*Guaranteed monthly income for a period of 10, 20, or 30 years, immediately after the completion of Premium Payment Term. Life insurance coverage is available in this product.

Max Life Monthly Income Advantage Plan

We all wish to lead a tension-free life with our loved ones. Vacations, weekend plans, festivals, and family functions give us occasions to rejoice with our family. At the same time, we must go through jobs, careers, and business hours to earn money to fulfil 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 45 years with a limited premium payment term.

3 Reasons Why You should Buy Max Life Monthly Income Advantage Plan

  • Guaranteed Monthly Income for 10, 20, or 30 years after completing your premiums
  • Get accrued bonuses along with a Terminal Bonus on the maturity of the policy
  • In case of death, the policy continues as is and your family receives the policy benefits
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What do You get with Max Life Monthly Income Advantage Plan?

What do You get with Max Life Monthly Income Advantage Plan?

Guaranteed Monthly Income

Get guaranteed monthly income for the next 10, 20, or 30 years after the completion of the Premium Payment Term

Maturity Benefit

Get accrued bonuses along with Terminal Bonus on policy maturity

Death Benefit

In case of death, your nominee will receive a lump sum, and the policy benefits will continue

Self Funding of Premiums

In case of death, future premiums are waived off, with the beneficiary receiving the Maturity benefits & regular income

 

Long-Term Coverage

Get life coverage for up to 45 years by paying premiums for only a 15-year term

Tax Benefits

Get tax deductions for your premiums based on the prevailing tax laws1

All You Need to Know about Max Life Monthly Income Advantage Plan

All You Need to Know about Max Life Monthly Income Advantage Plan

Insert Image Survival Benefit

It is the sum of Income Benefit and Maturity Benefit.

Income Benefit: You will start receiving a guaranteed monthly income totaling 1/12th of 10% of the Sum Assured, immediately after completion of the Premium Payment Term. These payouts will continue for 10 years (120 months).

Maturity Benefit: You will receive a sum of Accrued Compound Reversionary Bonus (if any) and Terminal bonus (if any) on completion of the Policy Term. A Compound Reversionary Bonus is declared each year starting from the second Policy anniversary. Terminal Bonus is an additional bonus payable only on Maturity. In case of surrender (provided the Policy has been in force for at least five years), you will receive the Surrender Value of the Terminal Bonus.

Insert Image Death Benefit

In case of death of the life insured, the nominee will receive a lump sum, and the policy will continue as before.

The Lump sum is the highest amount of the following:

  • 11 times the (Annualised Premium plus Underwriting Extra Premiums, if any),

  • 105% of (total premiums paid plus underwriting extra premiums plus loadings for modal premiums paid till the date of the death of the Life Insured

  • 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)

  • 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 will be waived off and the policy will continue. Your beneficiary will receive Guaranteed Monthly Income Benefit & Maturity Benefit (including bonuses) as and when due.

Here, 'Annualised Premium' means the Premium payable during a Policy Year chosen by Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any.

'Total Premiums Paid' means the total of all Premiums received, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums, and applicable taxes, cesses or levies, if any.

'Underwriting Extra Premium' means an additional amount we charge, as per the Underwriting Policy, which is determined based on disclosures made by the Policyholder in the Proposal Form or any other information we receive, including medical examination report of the Life Insured.

Insert Image Tax Benefit

You can avail certain tax deductions on your premiums and on proceeds from the policy benefits.

Please note that all such tax deductions are subject to tax laws prevailing at the time of payment of premium or receipt of benefits1.

Mr Bajaj, aged 40 years, invests Rs. 1,00,000 in Max Life Monthly Income Advantage Plan on an annual basis. He opts for a 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. 11,51,977

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 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%*

Lump sum Payable at Maturity
(in the 22nd year) (B)

Rs. 94,096

Rs. 11,51,977

Total Death Benefit (A + B + D)

Rs. 29,92,646

Rs. 40,50,526


*Kindly note that the examples above are only illustrations and do not create any rights 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. The value of your policy depends on several factors, including future investment performance. The actual experience on the contract may be different from the illustrations above. 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.

 

Entry Ages

(Age as on Last Birthday)

Minimum entry age: 18 years

Maximum entry age: 

 6-Pay-16 variant - 50 years

 6-Pay-26 variant - 50 years

 6-Pay-36 variant - 45 years

 8-Pay-18 variant - 55 years

 8-Pay-28 variant - 50 years

 8-Pay-38 variant - 45 years

 10-Pay-20 variant - 55 years

 10-Pay-30 variant - 50 years

 10-Pay-40 variant - 45 years

 12-Pay-22 variant - 55 years

 12-Pay-32 variant - 50 years

 12-Pay-42 variant - 45 years

 15-Pay-25 variant - 50 years

 15-Pay-35 variant - 50 years

 15-Pay-45 variant - 45 years

Maximum Maturity Age
(Age as on Last Birthday)

 6-Pay-16 variant - 66 years

 6-Pay-26 variant - 76 years

 6-Pay-36 variant - 81 years

 8-Pay-18 variant - 73 years

 8-Pay-28 variant - 78 years

 8-Pay-38 variant - 83 years

 10-Pay-20 variant - 75 years

 10-Pay-30 variant - 80 years

 10-Pay-40 variant - 85 years

 12-Pay-22 variant - 77 years

 12-Pay-32 variant - 82 years

 12-Pay-42 variant - 87 years

 15-Pay-25 variant - 75 years

 15-Pay-35 variant - 85 years

 15-Pay-45 variant - 90 years

Premium Payment Term

6 years, 8 years, 10 years, 12 years, or 15 years

Policy Term

Policy Term is equal to the Premium Payment Term + 10/20/30 years, depending upon the combination chosen

Sum Assured

Minimum:

 6-Pay-16 variant - Rs. 1,62,000

 6-Pay-26 variant - Rs. 81,000

 6-Pay-36 variant - Rs. 54,000

 8-Pay-18 variant - Rs. 2,16,000

 8-Pay-28 variant - Rs. 1,08,000

 8-Pay-38 variant - Rs. 72,000

 10-Pay-20 variant - Rs. 2,72,500

 10-Pay-30 variant - Rs. 1,35,000

 10-Pay-40 variant - Rs. 90,000

 12-Pay-22 variant - Rs. 3,24,000

 12-Pay-32 variant - Rs. 1,62,000

 12-Pay-42 variant - Rs. 1,08,000

 15-Pay-25 variant - Rs. 4,05,000

 15-Pay-35 variant - Rs. 2,02,500

 15-Pay-45 variant - Rs. 1,35,000

 

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

Annual Premium

Minimum Annual Premium: Rs. 25,000 excluding underwriting extra premium, modal extra, all applicable taxes, cesses and levies, if any as imposed by the Government

Maximum Annual Premium: No limit
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Asset Allocation of PAR Fund - Maxlife Insurance

*Bonus once declared is guaranteed.
**Please note that the past performance of par fund or bonus declared is not indicative of future performance or returns.

ARN No: PCP/MIAP/210223

Additional Benefits through Riders

Additional Benefits through Riders

Max Life Term Plus Rider

Add Max Life Term Plus Rider to enhance protection against any unfortunate incident that may cause death. This rider benefit is available above the base plan life cover. (For further details, please refer to Max Life Term Plus Rider, UIN - 104B026V03, prospectus)

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Max Life Critical Illness and Disability Rider

Max Life brings a comprehensive insurance plan that covers up to 64 critical illnesses along with total and permanent disability coverage. You can choose the best variant for you from the five available variants. You will also be eligible for a discounted renewal premium, based on the number of steps monitored on Max Fit app. You can even choose to get coverage up to the age of 85 years. (For further details, please refer to Max Life Critical Illness and Disability Rider, UIN – 104B033V01, prospectus/brochure

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Max Life Accidental Death & Dismemberment Rider

Extend the protection cover for your family in case of an accident leading to dismemberment or death. (For further details, please refer to Max Life Accidental Death & Dismemberment Rider, UIN - 104B027V03, prospectus)

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Max Life COVID-19 One Year Term Rider

Get financial protection from the uncertainty of COVID 19, with a lump sum payout on COVID-19 diagnosis or death after COVID Diagnosis (For further details, please refer to the Max Life COVID-19 One Year Term Rider Prospectus, UIN –104B048V01). Both Diagnosis and Death Cover are available only for the Life Insured.

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'Wondering How Savings Plans can Meet Your Financial Goals and Family’s Needs?'

Understand Savings & Income plans better

 

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments
Claims Paid Percentage

99.51%

99.51%

(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023)

Max Life's Presence

269 Offices

269 Offices

(Source: As reported to IRDAI, FY 2022-23)

Sum Assured

₹1,397,142 Cr.

₹1,397,142 Cr.

In force (individual) (Source: Max Life Public Disclosure, FY 2022-23)

Assets Under Management

₹122,857 Cr.

₹122,857 Cr.

(Source: Max Life Public Disclosure, FY 2022-23)

More reasons why our customers choose us

Let’s Connect

Let’s Connect

Online Sales Helpline
0124 648 8900
 (09:00 AM to 09:00 PM Monday to Saturday)

service.helpdesk@maxlifeinsurance.com
SMS 'LIFE' to 5616188

Let us call you back
Customer Service Helpline
1860 120 5577
(9:00 AM to 6:00 PM Monday to Saturday)
  Chat with us

Please write to us in case of any escalation/feedback/queries.

Write to us
NRI Helpdesk
011-71025900; 011-61329950
(9:00 AM to 6:00 PM Monday to Saturday)

nri.helpdesk@maxlifeinsurance.com