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.Read more
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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.
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 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.
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.
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.)
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.
The insurance plan offers various benefits, as discussed below:
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.
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.
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.
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.
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%.
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