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  • Max Life Monthly Income Advantage Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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:

    • Max Life Term Plus Rider.
    • Max Life Accidental Death & Dismemberment Rider.

    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.

    Eligibility - Who is the Max Life Monthly Income Advantage Plan for?

    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:

    (UIN:104N091V02)

    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 and Premium Range – What you Get and What it Costs?

    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:

    • 12 years.
    • 15 years.

    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.

    Plan Coverage – What the Max Life Monthly Income Advantage Plan Covers?

    Max Life Monthly Income Advantage Plan provides the following benefits:

    Benefit Details
    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:
    • 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.
    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:
    • Reduced Death Benefit – The following is paid as death benefit:
      • RPU Death Benefit.
      • Reduced Monthly Income Benefit.
      • Reduced Maturity Benefit.
    • Reduced Monthly Income Benefit – The company will pay monthly income benefit for 10 years on every monthly policy anniversary after the end of premium payment term. This benefit will be equal to 1/12th of 10% of RPU Sum Assured. The monthly income will initiate from the 145th policy month for 12 Pay variant and from the 181st policy month for 15 Pay variant. The risk cover will continue during the 10 year payout period.
    • Reduced Maturity Benefit – If Life Insured is alive on the date of maturity, then the company will pay the following bonuses before converting the policy to RPU mode:
      • Reversionary Bonus
      • Terminal Bonus

    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.

    Exclusions - What the Max Life Monthly Income Advantage Plan Doesn’t 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:

    • Total premiums paid, if policy has not acquired surrender value.
    • Higher of SSV or total premiums paid, if policy has acquired surrender value.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Max Life Monthly Income Advantage Plan policy has many other important features. Some of them are:

    Particulars Details
    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.

    Tax Benefits – How you can Save with the 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.

    Other Benefits – How you can Save with the Max Life Monthly Income Advantage Plan?

    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 24x7 customer care service to all the customers. Customers can get in touch with the customer support team via SMS, email, phone, etc.

    Why you Should Buy the Monthly Income Advantage Plan from Max Life Insurance?

    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. It offers 24x7 customer care service, which customers can contact for any queries related to the policy or the claims process.

    FAQs about Max Life Monthly Income Advantage Plan:

    1. What is Annualised Premium?

      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.

    2. What is the Guaranteed Sum Assured at Maturity?

      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.

    3. What are the modal factors for the different premium payment modes?

      A. The modal factors for the different premium payment modes are as follows:

      • 1.000 for annual mode.
      • 0.520 for semi-annual mode.
      • 0.265 for quarterly mode.
      • 0.090 for monthly mode.
    4. Is Absolute Assured Amount the same as Sum Assured?

      A. Absolute Assured Amount is equal to the Sum Assured.

    5. Does Max Life Monthly Income Advantage Plan provide loan facility?

      A. No, Max Life Monthly Income Advantage Plan does not provide loan facility.

    6. Are the premium rates same for males and females?

      A. Yes, the premium rates are same for males and females.

    7. What is the surrender value under this policy?

      A. The surrender value under this policy is the higher of Special Surrender Value or Guaranteed Surrender Value.

    8. Will the policy provide risk cover during the grace period?

      A. Yes, the policy will provide risk cover during the grace period.

    9. How can I make a claim on my Max Life Monthly Income Advantage Plan?

      A. You can make a claim on your Max Life Monthly Income Advantage Plan by submitting the following documents to Max Life Insurance:

      • Original policy document.
      • Claimant’s statement in the form prescribed by the company.
      • Copy of post mortem report.
      • Copy of F.I.R or policy complaint.
      • Death certificate issued by the municipal or local authority.
      • Claimant’s and Nominee(s) Identity proof with signature and photos.
      • Any other documents requested by the company.
    10. Where can policyholders get the claim request documents?

      A. Policyholders can get the claim request documents from the website of Max Life Insurance.