Max Life Monthly Income Advantage Plan - Features & Benefits
Published On Mar 08, 2021, Updated On Apr 22, 2021
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The Monthly Income Advantage Plan from Max Life Insurance is one of the best endowment plans to secure financial stability for your loved ones. It is incredibly important to help your family members’ go on with their current lifestyle even without an active income from your side. This can be achieved via this plan.
Under this plan, you can choose regular payouts as monthly income that your beneficiaries will receive after your demise. They are available in annual, semi-annual, quarterly and monthly divisions. Additionally, the premium amount can be changed anytime during the policy term of the term.
Features of the Monthly Income Advantage Plan from Max Life Insurance
Here are a few features of this plan:
- Available in variants of 12- and 15-years premium payment term
- Allows the sum assured to be paid out in the form of monthly income
- The minimum entry age is at 18 years and the maximum maturity age is 55 years (for 12 pay plan) and 50 years (for 15 pay plan)
- There is no loan option available with this insurance plan
- There is a guaranteed surrender amount that will be credited to the policyholder on completion of 3 years of the policy.
Benefits of the Monthly Income Advantage Plan from Max Life Insurance
One of the biggest benefits of a monthly income instead of a lump sum payout is that there is no possible squandering of money that can take place. If you have any beneficiary who is a spendthrift, this will help them get the required amount for sustenance without risking spending all your hard-earned money at once.
Other benefits of the plan include:
1. Premium Waiver
If the policyholder dies before the maturity of the plan, this plan provides waivers on all future premiums that are payable. It continues to make the beneficiaries eligible to get the benefits while allowing the plan to mature.
2. Death and Maturity Benefit
On maturity, this plan provides you with all compound as well as terminal bonuses. The death benefit is payable by Max Life Insurance only if 105% of all the premium payable is paid before the death of the policyholder or if the sum assured amounts to 11 times the annual premium payable.
Other general features include riders for additional coverage and tax benefits. Monthly Income Advantage Plan from Max Life Insurance helps the policyholder ensure that his/her family members are financially independent in his/her absence.
You May Also Like to Read:- 5 Things You Should Know Before Buying an Endowment Plan
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.