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 to 45 years with a limited premium payment term.
Plan Benifits
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.
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 plus Underwriting Extra Premiums, if any),
105% of (total premiums paid plus underwriting extra premiums plus loadings for modal 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)
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 benefits.
How The Plan Works?
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 Annualised 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. 11,51,977 |
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 | Rs. 14,49,275 | |
Pending 7 premiums | Waived off by Max Life Insurance | |
Guaranteed monthly income payable for 10 years | 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 | Rs. 94,096 | Rs. 11,51,977 |
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.
Check Your Eligibility
Entry Ages (Age as on Last Birthday) | Minimum entry age: 18 years Maximum entry age: 6-Pay-16 variant – 50 years 6-Pay-26 variant – 50 years 6-Pay-36 variant – 45 years 8-Pay-18 variant – 55 years 8-Pay-28 variant – 50 years 8-Pay-38 variant – 45 years 10-Pay-20 variant – 55 years 10-Pay-30 variant – 50 years 10-Pay-40 variant – 45 years 12-Pay-22 variant – 55 years 12-Pay-32 variant – 50 years 12-Pay-42 variant – 45 years 15-Pay-25 variant – 50 years 15-Pay-35 variant – 50 years 15-Pay-45 variant – 45 years |
Maximum Maturity Age | 6-Pay-16 variant – 66 years 6-Pay-26 variant – 76 years 6-Pay-36 variant – 81 years 8-Pay-18 variant – 73 years 8-Pay-28 variant – 78 years 8-Pay-38 variant – 83 years 10-Pay-20 variant – 75 years 10-Pay-30 variant – 80 years 10-Pay-40 variant – 85 years 12-Pay-22 variant – 77 years 12-Pay-32 variant – 82 years 12-Pay-42 variant – 87 years 15-Pay-25 variant – 75 years 15-Pay-35 variant – 85 years 15-Pay-45 variant – 90 years |
Premium Paying Options
Premium Payment Term | 6 years, 8 years, 10 years, 12 years or 15 years |
Policy Term | Policy Term is equal to Premium Payment Term + 10/20/30 years, depending upon the combination chosen |
Sum Assured | Minimum: 6-Pay-16 variant – Rs. 1,62,000 6-Pay-26 variant – Rs. 81,000 6-Pay-36 variant – Rs. 54,000 8-Pay-18 variant – Rs. 2,16,000 8-Pay-28 variant – Rs. 1,08,000 8-Pay-38 variant – Rs. 72,000 10-Pay-20 variant – Rs. 2,72,500 10-Pay-30 variant – Rs. 1,35,000 10-Pay-40 variant – Rs. 90,000 12-Pay-22 variant – Rs. 3,24,000 12-Pay-32 variant – Rs. 1,62,000 12-Pay-42 variant – Rs. 1,08,000 15-Pay-25 variant – Rs. 4,05,000 15-Pay-35 variant – Rs. 2,02,000 15-Pay-45 variant – Rs. 1,35,000 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 underwriting extra premium, modal extra, all applicable taxes, cesses and levies, if any as imposed by the Government Maximum Annual Premium: No limit |
Additional Benefits through Riders
Max Life Term Plus Rider
Add Max Life Term Plus Rider to enhance protection against any unfortunate incident which may cause death. This rider benefit available above the base plan life cover. (For further details, please refer to Max Life Term Plus Rider, UIN – 104B026V03, prospectus)
DownloadsMax Life Critical Illness and Disability Rider (UIN: 104B033V01)
Max Life brings a comprehensive insurance plan that covers up to 64 critical illnesses along with total and permanent disability coverage. You can choose the best variant for you from the five available variants. You will be also be eligible for a discounted renewal premium based on the number of steps monitored on Max fit app. You can even choose to get a cover up to age 85 years. (For further details, please refer to Max Life Critical Illness and Disability Rider, UIN – 104B033V01, prospectus/brochure
DownloadsMax Life Accidental Death & Dismemberment Rider
Extend the protection cover for your family in case of an accident leading to dismemberment or death. (For further details, please refer to Max Life Accidental Death & Dismemberment Rider, UIN – 104B027V04, prospectus)
DownloadsMax Life COVID19 One Year Term Rider
Get financial protection from the uncertainty of COVID 19, with a lump sum pay out on COVID-19 diagnosis or death after COVID Diagnosis (For further details, please refer to the Max Life COVID19 One Year Term Rider Prospectus, UIN –104B048V01) Both Diagnosis and Death Cover is available only for the Life Insured
Downloads–> 3 reasons you should buy this plan
- Guaranteed Monthly Income for 10, 20 or 30 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
| Downloads | Actions |
| Premium Rates Table | |
| Leaflet | |
| Prospectus | |
| Policy Contract | |