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 594 users
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Plan Benefits

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Policy Coverage

Customer Service

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Max Life Monthly Income Advantage Plan Reviews

Page 1 of 30 1 2 3 4 5
  • Max Life Insurance
    "Not a correct policy at a current situation"
    0.5 3.0/5 "Satisfactory"
    I had chosen Max Life Insurance policy without any reason. When I want to avail the life insurance policy, they have respond me properly. I bought the policy on 13 years before. They are providing the sum assured amount of Rs. 4.30 lakhs. I have been paying the premium on a monthly basis.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Dec 04, 2019
  • Max
    Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Laxmi Vilas Bank has offered a life insurance policy from Max Life since they have tied up. I am paying the premium amount of Rs. 15,000 every year. Automatically they deduct the premium amount from my account. They said sum assured amount will be 2.50 L. Total term period of the policy is 8 years.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Nov 05, 2019
  • Max Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have chosen a life insurance policy from Max life which was referred my agent. This policy is going to mature in next year and the tenure is 15years. The benefits are okay but at the period it was good. Sometimes, the executive will call me to check if any issues are there because they have started the payment through the application before 2 to 3years ago.
    Was this review helpful? 0
    , kochi
    Reviewed on Oct 19, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in MAX LIFE INSURANCE on 6 years before. The policy is for 50 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It covers up to myself.
    Was this review helpful? 2
    , jaipur
    Reviewed on Oct 03, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The reason for selecting Max life is I felt, the benefits are good and convenient for me. The customer service is better. I have taken a 5years policy and the premium was 50K per year. In the 10th year, I will be getting sum assured of 6L which is double the amount what I have paid.
    Was this review helpful? 0
    , kakinada
    Reviewed on Sep 27, 2019
  • Max Life Insurance
    "Good policy for future"
    0.5 4.0/5 "Great!"
    I had chosen my term insurance from Max Life. Since my friend has recommended about the policy i have taken it. I am paying the premium amount of Rs. 6000 every year. They have given me a coverage value of Rs. 50 lakhs. They do provide cover for partial disability cover also.
    Was this review helpful? 0
    , tirunelveli
    Reviewed on Sep 24, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in MAX LIFE INSURANCE on 1 year before. The policy is for life term. I am paying premium in the yearly package for 50 thousands. While getting a policy my agent has given an information about the policy details. I visit to office directly to pay the premium amount.
    Was this review helpful? 0
    , anantapur
    Reviewed on Sep 22, 2019
  • Max Life Insurance
    "Good claim settlement ratio and very good service"
    0.5 4.0/5 "Great!"
    I have life insurance with MAX because of the claim settlement ratio around 98.9% . Yearly I make Rs. 52,000 it has the maturity period of 25 years, its a traditional plan, I get around Rs. 22 lakhs overall and it has life coverage if there is no any demise my nominee get the life cover. I do have flexi pay option.
    Was this review helpful? 0
    , sonipat
    Reviewed on Sep 19, 2019
  • Max Life Insurance
    "Need improvement on the benefits"
    0.5 4.0/5 "Great!"
    AXIS bank have recommended Max life insurance comes along with ULIP. I need to invest upto 7 years but the ULIP has the locking period of 12 years, the premium is economical as per the policy. They do have good life cover for the financial security for unforeseen events. It has tax saving under 80c section, I have online credential for max life to check my insurance details and every day I get sms as well. I make the premium on yearly basis through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 19, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The payment mode is online and making the premium through debit card or credit card. I have taken short term life policy with MAX LIFE. The benefits are good. They have provided me a life cover of 12L with the locking period of 5 years. I have not gone through the documents so cannot tell about this policy much. Their claim settlement rate is good and giving 98.8%.
    Was this review helpful? 0
    , new delhi
    Reviewed on Sep 16, 2019
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through Max Life agent .This policy tenure is for 20 years.I am paying the premium through citi bank credit card .The agent gave all the information about the insurance policy .I have received the policy documents on time .This policy is really useful and it is still active .
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 05, 2019
  • Max Life Insurance
    "Moderate"
    0.5 3.0/5 "Satisfactory"
    I have taken a term plan from MAX LIFE because am employee of Axis Bank and that time have take a term plan of 75L. There is no benefits, just am paying the premium. If any demise happens the family will be getting the benefit. The customer service is average. I am doing online payment and its 7K per year.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 03, 2019
  • Max Life Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance with MAX LIFE INSURANCE on 2 years before. The policy is for 15 years and it is gain plan policy. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details. I use to pay for 2500 rupees.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 28, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have chosen MAX LIFE for a life insurance. It is for future savings and life insured cover. I am doing yearly premium of Rs.52,000, it will be automatically debited from my account. I receive a statements from them. The sum assured is 5Lakhs.
    Was this review helpful? 0
    , kolkata
    Reviewed on Aug 26, 2019
  • Max Life Insurance
    "Good for the family protection"
    0.5 4.0/5 "Great!"
    I have one term plan with Max life for the sum assured of Rs. 70 lakhs, yearly I paid Rs. 22,000 for the term of 16 years and the life cover upto 70 years of age. I have option to add only nominee however the claim settlement is good for this insurance company.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 24, 2019
  • Max Life Insurance
    "Good Investment"
    0.5 4.0/5 "Great!"
    I am having MAX LIFE which was suggested by their staff, the premium is economical. I used to pay Rs. 50,000 per annum it has the term of 19 years, after the maturity I get the lump sum amount along with the monthly bonus. I got the policy bond from the insurance company.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 23, 2019
  • Max Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I have purchased a term plan with MAX LIFE because their claim settlement ratio is high compared to other insurance company and also premium is affordable. Their executive is regularly calling me and helpful too. The payment mode is online.
    Was this review helpful? 0
    , jaipur
    Reviewed on Aug 21, 2019
  • Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Taken my life insurance policy from Max life. I am paying the premium amount of Rs. 50000. I did the ECS facility hence the amount will be automatically deducted from my account. I need to pay the premium for 10 years and after 10 years the bonus will get added. Total sum assured amount of the policy is 6 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 20, 2019
  • Max Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I took a life insurance from Max life because the premium is affordable. I have not used the customer service but heard they are doing good. I am paying 35K yearly through online. The payment mode is convenient and am getting notifications immediately. I took it for savings plan.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 19, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance with MAX LIFE INSURANCE on 6 months before. The policy is for 38 years. I use to do payment through an online. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details.
    Was this review helpful? 0
    , pune
    Reviewed on Aug 16, 2019
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