Max Life Guaranteed Income Plan and Policy
Max Life Guaranteed Income Plan and Policy - Max Life Guaranteed Income Plan offers you guaranteed benefits from the beginning, to ensure you can fulfil your dreams and the dreams of your family. Providing for your children’s education, planning for your retirement, or looking at the security of your family and their needs in your absence. The Max Life Guaranteed Income Plan provides you with a guaranteed income for a 10 year period. The income payable monthly in the last 5 years of the pay-out period is twice the income payable monthly in the first 5 years of the pay-out period. This is followed by a one-time guaranteed terminal benefit payable at the end of the pay-out period.
Key Features - Max Life Guaranteed Income Plan and Policy
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Guaranteed tax free monthly income - prevailing to the Income Tax laws you will receive a monthly income for the next 10 years. Along with a one time guaranteed terminal benefit payable at the end of the pay-out period (10 years).
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Guaranteed income that doubles in a period of 5 years - the monthly income offered in the first 5 years of the pay-out period is doubled in the remaining 5 years.
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Immediate pay-out at the end of the policy term - enjoy a monthly pay-out immediately after the policy term.
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Guaranteed Protection pay-out options on death - in case of the policyholder's death during the policy term, the nominee will have an option to select either a) Lump sum Death Benefit or b) Income for 10 years post death.
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Get monthly income as lump sum - offers you a commutation option where you receive the present value of the survival and death benefit, instead of the monthly pay-outs. This option can be availed anytime once the monthly pay-out has been started.
Benefits - Max Life Guaranteed Income Plan and Policy
Survival Benefit |
Survival Benefit = income benefit + terminal benefit |
Death Benefit |
On the death on the policyholder during the term. The death benefit will be equal to a guaranteed death sum assured which is payable to the nominee. For a 6 year policy term = 12.75 times of 1 annual premium For a 12 year policy term = 18.50 times of 1 annual premium |
Commutation Option |
Commutation option can be exercised anytime during the survival benefit pay-out or by the nominee on the death of the policyholder. The commutation value is derived by using a rate of discount of 5.7% per annum. |
Tax Benefit |
Tax benefits are applicable as per the laws of the IT Act 1961 |
Surrender Option |
The surrender option can be shown at a value: For a 6 year policy term - after a payment of 2 full years premium For a 12 year policy term - after a payment of 3 full years premium |
Grace period |
A grace period of 30 days is allowed for the due date of each premium in this policy |
Free-look period |
A free-look period of 15 days is allowed from the receipt of this policy document for review |
Eligibility - Max Life Guaranteed Income Plan and Policy
Criteria |
Eligibility |
Age of the policyholder |
For both 6 and 12 year Policy Terms Minimum Age: 25 years Maximum Entry Ages: For 6 year Policy Term – 60 years For 12 year Policy Term – 55 years |
Maturity Age of the policyholder |
For 6 year Policy Term – 66 years For 12 year Policy Term – 67 years |
Premium Payment Term |
Only regular premium payment option and has two premium payment term options – 6 years and 12 years. Should be the same as the policy |
Policy Term (s) |
6 years and 12 years. On the completion of policy period will be followed by a pay-out period of 10 years ( or 120 months) |
Guaranteed Maturity Sum Assured |
Based on the minimum annual premium allowed and age of the policyholder at the issuance of the policy under each plan: 6 year Policy Term (Age: 60 years): Rs.4,50,873 12 year Policy Term (Age: 55 years): Rs.2,69,565 |
Max Newyork Savings Life Insurance Plans and Policy |
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| Max Newyork Protection Plans |
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| Max Life Cancer Insurance Plan |
| Max Life Super Term Plan |
| Max Life Premium Return Protection Plan |
| Max Newyork Child Insurance Plans |
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| Max Life Future Genius Education Plan |
| Max Shiksha plus Super Plan |
| Max Newyork Retirement Plans |
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| Max Life Forever Young Pension Plan |
| Max Life Guaranteed Lifetime Income Plan |
| Max Life Life Perfect Partner Super Plan |
| Max Newyork Growth Insurance Plans |
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| Max Life Fast Track Super Plan |
| Max Newyork Savings Plans |
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| Max Life Guaranteed Income Plan |
| Max Life Whole Life Super |
| Max Life Life Gain Premier |
| Max Newyork Group Insurance Plans |
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| Max Life Group Gratuity Premier Plan |
| Max Life Group Super Life Premier in lieu of EDLI |
| Max Life Group Super Life Premier |