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  • Max Life Guaranteed Income Plan

    Max Life Insurance

    Max Life Guaranteed Income Plan offers you guaranteed benefits from the beginning, to ensure you can fulfil your dreams and the dreams of your family. Providing for your children’s education, planning for your retirement, or looking at the security of your family and their needs in your absence. The Max Life Guaranteed Income Plan provides you with a guaranteed income for a 10 year period. The income payable monthly in the last 5 years of the pay-out period is twice the income payable monthly in the first 5 years of the pay-out period. This is followed by a one-time guaranteed terminal benefit payable at the end of the pay-out period.

    The key features of this plan:

    1. Guaranteed tax free monthly income - prevailing to the Income Tax laws you will receive a monthly income for the next 10 years. Along with a one time guaranteed terminal benefit payable at the end of the pay-out period (10 years).
    2. Guaranteed income that doubles in a period of 5 years - the monthly income offered in the first 5 years of the pay-out period is doubled in the remaining 5 years.
    3. Immediate pay-out at the end of the policy term - enjoy a monthly pay-out immediately after the policy term.
    4. Guaranteed Protection pay-out options on death - in case of the policyholder's death during the policy term, the nominee will have an option to select either a) Lump sum Death Benefit or b) Income for 10 years post death.
    5. Get monthly income as lump sum - offers you a commutation option where you receive the present value of the survival and death benefit, instead of the monthly pay-outs. This option can be availed anytime once the monthly pay-out has been started.

    The benefits of this plan are:

    Survival Benefit

    Survival Benefit = income benefit + terminal benefit

    Death Benefit

    On the death on the policyholder during the term. The death benefit will be equal to a guaranteed death sum assured which is payable to the nominee.

    For a 6 year policy term = 12.75 times of 1 annual premium

    For a 12 year policy term = 18.50 times of 1 annual premium

    Commutation Option

    Commutation option can be exercised anytime during the survival benefit pay-out or by the nominee on the death of the policyholder. The commutation value is derived by using a rate of discount of 5.7% per annum.

    Tax Benefit

    Tax benefits are applicable as per the laws of the IT Act 1961

    Surrender Option

    The surrender option can be shown at a value:

    For a 6 year policy term - after a payment of 2 full years premium

    For a 12 year policy term - after a payment of 3 full years premium

    Grace period

    A grace period of 30 days is allowed for the due date of each premium in this policy

    Free-look period

    A free-look period of 15 days is allowed from the receipt of this policy document for review

    The eligibility criteria for this plan:

    Criteria

    Eligibility

    Age of the policyholder

    For both 6 and 12 year Policy Terms

    Minimum Age: 25 years

    Maximum Entry Ages:

    For 6 year Policy Term – 60 years

    For 12 year Policy Term – 55 years

    Maturity Age of the policyholder

    For 6 year Policy Term – 66 years

    For 12 year Policy Term – 67 years

    Premium Payment Term

    Only regular premium payment option and has two premium payment term options – 6 years and 12 years. Should be the same as the policy

    Policy Term (s)

    6 years and 12 years.

    On the completion of policy period will be followed by a pay-out period of 10 years ( or 120 months)

    Guaranteed Maturity Sum Assured

    Based on the minimum annual premium allowed and age of the policyholder at the issuance of the policy under each plan:

    6 year Policy Term (Age: 60 years): Rs.4,50,873

    12 year Policy Term (Age: 55 years): Rs.2,69,565

    How the Plan Works?

    Mr. Rupak is a 45 year old private sector employee. Wants a guaranteed stream of income of Rs. 1,25,000 (approx) per annum as soon as he stops paying Premiums. Mr. Rupak decides to buy Max Life Guaranteed Income Plan with a policy tenure of 12 years, and is paying an annual premium of Rs. 1,00,000. As his nominee under this plan, he chooses Mrs. Rupak.

    Let’s take 2 scenarios wherein Mr. Rupak will survive the policy and also what happens if he passes away in during the policy term.

    In scenario 1 wherein the policyholder survives the policy: Mr. Rupak makes all the payments due policy premiums and survives till end of the policy term. But instead of monthly income, Mr. Rupak also can choose the option to avail lump sum amount at the end of the policy term which will be the guaranteed maturity sum assured.

    In scenario 2 wherein the policyholder dies during the policy term: Mr. Rupak dies after paying 4 premiums. In this case his nominee Mrs. Rupak can make a choice on how she would like to have the sum assured paid-out to her:

    Firstly she can choose a Lump-sum on Death benefit, in which case Mrs. Rupak will get a lump-sum death benefit, with an one-time payment of Rs. 18, 50,000/- (calculated as 18.50 times of one annual premium)

    Secondly she can choose an monthly Income Benefit wherein Mrs. Rupak chooses to opt for an Income Death Benefit option, and will get a monthly income calculated as 240%/12 of one annual premium payable for 10 years.

    Other Max Life Insurance Saving Plans

  • Max Life Whole Life Super
  • Max Life Life Gain Premier
  • Max Life Future Secure II Savings Plan
  • Other Poular Max Life Insurance Plans

  • Max Life Insurance Child Plans
  • Max Life Insurance Pension Plans
  • Max Life Insurance Investment Plans
  • Max Life Insurance Savings Plans
  • Max Life Insurance Group Plans
  • Max Life Term Insurance Plans
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