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Life Insurance

Max Life Monthly Income Advantage Plan

Take care of your financial needs with guaranteed monthly income for 10 years and a lump-sum benefit

Guaranteed Monthly Income

10 years immediately after completion of Premium Payment Term

Lump Sum Benefit on Maturity

Get accrued bonuses along with Terminal Bonus on maturity of the policy.

Policy Continuance Benefit

Get lump sum benefit immediately on death & waives off all future premiums

Comprehensive Protection through Riders

Enhanced risk coverage through optional riders.

Features and Benefits

Features Max Life Monthly Income Advantage Plan
Type of Plan A Traditional Participating Money Back Life Insurance Plan
Entry Ages
(Age as on last birthday)
Minimum: 18 years
Maximum:
  • 12 Pay variant - 55 years
  • 15 Pay variant - 50 years
Maximum Maturity Age
(Age as on last birthday)
  • 12 Pay variant - 77 years
  • 15 Pay variant - 75 years
Premium Payment Term 12 years or 15 years
Policy Term Premium Payment Term plus 10 years, i.e.
  • 12 Pay variant - 22 years
  • 15 Pay variant – 25 years
Premium Payment Mode Annual, Semi-Annual, Quarterly and Monthly
Minimum Annual Premium 50,000 excluding extra premium, modal extra, Service Tax & Education Cess
Maximum Annual Premium No limit
Sum Assured Minimum:
  • 12 Pay variant: Rs. 6,48,000
  • 15 Pay variant: Rs. 8,10,000
Maximum: No limit, subject to the Board approved underwriting policy of the Company
Surrender A policy can be surrendered once it has acquired Surrender Value. The policy acquires Surrender Value after payment of 3 full years premiums For more details, please refer to the detailed product brochure available at www.maxlifeinsurance.com
Riders
  • Max Life Term Plus Rider (UIN – 104B026V01) provides additional risk coverage in case of death
  • Max Life Accidental Death & Dismemberment Rider UIN:104B027V01) provides lump sum benefit in case of death/dismemberment due to accident
For more details, please refer to the Rider Brochure available at www.maxlifeinsurance.com
Tax Benefits You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. 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. It is advisable to seek an independent tax advice.
Free Look Period
You have a period of fifteen (15) days from the date of receipt of the policy document, to review the terms and conditions of the policy, where if you disagree to any of those terms and conditions, you have the option to return the policy stating the reasons for your objection. You shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the Company on medical examination of the Life Insured and stamp duty charges.
Grace Period A Grace Period of thirty (30) days from the due date for payment of each Premium will be allowed. During the Grace Period the Company will accept the Premium without charges. The insurance coverage continues during the Grace Period but if the Life Insured dies during the Grace Period, the Company shall be entitled to deduct the unpaid Premium from the Benefits payable under the Policy.

Life Insurance Coverage Is Available In This Product. This Life Insurance Product Is Offered and Underwritten By Max Life Insurance Co. Ltd. The Life Insurance contract is between the Proposer and Max Life Insurance Co. Ltd.

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd., 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurgaon - 122002 (Haryana). IRDAI Registration No. – 104. For more details on the risk factors, Terms and Conditions, please read the sales brochure carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Insurance is the subject matter of solicitation. For further details, call Toll free number 1800 200 4006

Axis Bank Limited is the Corporate Agent of Max Life Insurance Co. Ltd. Axis Bank Limited, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025. IRDAI Corporate Agent License No: CA0069 Axis Bank Limited is the Corporate Agent of Max Life Insurance Co. Ltd. Axis Bank Limited, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025. IRDAI Corporate Agent License No: CA0069. The purchase of a Max Life Insurance product by Axis Bank's customer is purely on a voluntary basis. As Axis Bank is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products.


BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

IRDAI clarifies to public that

  • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums
  • IRDAI does not announce any bonus
  • Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

ARN: Max Life/Axis/Web Content/MIAP/April 2017

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