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Life Insurance

Max Life Guaranteed Income Plan

Get guaranteed benefits right from the outset and fulfil your family's dreams, in a world of uncertainty

Guaranteed Monthly Income

Start enjoying guaranteed  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 5 years of the payout period is doubled in the remaining 5 years

Guaranteed Protection with choice of payout options on death

The plan offers guaranteed Death Benefit

Flexibility to choose Policy Term

The plan offers flexibility to choose from two Policy Term options

Features and Benefits

Key Benefits and Features

Get Guaranteed Monthly Income for 10 years (Payout Period) immediately after Policy Term starting next year after all Premiums have been paid) along with one - time guaranteed Terminal Benefit at the end of the Payout Period

Guaranteed Monthly Income offered in first 5 years of the Payout Period is doubled in the remaining 5 years.

The plan offers you life cover for the entire Policy Term by providing guaranteed Death Benefit. On death during the Policy Term, the nominee will have an option to select either a) Lump sum Death Benefit or b) Income for 10 years post death

The Plan offers you the Commutation Option wherein you can receive the present value of the Survival or Death Benefit respectively instead of the monthly payouts. This option can be availed anytime once the monthly incomes have been started.


Above benefits would be tax exempted on fulfilling conditions mentioned under section 10 (10 D) of Income Tax Act, 1961. Above exemptions are as per our understanding of laws as per prevailing provisions of Income Tax Act, 1961. Policyholders are advised to consult a tax expert for better clarification / interpretation. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of Premium or receipt of benefits by you.

How the plan works:

Survival Benefit : Income Benefit + Terminal Benefit

Income Benefit : Monthly income payable during the 10  year Payout Period post completion of the Policy Term (please refer to the detailed product brochure available on www.maxlifeinsurance.com for applicable Income Benefit)

Terminal Benefit : One time lump sum 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

On Death of the Life Insured during the Policy Term, lump sum Death Benefit equal to Guaranteed Sum Assured on Death (GSAD) will be payable to nominee. GSAD is :
For 6 years Policy Term : 12.75 times of one Annualised Premium# 
For 12 years Policy Term : 18.50 times of one Annualised Premium#



While the Death Benefit is payable as a lump sum 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 paid as monthly income for a period of 10 years post death is as follows:
For 6 years Policy Term : (162% / 12) times one Annualised Premium
For 12 years Policy Term : (236% / 12) times one Annualised Premium


While receiving the Death Benefit in monthly installments, the beneficiary can also choose at a future date to commute all outstanding payouts and receive the present value of future outstanding payouts as a lump sum as provided under the commutation option. The lump sum payment on commutation will at least be equal to the Death Benefit less installments already paid to the beneficiary. The policy shall terminate on payment of the Commuted Value.

A policy can be surrendered only once it has acquired a surrender value. The policy acquires surrender value as shown below:

6 year Policy Term – After payment of 2 full years’ premiums (13th month)
12 year Policy Term – After Payment of 3 full years’ premiums (25th month) 

For more details, please refer to the detailed product brochure available at www.maxlifeinsurance.com


#
Annualised Premium excludes extra Premium, Rider Premium and all applicable taxes, cesses and levies as imposed by the Government.

**Death Benefit will be higher of (a) 10 times the Annualised Premium; (b) 105% of Total Premiums Paid; (c) Guaranteed Sum Assured on Maturity (GSAM) or (d) Guaranteed Sum Assured on Death (GSAD).


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.

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