Max Life Guaranteed Monthly Income Plan

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Max Life Guaranteed Monthly Income Plan
 
Max Life Guaranteed Monthly Income Plan is a Money Back Plan which provides for Monthly Income after the completion of the premium paying term. This is a Traditional Plan without Bonus Facility.
 
How the plan works – In this plan, Policy Tenure can be either 6 years or 11 years, as selected at policy inception. Premium needs to be paid for the entire Tenure. The Monthly Income is provided for 10 years after the completion of the policy term. Thus, the Total Policy Tenure is either 16 years or 21 years.
 
In this plan, Monthly Income Boosters are accumulated when premium is paid from year 2 onwards. However, the accumulated Monthly Income Boosters are only paid out on a monthly basis along with the Monthly Income after the completion of the Premium Paying Term.
 
Now, after the completion of the Premium Paying Term, the Monthly Income along with the accumulated Monthly Income Boosters is paid out every monthly for the entire period of 10 years.
 
On completion of the entire Policy Tenure of 16 years, 150% of the Annual Premium is paid as Guaranteed Terminal Benefit and on completion of the entire Policy Tenure of 21 years, 200% of the Annual Premium is paid as Guaranteed Terminal Benefit.
 
However, if the Life Insured dies, there is a many fold benefit that is provided to his nominee:
  • Total of all premiums paid till date are returned in a Lumpsum for Immediate Benefit
  • Future Premiums are paid by the Insurer to continue the plan
  • Monthly Income Payout starts from the next Policy Anniversary till the end of the Premium Paying Term for Regular Benefit
  • On completion of the Premium Paying Term, the Monthly Income along with Monthly Boosters are paid out as per original schedule
  • Guaranteed Terminal Benefit is also paid as per schedule.
 
 
Key Features of Max Life Guaranteed Monthly Income Insurance Plan
 
  • This is a Traditional Money Back Plan
  • This is a Non-Participating Plan with without Bonus Facility
  • Policy term is 6 or 11 years and Monthly Income would be paid for 10 years after the Policy Term
  • Monthly Income Boosters are accumulated when premium is paid from year 2 onwards. This ensures that your chosen monthly income is cushioned against inflation.
  • Guaranteed Terminal Benefit of 150% or 200% of the Annual Premium is paid
  • Death Benefit would be paid to the nominee if the Life Insured dies within the Policy Tenure.
 
Benefits you get from Max Life Guaranteed Monthly Income Insurance Policy
 
Death Benefit – In case of Death of the Life Insured:
  • During the Premium Paying Term, there is a many fold benefit that is provided to his nominee:
    • Total of all premiums paid till date are returned in a Lumpsum for Immediate Benefit
    • Future Premiums are paid by the Insurer to continue the plan
    • Monthly Income Payout starts from the next Policy Anniversary till the end of the Premium Paying Term for Regular Benefit
    • On completion of the Premium Paying Term, the Monthly Income along with Monthly Boosters are paid out as per original schedule
    • Guaranteed Terminal Benefit is paid as per schedule on completion of the Entire Payout Period of 10 years
  • After the Premium Paying Term, the nominee gets:
    • The Monthly Income along with Monthly Boosters are paid out as per original schedule for the remaining period
    • Guaranteed Terminal Benefit is paid as per schedule on completion of the Entire Payout Period of 10 years
 
Monthly Income or Money Back Benefit – After completion of the Premium Paying Term of 6 or 11 years, as selected, Monthly Income + accumulated Monthly Income Boosters are paid for every month for a period of 10 years.
 
Maturity Benefit – When the Policy matures, Guaranteed Terminal Benefit of 150% of Annual Premium for 6 year Policy Term and 200% of Annual Premium for 11 year Policy Term is paid to the Life Insured or his nominee.
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
 
Eligibility conditions & other restrictions in Max Life Guaranteed Monthly Income Policy
 
 
Minimum
Maximum
Monthly Income (in Rs.)
2,000
No Limit
Sum Assured (in Rs.)
For PT=6, SA= 180 X Monthly Income
For PT=11, SA=240 X Monthly Income
Policy Term (in years)
6
11
Premium Payment Term (in years)
Equal to Policy Term
Entry Age of Life Insured (in years)
25
65 for PT= 6
60 for PT=11
Age at Maturity of Life Insured (in years)
-
71
Payment modes
Only Annual
 
 
Sample illustration of Premium of Max Life Guaranteed Monthly Income Plan
 
Policy Term = 11 Years
Monthly Income = Rs.5,000
Expected Interest Rates = 10% (aggressive)
Max Life Guaranteed Monthly Income Plan Sample Premiums
 
Additional Features and Benefits of Max Life Guaranteed Monthly Income Plan
 
Riders – There is only 1 in-built rider available in this policy:
  1. Premium Waiver Benefit
 
                                             
What happens if?
 
You stop paying the premium – The policy will lapse if the premium is not paid within the grace period. However, it can be revived within 6 months from the due date of first unpaid premium.
However, the policy acquires a Paid Up Value and the benefits continue for a reduced coverage. Monthly Income Boosters stop accumulating once premium is not paid.
 
You want to surrender the policy – This policy acquires a Surrender Value only after completion of 3 policy years.
Guaranteed Surrender Value= 30% of all premiums paid till date – 1st years’ premium
This policy also offers a Special Surrender Value.
 
You want a loan against your policy – No Information.
 
 
Other Money Back Plans from Max Life Insurance
 
Max Amsure Bonus Builder
 
 
Some Money Back Plans from other insurance companies
 
Met Monthly Income Plan
Compare MoneyBack Plans

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