Under Max Life Guaranteed Income Plan, the nominee gets the flexibility to choose guaranteed death benefit as monthly income or lump sum payout. As one of the Max Life Guaranteed Income Plan features, this choice is beneficial for those who are not capable of handling a lumpsum amount as Max Life Guaranteed Income Plan benefits.
The following illustration can help understand what is Guaranteed Income plan and its features –
Mr. Singh is a 35-year old salaried individual working in an MNC. He wants to save money under Max Life Guaranteed Income Plan to plan for his son's educational expenses. He chooses to save an annualised premium of Rs. 1,50,000 in this plan for 6 years.
Benefit/Premium | Amount (in Rs.) |
---|
Total premium amount paid in 6 years | 9,00,000 |
Guaranteed income for the first five years | 79,185 |
Monthly income for the first five years | 6,599 |
Guaranteed income for the next five years | 1,58,370 |
Monthly income for the next five years | 13,198 |
Terminal benefit | 1,87,500.00 |
Guaranteed sum assured on maturity | 6,67,853 |
You can use Max Life Guaranteed Income Plan premium calculator to check its benefits under different scenarios.
In the event of Mr. Singh's unfortunate demise during the policy term, the nominee is entitled to receive Rs. 19,12,500 apx. as Guaranteed Sum Assured on Death. The above details are related to saving money in the Max Life Guaranteed Income Plan.
Also Read: What is Sum Assured?
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