Max Life Guaranteed Monthly Income plan is a traditional money-back endowment plan. It is also a non-participating plan, therefore, no bonus is paid on the policy. As the name suggests, it is a guaranteed income plan whereby the benefits are provided both in the case of policyholder's untimely death or survival through-out the policy period.

Features and Benefits

• It is a non-participating traditional money-back plan. 
• The policyholder has the choice to choose the policy term of either 6 years or 12 years.
• The minimum annual premium to be paid for the policy term of 6 years is Rs 75,000.
• The minimum annual premium to be paid for the policy term of 12 years policy is Rs 20,000.
• The minimum sum assured for a policy term of 6 years is Rs 4,50,873.
• The minimum sum assured for a policy term of 12 years is Rs 2,69,565.
• The guaranteed monthly income begins once the pay-out term (either 6 or 11 years) ends up until the next 10 years.
• Besides monthly income, the terminal benefit is paid once the pay-out term ends.
• In case of the untimely demise of the policyholder, the benefits will be paid to his/her beneficiary.
• The plan offers an optional rider namely, "Premium Waiver Benefit Rider".
• The plan offers tax-benefit for premiums paid under Section 80(C) of the Income Income Tax laws. 

Other Major Benefits

Survival Benefit

In case the policyholder survives through the policy term, the survival benefits will be as follows:

Survival benefit = Income benefit + Terminal benefit

Where terminal benefit will be 125% of the annualized premium (in case of a 6-year policy) and 200% of the annualized premium (in case of a 12-year policy)

Death Benefit

In the event of the untimely death of the policyholder the following death benefit will be paid:

• For policies with a 6-year policy term- 12.75 times of the annualized premium will be paid
• For policies with a 12-year policy term- 18.50 times of the annualized premium will be paid

The beneficiary can choose to receive the death benefit in monthly installments for a period of 10 years from the date of policyholder's death (like the income benefit) instead of getting in a lump sum.

Eligibility

The eligibility criteria to purchase this plan is 25 to 60 years (for 6-year policy term) and 25 to 55 years (for 12-year policy term).