Monthly Income Advantage Plan

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.

 

Benefits

  • Guaranteed Monthly income
    Get guaranteed monthly income for the next 10 years after completion of the premium payment plan
  • Maturity benefit
    Get accrued bonuses along with terminal bonus on maturity of the policy
  • Death benefit
    In case of death, your nominee will receive a lumpsum, and the policy benefits will continue
  • Self Funding of premiums:
    In case of death, future premiums are waived off, with the beneficiary receiving Maturity benefits and regular income
  • Long term coverage
    Get a life cover of up to 25 years by paying premiums for only a 15 year term
  • Tax benefits
    Get tax deductions for your premiums based on the prevailing tax laws

Illustration

How this plan works?

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