The Max Life Guaranteed Income Plan is a savings plan that provides policyholders with life cover and assured pay-outs. The plan disburses a monthly income for the payout period of 10 years. This monthly income is doubled after 5 years. In case of an emergency or immediate need, customers can choose to get a lump sum amount instead of monthly income. To put it simply, this is a savings plan with assured income which grows over a period of time.
Benefits and Eligibility of Max Life Guaranteed Income Plan
This insurance plan is designed to provide the policyholder with a number of benefits. Some of them are listed below:
Survival or Maturity Benefit
On completion of premium policy term or policy term, the insured will get the terminal benefit and start earning assured monthly income for ten years. Here survival benefit is calculated as:
Survival/Maturity Benefit = Income Benefit + Terminal Benefit
- Income Benefit:The amount policyholder gets for ten years after the completion of the term of the policy is called income benefit.
- Terminal Benefit:This is one-time lump sum amount which is paid by the insurer at the end of the payout period.
| Parameters | For 6 years Policy Term | For 12 years Policy Term |
| Terminal Benefit | 125% annualized premium | 200% annualized premium |
Maturity or survival benefit can be availed at the end of the policy tenure or before the payout period. This lump sum payout option provides the policyholders with guaranteed sum assured on maturity.
Death Benefit
At the event of the policyholder’s demise during the policy tenure, the beneficiary will get the guaranteed lump sum payout with the option to convert that benefit into monthly income. The death benefit is equal to guaranteed sum assured amount on death. The death benefit offered will always be the highest of:
- 105% of the total paid premiums
- 10x the annualised premium
- Guaranteed sum assured on death(GSAD)
- Guaranteed sum assured on maturity(GSAM)
Surrender or Commutation Option
A policy owner can surrender their policy at any time right after it has acquired the surrender value. An insurance policy gets the surrender value as illustrated below:
- Policy Termof 6 Years: After paying 2 full yearly premiums (13th month)
- Policy Term of 12 Years: After paying 3 full yearly premiums (25thmonth)
It is suggested to refer to your policy documents to know more about the surrender value of Max Life Guaranteed Income Plan.
Income Tax Benefit
The policyholder will get certain income tax deductions on their premiums and returns. Please note that income tax benefits will be provided as per the prevailing tax laws.
After benefits, now look at the eligibility criteria and more product details in the table below:
| Particular | Details | |
| For 6 Years | For 12 Years | |
| Policy Term | 6 and 12 years | |
| Premium Payment Term | Same as the selected policy term | |
| Minimum Annualized Premium | Rs. 75,000 | Rs. 20,000 |
| Entry Age | 25-60 years | 25-55 years |
| Maturity Age | 66 years | 67 years |
| Sum Assured | As per the rules of the policy | |
| Free-Look Period | 15 days
(this period can be extended to 30 days if the insurance product is sourced through a distance marketing mode) |
|
| Grace Period | 30 days | |
How Max Life Guaranteed Income Plan Works?
To understand how this insurance plan actually works, let us look at the following example:
Mr. Avinash Sharma is a 45-year old man working in an IT company. He buys Max Life Guaranteed Income Plan with 12 years of policy term because he wants assured income as soon as he finishes all the premiums. He is paying Rs. 1 lakh as annual premium and he chooses his wife as his beneficiary.
Now, take 2 different scenarios; 1st where Mr. Sharma will survive till the end of the policy term and 2nd if he dies during the policy term.
1st scenario: He will get survival benefits which is 200% annualized premium if he survives till the end of the policy term. He will also get the option to receive a lump sum amount instead of monthly income.
2nd scenario: He dies during the term of the policy, his nominee wife will get the option on how she would like to get the death benefits. She can either choose a lump sum death benefit which will be 105% of the premiums paid or 10 times the annualized premiums or she can go for the monthly income.
Calculate Premiums Online While Purchasing an Insurance Plan
An easy way to find the right insurance plan is by calculating the premiums in advance. To use Max Life Guaranteed Income Insurance Plan calculator, follow the below-listed steps:
- Browse through the official website of Max Life and select your plan from the option ‘All Plans’.
- You will get to see the option ‘Calculate Premium’ on the product page, click on it.
- A new page will open where you will have to provide some of your basic details such as date of birth, gender, annualized premium, policy term and premium paying term before clicking on ‘Calculate’ option.
- After this, you will get an estimated value of the premium amount that you will have to pay towards the policy.
It is advisable to thoroughly read and review each detail before making the final decision. Once you are satisfied with the approximated premium amount, you can connect with Max Life Insurance for further processes.
To purchase this plan, you can get assistance over phone or simply step out to collect forms and documentation related information from your nearest branch office of Max Life.
FAQs
Q1. Can a policyholder change their premium payment mode?
Yes, they can change their premium payment mode. However, it is only allowed for the active policies and on their anniversary. Policyholders can change their mode by sending Max Life a duly filled and signed form.
Q2. How to pay premiums for this insurance plan?
Max Life offers its customers a number of convenient, secure and easy options to pay premiums. These options include:
- Through Electronic Clearance Service (ECS)
- Through cheque or demand draft in drop boxes in all Max Life branches
- Through internet banking, credit card and debit card
- Through IVR by calling their customer care helpline number 1860-120-5577
- Through cash payment at the local branches across the cities.
Q3. How to collect premium receipts or consolidated statement?
To collect premium receipts or consolidated statement, the policyholder needs to log on to the Max Life’s customer portal and click on the ‘Download’ button. They can also contact Max Life on their customer care helpline number 1860-120-5577 or write an email and send it at mobile.assist@loopmobile.in. The insurer will provide the policy owner with all their requested details within two working days.
Q4. What is the process to change the nomination and address in the policy?
The process for these requests is quite easy. Look at the following to know more:
- Nomination Change:A policy owner can change nomination at any time throughout the policy term or benefit of an active policy. It can be done by submitting a duly filled amendment request form at the nearest branch office of Max Life.
- Address Change:The process of changing the address is the same as the nomination. Policyholders need to fill out and submit a duly filled policy amendment request form along with the new address proof at the nearest branch.
Q5. What are the benefits of availing ECS facility?
ECS service comes with a number of benefits. When a policyholder opts for this service, there is no need to sign cheques, prepare demand drafts, visit multiple times to the Max Life branch office to make the payments, etc. After successful registration for ECS, the premium amount will automatically be debited from the bank account of the customer on the due date. This facility helps in decreased instances of a lapsed policy.
Q6. What is the process to activate the ECS facility?
To avail this facility, a duly filled and signed NACH/ECS/Direct Debit Mandate Instruction Form should be submitted at the nearest branch of Max Life Insurance along with a cancelled cheque.
Q7. What are the charges of availing ECS facility?
The ECS facility is free of cost. No charges are applicable.