Max Life Insurance has launched its new product -‘Max Life Monthly Income Advantage Plan’ – a traditional, participating and money back life insurance plan that provides guaranteed monthly income for 10 years and lump sum benefit on maturity. The plan, designed to cater to long term financial goals, also offers policy continuance benefit that ensures that all the policy benefits continue as originally planned in addition to lump sum death benefit provided as immediate financial support in case of an eventuality.
The Max Life Monthly Income advantage plan is available in two variants: Premium Payment Term of 12 years with Policy Term of 22 years, and Premium Payment Term of 15 years with a Policy Term of 25 years. The guaranteed income component starts immediately after the completion of the Premium Payment Term. The insured gets a fixed guaranteed monthly income for 10 years, post which he is also paid a lump sum maturity benefit which comprises of the sum of accrued compound reversionary bonuses and terminal bonus. The risk coverage is available throughout the policy term and includes a lump-sum benefit payable immediately on death of the life insured. The plan also offers tax benefit on the premiums paid and the benefits received by the life insured or his beneficiaries.
Rajesh Sud, CEO & Managing Director, Max Life Insurance said, “Regular income is an eminent need for all at every stage of life, especially when planning life events like child’s higher education, and retirement. The Max Life Monthly Income plan not only provides guaranteed monthly income for 10 years and a maturity benefit, but also ensures that the long term financial needs are met even in case of any eventuality.”
Key Policy Features
* Monthly Income – for the period of 10 years equivalent to sum assured, equally divided in 120 monthly payouts
* Reversionary Bonus – on completion of policy term accrued compound reversionary bonus is paid as lump sum. Compound reversionary bonus will be declared every year starting from the second policy anniversary.
* Terminal Bonus – payable on earlier of surrender or maturity, provided the policy has been in force for at least 5 years
* Policy Continuance Benefit – in case of eventuality of death of life insured during the premium payment term, this feature ensures that the nominee gets sum assured immediately. In addition, all future premiums, if any, are waived off by the company and the policy continues as planned at the time of inception and the nominee will get guaranteed monthly income and accrued compound reversionary bonus and the terminal bonus as per the timelines of the policy contract.
* Enhanced protection through riders –
i) Max Life Term Plus Rider for additional risk coverage
ii) Max Life Accidental Death & Dismemberment Rider that provides additional lump-sum benefit in case of death/dismemberment caused by accident
* Tax Benefit – on premiums paid and benefits received as per the prevailing tax laws
Monthly Income Advantage Plan snapshot:
Parameter: 10 Year Money Back
Entry Ages: 18 to 55 years
Premium Payment Term (PPT): 12 & 15 years
Policy Term: PPT + 10
Minimum Annualized Premium: Rs 50,000
Premium Payment Modes: Annual, Semi-Annual, Quarterly & Monthly
Bonus: Compounded Reversionary Bonus
Survival Benefit: 1/12th of 10% of Sum Assured payable monthly for 10 years (120 installments) after completion of PPT
Maturity Benefit: Reversionary Bonus + Terminal Bonus payable on completion of Policy Term
Death Benefit: Lump-sum Death Benefit + Waiver of Future Premiums (if any) + Income Benefit as is + Maturity Benefit as is
(Irrespective of the survival benefit paid):