Max Life Monthly Income Advantage Plan

What are the Key Features?

What are the Plan Benefits?

• Lumpsum Benefit: On the death of the life insured, a lump sum death benefit is payable. The death benefit is higher of 105% of all the premiums paid, 11 times the annualized premium, Guaranteed Sum Assured on Maturity, or any absolute amount assured to be payable on death.
• Policy Continuance Benefit: All future premiums will be waived off, in the event of death of the life insured during the policy term. The policy continues and Income and Maturity benefit shall be payable to the nominee/beneficiary.Policy shall participate in future bonuses.

Survival Benefit comprise of Income Benefit and Maturity Benefit.

• Income Benefit: 1/12th of 10% of sum assured is payable as guaranteed monthly income 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) + Terminal Bonus (if any) is payable on the completion of the policy term. Compound Reversionary Bonus is declared every year from the second policy year. Terminal bonus is payable once at the surrender or maturity (whichever occurs earlier) of the policy. Terminal bonus is applicable after 5 policy years.

Loan facility cannot be availed under this policy.

After lapse, the policy can be revived within the revival period of 2 years from the due date of the first unpaid premium. If a policy is under Reduced Paid Up Mode and is not revived during the revival period, it will not terminate and continue to be under Reduced Paid Up Mode.

This policy acquires a surrender value after payment of all premiums for at least 3 full policy years.

Who can Buy the Plan?

Is any Rider Available with this Plan?

The following Riders are available with this plan after payment of additional premium, as applicable.

• 1. Max Life Term Plus Rider provides additional risk coverage in case of death.
• 2. Max Life Accidental Death & Dismemberment Rider provides lump-sum benefit in the unfortunate event of death/dismemberment caused due to accident.

Is the Plan, eligible for Tax Benefit?

Premiums paid under this policy, qualify for the tax benefits as per Section 80C and the death benefit qualify for tax benefits under section 10 (10D) of the Income Tax Act.

(Subject to the provisions stated therein.)

How the Plan Works?

Let us understand the plan with a help of an example.

Mr. Ahluwalia of age 40 years, looking to have an additional income and also wants to ensure financial protection for the family, in case of his death. He invests Rs 1 Lac in Max Life Monthly Income Advantage Plan on an annual mode. He chooses 12-year premium paying term (22-year policy term).

Scenario 1: Mr. Ahluwalia survives through the policy term.

Scenario 2: Mr. Ahluwalia meets with an accident and dies in the 5th policy year (after paying 5 premiums)

(Note: the above are only illustrations and do not create any rights 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).