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  • Max Life Monthly Income Advantage Plan

    Max Financial Services Ltd and Mitsui Sumitomo Insurance Co. Ltd joined hands together and started Max Life Insurance Company Limited to offer transparent insurance policies. Max Life Monthly Income Advantage Plan is one of the most sought-after financial plan as it provides guaranteed monthly income for 10 years which will help the policyholder meet the upcoming financial requirements even during unfortunate situations. Life is uncertain, your income doesn’t have to be. This comprehensive savings and protection Life Insurance plan helps you in meeting your recurring expenses after completion of premium payment term. It also offers lump-sum benefits and non-guaranteed bonuses.

    Type of the plan Money back life insurance plan
    Variants available
    • 12 years premium payment term and policy term of 22 years.
    • 15 years premium payment term and 25 years policy term.

    Eligibility Conditions for the Max Life Monthly Income Advantage Plan:

    Minimum Entry Age 18 years
    Maximum Entry Age
    • 55 years for 12 pay variant.
    • 50 years for 15 pay variant.
    Maximum Maturity Age
    • 77 years for 12 pay variant.
    • 75 years for 15 pay variants.

    Policy Terms for the Max Life Monthly Income Advantage Plan:

    Minimum
    • 22 years for 12 year variant.
    • 25 years for 15 pay variant.

    Premium Payments Offered by the Max Life Monthly Income Advantage Plan:

    Premium Payment Mode Max Life Monthly Income Advantage Plan allows annual, semi-annual, quarterly and monthly premium modes. The modal factors are as follows:
    Premium mode Factor
    Annual 1,000
    Semi-annual 0.520
    Quarterly 0.265
    Monthly 0.090
    Minimum annual premium Apart from extra premium, service tax, education cess, and modal extra, Rs.50,000 p.a.
    Maximum annual premium No upper limit
    Minimum Sum Assured
    • Rs.6,48,000 p.a for 12 pay variant.
    • Rs.8,10,000 for 15 pay variant.
    Maximum Sum Assured As per the Board approved underwriting policy set by the company, no limit is set for maximum sum assured.

    Key Features of Max Life Monthly Income Advantage Plan:

    Premium Payment options Yearly, Half – Yearly, Quarterly, and Monthly.
    Free look up period Upto 15 days or 30 days in case of policy brought through distance marketing to read and agree to the terms of the policy or return it.
    Revival option for reduced paid up policy Policy can be revived within 2 years from the first missed due date. Policyholder must pay all outstanding amount with interest to reinstate the policy.
    Revival option for lapsed policy In case the policy is lapsed, it can be revived within 2 years from the first missed due date. Policyholder must pay all outstanding amount with interest to reinstate the policy.
    Grace period 30 days from the due date for payment of each premium.
    Loan provision Loan option is not available with this plan.
    Policy surrender The policy cannot be surrendered before it has touched the surrender value. Once it has acquired the surrender value, the surrender value will be paid to the policyholder.

    What you should know about by Max Life Monthly Income Advantage Plan:

    • The insured person can pay the premiums regularly using the following options –

      • Annually
      • Half – Yearly
      • Quarterly
      • Monthly
    • The premium payment mode can be changed anytime during the policy term.
    • Risk coverage will be active throughout the income benefit period of 10 years.
    • All the benefits and premium rates are the same for male and female.
    • All the benefits and premium rates are uni-smoker.
    • Guaranteed surrender value is credited on completion of 3 years of the policy.
    • The formula used to calculate Base guaranteed surrender value is guaranteed surrender value of base+guaranteed surrender value of accrued compound reversionary bonus if any.
    • One can also choose to pay a Single Premium.
    • Monthly income payable is one twelfth of 10% of the assured sum amount.

    Advantages and Benefits of Max Life Monthly Income Advantage Plan:

    The features and benefits of the Max Life Monthly Income Advantage Plan are as follows:

    Guaranteed regular monthly income:

    After completion of the premium payment term, Max Life Monthly Income Advantage Plan provides you with guaranteed regular monthly income which can be used for your future expenses or to have a peaceful retirement.

    Financial coverage for your loved ones:

    Max Life Monthly Income Advantage Plan also offers a lump-sum benefit to the nominees upon the death of the policyholder.

    Maturity benefit:

    Upon maturity of the policy, Max Life Monthly Income Advantage Plan pays the total accrued compound bonuses and terminal bonuses to make sure you are financially stable.

    Death benefit:

    Upon the death of the insured person, death benefit shall be paid if 11 times of the annualised premium is paid and 105% of all premiums is paid till the date of death of the insured.

    Policy continuance benefit:

    In any unfortunate situation, Max Life Monthly Income Advantage Plan waives all the future premiums payable by the policyholder. Apart from the lump-sum benefit the policy gives a waiver on all the upcoming premiums which will make the policyholder or the nominees eligible for maturity and income benefits.

    Tax benefit:

    Most of the schemes offered by Max Life Insurance company comes with tax benefits and Max Life Monthly Income Advantage Plan is no exception. As per the taxation law in India, the policyholder can avail tax benefits on the policy.

    Riders coverage:

    With Max Life Monthly Income Advantage Plan, the policyholder also gets Max Life Term Plus Rider Plan and Max Life Accidental Death and Dismemberment Rider which also provides lump-sum benefit in case of death due to accident.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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