(A Traditional, Non-participating, Life Insurance Plan)
UIN 104N068V02
Future needs to be planned. Planning for future requires planning for future income. To be able to guarantee future income is to guarantee your child’s education, your retirement or any other financial goal that you have set.
For complete peace of mind this income should be guaranteed and not subject to swings of markets. But how do you go about securing such an income?Max Life Insurance brings to you a solution that takes care of all your worries.
The Max Life Guaranteed Monthly Income Plan not just ensures safety of your investments but also ensures that your savings are cushioned from ill-effects of inflation. Additionally it ensures that the lifestyle of your family is protected against any exigencies.You choose a monthly income. We guarantee the income no matter what and then some more!!
Criteria Specification..!
Minimum Entry Age (Last Birthday): 25 years
Maximum Entry Age (Last Birthday) : 6 Pay - 65 years, 11 Pay - 60 years
Maximum Maturity Age (Last Birthday) 71 years
Minimum Monthly Income :Rs. 2,000 per month and thereafter in multiples of Rs. 500 as opted by you at proposal stage.
Maximum Monthly Income : No Limit - based on underwriting on a case to case basis
Sum assured: For the purpose of ascertaining the amount of premium to be paid by you, we will consider Sum Assured to be:
For 6 pay - 180 times guaranteed monthly income
For 11 pay - 240 times guaranteed monthly income
How this plan works?
You choose a monthly income. We guarantee the income no matter what and then some more!!
Key features
Benefits:Short Policy Terms
The plan offers you flexibility to choose your policy terms. You can choose either 6 years or 11 -year policy terms depending on your financial goals.Guaranteed Monthly Income for a Payout Period of 10 years after your policy term
The plan lets you choose the guaranteed monthly income you desire. This income is guaranteed to be paid for a period of 10 years (120 months) from the end of policy term, payable at payout dates*.Monthly Income Boosters ("MIB") 12th year onwards
Over and above the guaranteed monthly income, the plan also offers MIB starting year 12, which are payable at payout dates. This ensures that your chosen monthly income is cushioned against inflation. Complete Safety of your investments and transparency of returns
The investments will be made only in highly secure investments ensuring minimal risk and low volatility. A single Monthly Income Booster (MIB) rate is applied to renewal premiums received on all policies within a particular month. The MIB rate will be determined using the prevailing 5-year Government Security Benchmark Interest Rate as on the last working day (end of day) of the previous month, obtained from Fixed Income Money Market and Derivatives Association of India (FIMMDA).*Note: In practice all the monthly payout transactions would be effected on selected payout dates, once per week or four times in a month. The payouts will happen, every month, on the next closest payout date following the monthly anniversary.Key
Features Monthly Income Boosters (MIB):From Policy Year 2 onwards, upon receipt of each due premium, the policy will accrue Monthly Income Boosters till the end of policy term.
For the purpose of applying Monthly Income Booster rates for renewal premiums received on policies, all the premiums received within a particular month will be applied a Monthly Income Booster Rate corresponding to FIMMDA 5-Year Government Security Benchmark Rate as on the last working day (end of day) of the previous month.
The following table illustrates the current benchmark rates for the past few months
How does the Guaranteed Monthly Income Plan work for you?
Mr. Bhalla is 35 old and runs a trading company. He wants to purchase a monthly income which can pay for his children's college expenses.
Step 1: Mr. Bhalla decided that he needs an income of Rs. 2000 to pay for children's college expenses.Step 2: Mr. Bhalla looks at both 6 year policy term variant as well as 11 pay variant.
Mr. Bhalla decides that for his purpose the 11 year term is a better option.Step 3: The premium for his policy comes out to be Rs. 21,936Here are the four scenarios that can now happen in this policy
Scenario 1:
Mr. Bhalla pays all his premiums and lives on till end of the policy term he will get his Guaranteed Monthly Income, MIB and the Guaranteed Terminal Benefit. Below diagram tells us what will Mr. Bhalla get #.
He will get Guaranteed Monthly Income of Rs. 2,000 starting year 12 ( 133rd month) Along with guaranteed monthly income, he will also get the accrued MIB from year 12 to year 21 At end of 10 year payout period along with the last Guaranteed Monthly Income and MIB , he will also get a Guaranteed Terminal Benefit of 150% of the premium i.e. Rs. 43,872
Scenario 2:
Mr. Bhalla pays his premiums for 5 years but dies during the 5th year. In such a case the nominee of Mr. Bhalla has the option to choose from two death benefits:Option 1 – Death benefit across policy term and payout period All the 5 premiums back as lump sum. Starting the next policy anniversary, post intimation of death, the chosen guaranteed monthly income of Rs. 2,000 starts.
The nominee also gets all the payouts that would have accrued to Mr. Bhalla had he continued to live and pay his premiums. These payouts include the guaranteed monthly income; MIB and the guaranteed terminal benefit are paid to the nominee.
Option 2 – Lumpsum death benefit 18 times annual premium – 18 * 21,936 = Rs. 394,848 All accrued MIBs for year 2 to 5 = 12,720 * 4 = Rs. 50,880
Policy Term and Premium Payment Terms: in Yrs 6 Years : 6 year (Premium Payment)
11 Years : 11 year (Premium Payment)
Premium Payment Term is equal to Policy Term. The policy term ends at the end of premium payment term.
Minimum/Maximum Monthly Income Minimum Monthly Income - Rs. 2,000 (and thereafter in multiples of Rs. 500)
Maximum Monthly Income- No Limit. Subject to underwriting.
Sum Assured : For the purpose of ascertaining the amount of premium to be paid by you, we will consider Sum Assured to be
For 6 pay, 180 times guaranteed monthly income
For 11 pay, 240 times guaranteed monthly income
Minimum / Maximum Annual Target Premium (ATP): Rs. Basis the chosen monthly income
Riders
Max Life Term Rider (UIN – 104B019V01) :
The Term rider allows you to purchase additional life insurance cover at lower cost. The benefit under Term Rider is paid in addition to the base plan in the event of death of the life insured in case of an inforce policy.
However if the term rider is opted and the policy goes in the Reduced Paid up mode or is in lapsed status, the term rider benefit will terminate and no benefits would be payable on the death of the life insured .Term Rider benefit can be opted only during the base policy term of 6 or 11 years as chosen by you.
Term Rider Parameters
Entry Age 20 – 55 years
Expiry Age 60 years
Minimum Sum Assured Rs. 100,000
Maximum Sum Assured Rs. 1,000,000
Rider sum assured cannot be greater than the base policy sum assured and Rider premium can not exceed 30 % of the base policy premium.
For Policy Taken Please Contact
Mr. B. Ramachandran, Insurance Advisor
Cell: 94440 36998
12 - A, Sivananda Street, Nanmagalam,
Chennai - 600 117
Email:
Registered Office
Max Life Insurance Co. Ltd,
Max House, 3rd Floor, 1 Dr. Jha Marg,
Okhla, New Delhi - 110 020
Tel - (011) 26933610
Home Office
Max Life Insurance Co. Ltd,
11th Floor, DLF Square Building,
Jacaranda Marg, DLF City Phase II
Gurgaon - 122 002, Tel - (0124) 2561717
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