(A Non-Linked Participating Individual Life Insurance Savings Plan)
With Max Life Monthly Income Advantage Plan, get guaranteed** monthly income for 10 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 years after completing your premiums
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:
Rs.2,16,000 (8 Pay variant)
Rs.3,24,000 (12 Pay Variant)
Rs.4,05,000 (15 Pay variant)
Entry Age :
55 years (8 Pay/12 Pay variant)
50 years (15 pay variant)
73years (8 Pay variant)
77years (12 Pay variant)
75 years (15 pay variant)
18years (8 Pay variant)
22years (12 Pay variant)
25 years (15 pay variant)
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
Maturity & Survival Benefit:
Maturity Benefit: Accrued compound reversionary bonus (if any) plus terminal bonus (if any) shall be payable on completion of the Policy Term
Survival Benefit: Guaranteed** monthly income equal to one twelfth (1/12th) of 10% of Sum Assured shall be payable for 10 years (120 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 of the Life Insured
Max Life Accidental Death & Dismemberment Rider (UIN: 104B027V03) - Provides lump-sum benefit in case of death/dismemberment of the Life Insured caused due to accident
For more details on Riders, please refer to the respective Rider Prospectus.
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.
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. Limited. Max Life Insurance Co. Ltd., 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) -122 002. For more details on the risk factors, terms and conditions, please read the 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 a subject matter of solicitation. Trade logos displayed belong to Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. respectively and are used by Max Life Insurance Co. Ltd. under a license. You can call us on our Customer Helpline No. 1860 120 5577, Website- https://www.maxlifeinsurance.com/ , SMS 'LIFE' to 5616188.
YES BANK Limited is the Corporate Agent of Max Life Insurance Co. Ltd. Registered Office: YES BANK Limited, IFC - 2, 15th Floor, Senapati Bapat Marg, Elphinstone Marg (W), Mumbai – 400013. 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/MIAP/Web Page/Feb 2020
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