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Max Life Monthly Income Advantage Plan

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How Does Plan Work

Mr. Bajaj, aged 40 years, wishes to have an additional income and wants to ensure financial protection in case of death. Thus, he 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
 
 
  • Scenario 2: Mr. Bajaj meets with an accident and dies in the 5th policy year, i.e. after paying 5 Premiums


Kindly note that the above are only illustrations and do not create any right and/or obligations. The assumed non-guaranteed rates of return chosen in the above illustration are 4% and 8%. These assumed rates of return are not guaranteed and are not the upper or lower limit 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 Service Tax charges. Please note that Bonuses are NOT guaranteed and may be as declared by the Company from time to time.For more information, please request for your policy specific benefit illustration.

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Key Features

  • Guaranteed Monthly Income - Get guaranteed monthly income for 10 years immediately after completion of Premium Payment Term.
  • Lump Sum Benefit on Maturity - Enjoy accrued bonuses along with Terminal Bonus on maturity of the policy.
  • Tax Benefit - Get tax benefits on all premiums paid and policy benefits received by you as per the prevailing tax laws.
  • Policy Continuance Benefit - In case of an eventuality -
    • Get lump sum benefit immediately on death to ensure financial security of your loved ones.
    • The Company also waives off all future premiums payable by you to ensure that all benefits i.e. Guaranteed Monthly Income Benefit & Maturity Benefit are paid to your beneficiary as and when due, thus, ensuring that your dreams for your family are taken care of even in your absence.
  • Comprehensive Protection through Riders - Avail the option of enhancing your risk coverage through the available riders.


Key Benefits

  • Survival Benefit: Survival Benefit: Income Benefit + Maturity Benefit where,
    • Income 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 commencing immediately after completion of the Premium Payment Term.
    • Maturity Benefit: Accrued compound reversionary bonus (if any) plus terminal bonus (if any) shall be payable on completion of the Policy Term
  • Death Benefit: Following shall be payable on death of the Life Insured:
    • Lump sum Benefit - Death Benefit shall be payable on the death of the Life Insured, where Death Benefit is higher of:
      i) 11 times the Annualised Premium*
      ii) 105% of all the premiums paid till the date of death of the Life Insured
      iii) Guaranteed Sum Assured on Maturity (Guaranteed Sum Assured on Maturity is equal to zero (0) under this plan as all guaranteed benefits are payable as guaranteed monthly income for 10 years after completion of Premium Payment Term) 
      iv) Any absolute amount assured to be payable on death (this is equal to Sum Assured)
    • Policy Continuance Benefit - All due premiums, if any, coinciding or following the date of death of the Life Insured shall be waived off and the policy will continue as it is and Guaranteed Monthly Income Benefit & Maturity Benefit shall be payable to the beneficiary as and when due. Policy shall participate in future bonuses.


Eligibility conditions and other restrictions

Entry Ages (Age as on Last Birthday) Minimum Age: 18 years 
Maximum 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
 


Additional Features and Benefits

Riders Available
  • Max Life Term Plus Rider (UIN – 104B026V01) ) provides additional risk coverage in case of death
  • Max Life Accidental Death & Dismemberment Rider (UIN - 104B027V01) provides lump sum benefit  in case of death/dismemberment due to accident


What happens if

Surrender

The Policy cannot be surrendered before it has acquired the Surrender Value. However, if the Policy has been
surrendered post it has acquired the Surrender Value, then the same shall be payable to you. Surrender Value is defined as the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)

Loan

Not available under this plan.

Revival

Once the Policy has lapsed/RPU, it can only be revived within a revival period of two years from the due date of
first unpaid premium, subject to following conditions:
  • You paying all overdue premiums, together with interest and/or late fee applicable as on the date of revival and as determined by the Company from time to time;
  • The Life Insured producing an evidence of insurability at your own cost which is acceptable to the Company; and
  • The revival of the Policy shall take effect only after revival of the Policy is approved by Max Life Insurance basis the Board approved underwriting policy and communicated to you in writing. Once the Policy has been revived, all the accrued bonuses (if any) and benefits will get reinstated to original levels, which would have been the case had the Policy remained premium paying all throughout.

Discontinue Paying Premium

In case the premium is not paid by the premium due date, a Grace Period of 30 days from the due date of first
unpaid premium will be allowed. During this Grace Period, the risk cover will continue.
In case the premium is not paid by the expiry of the Grace Period, the following provisions will apply:
  • Discontinuance of Payment of Premium before the Policy has acquired surrender value
  • Discontinuance of Payment of Premium after the Policy has acquired surrender value
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