Savings and Income Plans from Max Life Insurance Company Limited have been very craftily designed to provide you with savings for future as well as income for the later or coming years. Let’s check out the Max Life Savings and Income Plans:

Max Life Whole Life Super Plan

Max Life Whole Life Super is basically a non-participating savings plan. The policy provides you with insurance cover for a lifetime.

Maturity Benefit:

• Accrued Paid Up Additions (PUA, if any) + Guaranteed Maturity Sum Assured + Terminal Bonus (if any)

Death Benefit:

• The payable amount under this plan on death benefit will be the highest of 11 times the Annualized Premium
• OR 105% of all premiums paid by Policyholder as on the date of the Life Insured’s Death
• OR Guaranteed Maturity Sum Assured preferred by the Policyholder at the time of policy Inception.

Bonus Payout:

• Cash: Get annual bonus in cash as and when declared by the Max Life Insurance Company.
• Premium Offset: You can make use of the accumulated cash bonus to pay for future premiums.

Terminal Illness Benefit:

• Max Life Whole Life Super Plan pays 50% of the Guaranteed Maturity Sum Assured immediately upon the policyholder’s request.

Age Limit:

• 18 to 50 years

Premium Payment Term:

• 10/15/20 years

Policy Term:

• Up to age 100 years of Life Insured Policy Tenure = 100 less age at entrance of the Life Insured

Payment Frequency:

• Annual
• Semi Annual
• Quarterly
• Monthly

Premium Amount:

• Minimum - Rs. 8,500/- (excluding all applicable cesses, taxes and levies as imposed by the Government of India)
• Maximum - No limit imposed (conditional on underwriting)

Sum Assured:

• Minimum - Rs. 50,000/- (conditional on minimum premium limits)
• Maximum - No limit imposed (subject to underwriting)

Max Life Guaranteed Income Plan

Max Life Guaranteed Income Plan is a non-linked non-participating savings insurance plan. The policy provides you with guaranteed payout alternatives.

Maturity Benefit:

On maturity, the policy offers terminal benefit along with guaranteed monthly income for 10 years.

• Survival Benefit = Income + Terminal benefit, where Income Benefit = Monthly income payable during the 10 year Payout Period after the completion of the Policy Tenure and Terminal Benefit = One time Lump Sum payment to be paid at the end of Payout Period.

Death Benefit:

• The payable amount will be equivalent to Guaranteed Sum Assured which is 12.75 times of one Annualized Premium for a Policy Term of 6 years
• OR 18.50 times of one Annualized Premium for a Policy Term of 12 years.

Monthly Income:

• (162% / 12) times one Annualized Premium for a Policy Term of 6 years
• OR (236% / 12) times one Annualized Premium for a Policy Term of 12 years.

Age Limit:

• 25 to 55 years

Premium Payment Term:

• 6/12 years

Policy Term:

• 6 years
• 12 years

Payment Frequency:

• Annual

Premium Amount:

• 6 years - 75,000/-
• 12 years – Rs. 20,000/-

Max Life Life Gain Premier Plan

Max Life Life Gain Premier Plan is basically a non-linked participating savings insurance plan. This policy provides you with a guaranteed Sum Assured on maturity.

Maturity Benefit:

• Accrued Paid Up Additions (PUA, if any) + Guaranteed Maturity Sum Assured + Terminal Bonus (if any).

Death Benefit:

• Accrued Paid-Up Additions (if any) + Guaranteed Death Benefit + Terminal Bonus (if any). The payable amount will be 11 times the Annualized Premium.
• OR 105% of all premiums paid by the Policyholder as on the date of Life Insured’s death.
• OR Guaranteed Maturity Sum Assured selected by the Policyholder at the time of policy Inception.

Bonus Payout:

• Cash: Avail the annual bonus in cash as and when the Max Life Insurance Company declares.
• Premium Offset: You can make use of the accumulated cash bonus to pay for your future premiums.
• Paid Up Additions (PUA).

Terminal Illness Benefit:

• Max Life Life Gain Premier Plan pays 50% of the Guaranteed Maturity Sum Assured immediately upon policyholder’s request.

Age Limit:

• Minimum Age: 18 years
• Maximum Age: 55 years for 15/20 year Policy Tenure
• For 25 year Policy Tenure, the age limit is 50 years

Maximum Maturity Age:

• For 15 years Policy Term, the maximum maturity age is 70 years
• For 20 years and 25 years Policy Term, the maximum maturity age is 75 years

Premium Payment Term:

• 6/8/10/12 years

Policy Term:

• 15/20/25 years

Payment Frequency:

• Annual: Rs. 8,500/-
• Semi-annual: Rs. 6,000/-
• Quarterly: Rs. 4,000/-
• Monthly: Rs. 1,500/-

Guaranteed Sum Assured:

• Minimum: Rs. 50,000/- (conditional on minimum premium limits)
• Maximum: No limit imposed for maximum guaranteed SA

Max Life Monthly Income Advantage Plan

Monthly Income Advantage Plan from Max Life Insurance Company Limited is basically a non-linked participating savings insurance plan. Immediately after the completion of the Premium Payment Term (PPT), Max Life Monthly Income Advantage Plan provides with Guaranteed Monthly Income for 10 years.

Survival Benefit:

• Income Benefit: The policy provides with guaranteed monthly income totaling to 1/12th of 10% of Sum Assured for 120 months.
• Maturity Benefit: On maturity, Max Life Monthly Income Advantage Plan provides with Sum of Accrued Compound Reversionary Bonus (if any) and Terminal bonus (if any) on the completion of the Policy Term.

Death Benefit:

• The payable lump sum amount will be highest of 11 times the Annualized Premium
• OR 105% of all the premiums paid as on the date of the Life Insured’s death
• OR Guaranteed Sum Assured on Maturity (Under this plan, the Guaranteed Sum Assured on Maturity = Zero, since all guaranteed benefits are to be paid as guaranteed monthly income for 10 years following the completion of Premium Payment Term)
• OR Any absolute amount assured is to be to be paid on death (this amount equal to the Sum Assured).

Bonus:

• On maturity of the policy, you can avail accrued bonuses along with Terminal Bonus under this plan

Rider Options:

• Max Life Accidental Death and Dismemberment Rider
• Max Life Term Plus Rider

Age Limit

• Minimum entry age: 18 years

Maximum entry age:

• 12 Pay variant: 55 years
• 15 Pay variant: 50 years

Maximum Maturity Age:

• 12 Pay variant: 77 years
• 15 Pay variant : 75 years

Premium Payment Term

• 12 or 15 years

Policy Term

Premium Payment Term (PPT) + 10 years, i.e.:

• 12 Pay variant: 22 years
• 15 Pay variant: 25 years

Payment Frequency

• Annual
• Semi-Annual
• Quarterly
• Monthly

Sum Assured

• Minimum: 12 Pay variant - Rs. 3,24,000/-
• 15 Pay variant - Rs. 4,05,000/-
• Maximum: No limit imposed

Premium Amount

• Minimum Annual Premium: Rs. 25,000/- (excluding modal extra, extra premium, all applicable cesses, taxes and levies as imposed by the Government of India)
• Maximum Annual Premium: No limit imposed on maximum annual premium

Max Life Assured Wealth Plan

Max Life Assured Wealth Plan is basically a non-linked non participating life insurance plan. This Max Life insurance plan has been particularly designed for building wealth.

Death Benefit:

• The payable amount will be a higher of 10 times the Annualized Premium
• OR 105% of all premiums paid till the date of life insured’s death
• OR Guaranteed Sum Assured at Maturity
• OR Any absolute amount assured payable on death.

Maturity Benefit:

• Equivalent to the Guaranteed Sum Assured

Reduced Paid Up Benefit:

• ((Total premiums paid for base policy less extra premium (if any)) / (Total premiums payable under base policy less extra premium (if any))) X Guaranteed Sum Assured at Maturity.
• RPU Death Benefit = ((Total premiums paid for base policy less extra premium (if any)) / (Total premiums payable under base policy less extra premium (if any))) X Death Benefit.

Rider Options:

• Max Life Accidental Death and Dismemberment Rider
• Max Life Term Plus Rider
• Max Life Waiver of Premium Plus Rider

Age Limit:

• Minimum entry age: 8 years
• Maximum entry age: 55 years

Premium Payment Term:

• 5 years

Policy Term:

• 10 years

Payment Frequency:

• Annual

Sum Assured:

• Rs. 2,09,600/-

Premium Amount:

• Rs. 30,000/-