"Spending a whole day looking for insurance is fun," said nobody, EVER!

Max Life Guaranteed Income Plan

 4.0 / 5.0   by 517 users
Used this product? Write a review >>

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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

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 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
  • GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Max Life Guaranteed Income 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
    Common Loader Icon
    Page 1 of 26 1 2 3 4 5

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.