Overview
We all wish that we lead a worry-free life with our loved ones. Vacations, weekend plans, festivals, family functions give us occasions to rejoice with our family. At the same time, we have to go through jobs, careers, business hours to earn money for our family's financial needs. Max Life Monthly Income Advantage Plan helps to ensure that you aren’t hard-pressed to meet these commitments in the future & your family remains financially secure, even in your absence. Under this plan, you can get life coverage of up to 25 years with a limited premium payment term.
Illustration
Mr. Bajaj, aged 40 years, invests Rs. 1,00,000 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. Bajaj survives through the Policy Term
Total Annualised Premium Paid in 12 years |
Rs. 12,00,000 |
Sum Assured |
Rs. 14,49,275 |
Guaranteed monthly income payable for 10 years (starting from the 13th year) |
Rs. 12,077
[(0.10 x Sum Assured) /12] |
Total payout in 10 years(A) |
14,49,275 |
Non-guaranteed Rate of Return |
4%* |
8%* |
Lumpsum Payable at Maturity (in the 22nd year) (B) |
Rs. 94,096 |
Rs. 11,51,976 |
Total Survival Benefit (A + B) |
Rs. 15,43,371 |
Rs. 26,01,251 |
Scenario 2: Mr. Bajaj meets with an accident and dies in the 5th policy year, i.e. after paying 5 Premiums
Total Premium Paid in 5 years |
Rs. 5,00,000 |
Death Benefit payable on death
(equal to the Sum Assured) (D) |
Rs. 14,49,275 |
Pending 7 premiums |
Waived off by Max Life Insurance |
Guaranteed monthly income payable for 10 years
(starting from the 13th year) |
Rs. 12,077
[(0.10 x Sum Assured) /12] |
Total payout in 10 years (A) |
Rs. 14,49,275 |
Non-guaranteed Rate of Return |
4%* |
8%* |
Lumpsum Payable at Maturity
(in the 22nd year) (B) |
Rs. 94,096 |
Rs. 11,51,976 |
Total Death Benefit (A + B + D) |
Rs. 29,92,646 |
Rs. 40,50,526 |
*Kindly note that the example above are only an illustration and does not create any rights and / or obligations. The assumed non - guaranteed rates of return chosen in the above illustrations are 4% and 8%. These assumed rates of returns are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance. The actual experience on the contract may be different from the illustrated. The guaranteed and non - guaranteed benefits are applicable only if all due premiums are paid. The premiums mentioned above are exclusive of all applicable taxes, cesses and levies as imposed by the Government. Please note that Bonuses are NOT guaranteed and may be as declared by the Company from time to time. For more information, please request your policy specific benefit illustration.
Check your eligibility:
Entry Ages
(Age as on Last Birthday) |
Minimum entry age: 18 years
Maximum entry age:
12 Pay variant - 55 years
15 Pay variant - 50 years |
Maximum Maturity Age
(Age as on Last Birthday) |
12 Pay variant - 77 years
15 Pay variant - 75 years |
Premium payment options:
Premium Payment Term
12 years or 15 years
Policy Term
Premium Payment Term plus 10 years, i.e.
12 Pay variant - 22 years
15 Pay variant - 25 years
Sum Assured
Minimum: 12 Pay variant - Rs. 3,24,000
15 Pay variant - Rs. 4,05,000
Maximum: No limit, subject to the Board approved underwriting policy of the Company
Premium Payment
Modes
The product allows Annual, Semi-Annual, Quarterly and Monthly premium paying modes
Minimum / Maximum
Annualised Premium
Minimum Annualised Premium: Rs. 25,000 excluding underwriting extra premium, modal extra, all applicable taxes, cesses and levies, if any as imposed by the Government
Maximum Annualised Premium: No limit