Max Life Monthly Income Advantage Plan
We all wish that we lead a worry-free life with our loved ones. Vacations, weekend plans, festivals, family functions give us occasions to rejoice with our family. At the same time, we have to go through jobs, careers, business hours to earn money for our family’s financial needs.
Max Life Monthly Income Advantage Plan helps to ensure that you aren’t hard-pressed to meet these commitments in the future & your family remains financially secure, even in your absence. Under this plan, you can get life coverage of up to 45 years with a limited premium payment term.
Max Life Monthly Income Advantage Plan offers the following features and benefits –
a) Flexible-Premium Payment Tenure and Policy Term
b) Partly guaranteed payment of the lump sum amount on the maturity
c) Tax savings under Section 80C and Section 10(10D) (as per existing tax laws)
d) Life insurance protection for your loved ones
Download Max Life Monthly Income Advantage Plan Brochure
3 reasons you should buy this plan
- Guaranteed Monthly Income for 10, 20 or 30 years after completing your premiums
- Get accrued bonuses along with Terminal Bonus on maturity of the policy
- In case of death, policy continues as is and your family receives policy benefits
What do I get with this plan?
Guaranteed Monthly Income
You will start receiving a guaranteed monthly income totalling 1/12th of 10% of Sum Assured, immediately after completion of the Premium Payment Term. These payouts will continue for 10 years (120 months).
Maturity Benefit
You will receive a sum of Accrued Compound Reversionary Bonus (if any) and Terminal bonus (if any) on completion of the Policy Term. Compound Reversionary Bonus is declared each year starting from the second Policy anniversary. Terminal Bonus is an additional bonus payable only on Maturity. In case of surrender (provided the policy has been in force for at least five years), you will receive the Surrender Value of the Terminal Bonus.
Death Benefit
In case of death of the life insured, the nominee will receive a lump sum, and the policy will continue as before.
The Lumpsum is the highest amount of the following:
- 11 times the (Annualised Premium plus Underwriting Extra Premiums, if any),
- 105% of (total premiums paid plus underwriting extra premiums plus loadings for modal premiums paid till the date of death of the Life Insured
- Guaranteed Sum Assured on Maturity (Guaranteed Sum Assured on Maturity is equal to zero (0) under this plan as all guaranteed benefits are payable as guaranteed monthly income for 10 years after completion of Premium Payment Term)
- Any absolute amount assured to be payable on death (this is equal to Sum Assured)
Policy Continuance Benefit
All due premiums, if any, coinciding or following the date of death of the Life Insured will be waived off and the policy will continue. Your beneficiary will receive Guaranteed Monthly Income Benefit & Maturity Benefit (including bonuses) as and when due..
Tax Benefit
You may be entitled to certain applicable tax benefits under section 80(C) and section 10(10D) of Income Tax Act 1961 on the premiums paid and benefits received by you respectively as per the prevailing tax laws. It is advisable to seek independent tax advice.