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Max Life Monthly Income Advantage Plan

 4.0 / 5.0   by 517 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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

Max Life Monthly Income Advantage Plan Reviews

Page 1 of 26 1 2 3 4 5
  • Max Life Insurance
    "Good for tax saving"
    0.5 4.0/5 "Great!"
    AXIS bank suggested Max life its good for the income tax benefits under 80c section, the premium amount is around Rs. 50,000 for 6 years term. On time I got the policy copy, the payment option is good, I need to wait for 20 years but pre closure option is available.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 18, 2019
  • Max Life Insurance
    "Okay Policy"
    0.5 4.0/5 "Great!"
    I have purchased a term insurance policy from MAX LIFE. I have selected the MAX company because they have higher rating on their claim ratio. I'm really happy about the sum assured amount. Total tenure period is fine. In 2015, i have purchased this policy. I'm really satisfied with the services.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 03, 2019
  • Max Life Insurance
    "Too Good policy"
    0.5 5.0/5 "Blown Away!"
    Just recently 5 months back, i have purchased this life insurance policy. I bought the money back policy from Max Life. Total tenure period of the policy is 11 years. There is no particular reason for choosing this policy. I pay the premium amount of Rs. 50000 in a year. I am making the premium through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 02, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my Term insurance with Max life insurance, there service is good, there agent had clearly explain me about the policy, and benefit coverage , and there premium amount they have charged me was nominal, the premium amount is for half yearly basis, i use to pay through off line mode
    Was this review helpful? 1
    , surat
    Reviewed on Dec 30, 2018
  • Max Life Insurance
    "They are good in market"
    0.5 2.0/5 "Expected more"
    I have purchased a life insurance policy in 2012 from Max life. Because of my boss recommendation and reputation of the company, i find the claim ratio was very good hence i chosen same. Max life premium is slight costlier than other. The customers are completely satisfied with their services. They have class set of policies according the premium amount.
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 29, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    MAX LIFE INSURANCE It is a good policy to access. The maturity period of this policy is for 15 years as it is very good added on that it is the user friendly policy to access. The premium i pay for yearly once with this policy. Also they provide coverage for self.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 26, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    The process is very good with the MAX LIFE INSURANCE as i have purchased the life insurance policy with this and also at the beginning the documentation is very good. The maturity period is for 30 years as the premium i pay for monthly once. This give the policy coverage for self.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 22, 2018
  • Max Life Insurance
    "Good Policy"
    0.5 3.5/5 "Pretty good"
    I had taken this insurance policy almost five years back and the premium amount has been nominal as well. I have been paying the premium half yearly and the payment method has been simple as well. Their customer care services has also been helpful at times.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 17, 2018
  • Max Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have taken my life insurance policy with Max life insurance, there service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 16, 2018
  • Max Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken my money policy 2 years ago. I have selected the MAX because of the agent who explained me about the policy details. I pay the premium amount of Rs. 50000 per annum. I don't remember about the sum assured amount. This is the tax benefit policy. I pay the premium through cash in their branch office.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 03, 2018
  • Max Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with Max Life and it was taken through an agent. This is a necessary for me and it was taken for tax benefits. The customer service is good. The policy coverage and plan benefits are fine, it could have been better. I make annual premium of around 30K.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Dissatisfied"
    0.5 1.0/5 "Really Bad"
    Its a fix guaranteed, I Have invested but I could take the capital amount if I cancel that policy. MY bank forced me but its not recommend from my end. The policy which I took its very disappointed, the customer service is good in one call they updated my KYC details. But the policy terms is not good I get my amount on retired age.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have 2 life insurance policies with Max Life Insurance and am using the service for last 10 months. My friend is working in the company so I have taken the policy with them. I am paying the premium yearly 53K plus 24K through online. The policy is good.
    Was this review helpful? 0
    , chandigarh
    Reviewed on Nov 29, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with Max life insurance, it has been a month only, and they have charged me premium amount up to 50,000 it was nominal for me and it was based on yearly basis , there agent had explain me policy related norms clearly, overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 21, 2018
  • Max Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have taken the life insurance policy with the MAX LIFE INSURANCE since from past 2010 where the tenuity period of this policy is for 20 years also the policy coverage is for self as well as the nominee. The customer service is very good and supportive.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 19, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Necessary policy for any human being"
    0.5 4.0/5 "Great!"
    I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
    Was this review helpful? 1
    , faridabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my Life insurance with Max life insurance , they have many service center near and the process was smooth and there premium they have charge is nominal , i do payment through on line or off line and there agent are very friendly in nature.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 14, 2018
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