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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.
| 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 |
The death benefit received under Max Life Guaranteed Income plan is:
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.
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 |
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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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.
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
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.
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.
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.
PayBima Team
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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