*Guaranteed Monthly Income for 10 years immediately after completion of Premium Payment Term
Life Insurance Coverage is available in this Product

Max Life Monthly Income Advantage Plan

We all wish that we lead a worry-free life with our loved ones. Vacations, weekend plans, festivals, family functions give us occasions to rejoice with our family. At the same time, we have to go through jobs, careers, business hours to earn money for our family's financial needs.

Max Life Monthly Income Advantage Plan helps to ensure that you aren’t hard-pressed to meet these commitments in the future & your family remains financially secure, even in your absence. Under this plan, you can get life coverage of up tp 25 years with a limited premium payment term.

3 reasons you should buy this plan

  • Get monthly income for 10 years after completing your premiums
  • Get accrued bonuses along with Terminal Bonus on maturity of the policy
  • In case of death, policy continues as is and your family receives policy benefits

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 Benefit

It is the sum of Income Benefit and Maturity Benefit.

Income Benefit: You will start receiving a guaranteed monthly income totaling to 1/12th of 10% of Sum Assured, immediately after completion of the Premium Payment Term. These payouts will continue for 10 years (120 months).

Maturity Benefit: You will receive a sum of Accrued Compound Reversionary Bonus (if any) and Terminal bonus (if any) on completion of the Policy Term. Compound Reversionary Bonus is declared each year starting from the second Policy anniversary. Terminal Bonus is an additional bonus payable only on Maturity. In case of surrender (provided the Policy has been in force for at least five years), you will receive the Surrender Value of the Terminal Bonus.

Insert Image Death Benefit

In case of death of the life insured, the nominee will receive a lumpsum, and the policy will continue as before.

The Lumpsum is the highest amount of the following:

  • 11 times the Annualised Premium*

  • 105% of all the premiums paid till the date of death of the Life Insured

  • 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)

  • Any absolute amount assured to be payable on death (this is equal to Sum Assured)

 

Policy Continuance Benefit - All due premiums, if any, coinciding or following the date of death of the Life Insured will be waived off and the policy will continue. Your beneficiary will receive Guaranteed Monthly Income Benefit & Maturity Benefit (including bonuses) as and when due.


* Annualised Premium is defined as premium payable on an Annual Mode, including extra premium (if any) but excludes all applicable taxes, cesses and levies as imposed by the Government and any loadings for Modal Premiums. Annualised Premium remains same irrespective of the Premium Payment Mode.

Insert Image Tax Benefit

You can get certain tax deductions on your premiums and on proceeds from 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 benefits1.

Mr. Bajaj, aged 40 years, 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

Total Annualized Premium Paid in 12 years

Rs. 12,00,000

Sum Assured

Rs. 14,49,275

Guaranteed monthly income payable for 10 years (starting from the 13th year)

Rs. 12,077  

[(0.10 x Sum Assured) /12]

Total payout in 10 years(A)

14,49,275

Non-guaranteed Rate of Return

4%*

8%*

Lumpsum Payable at Maturity (in the 22nd year) (B)

Rs. 94,096

Rs. 11,51,976

Total Survival Benefit (A + B)

Rs. 15,43,371

Rs. 26,01,251

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

 

Total Premium Paid in 5 years

Rs. 5,00,000

Death Benefit payable on death
(equal to the Sum Assured) (D)

Rs. 14,49,275

Pending 7 premiums

Waived off by Max Life Insurance

Guaranteed monthly income payable for 10 years
(starting from the 13th year)

Rs. 12,077  

[(0.10 x Sum Assured) /12]

Total payout in 10 years (A)

Rs. 14,49,275

Non-guaranteed Rate of Return

4%*

8%*

Lumpsum Payable at Maturity
(in the 22nd year) (B)

Rs. 94,096

Rs. 11,51,976

Total Death Benefit (A + B + D)

Rs. 29,92,646

Rs. 40,50,526


*Kindly note that the example above are only an illustration and does not create any rights and / or obligations. The assumed non - guaranteed rates of return chosen in the above illustrations are 4% and 8%. These assumed rates of returns are not guaranteed and they are not the upper or lower limits 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 all applicable taxes, cesses and levies as imposed by the Government. Please note that Bonuses are NOT guaranteed and may be as declared by the Company from time to time. For more information, please request your policy specific benefit illustration.

 

Entry Ages

(Age as on Last Birthday)

Minimum entry age: 18 years

Maximum entry 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

Premium Payment Term

12 years or 15 years

Policy Term

Premium Payment Term plus 10 years, i.e.

12 Pay variant - 22 years

15 Pay variant - 25 years

Sum Assured

Minimum: 12 Pay variant - Rs. 3,24,000

15 Pay variant - Rs. 4,05,000

Maximum: No limit, subject to the Board approved underwriting policy of the Company

Premium Payment

Modes

The product allows Annual, Semi-Annual, Quarterly and Monthly premium paying modes

Minimum / Maximum

Annual Premium

Minimum Annual Premium: Rs. 25,000 excluding extra premium, modal extra, all applicable taxes, cesses and levies as imposed by the Government

Maximum Annual Premium: No limit

Downloads Actions
Premium Rates Table

Leaflet

Prospectus

Policy Contract

Additional Benefits through Riders

Additional Benefits through Riders

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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

98.26%

98.26%

Individual death claims paid (Src: Max Life Public Disclosure FY 2017-18)

Max Life Presence

210 Offices

210 Offices

Src: Director's Report FY 2016-17

Sum Assured

₹511,541 Cr.

₹511,541 Cr.

In force (individual) Src: Public Disclosure, FY 2017-18

Assets Under Management

₹52,237 Cr.

₹52,237 Cr.

Src: Public Disclosure, FY 2017-18

More reasons why our customers choose us

Let’s Connect

Let’s Connect

Buy an Insurance Plan
1860 120 5577
1800 200 3383 (Online Term Plan)

online@maxlifeinsurance.com
SMS 'LIFE' to 5616188

Let us call you back
Customer Service
1860 120 5577

service.helpdesk@maxlifeinsurance.com

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NRI Helpdesk
0124 - 5071300; 6477000

nri.helpdesk@maxlifeinsurance.com