(A Non-Linked Participating Individual Life Insurance Savings Plan)
With Max Life Monthly Income Advantage Plan, get guaranteed** monthly income for 10/20/30 years to meet your recurring expenses and lump-sum benefit ensuring that your dreams for your loved ones are addressed at all times.
Get monthly income for 10/20/30 years after completing your premium payment term i.e. 6/8/10/12/15 years
Get accrued bonuses along with Terminal Bonus on maturity of the policy
Policy Continuance Benefit even in case of death of Life Insured along with premium wavier
Sum Assured: Minimum:
12-Pay-22 Rs. 3,24,000
15-Pay-25 Rs. 4,05,000
6pay - 16, 26, 36 years
8pay - 18, 28, 38 years
10pay - 20, 30, 40 years
12pay - 22, 32, 42 years
15pay - 25, 35, 45 years
Lump-sum Benefit: Death Benefit payable is higher of
11 times the Annualised Premium* plus Underwriting Extra Premium^^, if any),105% of (^total premiums paid plus underwriting extra premiums^^ plus loadings for modal premium paid till the date of death of the Life Insured
Guaranteed** Sum Assured on Maturity
Any absolute amount assured to be payable on death
Policy Continuance Benefit – All the premiums, if any, coinciding or following the date of death of the Life Insured shall be waived off and the Policy will continue as is and Survival & Maturity Benefits shall be payable to the beneficiary as and when due. Policy shall participate in future bonuses
Guaranteed** monthly income equal to one twelfth (1/12th) of 10% of Sum Assured shall be payable for 10/20/30 years (120/240/360 months) at each monthly anniversary after completion of the Premium Payment Term.
As per the prevailing tax laws, the premium paid is eligible for tax exemption under section 80 C as per the Income Tax Act 1961. Death benefits received by the policyholder’s nominee are also tax free
Max Life Term Plus Rider (UIN – 104B026V03) provides additional risk coverage in case of death
Max Life Accidental Death & Dismemberment Rider (UIN – 104B027V03) provides lump-sum benefit in case of death/dismemberment caused due to accident
Max Life COVID19 One Year Term Rider (UIN: 104B048V01) provides benefits in case of diagnosis and death of the Life Insured (post diagnosis) due to Coronavirus disease (COVID – 19) is available under this product.
Max Life Critical Illness and Disability Rider (UIN: 104B033V01) provides benefits in case of Critical Illnesses or Total and permanent Disability of the Life Insured is available under this product.
Please refer the Rider Prospectus (or Max Life Website) for more details on Rider. The above riders and their subsequent version may be attached with this product or any future versions of this product
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.
^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 Sum Assured under this product
Flexible Premium Payment Options:
Premium Payment Term:
*Annualised Premium shall be the premium amount payable in a policy year chosen by the policyholder, excluding Extra Premium, Rider Premium, loading formodal premiums and applicable taxes, cesses and levies, if any.
#Please note that the above-assumed rates of return, 4% and 8%, are only scenarios at these rates after recovering all applicable charges. These are not guaranteed and they are not the upper or lower limits of returns of the Funds selected in your policy, as the performance of the Funds is dependent on a number of factors including future investment performance.
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. Tax benefits are subject to change in tax laws. It is advisable to seek an independent tax advice.
Bonuses are non-guaranteed and are declared at the sole discretion of the Company
**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 Monthly Income Advantage Plan, A Non-Linked Participating Individual Life Insurance Savings Plan UIN: 104N091V06 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/MIAP/Web page/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: email@example.com, Website: www.yesbank.in
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