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About Max Life Monthly Income Advantage Plan

The Max Life Monthly Income Advantage plan is a non-linked, participating savings insurance plan. It is a comprehensive savings and protection plan that provides guaranteed monthly income for 10 years to meet your recurring expenses. It gives lump sum benefits at maturity, which comprises non-guaranteed bonuses, to cater to your long-term financial goals. It also provides death benefits and riders. Thus, it ensures that your dreams for your loved ones are protected at all times.

Let’s understand this plan in brief before getting into its details:

Modes of Payment

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

Claim Settlement Ratio of the Insurer

97.81%

USPs of the Policy

  • The product provides guaranteed monthly income for a period of 10 years immediately after completion of the premium-payment term
  • Along with death benefit, policy continuance benefit is also provided
  • Tax benefits

Bonus Rate

-

Illustration

If a 30-year-old male (non-smoker) purchases this plan at INR 1,00,000 premium (yearly mode) for a policy term of 25 years and PPT of 15 years, the sum assured will be INR 19,22,337. After the PPT is over, he will receive guaranteed monthly income benefits (survival benefit) of INR 16,019 for 10 years. He will receive maturity benefit of INR 18,42,646 (@8% RoI).

How Does the Plan Work?

Firstly, the individual decides the annual premium amount that s/he has to pay. The individual has to select any one of the following two variants available under the plan:

  • Premium payment term of 12 years and policy term of 22 years
  • Premium payment term of 15 years and policy term of 25 years

Now, let’s understand the further actions of this plan with the help of various benefits it offers.

Income Benefits (Survival Benefit)

  • After completion of the PPT, guaranteed monthly income equal to 1/12th of 10% of sum assured is paid every month for 10 years
  • Risk coverage continues during the income benefit pay-out period of 10 years

Death Benefits

In case of the unfortunate death of the policyholder during the policy term, the death benefit will be payable. Here, the death benefit will be the highest of:

  • 11 times the annualized premium
  • 105% of all the premiums paid till the date of death of the life insured
  • Guaranteed sum assured on maturity
  • Any absolute amount assured to be payable on death

Policy Continuance Benefit

In case of the unfortunate death of the policyholder, all premiums from the date of death of the policyholder will be waived off. Along with the death benefit, the beneficiary will receive income and maturity benefits as and when due. Policy shall participate in future bonuses.

Maturity Benefit

On survival till the end of the policy term and all premiums being paid, the maturity benefits will be: accrued compound reversionary bonus (if any) + terminal bonus (if any).

Riders

The Max Life Monthly Income Advantage plan offers the following riders:

  • Max Life Term Plus Rider
  • Max Life Accidental Death and Dismemberment Rider

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Why Should I Buy This Plan?

Besides the benefits mentioned earlier, here are some more features of the Max Life Monthly Income Advantage plan:

  • Tax benefits: Premiums paid under the plan would be exempt from tax under Section 80(C). The death/maturity/survival benefit received would be tax exempt under Section 10(10D) of the Income Tax Act.
  • Free-look period: The individual is advised to go through the policy thoroughly. If s/he finds any objections to the terms and conditions of the policy, s/he can cancel the policy within 15 days (free-look period) by giving a signed written notice to the insurance company stating the reasons for objection of the policy. The individual will be entitled to a refund of the premium paid, excluding a few charges like stamp duty charges.
  • Grace period: The plan provides a grace period of 30 days for yearly, half-yearly, and quarterly modes and 15 days for monthly mode from the due date of the unpaid premium. If the premium is not paid within the grace period, the policy will lapse.
  • Surrender Value: The policy shall receive a surrender value only if the policyholder has paid full premiums for 3 years.

Who Should Buy This Plan?

The minimum entry age to buy this plan is 18 years, whereas the maximum entry age is 55 years for the 12-pay variant and 50 years for the 15-pay variant. The Max Life Monthly Income Advantage plan proves to be an ideal plan because it accommodates your requirements for a comfortable today by asking for limited premiums, while securing a bright tomorrow by offering high protection cover along with additional benefits.

Company Overview

Max Life Insurance Company is a joint venture between Max India Limited, an Indian multi-business corporate and Mitsui Sumitomo Insurance Company, a prominent insurance company from Japan. Max Life offers a wide range of long term savings and protection-oriented products and is one of the fastest growing Private life insurance companies in India. Max Life emphasizes on advice based sale process, customer centric approach, financial stability and investment expertise.

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