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 is a traditional participating money-back life insurance plan offered by Max Life Insurance. This single life policy is a protection and savings plan that offers guaranteed monthly income for a period of 10 years and bonuses. The plan also offers policy continuance benefit and death benefit to the policyholders.

Annual Premium for this Max Life savings policy starts from Rs.50,000* p.a. Policyholders can also avail tax benefits on their policy premium and benefits.

*Premiums vary based on age, location, plan term and other factors.

Income Benefit of Max Life Monthly Income Advantage Plan

The policy will pay guaranteed monthly income to the policyholders on every monthly policy anniversary for 10 years after the premium payment term ends. Guaranteed Monthly Income = 1/12th of 10% of the Sum Assured. The policy will provide risk coverage during this benefit payout period.

Maturity Benefit of Max Life Monthly Income Advantage Plan

On maturity, the company will pay Compound Reversionary Bonus plus terminal bonus. Compound Reversionary Bonus will be declared by the company every year from the 2nd policy anniversary. Terminal Bonus is an extra bonus that is paid only once. It is paid on maturity or surrender (whichever is earlier), provided the policy has completed a minimum of 5 years. Surrender Value of Terminal Bonus will be paid in case of policy surrender.

Death Benefit of Max Life Monthly Income Advantage Plan

The company will pay the following, if the Life Insured dies during the policy term:

• Lump sum Benefit – Here, Death Benefit is higher of the following:
  • 105% of all the premiums that have been paid until date of demise.
  • 11 times of the Annualised Premium.
  • Guaranteed Sum Assured on Maturity.
  • Any Absolute Amount Assured to be paid on death.
• Policy Continuance Benefit – All premiums following or coinciding with the date of demise will be waived off and the policy will continue. In this case, the beneficiary will receive the maturity and income benefits by the due date and the policy will continue to participate in bonuses.

Add-On Plans – Additional Coverage Under the Max Life Monthly Income Advantage Plan:

Max Life Monthly Income Advantage Plan policyholders have the option to add the following riders to their policy:

Max Life Accidental Death & Dismemberment Rider

Through this rider, a lump sum benefit can be availed if dismemberment and death is caused to an accident.

Max Life Term Plus Rider

If the Life Insured passes away during the policy term, this rider will provide additional risk cover.

Tax Benefits of Max Life Monthly Income Advantage Plan

Max Life Monthly Income Advantage Plan owners can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Deductions can be claimed under Sections 80C, 80CCC, 80D and 80DD of the IT Act and Exemptions can be claimed under Section 10 (10D) of the IT Act.

*Tax Benefits are dependent on the tax laws and may change at any time. It is advisable to consult someone who is an expert in tax matters.