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 |
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Claim Settlement Ratio of the Insurer |
97.81% |
USPs of the Policy |
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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). |
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:
Now, let’s understand the further actions of this plan with the help of various benefits it offers.
Income Benefits (Survival Benefit)
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:
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).
The Max Life Monthly Income Advantage plan offers the following riders:
Besides the benefits mentioned earlier, here are some more features of the Max Life Monthly Income Advantage 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.
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.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.