Bankbazaar

Max Life Guaranteed Income Plan

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 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

15 days free-look period after the receipt of the policy document. 30 days free-look period in cases where policy is sourced through distance marketing channel.

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 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
  • 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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    Max Life Guaranteed Income 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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