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    Income Tax Calculator

    An Income Tax Calculator is a user-friendly online tool, which helps you in calculating your income tax based on the taxable income. You can calculate tax online for FY 2021-2022 (AY 2022-2023) & FY 2022-2023 (AY 2023-2024) using our income tax calculator which is updated as per the Union Budget FY 2022-23....Read More

    Calculate your Income Tax

    Basic Details
    Income Details
    Deductions
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    Overall Summary

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    Standard Deduction
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    Total Deduction
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    Taxable Income
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    Abhishek Chakravarti

    BFSI Writer

    Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc.

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    Sahil Rawal

    BFSI Expert

    Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing strategy, website content marketing and brand communication designed to increase brand awareness, drive engagement & sales.

    What is Income Tax Calculator?

    income-tax-calculator-1.png

    An Income Tax Calculator is an easy to use tool available online that can help you calculate tax online on your taxable income.

    Using an income tax calculator, you can easily organize and prepare your financial statement for the current financial year while taking steps to maximize your tax savings. The availability of income tax calculator online also makes them both accessible and easy to use while estimating your net taxable income (after deducting various investments and expenses).

    Let’s check how to calculate income tax online by using the tax calculator available online.

    How to Use Income Tax Calculator online for FY 2021-22 & FY 2022-23?

    You should follow the steps mentioned below to use the income tax calculator online:

    Step 1:Visit Income Tax Calculator online on Max Life Insurance.

    Step 2: Select the financial year for which you want to calculate taxes for – 2021-22 or 2022-23. Also, select your age if you are regular individual (0-60 years), senior citizen (60-80 years) or super senior citizen (80 and above) and click on “Next” button.

    Step 3:Enter your Gross Income from Salary, Income from Interest, Rental Income and Income from Other Sources and click on “Next”.

    Step 4:In the next step, enter your tax-saving investment details to claim Deductions under Section 80C, HRA u/s 10 (13A), Medical Insurance u/s 80D, NPS u/s 80CCD, Interest on Housing Loan, Bank Interest (80TTA), Donation u/s 80G or any other deductions that you want to claim. After entering all the tax-saving investments amount, click on “Next” to proceed.

    Step 5:Once you enter all the details mentioned above, the income tax calculator will calculate tax online on the basis of old and new tax regime both.

    If you didn’t exhaust the upper limit on Section 80C (Rs.1.5 lakh), you can save tax online under Section 80C by clicking on the “Views Plans” button.

    How to Calculate Gross Income from Different Sources of Income?

    To calculate tax online using Income tax calculator 2020, you need to compute your gross income. Gross income is classified into 5 categories while filing ITR online:

    • Income from Salary
    • Income from Business or Profession
    • Income from House Property
    • Income from Capital Gains
    • Income from Capital Gains
    Let’s understand these categories in detail below.

    Income from Salary: Under this you need to add monthly income that you are earning by working for an employer. If you are a salaried employee, you can add your income under salary head. The salary you receive consists of components like Basic Salary, House Rent Allowance (HRA) , Dearness Allowance, Gratuity, Provident Fund, travel allowance, or any other allowances. You can check all these components in your Salary Slip that your employer will be providing you every month

    Income from Business or Profession: Under this head you need to enter all the income from any business activity or by practicing a profession. The income that one earns through business or profession is also taxable

    Income from House Property: Income from House Property includes all the rent income that you are earning through renting out any residential or commercial property. You will be required to pay taxes on rental income as well

    Income from Capital Gains: Capital Gains include any profit or gain through sale or transfer of capital assets like stocks, mutual funds, property or real estate etc. Capital Gains are divided into Short Term Capital Gains (STCG) and Long Term Capital Gains (LTCG) on the basis of duration for which you stay invested. This categorization is also necessary as the taxation differs for STCG and LTCG

    Income from Other Sources: Any income that does not fall under the heads mentioned above will come under Other Sources. This will include any income from lottery, gift (more than Rs.50,000 per annum), bank interest etc.

    How to Calculate Income Tax of a salaried employee?

    The Government of India mandatorily deducts income tax from both salaried and self-employed individuals. As a salaried individual, your monthly salary comprises different components such as basic salary, HRA, transport allowance, and other special allowances. Few of these allowances are tax-exempt. Thus, you need an online income tax calculator to calculate your gross taxable income and available tax-deductibles. Without knowing how to calculate income tax, you may end up overpaying income tax.

    Step 1: Calculate Gross Income

    Write down your total income, including the allowances in the income tax calculator window. Significant exemptions that you receive on different salary components include House Rent Allowance (HRA) and Leave Travel Allowance (LTA). Remove these components from your gross annual salary.

    House Rent Allowance is generally considered the lowest of the following values:

    • House rent allowance received from the employer
    • Actual rent paid less 10 percent of basic+DA monthly salary
    • For a metro city, 50% of the basic salary
    • For a non-metro city, 40% of the basic salary
    Choose the option having the least value of all, and update in the income tax calculator online. Also, you can claim a Standard Deduction of Rs. 50,000 from your annual income for the financial year 2021-22 and FY 2022-23. You can use an income tax calculator to calculate and deduct the HRA and Standard deduction amounts.

    After making all necessary deductions with the help of an income tax calculator, you must declare income received from different other sources, such as capital gains, and deposits. The resulting value is your total gross income.

    Step 2: Calculate Net Taxable Income

    Various instruments offer tax-saving benefits to further lower your taxable income under Section 80C of the Income Tax Act 1961. The income tax calculator helps you enumerate and compile the details of these tax-saving investment options. Standard tax-saving instruments include:

    House Rent Allowance is generally considered the lowest of the following values:

    • Life insurance
    • Unit Linked Insurance Plans (or ULIPs)
    • Mutual funds
    • Equity Linked Savings Schemes (or ELSS)
    • Public Provident Fund (or PPF)
    • National Pension System (or NPS)
    Let us take a look at different tax saving sections, as appearing in an online income tax calculator.

    Section 80C

    Both individuals and HUF members can avail of tax deductions up to Rs. 1.5 lakh under Section 80C. Popular tax-saving instruments under this Section include Public Provident Fund (PPF), Life Insurance policies, Employee Provident Fund (EPF), Home Loan repayment, National Saving Certificates (NSC), and Equity Linked Savings Scheme (ELSS).

    An online income tax calculator incorporates all such deductions to help you calculate your total taxable income with ease.

    Section 80CCD (1)

    The contribution towards NPS is eligible for tax deduction under this Section. If you want to know the values beforehand, an income tax calculator is the perfect online tool.

    For a salaried employee, it is 10% of the gross salary with a given limit of Rs 1.5 lakh under section 80 CCE.

    Section 80CCD (1B)

    Both salaried and self-employed individuals can avail of an additional tax deduction of Rs 50,000 under this Section, over and above that provided under Section 80C. Together, thus, you can save up to Rs. 2 lakhs under Section 80C and Section 80CCD (1B). You can easily declare your NPS contributions on an income tax calculator while calculating your tax liability.

    Section 80D

    The premium amount paid towards health insurance is tax-deductible underSection 80D for both individuals and HUF members. The maximum amount of deductions claimable is calculated as per the following criteria:

    • Rs 25,000 deduction on self-medical insurance, spouse and children’s medical insurance
    • Additional Rs 25,000 deduction on the insurance of parents ageing below 60 years
    • Additional Deduction of Rs 50,000 when the individual and parents, both are above 60 years of age
    Usually, an online mode of payment is accepted under this Section. You can declare the total amount of health insurance premiums in a year while estimating your tax payable on an income tax calculator. Total deduction in total cannot exceed Rs 1 lakh.

    Section 80DD

    BThis Section is also applicable to individuals and HUF, who can make deductions for the medical expenditures of a dependent disabled member of the family. You can get deductions up to Rs 1.25 Lakh depending upon the disability of the person

    You can provide details of your expenses under this Section on an income tax calculator.

    Section 80E

    The Section applied to only individuals includes deduction on the interest paid towards education loan. The deduction in section 80E can be enjoyed 8 years only.

    Step 3: Tax Slab Based on Net Taxable Income

    In the Union Budget 2022-2023, the tax slabs under both the New Tax Regime and the Old Tax Regime have remained the same as FY 2021-22. While the tax filing process has become easier under the new tax regime, the calculation of income tax liability has become hassle-free, too – thanks to the availability of various online income tax calculators.

    After subtracting all qualifying deductions from your total annual income using an online income tax calculator, you will get the value of your net taxable income. As per existing tax slab rates, you will have to pay taxes according to the category your income falls in. You can also take help from an online income tax calculator to do the calculations as per the applicable tax slab.

    Step 4: Calculate Taxe

    You may consider tax calculation to be cumbersome. To make the process smooth, therefore, you can use an online income tax calculator available on the Income Tax India site.

    Step 5: Consolidate Net Taxes

    The last step is to consolidate the net tax payable by deducting all applicable deductions and exemptions based on the tax saving investments made by you. In this step you also need to consider if you qualify for the rebate under Section 87A.

    Section 87A Rebate:

    Tax rebate is a type of benefit offered by the Government of India to individuals whose net taxable income does not exceed Rs. 5 lakhs. Thus, if your total taxable income is less than Rs. 5 lakhs, you can claim an additional rebate of up to Rs. 12,500 on the total tax payable (before adding health and education cess of 4% into the tax calculated in the previous step).

    Since you have calculated net taxable income with the help of an income tax calculator, you can deduct the aforementioned tax rebate, if applicable.

    In another case, if the net taxable income exceeds Rs 5 lakhs, you will not be able to avail of the tax rebate under this Section.

    With the help of an online income tax calculator, you can calculate your net taxable income on which you have to pay tax. Although the process may seem complicated, using an online income tax calculator can make it easier for you to get accurate values.

    The main objective of an income tax calculator is to get proper methods of saving tax through various deductions to reduce tax liabilities.

    Income Tax Slab Rates for New and Old Regime

    Currently two different Income Tax regimes co-exist in India and individuals can opt to pay taxes under either of the new income tax regime old the old tax regime. In the case of the new tax regime, lower rates of taxation are applicable to higher income groups.

    Although you can get an idea of all the tax rates by using an income tax calculator, it is essential to know that the tax slab rates depend upon your age and income group as well as the tax regime you have chosen. After knowing all such details, you can calculate to know the details of your tax liabilities.

    Here is how the new income tax slab rates are different from the slab rates of the old regime:

    Net Taxable Income (Rs.)New Tax Regime Slab RateOld Tax Regime Slab Rate
    0 – 2.5 lakhExemptExempt
    250,001 – 5 lakh5% over Rs. 2.5 lakh5% over Rs. 2.5 lakh
    500,001 – 7.5 lakhRs. 12,500 + 10% over Rs. 5 lakhRs. 12,500 + 20% over Rs. 5 lakh
    750,001 – 10 lakhRs. 37,500 + 15% over Rs. 7.5 lakhRs. 12,500 + 20% over Rs. 5 lakh
    10,00,001 – 12.5 lakhRs. 75,000 + 20% over Rs. 10 lakhRs. 1,12,500 + 30% over Rs. 10 lakh
    12,50,001 – 15 lakhRs. 1.25 lakh + 25% over Rs. 12.5 lakhRs. 1,12,500 + 30% over Rs. 10 lakh
    Over 15 LakhRs. 1,87,500 + 30% over Rs. 15 lakhRs. 1,12,500 + 30% over Rs. 10 lakh

    As you can see, in the case of individuals with net taxable income between Rs. 5 lakh and Rs. 15 lakh, the income tax slab rates under the new regimes are lower and this can reduce the tax burden for these individuals.

    Tax slab rates for senior citizens between 60 to 80 years:

    Net Taxable Income (Rs.)New Tax Regime Slab RateOld Tax Regime Slab Rate
    0 – 2.5 lakhExemptExempt
    250,001 – 3 lakh5% over Rs. 2.5 lakhExempt
    300,001 – 5 lakh5% over Rs. 2.5 lakh5% above Rs. 3 lakh
    500,001 – 7.5 lakhRs. 12,500 + 10% over Rs. 5 lakhRs. 10,000 + 20% over Rs. 5 lakh
    750,001 – 10 lakhRs. 37,500 + 15% over Rs. 7.5 lakhRs. 10,000 + 20% over Rs. 5 lakh
    10,00,001 – 12.5 lakhRs. 75,000 + 20% over Rs. 10 lakhRs. 10,000 + 20% over Rs. 5 lakh
    12,50,001 – 15 lakhRs. 1.25 lakh + 25% over Rs. 12.5 lakhRs. 1,10,000 + 30% over Rs. 10 lakh
    Over 15 LakhRs. 1,87,500 + 30% over Rs. 15 lakhRs. 1,10,000 + 30% over Rs. 10 lakh

    As you can see, senior citizen tax payers get a higher exemption limit of Rs. 3 lakh under the old tax regime as compared to the Rs. 2.5 lakh exemption limit offered under the new tax regime.

    Income Tax Slabs for Super Senior Citizens above 80 years:

    Net Taxable Income (Rs.)New Tax Regime Slab RateOld Tax Regime Slab Rate
    0 – 2.5 lakhExemptExempt
    250,001 – 5 lakh5% over Rs. 2.5 lakhExempt
    500,001 – 7.5 lakhRs. 12,500 + 10% over Rs. 5 lakh20% over Rs. 5 lakh
    750,001 – 10 lakhRs. 37,500 + 15% over Rs. 7.5 lakh20% over Rs. 5 lakh
    10,00,001 – 12.5 lakhRs. 75,000 + 20% over Rs. 10 lakh20% over Rs. 5 lakh
    12,50,001 – 15 lakhRs. 1.25 lakh + 25% over Rs. 12.5 lakhRs. 1,00,000 + 30% over Rs. 10 lakh
    Over 15 LakhRs. 1,87,500 + 30% over Rs. 15 lakhRs. 1,00,000 + 30% over Rs. 10 lakh

    So you see, the old tax regime offers super senior citizens a higher exemption limit of up to Rs. 5 lakh as compared to the new tax regime that offers a flat income tax exemption limit of Rs. 2.5 lakh irrespective of the age of the tax payer.

    Tax Filing Made Easy Using Income Tax Calculator

    Using an income tax calculator helps taxpayers to calculate net taxable income and tax liabilities. Besides, the income tax calculator assesses your taxes based on your taxable income group, tax slab rates and deductions.

    Apart from giving accurate results, an income tax calculator also makes it easy to plan savings and investments. The income tax calculator available online can be used anywhere by entering various figures to find out how to save maximum on the taxes legally.

    Since the online income tax calculator can give accurate results, you can also plan short-term and long-term financial investments accordingly.

    If you are skeptical about how to calculate income tax for the financial year 2019-20, you can use an income tax calculator.

    What are the Eligibility Criteria to File Income Tax?

    Income tax must be filed by an individual whose taxable income exceeds the maximum exemption limit. In other words, any individual whose income falls within the tax slabs has to file income tax. The exemption limit for individuals aged less than 60 years for FY 2022-2023 is Rs 2.5 lakh in a financial year. For senior citizens i.e. individuals aged 60 years and up to 80 years, the exemption limit is Rs. 3 lakh. While, super-senior citizens aged 80 years or above are exempt from income tax for income up to Rs. 5 lakh for FY 2022-23.

    Legal entities with income in India are also required to pay income tax. Such legal entities include Hindu Undivided Family, Artificial Judicial Persons, (HUF), Association of Persons (AOP), Body of Individuals (BOI), companies, local firms, and local authorities.

    What are the Benefits of Filing Income Tax Return?

    An income tax return is an official statement that you submit to tax authorities as proof of income earned and income tax paid for the applicable financial year. Filing income tax return can offer numerous benefits to taxpayers and few of these are:

    1. Quick Loan Approval:


    Getting a loan approved is not a quick and easy process. But it can get quicker if you file your income tax return. This is to say, filing income tax can aid individuals to apply for loans. It is mandatory as almost all the banks require an individual to show a copy of tax returns.

    1. Visa Applications:


    For individuals planning to emigrate or work abroad, immigration authorities often require proof of income tax payment and filing of past returns. This is done by immigration authorities to assess the tax compliance as well as verify income level of the applicant.

    1. You Can Claim a Tax Refund:


    Taxpayers can get a refund if they have a refund due from the Income Tax Department. However, this can only be done if you file your Income Tax returns.

    1. Eligibility to Offset Losses


    If you have sold an investment at a loss, you can offset this loss against present as well as future investment gains. However, to receive this benefit of offsetting losses against gains, you need to mandatorily file your income tax return.

    Incomes That Are Exempt From Income Tax Under The New Tax Regime

    Even though the new tax regime offers lower income tax slab rates, many of the deductions under the old tax regime cannot be availed under the new tax regime. Notable among these are the 80C and 80D tax deductions that can only be availed if you are opting for the old tax regime.

    But a few types of income are exempt from tax under the new tax regime. These include:

    • Interest received from post office savings accounts up to Rs. 3, 500 in a FY for single account and up to Rs. 7,000 in a FY for joint account.
    • Gratuity payout obtained from employer. Maximum up to Rs. 20 lakh during lifetime.
    • Maturity proceeds of Life Insurance policy
    • Contributions made into EPS/NPS account by the employer up to Rs. 7.5 lakh in a FY
    • nterest received on Employee Provident Fund (EPF) account balance for annual contribution of up to Rs. 2.5 lakh
    • Interest earned and maturity amount received from Public Provident Fund (PPF), but without 80C tax deduction benefit on investments
    • Interest earned and maturity amount received from Sukanya Sammriddhi Yojana account, but without 80C tax deduction benefit on investments
    • Gifts up to Rs. 5000 in a FY received from employer
    • Allowances such as food coupons, travel cost, tour allowance, etc. provided to employee for performance of official duties
    • Allowances such as food coupons, travel cost, tour allowance, etc. provided to employee for performance of official duties

    Frequently Asked Questions (FAQs)

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    No, you can only calculate your tax payable for the financial year with income tax calculator 2020.
    Every individual, senior citizen and super senior citizen should file their income tax returns if they earn more than the exemption limit. For individuals, senior citizens and super senior citizens, the exemption limit is Rs.2.5 lakh, Rs.3 lakh and Rs.5 lakh respectively.

    Also, if you earn less than the exemption limit and want to claim income tax refund then you should file your income tax returns to claim tax refund.
    You can calculate your income tax online on the basis of your taxable income and income tax slab that you fall in. Your net taxable income is calculated after deducting all the tax-saving investments you made. After deducting all the deductions and exemptions, you are taxed on the basis of income tax slabs applicable on your income.
    You can calculate tax on salary by calculating your taxable salary which will include your Basic Salary, House Rent Allowance (HRA), Transport Allowance, Special Allowance etc. Once you know your taxable salary, you will know the income tax slab you fall in. Then you can use our income tax slab online to calculate and save taxes online.
    Income Tax calculation involves a number of complex calculations involved around the income details, deductions and exemptions. The new tax regime does not offer a majority of deductions and establishes a flat tax system. While there are pros and cons of both the tax regimes, currently, a tax payer to free to choose either the old tax regime or the new tax regime and pay taxes accordingly.

    This income tax calculator helps you get a better idea about how the tax regime chosen will impact your taxes so that you can make an informed decision.

    All you have to do is fill in your details and calculate.
    Yes, you can use the income tax calculator in India on the official website of Income Tax Department India. You can make use of the income and tax calculator, tax calculator and deferred tax calculator on the Official Income Tax Department website.
    Your tax liability can be calculated for any of the previous financial years. Accurately calculating tax liability for the current FY might be tricky as your income might increase or decrease prior to end of the current FY.

    The gross tax liability can be calculated by subtracting applicable tax deductions from your taxable income. As for total income tax liability, it is calculated by subtracting tax credits from gross tax liability
    An income tax calculator in India can be used by any salaried or self-employed individual who is eligible to pay taxes during the financial year.
    Tax must be paid according to the income tax slab rate set by the Income Tax Department and the tax regime chosen by the tax payer. The tax slab determines the percentage of tax payable by different income different groups. Currently you are exempt from paying income tax if your annual taxable income is below Rs. 2.5 lakh for the financial year.
    The maximum non-taxable income limit differs based on the age of the tax payer. For FY 2022-23, this limit is Rs. 2.5 lakh for individuals below 60 years of age. For senior citizens aged 60 years and less than 80 years, the current non-taxable income limit is Rs. 3 lakh. For super senior citizens aged 80 years and above, the current non-taxable income limit is Rs. 5 lakh in a financial.

    ARN: PCP/IT/230922

    Sources:

    www.etmoney.com/blog/how-to-calculate-your-income-tax-in-5-steps/

    www.cleartax.in/s/80c-80-deductions

    www.scripbox.com/plan/income-tax-calculator#1

    www.economictimes.indiatimes.com/wealth/tax/will-proposed-new-income-tax-slabs-rates-benefit-senior-citizens-heres-the-answer/articleshow/73925187.cms?from=mdr

    www.cleartax.in/s/income-tax-slabs#19-20

    www.cleartax.in/s/income-tax-slabs

    www.economictimes.indiatimes.com/wealth/tax/itr-form-who-is-eligible-to-file-which-tax-return-for-fy-2019-20/articleshow/77199030.cms

    www.financialexpress.com/money/income-tax/income-tax-return-filing-by-individuals-who-should-file-and-how-to-file-2/2348463/

    www.financialexpress.com/money/income-tax/income-tax-return-filing-5-benefits-of-filing-itr-even-if-your-income-is-not-taxable/2289106/

    www.economictimes.indiatimes.com/wealth/tax/incomes-that-are-exempted-under-the-proposed-new-tax-regime/articleshow/74074285.cms

    www.icicidirect.com/knowledge-center/article/5-steps-to-calculate-individual-tax-liability

    www.incometax.gov.in/iec/foportal/help/individual/return-applicable-1

    This calculation is generated on the basis of the information provided and is for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The tax calculations stated above are basic tax calculations for the Financial Year 2021-22 & 2022-23 basis our broad understanding of the income tax laws and are not specific advice in regard to your personal tax and investment matters. . You are advised to seek an opinion of Your tax advisor in relation to the exact tax calculation, tax benefits and liabilities applicable to You. Max Life Insurance Company Limited expressly disclaims any liability to any person, if any decision is taken basis the above tax calculation.

    1Disclaimer: The assumed rate of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy depends on a number of factors including future investment performance | The amount shown is for 30-year-old healthy male, 15 years premium payment term, 34 years policy term with Max Life Online Saving Plan (Unit Linked Non Participating Individual Life Insurance Plan | Life Insurance is available in this product)

    *Disclaimer:Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 20,000/- monthly (exclusive of all applicable taxes)

    **Disclaimer:Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V04)

    Check out the different Online Insurance Plans from Max Life!

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      Comprehensive death benefit for your family member(s) in case of your unfortunate demise during policy term

      Guaranteed maturity benefits/Income Benefit and accrued guaranteed additions to help meet your life goals

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      Monthly income, accrued bonuses, and flexible fund options for the policyholders with no policy charges

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      Get 10% increase in original sum assured in case of no claims for the first 5 years

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      Guaranteed maturity benefits/Income Benefit and accrued guaranteed additions to help meet your life goals

      Multiple variants -lumpsum, short term income, long term. income, and whole life Income with unique benefits

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    • Long Term Income

      Guaranteed Income benefit for 25 or 30 years after the policy period ends, as per the sub variant selected

      Terminal benefit which equals total premiums paid, post completion of the payout period payable to nominee

      Two premium payment options - 6 and 10 years to be chosen as per suitability of the plan for your needs

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      Option to receive the premiums paid back on successful survival of the insured till end of policy term

      Death benefits for your family members in case of any eventuality leading to the loss of your life

      Limited pay options to pay for term plans with return of premium - 5 Pay, 10 Pay, 12 Pay, 15 Pay, or 60 Pay

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      Total and Permanent Disability Cover on the occurrence of disability arising from sickness or injury

      Wellness benefit to avail a discount on annualised renewal premiums as per healthy weeks you accumulate

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    • Max Life Waiver of Premium Plus Rider

      Waiver of all future premiums in case of the covered dismemberment so that you can live worry-free

      Future premiums waiver in case you suffer from critical illnesses as specified in the rider terms

      Continued benefits of the base policy to give you peace of mind about maintaining various life expenses

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    Customer Reviews

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    Max Life Savings Plan

    “I came across Max Life Savings Plan a few years ago when I was researching the market for savings options. I invested in the policy soon after. The plan suits my exact requirements in terms of meeting my savings goals, sufficient life coverage, and maturity benefits.”

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      • MAX INDIA
      • MAX SPECIALITY
      • MAX FINANCIAL SERVICES
      • ANTARA SENIOR LIVING

      BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

      IRDAI clarifies to public that:
      • IRDAI is not involved in activities like selling insurance policies, announcing
      bonus or investment of premiums.

      • Public receiving such phone calls are requested to lodge a police complaint.

      IRDAI - Registration No. 104. ARN/Web/01/21042021 Category: Life. Validity: Valid.
      Corporate Identity Number (CIN):U74899PB2000PLC045626.
      Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd .respectively and with their consents, are used by Max Life Insurance Co. Ltd

      All Rights Reserved. An ISO 9001:2008 Certified Company.

      Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.

      Corporate Office :

       Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002.

      Operation Center :

       Max Life Insurance Co. Ltd, Plot No. 90-C UdyogVihar, Sector 18, Gurugram (Haryana) - 122015.

      Customer Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply.

      Online Helpline - 0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday).

      Fax Number:0124-4159397.

      Email ids: service.helpdesk@maxlifeinsurance.com

      Website: www.maxlifeinsurance.com

      Max Life Insurance is integrated with licensed NBFC FinVu(Cookiejar Technologies Pvt. Ltd. for sharing policy details with regulated Financial Information Users within the Account Aggregator ecosystem after obtaining the Policy holder's consent. Read more about Account Aggregator framework here.

      *Life insurance coverage is available in this product. For more details on risk factors, Terms and Conditions please read the prospectus 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. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co.

      Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Tax benefits are eligible for tax exemption on fulfilling conditions mentioned under Section 10(10D) of income tax act 1961. Tax exemptions are as per our understanding of law and as per prevailing provisions of income tax at 1961 . Policy holders are advised to consult tax expert for better clarification /interpretation. Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Tax benefits are subject to changes in tax laws. The monthly Income Benefit and Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage.

      Disclaimers for Market Linked Plans & Saving plans:

       

      THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.

      Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life 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 insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and Max Life Online Savings Plan (UIN: 104L098V05) 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 or 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 funds, their future prospects or returns.

      Max Life Online Savings Plan is a Unit Linked Non Participating Individual Life Insurance Plan (UIN104L098V05)

      *#Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.

      ^*Disclaimer: Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy female of 18 years old paying Rs.3,60,000/- annually (exclusive of all applicable taxes)

       

      Privacy Policy

      ^^On completion of policy term

      The savings indicated is the maximum premium difference as compared with offline plan & depends on the variant purchased.

      ^*All claims that qualify for InstaClaim™ will be paid within 1 working day from date of submission of all mandatory documents else Max Life will pay interest at Bank Rate as on beginning of financial year in which claim has been received (4.65 % p.a. for FY’20) for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at beginning of the financial year in which death claim has been received.

      Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day.Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification.Mandatory Documents :> Original policy document > Original/attested copy of death certificate issued by local municipal authority > Death claim application form (Form A) > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

      7CMO Asia BFSI Excellence Award 2019

       

      5Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition

      4InstaClaim TM is available for all versions of (UIN:104N118V05). Mandatory Documents : • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

      ##

      Tax conditions :

      Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime ~# Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.

      3The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

      CI Rider disclaimers:

      MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium.

      >Extended cover of up to 85 years is available with gold and platinum variant only

      @ 64 critical illnesses covered in platinum and platinum plus variant on payment

      22 critical illnesses covered in gold and gold plus variant

      6 The life insurer is eligible for a discount on renewal premium under regular pay variant by accumulating Healthy Weeks as per terms and conditions of the rider

      *^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.

       ~ Conditions for premium break : Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years

      ~1 Conditions for Special exit value:

      Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.

      ~2 Voluntary Top-up Sum assured:

      Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

      ^^*^^Free look period conditions:

      The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

      ^Individual Death Claims Paid Ratio as per IRDAI Annual Report FY 2021-2022

      8https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html

      2Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

      3The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid

      4Tax benefits as per prevailing tax laws, subject to change

      Terms and conditions for availing 5% employee discount:

      <Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

      1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount

      9

      The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V05)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

      ~*Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

      ARN - ARN/Web/01/21042021

      Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

      The premium shall be adjusted on the due date even if it has been received in advance.

      For Total Installment Premium -**Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

      For Return of Premium -~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

      For Riders -#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

      For Additional Benefits -##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      ##

      Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

      #

      With “Save the date”, you can choose to take your annual income to any special date in a year.

      ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

      ~

      Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

      #~

      Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

      ~1

      Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      **

      Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

      *

      Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      7

      Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

      8

      Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V03). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 50 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 75 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 1.5 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 2 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 5 Cr.

      **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.