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We all wish to have some money for a rainy day, often saving up for it, hoping that it would be sufficient during an emergency. While we could save enough, rising costs of goods due to inflation can reduce the value of our hard earned (and saved) money. One way to counter the effect of inflation is by investing in savings plans which take multiple factors into account. Not only do they offer financial cover during unforeseen circumstances, they also instil a sense of confidence in our mind.
Max Life insurance is a prominent name in the Indian insurance sector, providing savings plans which take care of multiple needs an individual could have. Investing in them enables one to enjoy life, without having to worry about what the future holds.
Some of the major benefits of Savings Plans provided by Max Life are highlighted below:
*Based on current provisions under the Income Tax Act of 1961.
** Could vary according to the policy offered.
Max Life currently offers five different savings plans, as highlighted below:
(UIN: 104N091V02)
As the name suggests, this policy provides an assured income every month for 10 years. A policyholder begins earning this income immediately after the premium payment term ends. In addition to this monthly income, a maturity benefit is also provided. This includes any bonuses accrued by the plan. In the event of demise of policyholder a sum assured will be paid to the nominee. The death benefit is the highest of either 105% of the premiums, or 11 times the annualised premium paid by a policyholder. One can also choose to enhance the protection offered by this scheme by adding riders.
Plan Name | Entry Age | Maturity Age | Premium |
Max Life Monthly Income Advantage Plan | Minimum: 18 years
Maximum:
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Maximum:
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Minimum: Rs.50,000 per year (excluding taxes) Maximum: No upper limit |
(UIN: 104N085V02)
A non-participating policy, it is ideal for those looking for a regular source of income to supplement their earnings. The income offered under this scheme doubles after five years, helping one counter old age, inflation, etc. A survival benefit which consists of monthly payments plus a lump sum amount is offered under the scheme. A death benefit equivalent to the sum assured is paid to the nominee if a policyholder dies while the policy is in force. One can choose between two policy terms, based on their needs.
Plan Name | Entry Age | Maturity Age | Premium |
Max Life Guaranteed Income Plan | Minimum:
25 years
Maximum:
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Maximum:
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Minimum:
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(UIN: 104N080V03)
This is a traditional life insurance policy which provides protection for the entire lifetime of an individual. The scheme also offers additional bonus, with an option to withdraw money during emergencies. The maturity benefit consists of the sum assured plus terminal bonus plus any accrued amount. In the event of demise of policyholder, a death benefit consisting of the assured death benefit amount plus bonuses and accrued additions is paid to the nominee. There is also a Terminal Illness Benefit under this scheme, wherein a certain amount is paid if the policyholder is diagnosed with a terminal illness.
Plan Name | Entry Age | Maturity Age | Premium |
Max Life Whole Life Super | Minimum: 18 years Maximum:50 years | Maximum: Information not available | Minimum: Rs.8,500 per year Maximum: No upper limit |
(UIN: 104N079V03)
This is a traditional endowment policy which offers additional bonus to policyholders. One can choose the policy term and premium payment term based on their needs. The policy has provision for maturity benefit, death benefit, terminal illness benefit, and terminal bonus. The maturity and death benefit comprise of the sum assured, bonuses, and accrued paid-up additions. The terminal bonus is paid either on maturity, death, or surrender of policy, subject to it being in force for a minimum of 10 years.
Plan Name | Entry Age | Maturity Age | Premium |
Max Life Life Gain Premier | Minimum: 18 years
Maximum:
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Maximum:
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Minimum:
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Withdrawn Plan
This is a strategic savings plan offered by Max Life. It is a non-linked, limited pay endowment scheme designed to provide financial support to fulfil the future commitments of a policyholder. The policy partakes in the profits of the company, offering a maturity and death benefit. A policyholder is also eligible for a loan under this scheme.
Plan Name | Entry Age | Maturity Age | Premium |
Max Life Future Secure II | Minimum: 1 year Maximum: 55 years | Maximum: 75 years | Based on sum assured |
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