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Max Life Monthly Income Advantage Plan

Max Life Monthly Income Advantage Plan

Max Life Monthly Income Advantage 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.

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.3,24,000 ( 12 Pay Variant); Rs. 4,05,000 (15 Pay variant)

  • Entry Age :

  • Min. 18 years

  • Max. 55 years (12 Pay variant), 50 years (15 pay variant)

  • Maturity Age: 77 (12 Pay variant), 75 years (15 pay variant)

  • Policy Term: 22 (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: 12 or 15 years

  • Payment Mode: Annual, Semi-Annual, Quarterly and Monthly.

7. Add Riders:

  • Max Life Term Plus Rider - provides additional risk coverage in case of death

  • Max Life Accidental Death & Dismemberment Rider- 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.

  • Link to Claim Settlement Section / FAQs and Numbers.

Calculate Premium Or Talk To Us

 

Premium Table :

Savings Advantage Plan Premium Rate Table PDF

Commission Disclosure :

Commission Disclosure PDF

Leaflet :

Savings Advantage Plan Leaflet PDF

Prospectus :

Savings Advantage Plan Prospectus PDF

 

## 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

 

1447424156976

Scenario 2: Mr. X meets with an accident and dies in the 5th policy year i.e. after paying 5 premiums:

 

 

1447424157000

 

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.

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