Max Life Guaranteed Income Plan

Max Life Guaranteed Income Plan is a savings plan that offers guaranteed income benefits, whether you survive the policy term or not. It's a non-linked, non-participating plan, meaning your policy's value is not tied to the performance of any underlying investments. This ensures a stable and predictable income stream, making it a reliable financial security option.

Read more
kapil-sharma
  • 4.8~ Rated
  • 7.7 Crore Registered Consumer
  • 50 Partners Insurance Partners
  • 4.2 Crore Policies Sold

Investment Plans

  • Guaranteed Tax Savings^Under sec 80C & 10(10D)
  • Under sec 80C & 10(10D)Invest ₹10k Per Month*
  • Zero LTCG Tax^
Buy Online & Get upto 4% extra#
Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
+91
Secure
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs
Get Updates on WhatsApp
We are rated~
rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is the Max Life Guaranteed Income Plan?

The Max Life Guaranteed Income Plan is a non-linked, non-participating individual life insurance savings plan designed to provide financial security. This investment plan offers a guaranteed income benefit, ensuring that you or your beneficiaries receive a specified sum of money, either upon your survival to the end of the policy term or in the event of your unfortunate demise. With this plan, you can rest assured that your loved ones will be financially protected, even in unforeseen circumstances.

Features of Max Life Guaranteed Income Plan

Below are the features of the Max Life Guaranteed Income Plan

  • Immediate Income: Once the policy term ends and all premiums are paid, you'll start receiving a guaranteed monthly income immediately.

  • 10-Year Payout Period: This income will continue for 10 years, ensuring a stable financial flow.

  • Doubled Income: After 5 years, your monthly income will double, providing a significant boost to your financial resources.

  • Life Cover: The plan offers life cover for the entire policy term, providing a guaranteed death benefit.

  • Choice of Payout Options: In case of death during the policy term, your nominee can choose between a lump sum death benefit or continued monthly income for 10 years.

  • Commutation Option: If you prefer a lump sum payment instead of monthly instalments, you can avail of the commutation option at any time after the income starts.

Eligibility Criteria for Max Life Guaranteed Income Plan

Parameters  Details 
Age at Entry For 6 years Policy Term: 25 years to 60 years
For 12 years Policy Term: 25 years to 55 years
Maximum Maturity Age For 6 years Policy Term: 66 years
For 12 years Policy Term: 67 years
Policy Term This product has two Policy Term options: 6 years & 12 years
Premium Payment Terms Same as the chosen Policy Term
Payout Period Period of 10 years (120 months) after the completion of Policy Term.
For 6 years Policy Term: starting from 73rd month (beginning of 7th year) to 192nd month (end of 16th year)
For 12 years Policy Term: starting from 145th month (beginning of 13th year) to 264th month (end of 22nd year)
Premium Payment Mode Annual mode only
Minimum Annualised Premium For 6 years, Policy Term: ₹75,000 per annum For 12 years, Policy Term: ₹20,000 per annum
Maximum Annualised Premium The maximum premium under the product is subject to the limits determined in accordance with the Board approved underwriting policy of the Company

Benefits of Max Life Guaranteed Income Plan

 Below are the benefits of the Max Life Guaranteed Income Plan: 

  • Income Benefit: Receive a fixed monthly income for 10 years after the policy term ends. The specific amount will be detailed in the plan prospectus.

  • Terminal Benefit: Get a lump sum payout at the end of the 10-year payout period. This amount varies based on your chosen policy term:

    • 6-year term: 125% of your annualized premium.

    • 12-year term: 200% of your annualized premium.

  1. Flexibility in Receiving Income:

    • Lump Sum Option: You can choose to receive the entire Survival Benefit (Income Benefit + Terminal Benefit) as a lump sum at the end of the policy term, before the payout period begins.

    • Commutation Option: Even during the payout period, you have the option to convert the remaining monthly payouts into a lump sum amount.

  2. Death Benefit Protection:

    • In case of the policyholder's death during the policy term, a guaranteed lump sum death benefit will be paid to the nominee. The benefit amount depends on the chosen policy term:

      • 6-year term: 12.75 times your annualized premium.

      • 12-year term: 18.50 times your annualized premium.

    • Flexible Death Benefit Payout: The nominee can receive the death benefit as a lump sum or opt for monthly installments spread over 10 years. The installment amounts are:

      • 6-year term: (162% / 12) times your annualized premium per month.

      • 12-year term: (236% / 12) times your annualized premium per month.

    • Commutation Option for Death Benefit Installments: The beneficiary can further choose to convert the remaining monthly death benefit installments into a lump sum at any point.

  3. Additional Features:

    • Surrender Value: The policy acquires a surrender value after paying premiums for 2 full years. You can surrender the policy and receive this surrender value.

    • Potential Tax Benefits: You may be eligible for tax benefits on premiums paid and policy benefits received. However, tax laws are subject to change, so seeking independent tax advice is recommended.

Policy Details of Max Life Guaranteed Income Plan

  1. Free Look Period

    The Max Life Guaranteed Income Plan offers a free look period to give you time to review the policy terms and conditions. This period lasts for:

    • 15 days from the date you receive the policy document.

    • 30 days if you purchased the policy through a distance marketing channel (e.g., online or phone).

    During the free look period, you can cancel the policy if you disagree with any of the terms and conditions. To cancel, simply return the policy document stating your reasons for objection.

  2. Grace Period

    The Max Life Guaranteed Income Plan also offers a Grace Period for premium payments. This period lasts for:

    • 30 days from the due date of each premium payment.

    During the Grace Period, you can still pay your premium without any late fees. However, it's important to note that:

    • Your coverage remains active during the Grace Period.

    • In case of death during the Grace Period: Max Life will deduct the unpaid premium from the benefits payable to your beneficiary.

FAQs

  • How is the Death Benefit determined in the Max Life Guaranteed Income Plan?

    The death benefit paid to the nominee under the Max Life Guaranteed Income Plan is the highest of the following amounts:
    • 105% of the total premiums paid

    • The Guaranteed Sum Assured on Death

    • The Guaranteed Sum Assured on Maturity

    • 10 times the annualized premium

  • When can I surrender the Max Life Guaranteed Income Plan?

    The Max Life Guaranteed Income Plan acquires a surrender value after you’ve made premium payments for at least two full years, regardless of the policy term selected. As the policyholder, you also have the option to commute future benefits and receive them as a lump sum amount.
  • How does the Max Life Guaranteed Income Plan support long-term financial goals?

    The Max Life Guaranteed Income Plan helps you create an additional income stream along with life coverage, making it suitable for achieving key life goals such as funding your child’s education, planning for retirement, or saving for a wedding.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Investment Plan
Insurers Offering Guaranteed Return Plans

Max Life

Bajaj Allianz

Tata AIA

Aditya Birla Sun Life

HDFC Life

Bharti AXA Life

Canara HSBC

Edelweiss Life

Bandhan Life

SBI Life

Aviva

Future Generali

IDBI Federal

IndiaFirst

Kotak Life

PNB MetLife

Pramerica Life

Reliance Life

Sahara Life

Star Union

View more insurers
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Invest More Get More!
You Get
₹1 Crores*
You Invest
₹10K/month
You Get
₹80 Lakhs*
You Invest
₹8K/month
You Get
₹50 Lakhs*
You Invest
₹5K/month
Investment Plan 3

Investment plans articles

Recent Articles
Popular Articles
ICICI Compound Interest Calculator

20 Nov 2024

The ICICI Compound Interest Calculator is a valuable financial
Read more
Types of Investment

14 Nov 2024

Investing is a powerful tool for building wealth, securing
Read more
Different Types Of Bonds

11 Nov 2024

Bonds are a type of investment where the investor can invest
Read more
Annual Percentage Rate (APR)

11 Nov 2024

Annual Percentage Rate (APR) means the interest rate you will
Read more
Investment Horizon

11 Nov 2024

An investment horizon is the time you plan to hold an investment
Read more
Best NRE Savings Accounts for NRIs in 2024
  • 28 Jan 2022
  • 70749
India is a growing economy and is getting a lot of global recognition these days. It has shown immense growth in
Read more
30 Best Investment Options in India in 2024
  • 04 Apr 2014
  • 1864443
Are you looking for the best investment option for you? From traditional investments like Fixed Deposits (FDs)
Read more
Short Term Investments Options
  • 10 Feb 2014
  • 519825
Short-term investments are financial assets that can be easily converted to cash within a short period, ranging
Read more
Post Office Senior Citizen Savings Scheme (SCSS) 2024
  • 13 Feb 2020
  • 99640
The Post Office Senior Citizen Savings Scheme (SCSS) is a government-backed scheme designed specifically for
Read more
Best Saving Plans in India 2024
  • 30 Jan 2019
  • 150970
Saving money is an important step towards achieving financial independence and security. Whether you're looking
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL