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. It gives policyholders the option of adding the following riders:
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.
Max Life Monthly Income Advantage Plan can be availed only by people who fulfil the eligibility requirements. The eligibility criteria for this policy is mentioned below:
|Type||Individual, Traditional participating money back life insurance plan|
|Minimum Age at Entry (age as on last birthday)||18 years|
|Maximum Age at Entry||55 years for 12 Pay variant. 50 years for 15 Pay variant.|
|Maximum Age at Maturity (age as on last birthday)||77 years for 12 Pay variant. 75 years for 15 Pay variant.|
Sum Assured is a guaranteed amount that policyholders will receive from the plan. The Sum Assured limits for Max Life Monthly Income Advantage Plan is mentioned in the table below.
|Minimum Sum Assured||Rs.6,48,000 for 12 Pay variant. Rs.8,10,000 for 15 Pay variant.|
|Maximum Sum Assured||No Limit|
Max Life Monthly Income Advantage Plan has the following 2 Premium Payment Terms:
This premium can be paid using the annual, semi-annual, quarterly and monthly payment modes. The policy term for Max Life Monthly Income Advantage Plan is premium payment term plus 10 years. So, policy term for 12 Pay variant is 22 years and policy term for 15 Pay variant is 25 years.
|Minimum Annual Premium||Rs.50,000|
|Maximum Annual Premium||No Limit|
*Premiums vary based on age, location, plan term and other factors.
**The above rates are not inclusive of taxes, extra premium, cesses or levies.
Max Life Monthly Income Advantage Plan provides the following benefits:
|Income Benefit||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||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||The company will pay the following, if the Life Insured dies during the policy term:
|Reduced Paid Up Benefit||If the policyholders fail to pay the premium after the policy has acquired a surrender value, then the policy will continue with Reduced Paid Up (RPU) benefits and will not lapse. The following is paid in RPU Mode:
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.|
Suicide Exclusion – Within 12 months from the revival date or start of Max Life Monthly Income Advantage Plan, if the Life Insured commits suicide, then his/her policy will terminate and Max Life Insurance will pay the following:
Max Life Monthly Income Advantage Plan policy has many other important features. Some of them are:
|Surrender Value||Policy will get a surrender value, provided first 3 policy years premiums have been paid to the company. On surrendering, the policy will terminate and the company will pay the surrender value to the policyholder.|
|Grace Period||30 days for all modes except monthly mode. 15 days for monthly mode.|
|Freelook Period||15 days (30 days if bought from distance marketing channel).|
|Nomination||Nomination is allowed.|
|Policy Revival||Within a period of 2 years from the 1st unpaid premium due date.|
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.
Max Life Monthly Income Advantage Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are:
|SMS Updates||The company sends policy updates regularly to policyholders via email. To get the updates, policyholders have to activate the service by placing a request for the same with the company.|
|Download Premium Receipt Facility||Premium receipts for Max Life Monthly Income Advantage Plan is available online. Policyholders have to simply enter their policy number on the company’s website and download their premium receipts.|
|Online Payment Facility||Paying premium for Max Life Monthly Income Advantage Plan is very easy. Policyholders can do so on the website of Max Life Insurance.|
|Premium Calculator||Before applying for a policy, policyholders can use this tool to calculate the premium that they will have to pay as part of this policy.|
|Customer Care||The company offers customer care service to all the customers. Customers can get in touch with the customer support team via SMS, email, phone, etc.|
You should buy Max Life Monthly Income Advantage Plan from Max Life Insurance because it helps you in taking care of your loved ones. Max Life Insurance has over 2,000 branches in India, which makes is easy accessible for customers. The company makes use of the latest technology to provide several benefits to the customers such as online payments, online calculators, faster claims process, etc. Customers can contact the customer service department for any queries related to the policy or the claims process.
A. Annualised Premium is the premium that is to be paid using annual mode. It includes extra premium, but excludes loadings for modal premiums, taxes and cess.
A. The Guaranteed Sum Assured at Maturity is nil or zero because the guaranteed benefit is paid as guaranteed monthly income payouts after the premium payment term ends.
A. The modal factors for the different premium payment modes are as follows:
A. Absolute Assured Amount is equal to the Sum Assured.
A. No, Max Life Monthly Income Advantage Plan does not provide loan facility.
A. Yes, the premium rates are same for males and females.
A. The surrender value under this policy is the higher of Special Surrender Value or Guaranteed Surrender Value.
A. Yes, the policy will provide risk cover during the grace period.
A. You can make a claim on your Max Life Monthly Income Advantage Plan by submitting the following documents to Max Life Insurance:
A. Policyholders can get the claim request documents from the website of Max Life Insurance.