Max Life Guaranteed Income Plan – Check Benefits and Other Details
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Max Life Guaranteed Income Plan is a traditional savings scheme available with the option of monthly benefits once the policy matures. This policy is designed to create a corpus along with offering the security of life cover.
The Max Life Investment Plan is a policy loaded with benefits so that the needs and financial goals of the insured and his/her family are fulfilled. This policy can be used to accomplish the various monetary needs that may be difficult to take care of with your single income source. Hence, this savings plan can be utilized to get an assured amount to ensure the protection of your family during challenging times.
What’s Inside?
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Key Features of Max Life Guaranteed Income Plan
- This savings plan is a non-participating policy available with the option of regular premium payment
- The plan allow coverage for a period of 10 years after maturity wherein the benefits during the concluding 5 years of the policy is double as compared to the benefits paid in the starting 5 years
- The plans also pay terminal benefit after the end of the payout period.
Benefits of Max Life Guaranteed Income Plan
- In the event of the death of the insured, the nominee receives death benefit that is 105% of the total premiums paid.
- The death benefit can also be availed in the form of monthly instalments for over a period of 10 years
- Once the Max life investment matures, payout is offered in the form of monthly guaranteed income across the payout period
- The policy also pays a Terminal Benefit which is equal to 125% for 6 years and 200% for a 12-year term plan. This sum is paid once the payout period is completed
- The plan also offers the facility for the nominee to commute the monthly instalments and avail them as lump sum amount
- Income tax benefit is also available on the premiums paid by the insured
Max Life Guaranteed Income
Product Details
| Entry Age | Min. 25 years, Max. 60 years |
| Maturity Age | Max 67 years |
| Policy Term | 6 to 12 years |
| Premium Paying Term | 6 years and 12 years |
| Premium Paying Frequency | Yearly |
| Premium Annualised Amount | For 6 years term plan – INR 75,000
For 12-year term plan – INR 20,000 |
| Maximum Annualised Premium | No maximum limit |
Policy Details of Max Life Guaranteed Income
- The policy allows a grace period of 30 days for paying premium, beyond which the policy might lapse
- The policy also allows surrender value if it is surrendered after 2 to 3 years of premiums payment in full
- Further, if the policyholder is not satisfied with the term of the plan, they can cancel the policy within 15 days of free look period after buying the plan
- The policyholder can avail the benefit of getting a loan under the plan.
Documents Required for Max Life Guaranteed Income Plan
- Policyholder has to fill up a proposal form
- Fill it with all the accurate details of medical history and other details for KYC proof
- In some cases, the policyholder might be asked to go through medical examination based on his/her age and sum assured
Death benefit
The death benefit received under Max Life Guaranteed Income plan is:
- 10 times of the annual premium paid, or
- 105% of the complete premiums Paid, or
- GMSA or Guaranteed Maturity Sum Assured, or
- GDSA or Guaranteed Death Sum Assured
Commutation Option
The Max Life One Time Investment Plan allows the policyholder to exercise the commutation option if the insured wants at the time of receiving the payout of Survival Benefit. Moreover, in case of death of the policyholder, the nominee can commute the policy to get a lump sum amount of the existing value of the added death and Survival Benefit. Once the commuted value is received, the Policy gets terminated.
Case Study
Let us understand the Max Life Guaranteed Income Plan with an example. Suppose you are a salaried individual and are looking to save money by availing this savings plan for your kid’s education. You chose the Max Life Guaranteed Income plan with a 6-year term with INR 1.5 lakh premium per year. Below are the benefits you will earn.
| Benefit | Amount (in INR) |
| Total premium (entire term of 6-years) | 9,00,000 |
| Income Guaranteed (for first 5-years) | 79,185 |
| Income Paid Monthly (for first 5-years) | 6,599 |
| Income Guaranteed (for concluding 5-years) | 1,58,370 |
| Income Paid Monthly (for concluding 5-years) | 13,198 |
| Amount Paid as Terminal benefit | 1,87,500.00 |
| Guaranteed Maturity Amount | 6,67,853 |
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Conclusion
As discussed above, there are some unique features of the Max Life Guaranteed Income Plan that makes it effective. However, it is up to the discretion of the policy seeker to choose a plan as per their need. It is advised to compare and research various plans before picking the best one meeting your requirements.
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FAQs: Benefits and Other Details of Max Life Guaranteed Income Plan
Is Max Life Guaranteed Income Plan worth buying?
This is an all-inclusive life insurance plan that serves the purpose of a savings policy. The insured can either plan to receive the payout as monthly income along with the protection of life. Yes, it is a plan worth buying.
How to calculate death benefit under Max Life Guaranteed Income Plan?
Under Max Life Guaranteed Income Plan, death benefit is paid to the beneficiary as:
105% of premium amount paid so far
Assured lump sum amount on death of policyholder
Assured lump sum amount at maturity
Amount that is 10-times the annual premium
Does Max Life Guaranteed Income Plan offer surrender option? If so, when?
Yes, the Max Life Insurance Investment plan allows the policyholder an option of surrender value once the insured has paid premiums for two full-years regardless of the chosen policy period.
How to calculate the premium to be paid under Max Life Guaranteed Income Plan?
You can use the Max Life Guaranteed Income Plan calculator that is available online to check the estimated cost of premium amount as per your age and other determinants.
Does Max Life Guaranteed Income Plan help in saving money over the long-term?
Yes, it does help an insured in the long term. Further, one can buy an additional investment to combine with your life cover to take care of your life goals. It could be a policy for child education, a retirement policy, etc.
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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