Axis Max Life Monthly Income Advantage Plan

1. This policy is issued on a single life basis.  
2. The minimum age of life insured at the start of the risk must be 18 years.  
3. The maximum age of the life insured at the start of the risk should not exceed:

                a.55 years for a policy term of 22 years, and

                b.50 years for a policy term of 25 years.

4.The maximum age of the life insured at maturity should not exceed:

                 a.77 years for a policy term of 22 years, and

                 b.75 years for a policy term of 25 years.

Policy Terms for the Axis Max Life Monthly Income Advantage Plan:

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

Key Features of Axis Max Life Monthly Income Advantage Plan:

Things you Should Know About Axis Max Life Monthly Income 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 Axis 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, Axis 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:

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

Steps to Buy Axis Max Life Monthly Income Advantage Plan

You can follow the steps given below to buy the Monthly Income Advantage Plan:

Step 1: Go to the official website of Axis Max Life Insurance.

Step 2: Click on the option ‘Monthly Income Scheme’.

Step 3: Fill in the basic details like your name, Date of Birth, income, and mobile number to see an estimate of the premium and the income you can receive later.

Step 4: Check your eligibility based on your age, income, and the amount of cover you want. The system will show if you can apply for the plan.

Step 5: Choose your plan details like premium payment terms, policy terms, and how long you want to receive monthly income in the future.

Step 6: Fill in the full application form with your personal details, job details, nominee information, and health details.

Step 7: Upload required documents like Aadhaar card, PAN card, address proof, and income proof.

Step 8: Complete medical check-up or verification if the company asks for it. Then pay the premium to activate your policy.

Documents Required to Buy Axis Max Life Monthly Income Advantage Plan 

The following documents will be required if you apply for the plan: 

• Identity Proof- Aadhaar Card, Passport, or Driving Licence 

• Address proof- Utility Bills, ration card, Passport or Voter Card

• Age Proof- Birth certificate, Passport, Aadhaar Card, or Driving Licence 

• Proof of Income- Bank statement, or last three months’ salary slip 

• Medical Records- (if applicable) 

Inclusions Under Axis Max Life Monthly Income Advantage Plan

The policy includes the following: 

• Tax benefits as per the Income Tax Act, 1961, which can be subject to change in accordance with tax laws.  

• In case of the death of the policyholder’s, the nominee receives the death benefit. 

• After maturity, the policy pays all accrued bonuses along with terminal bonuses, if any.  

• It offers guaranteed monthly income for 10, 20, or 30 years after the premium payment term, depending on the chosen option.  

• Premiums are payable for a limited term of 6, 8, 10, 12, or 15 years, while the policy can provide life coverage for up to 45 years. 

Exclusions Under Axis Max Life Monthly Income Advantage Plan

You will get no cover if any of the following circumstances: 

• In case the insurer dies by suicide within 12 months from policy start or revival date.  However, applicable surrender value or eligible premium will be refunded as per the terms. 

• If a death or injury caused by war, nuclear attack, terrorism, or similar violent events.  

• In case, the death caused because of the consumption of intoxicants. 

• Critical and serious illness is not covered unless the customer buys an extra rider for it.