Bankbazaar

Max Life Monthly Income Advantage Plan

Max Financial Services Ltd and Mitsui Sumitomo Insurance Co. Ltd joined hands together and started Limited to offer transparent . 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 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

 4.0 / 5.0   by 565 users
Used this product? Write a review >>

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Max Life Monthly Income Advantage Plan Reviews

Page 1 of 29 1 2 3 4 5
  • Max Life Insurance
    "Excellent insurance"
    0.5 5.0/5 "Blown Away!"
    My relation and friend circle chosen the life insurance policy from Max thats the reason i have chosen them. I have been paying the premium amount of Rs. 1 lakh for the annual payment mode. Total term period of the policy is 12 years. Through cheque, i made the premium.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 16, 2019
  • Max
    Max Life Insurance
    "Excellent service"
    0.5 4.5/5 "Excellent!"
    I have taken my life insurance policy with ICICI bank,there service is quite good, their premium they have charged me was nominal, i pay premium on monthly basis, and their agent had properly explain about the plan benefits and policy ,so far i did not face any issue from them.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 09, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX LIFE INSURANCE few month before taken. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payment through an online.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 05, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX INSURANCE before 11 years ago.The policy is for 20 years.I am paying premium in annual package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an online.
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Jul 05, 2019
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the term plan since from last few months and the reason for getting the policy is because of good returns. It is a term plan of maturity is of 30 years, premium paying for monthly once also the coverage is for self. I got the hard copy on time.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jul 05, 2019
  • Max Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance in MAX LIFE INSURANCE. The policy is for 55 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jun 28, 2019
  • Max Life Insurance
    "GOOD POLICY"
    0.5 4.0/5 "Great!"
    MAX LIFE INSURANCE is the institue where i have taken the life insurance policy on 2015 also the name of the policy is MAX LIFE GAIN it has the maturity period of 20 years as the policy premium paying for yearly once and it gives the policy coverage for self.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 27, 2019
  • Max Life Insurance
    "Good service and good returns"
    0.5 5.0/5 "Blown Away!"
    Max Life policy is my long term policy. Overall market rate is good in this company. I get a returns upto 15% at this time. I have been investing the money of Rs. 1500 every month. Total coverage value is Rs. 5 lakhs. This is a tax benefitable policy. I make the premium through online.
    Was this review helpful? 0
    , pune
    Reviewed on Jun 24, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a term insurance in MAX LIFE INSURANCE 2 years before. The policy is for 40 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online. The policy coverage up to myself.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 14, 2019
  • Max Life Insurance
    "Pretty Good Policy"
    0.5 4.0/5 "Great!"
    I pay the premium amount of Rs. 50000 every year. Total term period is 12 years. I took the life insurance policy from Met LIFE. Once the maturity is over, i will get Rs. 6000 for every month for the next 10 years. This is a fixed value with guaranteed along with that 4% or 5% appreciation amount i will get which is an optional one. I make the premium through online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 14, 2019
  • Max Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life Insurance through Max life it is a Maturity benefit policy is for the tenure of 15years .The premium is paid online ,The premium is amount is Rs. 36000.The premium is paid on yearly basis ,policy is still active and the agent gave all the relevant details about the policy .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 07, 2019
  • Max Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through Max Life directly This is a maturity policy is for the tenure of 10 years ,The premium is monthly basis,premium is very nominal ,The premium paid was yearly and then i have changed it as now monthly basis , Axis bank referred this Max life policy .I have received the policy documents on time.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 02, 2019
  • Max Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through Max Life Insurance company directly.This is a maturity policy ,it is for the tenure 15years ,premium is very nominal ,policy documents got on time ,it will be closed after 15years.I have got all the required information about the policy .This policy is very useful .
    Was this review helpful? 1
    , bangalore
    Reviewed on Jun 02, 2019
  • Max Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have taken Life insurance policy directly taken through Max Life Insurance company .The agent gave all information about the life insurance through the agent ,it is for the tenure of 8years ,The premium is paid through online ,premium is very nominal policy documents received on time ,The agent gave all the details .so far not faced any difficulties , I have closed this policy .
    Was this review helpful? 0
    , bangalore
    Reviewed on May 30, 2019
  • Max Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Max Life insurance year policy through Online ,it is valid till age 50 years and i need to pay till 60years ,policy documents got on time ,The agent gave all information about the policy .The payment is done through online and using credit card for making the payment.
    Was this review helpful? 0
    , mumbai
    Reviewed on May 29, 2019
  • Max Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have been paying the premium recently with MAX LIFE for the term plan. The premium is good and they are providing better benefits than other insurer. The customer service is good. I make monthly premium of Rs.1900 through online. They have explained about the policy well.
    Was this review helpful? 0
    , jaipur
    Reviewed on May 29, 2019
  • Max Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I have purchased the life insurance policy with the MAX LIFE INSURANCE where using it since from last 3 years the policy has the coverage for self and i have purchased the pension plan with this policy. The customer support is good also it is a good policy to use.
    Was this review helpful? 0
    , mumbai
    Reviewed on May 28, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX LIFE INSURANCE for the past 3 years ago. The policy is for 30 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an agent. The coverage up to myself.
    Was this review helpful? 0
    , jaipur
    Reviewed on May 26, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX LIFE INSURANCE. The policy is for 20 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. The coverage for my whole family members. Through an online I used to payments.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 24, 2019
  • Max Life Insurance
    "Best way to protect the family"
    0.5 5.0/5 "Blown Away!"
    I have term plan with Max life, per month I make Rs. 1900 it has term upto 50 years old, the sum assured for Rs. 1 crore to protect my family. I checked the claim settlement and grievance resolved ratio its good. They need improvement on support remain all fine, they do have waiver on the critical illness and disability.
    Was this review helpful? 0
    , pune
    Reviewed on May 21, 2019
Common Loader Icon
Page 1 of 29 1 2 3 4 5
reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.