Max Life Guaranteed Income Plan (UIN: 104N085V01)
A Non-participating Non-Linked Savings Insurance Plan
Life is all about fulfilling your dreams for your family, like providing for children’s education, planning for retirement, etc. However, in an environment which is full of uncertainty and volatility, you need surety that these dreams will be fulfilled, even if you are not around.
To ensure that your dreams for your family are fulfilled, Max Life Insurance brings to you a plan that takes care of your worries related to volatility. Max Life Guaranteed Income Plan offers guaranteed benefits from the very outset. The plan provides a Guaranteed Income for a period of 10 years after the Policy Term. The income payable monthly in the last 5 years of the payout period is twice the income payable monthly in the first 5 years of the payout period. This is followed by a one-time guaranteed Terminal Benefit payable at the end of the Payout Period. Additionally, it ensures that the lifestyle of your family is protected against any exigencies.
Key Benefits and Features
- Guaranteed Tax Free* Monthly Income
Start enjoying guaranteed tax free* monthly Income Benefit for 10 years, immediately after the Policy Term (Payout Period)
- Guaranteed Income that doubles after 5 years
Guaranteed monthly income offered in first five years of the payout period is doubled in the remaining five years. Additionally the plan also offers you guaranteed tax free* Terminal Benefit at the end of Payout Period.
- Guaranteed Protection with choice of payout options on death
The plan offers guaranteed Death Benefit. On death during the Policy Term, the nominee can choose to select either a) Lump sum Death Benefit or b) Income for 10 years post death
- Flexibility to choose Policy Term
The plan offers flexibility to choose from two Policy Term options; 6 years or 12 years Policy Term, depending on your financial goals. The Premium Payment Term will be equal to the chosen Policy Term.
* Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. The monthly Income Benefit and Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage
Survival Benefit: Income Benefit + Terminal Benefit
Income Benefit: Monthly income payable during the 10 year Payout Period post completion of the policy term
Terminal Benefit = One time lumpsum payout payable at the end of Payout Period
For 6 years Policy Term - 125% of one Annualised Premium
For 12 years Policy Term - 200% of one Annualised Premium
The policyholder also has the option to avail the Survival Benefit in lump sum at the end of the policy term, before the commencement of the payout period. On exercising this option, the GMSA is paid to the policyholder. The policy shall terminate on the payment of the GMSA.
On death of the Life Insured during the Policy Term, lumpsum Death Benefit equal to Guaranteed Death Sum Assured (GDSA) will be payable to nominee. GDSA is:
For 6 years Policy Term: 12.75 times one Annualised Premium
For 12 years Policy Term: 18.50 times one Annualised Premium
While the Death Benefit is payable as a lumpsum benefit to the nominee, the nominee also has the option to avail the Death Benefit in monthly installments for a period of 10 years post the date of death. On exercising the option, the Death Benefit is paid as monthly income as follows:
For 6 years Policy Term: (165%/ 12) times one Annualised Premium
For 12 years Policy Term: (240%/ 12) times one Annualised Premium;
for a period of 10 years post death.
*Death Benefit will be higher of a) 10 times the Annualised Premium; b) 105% of Total Premiums Paid; c) Guaranteed Maturity Sum Assured (GMSA) or d) Guaranteed Death Sum Assured (GDSA)
Note: In case of death of the Life Insured during the Payout period, the nominee will have the option to either continue receiving the Income Benefit and one time Terminal Benefit or opt for the commuted value of the same.
The Commutation Option can be exercised by the Policyholder anytime during the Survival Benefit payout OR by the nominee on death of the Life Insured to receive the present value of the outstanding Survival and Death Benefit respectively, as lump sum. The policy shall terminate on payment of commuted value. The commuted value is derived by using a discount rate of 5.7% per annum from the date of receipt of request of commutation and is paid out as a lump sum amount to Policyholder or nominee on exercising this option. The discount rate can be changed by the Company subject to IRDAI’s approval basis changing investment returns