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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.

 

YES Bank is a registered Corporate Agent of Max Life Insurance Company Limited under the Corporate Agency License no. CA0125. The Life Insurance Products are offered and underwritten by Max Life Insurance Company Limited having IRDAI Registration No:104, CIN: U74899PB2000PLC045626 having its corporate office at 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) -122 002

Max Life Guaranteed Income Plan, Non Linked Non Participating Individual Life Insurance Saving Plan UIN- 104N085V04 are obligations only of Max Life Insurance Company Limited. They are not Bank deposits or obligations of or guaranteed by YES Bank Limited. All claims under the policy will be solely decided upon by Max Life Insurance Company Limited.

The purchase of any insurance product by YES Bank Customers is purely voluntary and is not linked to availment of any other facility from YES Bank. For more details on risk factors, benefits, waiting period, exclusions, coverage, terms and conditions please read the sales brochure carefully before concluding the sale.

Tax benefits on the Insurance Product are subject to the conditions and limits mentioned in the Income Tax Act 1961 as amended from time to time. Customer is advised to take an independent view from tax consultant.

All guaranteed benefits are payable only when applicable as per the product premiums are paid when due.

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 Co. Ltd. is a joint venture between Max Financial Services Limited and Axis Bank Ltd. Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co. Ltd. Customer Helpline number 1860 120 5577, Website- https://www.maxlifeinsurance.com/ , SMS 'LIFE' to 5616188.

Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Policy holders are advised to consult tax expert for better clarification /interpretation.

ARN: Max Life/Yes Bank/GIP / Webpage / June 2021

IRDAI Regn No: 104 I CA Regn. No. CA0125

For any queries with respect to Insurance Policies bought through YES Bank, kindly contact us at our Toll Free No: 18001200, Email ID: yestouch@yesbank.in, Website: www.yesbank.in

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

For more details on YES Bank copyright & disclaimer and Privacy Policy, please visit our website www.yesbank.in

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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
  • MaxLife Guaranteed Income Plan - Standard Disclaimer