Max Life Monthly Income Advantage Plan
Max Life Monthly Income Advantage Plan
(A Non-Linked Participating Individual Life Insurance Savings Plan; UIN:104N091V05)
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.
1 . Why This Plan?
Get monthly income for 10 years after completing your premiums
In case of death, policy continues as is and your family receives policy benefits
Get accrued bonuses along with Terminal Bonus on maturity of the policy
Policy Continuance Benefit even in case of death along with premium wavier
2. Sum Assured and Eligibility
Sum Assured : Min: Rs. 2,16,000 (8 Pay variant) , Rs. 3,24,000 (12 Pay variant), Rs. 4,05,000 (15 Pay variant)
Min. 18 Years
Max. 55 Years (8 Pay/12 Pay variants) , 50 Years (15 Pay variant)
Maturity Age: 73 Years (8 Pay variant), 77 Years (12 Pay variant), 75 Years (15 pay variant)
Policy Term: 18 Years (8 Pay variant), 22 Years (12 Pay variant), 25 Years (15 Pay variant)
3. Death Benefit :
Lump-sum Benefit : Death Benefit payable is higher of
11 times the Annualised Premium
105% of all the premiums paid till the date of death of the Life Insured
Guaranteed Sum Assured on Maturity
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.
4. 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.
5. Get Tax Benefits:
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.
6. Flexible Premium Payment Options:
Premium Payment Term: 8, 12 or 15 years
Payment Mode: Annual, Semi-Annual, Quarterly and Monthly.
7. Add Riders:
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
For more details on Riders, please refer to the respective Rider Prospectus
8. 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.
## How Does This Work: (link to point 3 & 4 above)
Mr. X, aged 35 years, invests 75,000 in Max Life Monthly Income Advantage Plan on an annual mode. He opts for 12 year Premium Payment Term (22 year Policy Term).
Let¿s see how this plan would work for him:
Scenario 1: Mr. X survives through the Policy Term
Scenario 2: Mr. X meets with an accident and dies in the 5th policy year i.e. after paying 5 premiums:
1. Kindly note that the above case studies are only examples and do not in any way create any rights and/or obligations. The actual experience of the policy may be different from what is shown above. The above scenarios are depicted at assumed rate of returns with 4% and 8% and these are not the upper or lower limits of what one can expect from this policy, as it is dependent on number of factors including future investment performance.
2. 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.
3. Bonuses are non-guaranteed and are declared at the sole discretion of the Company.
For more information, please request for your Policy specific benefit illustration.
The 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). IRDAI Registration No. – 104. For more details on 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. 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. Insurance is the subject matter of solicitation. For more details on the rider and the various terms and conditions, please refer to the Rider Prospectus(s) available at www.maxlifeinsurance.com. For further details, call Customer helpline number -1860 120 5577
YES BANK Limited is the Corporate Agent of Max Life Insurance Co. Ltd. Registered Office: YES BANK Tower, IFC – 2, 15th Floor, Senapati Bapat Marg, Elphinstone (W), Mumbai 400 013, India. IRDAI Certificate Regn. No. CA0125 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.
Unit Linked Insurance Products are different from the traditional Insurance products and are subject to the risk factors. The Premium paid in Unit Linked Insurance Policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Policyholder / Insured is responsible for his / her decisions. Max Life Insurance Company Limited is only the name of the Insurance Company and Max Life Monthly Income Advantage Plan is only the name of the Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your insurance agent or the intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects and returns. For more details on risk factors, terms and Conditions please read Prospectus carefully before concluding a sale. Past performance of the funds does not indicate the future performance of the funds.
ARN: Max Life/YBL/Website/MIAP/ Jan 2020
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS
IRDAI clarifies to public that
IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.
IRDAI does not announce any bonus.
Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
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