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 565 users
    Used this product? Write a review >>

    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    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.

    Max Life Guaranteed Income Plan Reviews

    Page 1 of 29 1 2 3 4 5
    • Max Life Insurance
      "Excellent insurance"
      0.5 5.0/5 "Blown Away!"
      My relation and friend circle chosen the life insurance policy from Max thats the reason i have chosen them. I have been paying the premium amount of Rs. 1 lakh for the annual payment mode. Total term period of the policy is 12 years. Through cheque, i made the premium.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 16, 2019
    • Max
      Max Life Insurance
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I have taken my life insurance policy with ICICI bank,there service is quite good, their premium they have charged me was nominal, i pay premium on monthly basis, and their agent had properly explain about the plan benefits and policy ,so far i did not face any issue from them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 09, 2019
    • Max Life Insurance
      "Good insurer"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX LIFE INSURANCE few month before taken. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payment through an online.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 05, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX INSURANCE before 11 years ago.The policy is for 20 years.I am paying premium in annual package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an online.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Jul 05, 2019
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I am using the term plan since from last few months and the reason for getting the policy is because of good returns. It is a term plan of maturity is of 30 years, premium paying for monthly once also the coverage is for self. I got the hard copy on time.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 05, 2019
    • Max Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance in MAX LIFE INSURANCE. The policy is for 55 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 28, 2019
    • Max Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      MAX LIFE INSURANCE is the institue where i have taken the life insurance policy on 2015 also the name of the policy is MAX LIFE GAIN it has the maturity period of 20 years as the policy premium paying for yearly once and it gives the policy coverage for self.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 27, 2019
    • Max Life Insurance
      "Good service and good returns"
      0.5 5.0/5 "Blown Away!"
      Max Life policy is my long term policy. Overall market rate is good in this company. I get a returns upto 15% at this time. I have been investing the money of Rs. 1500 every month. Total coverage value is Rs. 5 lakhs. This is a tax benefitable policy. I make the premium through online.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 24, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a term insurance in MAX LIFE INSURANCE 2 years before. The policy is for 40 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online. The policy coverage up to myself.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 14, 2019
    • Max Life Insurance
      "Pretty Good Policy"
      0.5 4.0/5 "Great!"
      I pay the premium amount of Rs. 50000 every year. Total term period is 12 years. I took the life insurance policy from Met LIFE. Once the maturity is over, i will get Rs. 6000 for every month for the next 10 years. This is a fixed value with guaranteed along with that 4% or 5% appreciation amount i will get which is an optional one. I make the premium through online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 14, 2019
    • Max Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken life Insurance through Max life it is a Maturity benefit policy is for the tenure of 15years .The premium is paid online ,The premium is amount is Rs. 36000.The premium is paid on yearly basis ,policy is still active and the agent gave all the relevant details about the policy .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 07, 2019
    • Max Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Life Insurance policy through Max Life directly This is a maturity policy is for the tenure of 10 years ,The premium is monthly basis,premium is very nominal ,The premium paid was yearly and then i have changed it as now monthly basis , Axis bank referred this Max life policy .I have received the policy documents on time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 02, 2019
    • Max Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Life Insurance policy through Max Life Insurance company directly.This is a maturity policy ,it is for the tenure 15years ,premium is very nominal ,policy documents got on time ,it will be closed after 15years.I have got all the required information about the policy .This policy is very useful .
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 02, 2019
    • Max Life Insurance
      "Good Service"
      0.5 2.0/5 "Expected more"
      I have taken Life insurance policy directly taken through Max Life Insurance company .The agent gave all information about the life insurance through the agent ,it is for the tenure of 8years ,The premium is paid through online ,premium is very nominal policy documents received on time ,The agent gave all the details .so far not faced any difficulties , I have closed this policy .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 30, 2019
    • Max Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Max Life insurance year policy through Online ,it is valid till age 50 years and i need to pay till 60years ,policy documents got on time ,The agent gave all information about the policy .The payment is done through online and using credit card for making the payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 29, 2019
    • Max Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I have been paying the premium recently with MAX LIFE for the term plan. The premium is good and they are providing better benefits than other insurer. The customer service is good. I make monthly premium of Rs.1900 through online. They have explained about the policy well.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 29, 2019
    • Max Life Insurance
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      I have purchased the life insurance policy with the MAX LIFE INSURANCE where using it since from last 3 years the policy has the coverage for self and i have purchased the pension plan with this policy. The customer support is good also it is a good policy to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 28, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX LIFE INSURANCE for the past 3 years ago. The policy is for 30 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an agent. The coverage up to myself.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 26, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX LIFE INSURANCE. The policy is for 20 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. The coverage for my whole family members. Through an online I used to payments.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 24, 2019
    • Max Life Insurance
      "Best way to protect the family"
      0.5 5.0/5 "Blown Away!"
      I have term plan with Max life, per month I make Rs. 1900 it has term upto 50 years old, the sum assured for Rs. 1 crore to protect my family. I checked the claim settlement and grievance resolved ratio its good. They need improvement on support remain all fine, they do have waiver on the critical illness and disability.
      Was this review helpful? 0
      , pune
      Reviewed on May 21, 2019
    Common Loader Icon
    Page 1 of 29 1 2 3 4 5
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.