Sum Assured shall be payable for 10 years (120 months) at each monthly anniversary commencing immediately after completion of the Premium Payment Term.

    Maturity Benefit: Accrued compound reversionary bonus (if any) plus terminal bonus (if any) shall be payable on completion of the Policy Term

    Death BenefitFollowing shall be payable on death of the Life Insured:

    1. Lump sum Benefit - Death Benefit shall be payable on the death of the Life Insured, where Death Benefit is higher of:
    i) 11 times the Annualised Premium*
    ii) 105% of all the premiums paid till the date of death of the Life Insured
    iii) Guaranteed Sum Assured on Maturity (Guaranteed Sum Assured on Maturity is equal to zero (0) under this plan as all guaranteed benefits are payable as guaranteed monthly income for 10 years after completion of Premium Payment Term)
    iv) Any absolute amount assured to be payable on death (this is equal to Sum Assured)

    2. Policy Continuance Benefit - All due premiums, if any, coinciding or following the date of death of the Life Insured shall be waived off and the policy will continue as it is and Guaranteed Monthly Income Benefit & Maturity Benefit shall be payable to the beneficiary as and when due. Policy shall participate in future bonuses.
    Tax BenefitsYou may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax advice
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    Are you eligible?

    Entry Ages
    (Age as on Last Birthday)
    Minimum Age: 18 years
    Maximum Age: 12 Pay variant - 55 years
    15 Pay variant - 50 years
    Maximum Maturity Age
    (Age as on Last Birthday)
    12 Pay variant - 77 years
    15 Pay variant - 75 years
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    How this plan works

    Mr. Bajaj, aged 40 years, wishes to have an additional income and wants to ensure financial protection in case of death. Thus, he invests Rs.1,00,000 in Max Life Monthly Income Advantage Plan on an Annual Mode. He opts for 12-year Premium Payment Term (22-year Policy Term). Let’s see how this plan would work for him:

    Scenario 1: Mr. Bajaj survives through the Policy Term
    Click here to view the graph.

    Scenario 2: Mr. Bajaj meets with an accident and dies in the 5th policy year, i.e. after paying 5 Premiums
    Click here to view the graph.

    Kindly note that the above are only illustrations and do not create any right and/or obligations. The assumed non-guaranteed rates of return chosen in the above illustration are 4% and 8%. These assumed rates of return are not guaranteed and are not the upper or lower limit of what you might get back as the value of your policy is dependent on a number of factors including future investment performance. The actual experience on the contract may be different from the illustrated. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid. The premiums mentioned above are exclusive of Service Tax charges. Please note that Bonuses are NOT guaranteed and may be as declared by the Company from time to time.

    For more information, please request for your policy specific benefit illustration.

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    About premium payment

    Premium Payment Term12 years or 15 years
    Policy TermPremium Payment Term plus 10 years, i.e.
    12 Pay variant - 22 years
    15 Pay variant - 25 years
    Sum AssuredMinimum: 12 Pay variant - Rs. 6,48,000
    15 Pay variant - Rs. 8,10,000
    Maximum: No limit, subject to the Board approved underwriting policy of the Company
    Premium Payment ModesThe product allows Annual, Semi-Annual, Quarterly and Monthly premium paying modes
    Minimum / Maximum Annual PremiumMinimum Annual Premium: Rs. 50,000 excluding extra premium, modal extra, Service Tax & Education Cess
    Maximum Annual Premium: No limit

    * Annualised Premium is defined as premium payable on an Annual Mode, including extra premium (if any) but excludes Service Tax, Education Cess and any loadings for Modal Premiums. Annualised Premium remains same irrespective of the Premium Payment Mode.

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    Riders

    Max Life Term Plus Rider (UIN – 104B026V01) ) provides additional risk coverage in case of death

    For further details please refer to the Max Life Term Plus Rider Brochure, Rider Contract, Rider Rates & Rider Leaflet

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    Max Life Accidental Death & Dismemberment Rider (UIN - 104B027V01) provides lump sum benefit in case of death/dismemberment due to accident

    For more details, please refer to the Max Life Accidental Death and Dismemberment Rider Brochure, Rider Contract, Rider Leaflet

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    Disclaimers

    Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd., 11th Floor, DLF Square Building, Jacaranda Marg, DLF Phase II, Gurgaon (Haryana) – 122002. For more details on risk factor, terms and conditions, please read the sales brochure carefully before concluding a sale. Insurance is the subject matter of solicitation. 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 change in tax laws. Trade logos displayed belong to Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. respectively and are used by Max Life Insurance Co. Ltd. under a license.
    IRDAI Regn. No - 104
    Max Life/WebInsert/Indigo/MIAP/September2016/212

    BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS
    IRDAI clarifies to public that

 

Want to Get Max Life Monthly Income Advantage Plan?

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

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3 reasons why you should buy this plan

  • Guaranteed monthly income for 10 years immediately after completion of Premium Payment Term
  • Enjoy lumpsum benefit on maturity of the policy
  • Policy continues as is even in your absence thereby ensuring that your dreams for your loved ones are taken care of

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