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(A Non Linked Non-Participating Individual Life Insurance Savings Plan)

UIN: 104N085V04

With Max Life Guaranteed Income Plan, get guaranteed monthly income that grows with time.

key attractions

Guaranteed** Monthly Income immediately after Policy term

Guaranteed** Monthly income for 10 years immediately after Policy term along with one-time guaranteed** Terminal Benefit at the end of Payout Period

Guaranteed** Income Doubled

Guaranteed** monthly Income offered in first 5 years of Payout Period is doubled in the remaining 5 years

Guaranteed** Death Benefit

Nominee will have an option to select lump sum death benefit or Income for 10 years post death

Eligibility

  • Entry Age:

    • Minimum: 25 years

    • Maximum:

      • 60 years ( 6 year policy term)

      • 55 years (12 year policy term)

  • Maturity Age:

    • 66 years (6 year policy term)

    • 67 years (12 year policy term)

  • Policy Term:

    • 6 years

    • 12 years

Benefits

Death Benefit:

In case of death of the Life Insured within the Policy Term, the beneficiary shall receive the following Death Benefit:

  • The lump sum Death Benefit payable is equal to the Death Sum Assured, which is defined as the higher of:

    • 10 times the Annualised Premium*

    • 105% of total premiums paid^ (plus underwriting extra premiums^^) as on the date of death of Life Insured

    • Guaranteed** Sum Assured on Maturity (GSAM)

    • Any absolute amount assured to be paid on death#

  • While the death benefit is payable as a lump sum benefit to the nominee, the nominee also has the option to avail the death benefit as monthly income in monthly installments for period of 10 years post the date of death:

    • For 6 years Policy Term, (162%/12) times of one Annualised Premium*

    • For 12 years Policy Term, (236%/12) times of one Annualised Premium*

 

Maturity Benefit:

Minimum GSAM (Guaranteed** Sum Assured on Maturity (GSAM) is based on the minimum annualised premium* allowed and age of the Life Insured on issuance of the policy under each variant of the plan:

  • 6 year Policy Term (Age - 60 years): Rs. 4,62,960

  • 12 year Policy Term (Age - 55 years): Rs.2,80,887

 

Tax Benefits:

  • You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax advice

 

Seamless Claim Settlement Process:

  • Nominee contacts Max Life and a dedicated Claims Relationship Officer is assigned to him / her to assist in the claims process

 

*Annualised Premium means Premium amount payable during a Policy Year chosen by Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any# Absolute amount assured to be paid on death is equal to zero under this product.

^Total Premiums Paid means the total of all Premiums received, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums, and applicable taxes, cesses or levies, if any.

^^Underwriting Extra Premium means an additional amount charged by Us, as per Underwriting Policy, which is determined on the basis of disclosures made by Policyholder in the Proposal Form or any other information received by Us including medical examination report of the Life Insured.

#Absolute amount assured to be paid on death is equal to zero under this product.

Payment Options

Flexible Premium Payment Options:

  • Premium Payment Term:

    • 6 years

    • 12 years

  • Payment Mode: Only Annual mode

How Does It Work?

 

Illustation Disclaimer:

* Annualised Premium shall be the premium amount payable in a policy year chosen by the policyholder, excluding Underwriting Extra Premium, Rider Premium and applicable taxes, cesses and levies, if any

##The Income Benefit is payable monthly and is 1/12th of the Income Benefit mentioned and is expressed as a percentage of Annualised premium. The Income Benefit payable monthly in the last 5 years of the payout period is twice the Income Benefit payable monthly in the first 5 years of the payout period

Kindly note that the above illustrations are only examples and do not in any way create any rights and/or obligations.

At any point during the payout period or during the payout of death benefits, the policy holder or nominee has an option of commutation to receive the present value of outstanding benefits. Guaranteed sum Assured on Maturity can be opted after the end of the policy term as lump sum benefit in lieu of income benefit and terminal benefit. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.

Disclaimers

**The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.

 

LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT.THIS LIFE INSURANCE PRODUCT IS OFFERED AND UNDERWRITTEN BY MAX LIFE INSURANCE CO. LTD.THE LIFE INSURANCE CONTRACT IS BETWEEN THE PROPOSER AND MAX LIFE INSURANCE CO. LTD.

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd.,11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram - 122002 (Haryana). For more details on risk factors, Terms and Conditions, please read the sales Prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Insurance is the subject matter of solicitation. Trade logos displayed belong to Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd. respectively and are used by Max Life Insurance Co. Ltd. under a license. The Life Insurance contract is between the proposer and Max Life Insurance. Life Insurance coverage is available in this product. This life insurance product is offered and underwritten by Max Life Insurance Company Limited. Customer helpline number - 18601205577, Website: http://www.maxlifeinsurance.com, SMS 'LIFE' to 5616188.

YES BANK Limited is a corporate agent of Max Life Insurance Company Limited. Registered Office: YES BANK Tower, IFC – 2, 15th Floor, Senapati Bapat Marg, Elphinstone (W), Mumbai - 400 013, India. The purchase of a Max Life Insurance product by YES BANK's customer is purely on a voluntary basis. As YES BANK is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products

IRDAI Certificate Regn. No. CA0125

IRDAI Regn. No: 104

ARN No.: Max Life/Yes Bank/GIP/Web Page/Feb 2020

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!
  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums

  • Public receiving such phone calls are requested to lodge a police complaint

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Documents Required

  • MaxLife Guaranteed Income Plan - Premium Table
  • Commission Disclosure
  • MaxLife Guaranteed Income Plan - Leaflet
  • MaxLife Guaranteed Income Plan - Product Prospectus