27/04/2017
Max Life Insurance launches ‘Monthly Income Advantage Plan’
Max Life Insurance has launched its new product -‘Max Life Monthly Income Advantage Plan’ – a traditional, participating and money back life insurance plan that provides guaranteed monthly income for 10 years and lump sum benefit on maturity. The plan, designed to cater to long term financial goals, also offers policy continuance benefit that ensures that all the policy benefits continue as originally planned in addition to lump sum death benefit provided as immediate financial support in case of an eventuality.
The Max Life Monthly Income advantage plan is available in two variants: Premium Payment Term of 12 years with Policy Term of 22 years, and Premium Payment Term of 15 years with a Policy Term of 25 years. The guaranteed income component starts immediately after the completion of the Premium Payment Term. The insured gets a fixed guaranteed monthly income for 10 years, post which he is also paid a lump sum maturity benefit which comprises of the sum of accrued compound reversionary bonuses and terminal bonus. The risk coverage is available throughout the policy term and includes a lump-sum benefit payable immediately on death of the life insured. The plan also offers tax benefit on the premiums paid and the benefits received by the life insured or his beneficiaries.
Rajesh Sud, CEO & Managing Director, Max Life Insurance said, “Regular income is an eminent need for all at every stage of life, especially when planning life events like child’s higher education, and retirement. The Max Life Monthly Income plan not only provides guaranteed monthly income for 10 years and a maturity benefit, but also ensures that the long term financial needs are met even in case of any eventuality.”
Key Policy Features
* Monthly Income – for the period of 10 years equivalent to sum assured, equally divided in 120 monthly payouts
* Reversionary Bonus –
