Max Life Monthly Income Advantage Plan

Max Life Monthly Income Advantage Policy is offered by Max Life Insurance Co. Ltd. It is one of the essential savings and income plans among the company's life insurance plans. The plan offers flexibility to choose premium payment terms, policy term, and other benefits.

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It provides lump sum money as monthly income for ten years, 20 years, or 30 years. Thus, it is highly beneficial for consumers who want to secure their future financial obligations.

How Does Max Life Monthly Income Advantage Plan Work? 

Here’s how the plan works:

  • Max Life Monthly Income policy has a premium payment term of 6 years, eight years, ten years, 12 years, and 15 years. During these years, the policyholders are required to pay the premiums. Max Life Monthly Income Advantage insurance also offers guaranteed monthly income of 10 years, 20 years, or 30 years. 

  • During these years, the policyholders will receive lump sum money as promised in the policy in monthly, quarterly, semi-annually, or annual mode. Therefore, the consumers must choose the premium payment terms and monthly income terms.

  • They are requested to buy the policy at an early age. Since it will help to pay lesser premiums and gain more income. The policyholders will have the policy term equal to premium payment terms plus 10,20, or 30 years.

  • On maturity of the policy, the policyholders will receive the maturity value of Max Life Monthly Income Advantage Policy as lump sum money and other accrued bonuses. The policy has a 90-year maximum maturity age. A minimum annualized premium of INR 25,000 is needed for policyholders.

  • In case of the death of the policyholders during the policy term, the nominee will receive all the benefits. The nominee will not be required to pay further premiums. The nominee will receive guaranteed monthly income and maturity benefits on due dates as per terms and conditions of Max Life Monthly Income Advantage insurance.

Max Life Monthly Income Advantage Plan v/s Other Insurance Plan

Max Life monthly income advantage plan has multiple advantages over its competitors. Here are some of them:

  • Max Life Monthly Income Advantage Policy is different from other life insurance plans because it offers life and financial covers. The life insurance plan does not include any monthly guaranteed income facility, which this policy does.

  • Other life insurance plans provide coverage for health, education, child upbringing, and other facilities. However, this policy provides coverage for future income. Consumers are required to invest now to get payment in a monthly or annual mode in the future. 

  • Other life insurance plans need to consider the overall fitness and well-being of the individuals. However, this savings plan focuses more on the individuals' savings, investment, and financial aspects. 

  • The plan offers different premium and policy terms. It enables the users to choose from 15 varieties of the policy. Thus, the Max Life Monthly Income policy meets the financial needs of individuals more appropriately.

How to Buy Max Life Monthly Income Advantage Plan? 

Follow these steps to buy the plan online and offline:

  • The interested individuals can buy Max Life Monthly Income Advantage Insurance Online through the company website. They must find the "Pay Online" link for online payment of premiums and others.

  • However, the interested individuals are requested to read all the available documents carefully. The company has given the information available on their website. Consumers are required to visit the website and find the relevant details.

  • They can also calculate probable premiums to be paid through the Max Life Monthly Income Advantage Insurance Online calculator.

  • The consumers will have to put the date of birth, gender, premium payment terms, expected monthly income, and other details to calculate the premiums paid annually, semi-annually, quarterly or monthly mode.

  • Once they decide on the premium amounts and expected benefits, they must visit the customer login page. The customers must register themselves by providing a registered mobile number and date of birth. They will receive an OTP to log in to the page and continue further processes. 

  • As registered customers, they will be able to declare personal details and financial information as asked on the page. Once the required data is submitted, the customers can pay the premiums and buy the policy successfully. The platform supports payment through net banking, debit, and credit cards. 

What is Covered Under Max Life Monthly Income Policy? 

The policy offers coverage for financial expenses from a long-term perspective. It includes critical coverage for individuals essential to the need for financial security. The critical covers provided by the policy are mentioned below.

  • Guaranteed Monthly Income: Once the premium payment term ends, the policy would provide monthly income for 10, 20, or 30 years as per the chosen policy.

  • Maturity Benefit: Once the policy matures, it gives all the accrued and terminal bonuses.

  • Death Benefit: The policy provides death benefits to the nominee in case of the policyholder dies. As per the death benefits, the nominee should not pay premiums as it is waived off. However, the policy will continue. Thus, it will offer all the additional benefits per the policy terms.

  • Long Term Coverage: The policyholders can get live coverage of 45 years by paying premiums only for 15 years. However, the policy includes premium payment terms of 6years, eight years, ten years, 12 years, or 15 years.

  • Tax Benefits: The policy offers tax benefits as per the Income Tax Act 1961. The insured individuals will get a tax deduction based on the premiums paid. (Tax benefit is subject to changes in tax laws.)

What Is Not Covered Under Max Life Monthly Income Policy?

The policy does not offer coverage to the insured individuals in some instances. These are listed below:

  • In case the insured individual commits suicide within the 12 months of the risk commencement date or policy revival date, the policy will not offer any coverage. If the policy has acquired surrender value, it will provide surrender value or total premiums paid plus underwriting of extra premiums plus loading for modal tips delivered, whichever is higher. 

  • Or, the policy will pay the total dividends paid to date plus different underwriting premiums paid plus loading for modal premiums paid as applicable.

  • The procedure will not cover in case of the insured individuals become the victim of certain critical diseases. If they wish to get the cover for certain acute conditions, they must buy a relevant rider plan.

  • The policy does not cover the case of injury incurred due to war, civilian misdeed, nuclear attack, weaponry attack, and others.

Max Life Monthly Income Policy Benefits

The insurance plan offers various benefits, as discussed below:

  1. Death Benefits

    The policy offers lump-sum benefits and policy continuance benefits in case of the death of the life insured. The lump-sum benefits facilitate:

    • an amount higher than 11 times the annualized premium plus extra underwriting premium

    • 105% of total compensation paid plus underwriting additional premium and loading for modal premiums paid to date

    • guaranteed sum assured to maturity any other absolute amount confirmed to be paid on maturity.

    Under policy continuance benefit, all the due premiums from the date of death of the insured individuals are waived off while the policy is continued.

  2. Maturity Benefits

    The benefit is offered when the policy matures. The maturity benefits include accrued compound reversionary bonus and terminal bonus along with the policy's maturity value as applicable.

  3. Survival Benefits

    The benefit is applicable after completing the premium payment term. The use amounts to one-twelve of 10% of the sum assured to be payable for 10, 20, or 30 years monthly.

  4. Riders Benefits

    The policy offers four key rider benefits: critical illness and disability rider, the term plus rider, accidental death and dismemberment rider, and Covid-19 one-year term rider.  

Max Life Monthly Income Policy Review

The consumers who have purchased a monthly income advantage policy from Max Life are satisfied. They have rated the company and its services positively. It helped the company to assure a sum of 1,087, 987 crores. 

The increasing popularity of the services offered by the company has helped to have assets under management of 1,00,000 crores. The company has 277 offices across India. It has a claim paid a percentage of 99.35%. 

FAQ's

  • What is the most efficient method of purchasing the policy?

    The best way to purchase the policy is through online payment through the company website. Consumers can also purchase the policy from its branches located across India. They can also purchase the policy through various intermediaries. However, consumers are advised to purchase directly from the company.
  • How long should I invest in the policy?

    Consumers are advised to invest in the early stages. Since it will help them earn more benefits from the policy by paying a lesser premium amount, the consumers must choose policy terms based on their age, income, and other requirements. They should get counsel from Max Life Insurance Corporation's experts if they have any doubts.
  • Who is the beneficiary of the policy?

    The policyholders are the beneficiary of the policy. However, in case of the death of the policyholders, the nominee will be the beneficiary. If the policyholders insure other persons, the insured individuals will be the beneficiary.
  • How to change the policy and buy a new one?

    The policyholders can change to a new policy at policy renewal. They can also change the policy anytime during the policy terms. However, the renewal period will be the appropriate time to leverage all the policy's benefits. The new insurer will offer them all the benefits as per their promises.
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Max Life Monthly Income Advantage Plan Reviews & Ratings

4.2 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Mohan
Dehradun, September 26, 2016
Trustable
Max life insurance company provides wide range of insurance policies. I purchased traditional insurance policy. Policy is perfect with many benefits and paybacks. Claims are very easy to cleared with help of the executives of the company. Online portal is for online renewals which is very easy to do.
Gagan
Akluj, August 24, 2016
"Superb"
The policy i have is max traditional life insurance policy. My colleague suggested me the plan, the plan is quite interesting so i took it. Service is fast and on time till last visit. Online renewal is possible through online portal which can be handled by anyone because it has simple interface.
Nadeem
Kurukshetra, July 26, 2016
Investment plan
Max life insurance policy status facilitates me traditional insurance plan which is very nice and it has low premiums too. The coverage is high and claims are even better. Claiming procedure is simple. The renewals are easy to do on online service which can be operated by anybody.
Jihaan
Lakhanpur, July 11, 2016
Traditional Policy
My investment policy is awesome with some good benefits. Service provided is very quick and due to this the claiming part become easy. Hassle free paperwork and documentations and due to online service the renewal of the policy is simple.
Sumit
Bangalore, June 29, 2016
Good
Policy coverage is good and claims are better which easily sanctioned due to fast service provided by the company members. Very good traditional insurance plan, Premiums are low. Service of the internet is good and easy to use.
Kamal
Navi_mumbai, April 20, 2016
Perfect Policy Plan
I finally buy max life insurance traditional policy plan. Policy covers almost all cases and the amount of returns is around 40 L. Service provided is fast and on time. Good future investment which save taxes. Nice services facilitate by executives and staff members.
Gaurav
Suratgarh, April 20, 2016
Just Go For It
The policy i have is max traditional policy plan which is very good and the premiums are low with high in policy coverage 89%. The claiming part is very easy because the service is very fast with good response from the staff members. Nice future investment with tax savings.
Umakant
Thane, April 20, 2016
Above Average
My max life traditional policy plan is good in services. The policy coverage is good ~85% and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members. The payback amount is ~Rs.31 L. I like the terms and conditions of the policy plan.
Yashu
Ulhas_nagar, April 20, 2016
Awesome
Policy has all benefits and the investments are also low. Around Rs.36 L is payback amount. Max life insurance provide me traditional plan which has good facilities and the service is very quick. The up gradation details in policy is mailed to me time to time. The behaviour and service provided by the executive and staff members is awesome.
Waqar
Chittoor, April 20, 2016
Fair Policy
Max life insurance traditional policy plan which have 88% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. The daily updates are texted and mailed time to time to may email id and cell phone.
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