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Monthly Income Advantage Plan Insurance

This is a comprehensive savings & protection plan that provides the insured guaranteed monthly income for 10 years to meet recurring expenses and lump-sum benefit, which comprises of non-guaranteed bonuses, at maturity to cater to the long term financial goals, thus, ensuring that the dreams of your loved ones are addressed at all times. It is a Non-Linked Participating Savings Insurance Plan.
One has the option to choose from the following two variants available under the plan:
  • Premium Payment Term of twelve (12) years and Policy Term of twenty two (22) years
  • Premium Payment Term of fifteen (15) years and Policy Term of twenty five (25) years
Risk coverage is available throughout the Policy Term where Policy Term is Premium Payment Term plus ten (10) years benefit payout period.
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Max life Insurance plans
Distribution - Number of branches pan India (March 2019)
239
Entry Age Minimum/Maximum (Years) - Term Plans
18/70
Sum Assured Minimum / Maximum - Term Plans
10 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/50
Solvency Ratio (FY 2018-19) *
2.42
Number of Policies Sold (Ind+Group) *
527,601
Number of Lives Covered (Ind+Group) **
6,438,358
Claims Settlement Ratio (Ind+Group) ***
98.95%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Max life Monthly Income Advantage Plan Insurance

  • Key Features
  • Eligibility
  • Benefit Descriptions

Key Benefits of Max life Monthly Income Advantage

  • Guaranteed Monthly Income: The product provides for guaranteed monthly income for a period of 10 (ten) years immediately after completion of Premium Payment Term thereby helping cater to expenses towards your child‟s education/extra-curricular activities or retirement needs.
  • Lump-sum Maturity Benefit: A sum of accrued, compound, reversionary bonuses and terminal bonus is payable on maturity to cater to your long term financial goals.
  • Risk Coverage: The product also offers a lump-sum benefit immediately on the unfortunate death of the Life Insured to ensure financial security of loved ones.
  • Policy Continuance Benefit: In case of an eventuality, in addition to the lump-sum benefit, the Company also waives off all future premiums payable by you to ensure that all benefits i.e. Survival benefit & Maturity Benefits are paid to your beneficiary as and when due, thus, ensuring that your dream for your child‟s future/Spouse’s retirement is taken care of even in the absence of the primary insured.
  • Tax Benefit Tax benefits apply to the premiums paid and benefits received as per the prevailing tax laws.

Eligibility Criteria of Max life Monthly Income Advantage

Minimum/ Maximum Age of Life Insured at Entry(age as on last birthday) Minimum Age:- 18 years
Maximum Age:
  • 12 Pay variant : 55 years
  • 15 Pay variant : 50 years
Maximum Maturity Age (age last birthday)
  • 12 Pay variant: 77 years
  • 15 Pay variant: 75 years
Policy Term (in years) Premium Payment Term plus 10 years:
  • 12 Pay variant: 22 years
  • 15 Pay variant: 25 years
Premium Payment Term (PPT) 12 years or 15 years
Sum Assured Minimum:
  • 12 Pay variant : ₹ 3,24,000
  • 15 Pay variant :₹ 4,05,000
Maximum: No limit subject to the underwriting policy of the Company.
Premium Payment Mode Annual, Semi – Annual, quarterly & monthly premium payment modes.
The modal factors are as follows:
Modal Factors
Premium Mode Factor
Annual 1.000
Semi-annual 0.520
Quarterly 0.265
Monthly 0.090
Annual Premium Minimum: ₹25,000excluding extra premium, modal extra, taxes, cesses and levies as imposed by the Government from time to time.
Maximum: No Limit

Benefit Descriptions of Max life Monthly Income Advantage

Death Benefit Following shall be payable on death of the Life Insured provided the policy has been in-force:
Lump-sum Benefit –Death Benefit shall be payable on the Death of the Life Insured, where,Death Benefit is
  • higher of11 times the Annualised Premium*
  • 105% of all the premiums paid till the date of death of the Life Insured
  • Guaranteed Sum Assured on Maturity (GSAM) #
  • Any absolute amount assured to be payable on death^
*Annualised Premium is defined as premium payable on an annual mode including extra premium (if any) but excludes taxes, cesses and levies as imposed by the Government from time to time and any loadings for modal premiums. Annualised Premium remains same irrespective of the premium payment mode

# Guaranteed Sum Assured at Maturity is “Zero or nil” under this product as all the guaranteed benefit is paid in the form of guaranteed monthly income payouts post completion of Premium Payment Term.

^ Absolute amount assured to be payable on death is equal to Sum Assured.

Policy Continuance Benefit – All the premiums, if any, coinciding or following the date of death of the Life Insured shall be waived off and the Policy will continue as is and Survival & Maturity Benefits shall be payable to the beneficiary as and when due.
Survival Benefit Guaranteed monthly income equal to one twelfth (1/12th) of 10% of Sum Assured shall be payable for 10 years (120 months) at each monthly anniversary after completion of the Premium Payment Term.

All the monthly payout transactions would be effected on date specific to policy anniversary date i.e. monthly anniversary.

Risk coverage continues during the Survival benefit payout period of 10 years.
Maturity Benefit Accrued compound reversionary bonus (if any) plus terminal bonus (if any) shall be payable on completion of the Policy Term where,

Compound Reversionary bonus shall be declared each year starting from the second Policy anniversary

Terminal Bonus is an additional bonus that shall be payable only ONCE on the earlier of Surrender or Maturity provided the Policy has been in force for at least five years. However, in case of Surrender, only the Surrender Value of Terminal Bonus shall be payable.
Rider Benefit The policy coverage can be enhanced using the rider options:
  • Max Life Term Plus Rider - provides additional risk coverage in case of death
  • Max Life Accidental Death & Dismemberment Rider - provides lump-sum benefit in case of death/dismemberment caused due to accident
Please refer the Rider Prospectus (or Max Life Website) for more details on Rider.
Premium Rates Premium rates and the benefits are uni-sex (same for both male and female) and unismoker.
This plan can also be offered to sub standard lives with extra mortality charges subject to underwriting policy of the Company.
Loan Benefit Loan Provision Loan facility is not available under this plan.

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    InstantCover Insurance Web Aggregator Private limited
    710, 6th B Cross, 16th Main Road, Koramangala 3rd Block, Bangalore - 560 034.

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025