Max Life Guaranteed Income Plan

We like certainty in life. It is a remarkable feeling - we want to be assured that our paycheck will arrive on time. We want to be sure that our family will be financially secured, even in our absence. Life insurance can help you get this reassurance.

 

Max Life Guaranteed Income Plan is a savings plan which provides you a life cover with guaranteed payouts in the form of monthly income for a ‘Payout Period’ of 10 years. Further, your monthly income will double during the latter half of your Payout Period (last 5 years). In case of any immediate need, you can choose to get a lumpsum in place of monthly income.

 

3 reasons you should get 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 lumpsum or monthly income

What do I get with this plan?

What do I get with this plan?

Here’s all you need to know about this plan

Here’s all you need to know about this plan

Insert Image Survival / Maturity Benefit

On completion of Policy Term/Premium Payment Term, you will get a Terminal Benefit and start getting guaranteed monthly income for 10 years

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 for applicable Income Benefit)

Terminal Benefit: One time lump sum payout payable at the end of Payout Period

Policy Term

6 years

12 years

Terminal Benefit

125% of on Annualized Premium*

200% of on Annualized Premium*

You can avail Survival Benefit in lumpsum at the end of the Policy Term, before the commencement of the Payout Period. With this lumpsump payout option, you will get Guaranteed Sum Assured on Maturity** (GSAM) and the policy will terminate.

Even during the Payout Period, you will have an option to receive the present value of the outstanding Survival Benefit as lumpsum (Commutation Option).

*Annualized Premium is the amount of premium payable in the annual mode that excludes extra premium, rider premium, and all applicable taxes, cesses, and levies as imposed by the Government if any.

**Guaranteed Sum Assured on Maturity (GSAM) is defined as the present value of Survival Benefit at a discounted rate of 5.3% p.a. and is expressed in terms of annualized premium. GSAM is always higher than the sum total of annualized premiums payable over the policy term for all entry ages and is guaranteed.

Insert Image Death Benefit

On death during the policy term, the nominee will receive a guaranteed lumpsum payout with an option to convert it into monthly income for 10 years.

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 the nominee.

Policy Term

6 years

12 years

Guaranteed Sum Assured on Death

12.75 times of one Annualized Premium*

18.50 times of one Annualized Premium*

The nominee also has the option to convert this lumpsum into monthly payouts for a period of 10 years post the Date of Death. With this option, the nominee will receive a monthly income as follows:

Policy Term

6 years

12 years

Monthly Income

(162% / 12) times one Annualized Premium*

(236% / 12) times one  Annualized 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 lumpsum as provided under the commutation option. The lumpsum 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.

*Annualized 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 if any.

**Death Benefit will be highest of the following values:

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).

Insert Image Commutation / Surrender Option

You can surrender your policy anytime after 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 on surrender values, please refer to the detailed product brochure.

Insert Image Tax Benefits

You can get certain tax deductions on your premiums and on proceeds under the policy benefits.

Please note that all such tax deductions are subject to tax laws prevailing at the time of payment of premium or receipt of benefits. The Income Benefit; Terminal Benefit might not be tax-free in case premiums are loaded (extra Premium) at underwriting stage1.

Mr. Gupta, a 45 year old private sector employee, decides to buy Max Life Guaranteed Income Plan with a Policy Term of 6 years and an Annualized Premium of Rs. 1,00,000. He also decides to make Mrs. Gupta his nominee under the plan.

Scenario 1: Mr. Gupta survives the policy term paying all 6 premiums on time

Total Annualized Premiums Paid

Rs. 6,00,000 (Rs. 1,00,000 x Policy Term)

Total Income Benefit in the first 5 years (A)

Rs. 2,51,750 (Rs. 4196 / month)

Total Income Benefit in the last 5 years (B)

Rs. 5,03,500 (Rs. 8392 / month)  

Terminal Benefit (C)

Rs. 1,25,000

Total Survival Benefit (A+B+C)

Rs. 8,80,250

Scenario 2: In an unfortunate accident, Mr. Gupta dies after paying 2 premiums

In this case, his nominee Mrs. Gupta will have to choose between two Death Benefit options available:

 

Option 1 (lumpsum payout)

       Option 2 (income benefit)

 

Lump sum Death Benefit

(12.75 x Annualized Premium)

 

Rs. 12,75,000

Monthly Income

(165%/12) x Annualised Premium

Rs.13,500

Total Payout in 10 Years

(Rs. 13,500 x 12 x 10)

Rs.16,20,000

*Guaranteed Sum Assured on Maturity (GSAM)  is defined as the present value of Survival Benefit at a discounted rate of 5.3% p.a. and is expressed in terms of annualized premium. GSAM is always higher than the sum total of annualized premiums payable over the policy term for all entry ages and is guaranteed.

 

Premium Payment Term

6 years or 12 years (same as the policy term)

Age at entry
(Age at last birthday)

25-60 years

 25-55 years

Maximum Maturity Age
(Age at last birthday)

66 years

67 years

Premium Payment Term

6 years or 12 years (same as the policy term)

Premium Payment Modes

Annual Mode only

Policy Term

6 years

12 years

Minimum Annualized Premium

Rs. 75,000

Rs. 20,000

Maximum Annualized Premium

No limit, subject to underwriting

Downloads Actions
Income Benefit
Leaflet

Prospectus 

Policy Contract
Premium Rates Table

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments
Claims Paid Percentage

97.81%

97.81%

Individual death claims paid in FY'17 (Src: IRDAI Annual Report FY 2016-17)

Max Life Presence

143 Cities

143 Cities

With 210 offices

Sum Assured

₹3,77,572 Cr.

₹3,77,572 Cr.

In force (individual) till FY'17 (Src: Public Disclosure, FY2016-17)

Assets Under Management

₹44,370 Cr.

₹44,370 Cr.

Till FY'17 (Src: Public Disclosure, FY2016-17)

More reasons why our customers choose us

Let’s Connect

Let’s Connect

Buy an Insurance Plan
1800 200 5577
1800 200 3383 (Online Term Plan)

online@maxlifeinsurance.com
SMS 'LIFE' to 542524

Let us call you back
Customer Service
1800 200 5577

service.helpdesk@maxlifeinsurance.com
SMS 'QUERY' to 542524

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0124 - 2385240; 2542001; 3812932

nri.helpdesk@maxlifeinsurance.com