Max Life Guaranteed Income Plan 2024: From the beginning, the Max Life Guaranteed Income Plan guarantees benefits. After the policy’s term, the plan guarantees income for a period of ten years. The monthly income that is due in the final five years of the payout period is twice as much as the income that is due in the first five years. A one-time, guaranteed Terminal Benefit is then paid out at the end of the Payout Period. In addition, the plan’s death benefit safeguards your family’s lifestyle in the event of an emergency during the Policy Term.
Max Life Guaranteed Income Plan 2024
You can plan to receive a guaranteed income and life insurance through the Max Life Guaranteed Income Plan, a savings plan. We all require a life insurance policy to safeguard our families’ finances during difficult times, which is why we need to know what a guaranteed income plan is. Additionally, in order to make ends meet, there is always a pressing requirement for an additional source of income, particularly for salaried individuals.
With a single investment, you can cover both of these facets. You can plan for a monthly income in your later years with regular savings from the Max Life Guaranteed Income Plan. In addition, this income will rise to a higher level over the course of the selected policy period.
Max Life Guaranteed Income Plan 2024 Details
| Name Of Article | Max Life Guaranteed Income Plan 2024 |
| Max Life Guaranteed Income Plan 2024 | Click Here |
| Category | Insurance |
| Official Website | Click Also |
Benefits of Max Life Income Plan
- On death of the policyholder, Death Sum Assured is payable which is higher of 10 times the annual premium of 105% of all premiums paid or Guaranteed Maturity SA or Guaranteed Death SA
- The nominee can avail the death benefit in monthly instalments for a period of 10 years
- On Maturity, the payout period starts where the Guaranteed Income is paid monthly.
- Terminal Benefit equal to 125% or 200% for 6 year and 12 year term respectively is paid after completion of the payout period
- The policyholder or nominee can commute the monthly instalments and take them as lump sum where the sum of instalments will be discounted @ 5.7% p.a.
- Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
1. Survival Benefit
In the Guaranteed Income Plan, the sum of the income benefit and the terminal benefit is the survival benefit.
- The guaranteed monthly income you will receive during the ten-year payout period following the end of the premium payment term is referred to as the income benefit under the Plan.
- A terminal benefit is a one-time payment that you will receive at the end of the Plan’s payout period. It varies depending on the selected policy term; comparatively higher for a policy period of twelve years.
- In the Guaranteed Income Plan, one can also choose to receive the survival benefit in one lump sum before the payout period begins. When this one-time payment is made, the policy ends.
2. Death Benefit
The nominee is entitled to a guaranteed lump sum payout if the insured passes away during the plan’s term. It is also known as the Guaranteed Sum Assured on Death (GSAD), and its value is determined by the policy term selected and the annualized premium paid.
3. Surrender Benefit
After the plan reaches a predetermined surrender value, the life insured covered by the plan may surrender it. The policy gains value after two full years of premium payments, regardless of the policy term chosen—6 years or 12 years.
4. Tax Savings
You may be eligible for certain tax deductions based on the laws in effect in exchange for paying the Plan’s premiums. The same is true for the money you get as a benefit of the Plan. To avoid paying tax on money saved under the Max Life Guaranteed Income Plan, it is recommended that you carefully read the plan’s document and speak with a tax professional.
Features of Max Life Guaranteed Income Plan
The features of the plan are designed to assist you in achieving your planned savings objectives.
- Guaranteed Tax Free* Monthly Income – Get guaranteed tax free* monthly income for 10 years (Payout Period) along with one – time guaranteed tax free* Terminal Benefit at the end of the Payout Period
- Guaranteed Income That Doubles After 5 Years – Guaranteed tax free* monthly income offered in first five years of the Payout Period is doubled in the remaining five years
- Immediate Payout After Policy Term – Start enjoying monthly Income Benefit immediately after the Policy Term (starting next year after all Premiums have been paid)
- Guaranteed Protection With Choice Of Payout Options On Death – 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
- Flexibility To Get Monthly Income As Lump Sum – The Plan offers you the Commutation Option wherein you can receive the present value of the Survival and Death Benefit respectively instead of the monthly payouts. This option can be availed anytime once the monthly incomes have been started
- 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. The Income Benefit & Terminal Benefit might not be tax free in case Premiums are loaded (extra Premium) at underwriting stage.
1. Guaranteed Monthly Income for 10 years
The Plan’s guarantee of a monthly income is one of its main features. For a period of ten years, the life insurance policyholder will receive a specified monthly income that is guaranteed. After the premium payment tenure is over, this payout tenure begins.
2. Increasing Income Benefit
Another advantage of using the Max Life Income Plan to save money is receiving a double monthly income for the second half of the payout period. Under the Max Life Guaranteed Income Plan, after receiving a monthly income for the first five years, the income doubles for the subsequent five years.
3. Lumpsum Payout
You also have the option of converting the Max Life Guaranteed Income monthly income benefit into a one-time payment. This Max Life Guaranteed Income Plan feature can be used at any time after maturity.
Max Life Guaranteed Income Product Specification
Minimum | Maximum | |
| Entry Age (Last Birthday) | 25 years | 60 years |
| Maturity Age (Last Birthday) | – | 67 years |
| Policy Term (PT) in years | 6 or 12 | |
| Premium Paying Term (PPT) in years | Equal to policy term | |
| Premium Paying Frequency | Annual | |
| Premium | 6 year term – 75,000 12 year term – 20,000 | No limit |
| Sum Assured | 6 year term – 450,873 12 year term – 269,565 | No limit |
4. Premium Payment Term of 6 or 12 years
The Max Life Income Plan’s policy term and premium payment period are identical. The policy period you can choose from is either six years or twelve years. Additionally, this indicates that you will be able to easily pay off your Max Life Guaranteed Plan premiums during your working years.
Reasons to Buy Max Life Income Plan
The Max Life Guaranteed Income Plan can help you save money for the following reasons:
1. Guaranteed Income Along with Life Cover
You are entitled to ten years of guaranteed income and life insurance coverage under the Plan. Additionally, after the first five years of the payout period, the monthly income doubles.
2. Immediate Payout After Maturity
Under Plan, there is no waiting period. This indicates that you will begin receiving the benefits of the policy after the policy period ends.
3. Flexibility to Choose Death Benefit Payout
The nominee has the option under the Plan to select a guaranteed death benefit as monthly income or a lump sum payout. This option is advantageous for individuals who are unable to handle a lump sum as Max Life Guaranteed Income Plan benefits because it is one of the Max Life Income Plan’s features.
| Benefit/Premium | Amount (in Rs.) |
| Total premium amount paid in 6 years | 9,00,000 |
| Guaranteed income for the first five years | 79,185 |
| Monthly income for the first five years | 6,599 |
| Guaranteed income for the next five years | 1,58,370 |
| Monthly income for the next five years | 13,198 |
| Terminal benefit | 1,87,500.00 |
| Guaranteed sum assured on maturity | 6,67,853 |
You can check the benefits of the Plan in various scenarios using the Plan premium calculator.
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Available Premium Payment Options
You must be familiar with the Plan’s premium payment options in detail before purchasing it, as summarized below:
| Premium Payment Options for Plan | ||
| Premium Payment Term | 6 years | 12 years |
| Premium Payment Mode | Annual | |
| Minimum Annualized Premium | Rs. 75,000 | Rs. 20,000 |
| Maximum Annualized Premium | No limit | |
Exclusions
In case of suicide committed within 12 months of policy inception or revival higher of the premiums paid or the Surrender Value is refunded if the policy acquires a Surrender Value or total premiums paid is refunded where the policy has not acquired Surrender Value
Suicide Exclusion
- If the policy has a surrender value, the higher of the Special Surrender Value or the total premiums paid (including any additional premiums but excluding any taxes, cesses, or levies)
- In the event that the policy does not yet have a surrender value, the total premiums paid, which includes any additional premiums (if any) but does not include taxes, cesses, or levies (if any).
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