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Max Life Guaranteed Income Plan
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Max Life Guaranteed Income Plan is a non-linked and non-participating savings plan which also provides the benefits of a life cover to keep your family financially secured during uncertain times. The plan provides guaranteed monthly income right after the end of the policy term for a payout period of 10 years. The guaranteed monthly income gets doubled in the last 5 years of the payout period. A guaranteed terminal benefit is also payable at the end of the payout period.
The plan offers you a commutation option under which you can choose to receive the present value of the survival benefit or the death benefit as a lump sum instead of the regular monthly income payouts. However, there is no loan facility available under the plan.
Best Features of Max Life Guaranteed Income Plan
The best features of Max Life Guaranteed Income Plan are as follows -
- Guaranteed Monthly Income- The plan provides guaranteed monthly income immediately after the end of policy term of 6 or 12 years as chosen by you.
- Double Income- Guaranteed monthly income provided during the first 5 years of the payout period gets doubled during the last 5 payout years.
- Terminal Benefit- A lump sum equivalent to 125% and 200% of the annualised premium is paid for a 6-year and a 12-year policy respectively at the end of the income payout period.
- Reduced Paid Up Benefit- After the payment of the first 2 years’ premiums, the policy automatically gets converted into a reduced paid-up policy in case the due premiums are not paid even till the end of grace period.
- Policy Revival- A lapsed or reduced paid-up policy can be revived within 5 years from the date of the first unpaid premium.
Benefits of Max Life Guaranteed Income Plan
The key benefits offered by Max Life Guaranteed Income Plan are as follows -
1. Survival Benefit
In case of the survival of the life assured till the end of the policy term, a survival benefit equivalent to the aggregate of the income benefit and the terminal benefit is payable.
- Income Benefit
The Income Benefit is payable as monthly instalments during a payout period of 10 years after the completion of the policy term. This income benefit is equivalent to a certain percentage of the annualised premium and gets doubled during the last 5 payout years.
- Terminal Benefit
A Terminal Benefit equivalent to 125% of the annualised premium in case of a 6-year policy and equivalent to 200% of the annualised premium in case of a 12-year policy is payable as a lump sum.
You can choose to receive the entire survival benefit as a lump sum instead of monthly payouts.
2. Death Benefit
In case of an unfortunate death of the life assured, the highest of the following is payable as the death benefit to the nominee as a lump sum -
- 10 times the annualised premium
- 105% of the total premiums paid till the date of the death
- Guaranteed sum assured on maturity
- Any absolute amount assured to be paid on death.
The nominee can choose to receive the death benefit in monthly instalments over a period of 10 years from the date of death of the life assured.
3. Surrender Benefit
In case you wish to surrender the policy anytime before the completion of the policy term but after the payment of full 2 years’ premiums, you will be entitled to receive a surrender benefit. The surrender benefit is equivalent to the higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
Max Life Guaranteed Income Plan Eligibility
Max Life Guaranteed Income Plan comes with the following eligibility conditions -
|Eligibility Criteria For Max Life Guaranteed Income Plan|
|Minimum Age at Entry||25 years|
|Maximum Age at Entry|
For 6-year policy term – 60 years
For 12-year policy term – 55 years
|Maximum Age at Maturity|
For 6-year policy term – 66 years
For 12-year policy term – 67 years
|Policy Term||6 years, 12 years|
|Premium Payment Term (PPT)||Same as the policy term|
|Premium Payment Frequency||Annual Mode only|
|Minimum Annual Premium Amount|
For 6-year policy term - INR 75,000 per annum
For 12-year policy term - INR 20,000 per annum
|Maximum Annual Premium Amount||No limit, subject to underwriting|
|Minimum Guaranteed Sum Assured on Maturity|
For 6-year policy term - INR 4,62,960
For 12-year policy term - 55 years- INR 2,80,887
|Maximum Guaranteed Sum Assured on Maturity||In accordance with the underwriting limits|
|Guaranteed Sum Assured on Death|
For 6-year policy term - 12.75 times of the annualised premium
For 12-year policy term - 18.50 times of the annualised premium
Max Life Guaranteed Income Plan Review
Max Life Guaranteed Income Plan is a savings cum life insurance plan which provides you guaranteed benefits to secure your as well as your loved ones’ future. The benefits under the plan can be availed in the form of regular monthly income or as a lump sum. A terminal benefit equivalent to up to 200% of the annualised premium is also offered under the plan. One of the striking features of the plan is provision of twice the monthly payout during the last 5 years of the income payout period. This plan can be shortlisted by individuals looking for a savings plan with short policy term and monthly income benefit.
Max Life Guaranteed Income Plan FAQs
1. What is the grace period under the plan?
The plan comes with a grace period of 30 days from the date of the first unpaid premium.
2. What is the value of the death benefit if received in monthly instalments?
If you decide to receive the death benefit in monthly instalments, the payout of the benefit will be made in the following manner-
Variant Death Benefit (% of Annualised Premium) 6 years Policy Term 162%/12 12 years Policy Term 236%/12
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