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Max Life

Guaranteed Income Plan

Guaranteed Income Plan
A Non - Participating Non – Linked Savings Insurance PlanUIN: 104N085V02

LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT.

Presenting Max Life Guaranteed Income Plan, an Income Plan that ensures 100% guaranteed Survival or Death Benefits

Max Life Guaranteed Income Plan
3.9/5 based on 376 reviews
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    What this plan offers you

    • Guaranteed Monthly Income Immediately after Policy Term - Get Guaranteed Monthly Income for 10 years (Payout Period) immediately after Policy Term starting next year after all Premiums have been paid) along with one - time guaranteed Terminal Benefit at the end of the Payout Period
    • Guaranteed Income That Doubles After 5 Years - Guaranteed Monthly Income offered in first 5 years of the Payout Period is doubled in the remaining 5 years
    • Guaranteed Protection With Choice Of Payout Options On Death - The plan offers you life cover for the entire Policy Term by providing guaranteed Death Benefit. On death during the Policy Term, the nominee will have an option to select either a) Lump sum Death Benefit or b) Income for 10 years post death
    • Flexibility To Get Monthly Income As Lump Sum - The Plan offers you the Commutation Option wherein you can receive the present value of the Survival or Death Benefit respectively instead of the monthly payouts. This option can be availed anytime once the monthly incomes have been started

    Above benefits would be tax exempted on fulfilling conditions mentioned under section 10 (10 D) of Income Tax Act, 1961. Above exemptions are as per our understanding of laws as per prevailing provisions of Income Tax Act, 1961. Policyholders are advised to consult a tax expert for better clarification / interpretation. 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.

    *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. The Income Benefit & Terminal Benefit might not be tax free in case Premiums are loaded (extra Premium) at underwriting stage.

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    Plan Benefits

    Survival Benefit

    Survival Benefit : Income Benefit + Terminal Benefit
    Income Benefit : Monthly income payable during the 10  year Payout Period post completion of the Policy Term (please refer to the detailed product brochure available on www.maxlifeinsurance.com for applicable Income Benefit)
    Terminal Benefit : One time lump sum payout payable at the end of Payout Period
    For 6 years Policy Term - 125% of one Annualised Premium
    For 12 years Policy Term - 200% of one Annualised Premium
    The Policyholder also has the option to avail the Survival Benefit in lump sum at the end of the Policy Term, before the commencement of the Payout Period. On exercising this option, the GSAM (Guaranteed Sum Assured on Maturity) is paid to the Policyholder. The Policy shall terminate on the payment of the GSAM (Guaranteed Sum Assured on Maturity)
    Anytime during the payout period, you have an option to receive the present value of the outstanding Survival Benefit as lump sum (Commutation Option).

    Death Benefit**

    On Death of the Life Insured during the Policy Term, lump sum Death Benefit equal to Guaranteed Sum Assured on Death (GSAD) will be payable to nominee. GSAD is :
    For 6 years Policy Term : 12.75 times of one Annualised Premium# 
    For 12 years Policy Term : 18.50 times of one Annualised Premium#
    While the Death Benefit is payable as a lump sum benefit to the nominee, the nominee also has the option to avail the Death Benefit in monthly installments for a period of 10 years post the Date of Death. On exercising the option, the Death Benefit paid as monthly income for a period of 10 years post death is as follows:
    For 6 years Policy Term : (162% / 12) times one Annualised Premium
    For 12 years Policy Term : (236% / 12) times one Annualised Premium
    While receiving the Death Benefit in monthly installments, the beneficiary can also choose at a future date to commute all outstanding payouts and receive the present value of future outstanding payouts as a lump sum as provided under the commutation option. The lump sum payment on commutation will at least be equal to the Death Benefit less installments already paid to the beneficiary. The policy shall terminate on payment of the Commuted Value.

    Commutation Option

    A policy can be surrendered only once it has acquired a surrender value. The policy acquires surrender value as shown below:

    • 6 year Policy Term - After payment of 2 full years' premiums (13th month)
    • 12 year Policy Term - After Payment of 3 full years' premiums (25th month)
    For more details, please refer to the detailed product brochure available at www.maxlifeinsurance.com

    #Annualised Premium excludes extra Premium, Rider Premium and Service Tax or any other taxes, cesses or levies, if any.

    **Death Benefit will be higher of a) 10 times the Annualised Premium; b) 105% of Total Premiums Paid; c) Guaranteed Sum Assured on Maturity (GSAM) or d) Guaranteed Sum Assured on Death (GSAD).
    Note: In case of Death of the Life Insured during the Payout period, the nominee will have the option to either continue receiving the Income Benefit and one – time Terminal Benefit or opt for the Commuted Value of the same.

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    Are You Eligible?

    Criteria Eligibility
    Age at Entry
    (Age as on last birthday)
    For 6 years Policy Term – 25 years to 60 years
    For 12 years Policy Term – 25 years to 55 years
    Maximum Maturity Age
    (Age as on last birthday)
    For 6 year Policy Term – 66 years
    For 12 year Policy Term – 67 years
    Premium Payment TermsSame as the chosen Policy Term
    Policy TermThis product has two Policy Term options – 6 years & 12 years
    Guaranteed Sum Assured on Maturity (GMSA)*Guaranteed Sum Assured on Maturity (GMSA) is defined as the present value of Survival Benefits calculated at a discount rate of 5.3% p.a. The GMSA is always higher than the sum of the total Annualised Premiums payable over the Policy Term for all entry ages and is guaranteed

    *Payable only in case you have opted for Commutation option immediately after completion of Policy Term

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    How this plan works

    CASE STUDY : Mr. Gupta is a 45 year old private sector employee. He wants a guaranteed stream of income of Rs.50,000 (approx) annually immediately after he stops paying Premiums and would want to further increase the income by another Rs.50,000 (approx). Mr. Gupta decides to buy Max Life Guaranteed Income Plan with a Policy Term of 6 years and Annualised Premium of Rs.1,00,000. He also decides to make Mrs. Gupta his nominee under the plan.

    Following are the two illustrative scenarios under the plan:

    Scenario 1 (Survival Benefit): Mr. Gupta pays all the due Policy Premiums and survives till end of the Policy Term. In this case, he will receive the following benefits:

    Click here to view Scenario 1.

    Instead of Monthly Income, Mr. Gupta also has the option to avail lump sum amount at the end of the Policy Term which will be GMSA

    Scenario 2 (Death Benefit): Mr. Gupta dies after paying 2 Premiums. In this case his nominee (Mrs. Gupta) will have option to choose between two Death Benefit options available

    Option 1 - Lump sum Death Benefit: In case Mrs. Gupta chooses lump sum Death Benefit, she will get a one time payment of Rs.12,75,000/- (calculated as 12.75 times of one Annualised Premium)

    Option 2 - Income Benefit: In case Mrs. Gupta chooses Income Death Benefit option, she will get the monthly income calculated as (165%/12) of one Annualised Premium payable for 10 years, as shown below:

    Click here to view Scenario 2.

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    About Premium Payment

    Premium Payment ModesAnnual Mode only
    Minimum / Maximum Annualised*** PremiumAnnualised Premium is the amount of premium payable in annual mode that excludes extra Premium, Rider Premium and all applicable taxes, cesses and levies as imposed by the Government. The survival, Surrender and Death Benefits under this policy are linked to Annualised Premium.
    Minimum Annualised*** Premium –

    • 6 year Policy Term – Rs. 75,000 per annum
    • 12 year Policy Term – Rs. 20,000 per annum
    Maximum Annualised*** Premium - No limit, subject to underwriting

    ***Annualised Premium excludes extra Premium, Rider Premium and all applicable taxes, cesses and levies as imposed by the Government.

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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, Gurugram (Haryana) – 122002. For more details on the 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 change in tax laws. Insurance is the subject matter of solicitation. 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 Regd. No - 104
    Max Life/WebInsert/Indigo/GIP/April2017/234

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

 

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 Income for 10 years that doubles after 5 years
  • Immediate payout after policy term with no waiting period
  • Guaranteed death benefit with option to get benefit as lump-sum/monthly income

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