A savings plan with a guaranteed income that grows with time

Max Life Assured Earnings Plan

We like certainty in life. It's an exceptional feeling - we need to be assured that our paycheck will arrive on time. We need to make certain that our household can be financially secured, even in our absence. Life insurance coverage may help you get this reassurance.

Max Life Assured Earnings Plan is a financial savings plan which gives you a life cowl with assured payouts within the type of month-to-month revenue for a ‘Payout Interval’ of 10 years. Additionally, your month-to-month revenue will double in the course of the latter half of your Payout Interval (final 5 years). In case of any instant want, you'll be able to select to get a lump sum rather than month-to-month revenue.

Right here’s all you want to find out about this plan

Survival / Maturity Profit

On completion of the Coverage Time period/Premium Cost Time period, you'll get a Terminal Profit and begin getting assured month-to-month revenue for 10 years

Survival Profit = Earnings Profit + Terminal Profit

Earnings Profit: Month-to-month revenue payable in the course of the 10 12 months Payout Interval put up completion of the Coverage Time period. (please confer with the detailed product brochure for relevant Earnings Profit)

Terminal Profit: One-time lump sum payout payable on the finish of Payout Interval

Coverage Time period	6 years	12 years
Terminal Profit	125% of on Annualized Premium*	200% of on Annualized Premium*

You may avail Survival Profit in lumpsum on the finish of the Coverage Time period, earlier than the graduation of the Payout Interval. With this lump sum payout possibility, you'll get Assured Sum Assured on Maturity** (GSAM) and the coverage will terminate.

Even in the course of the Payout Interval, you should have a choice to obtain the current worth of the excellent Survival Profit as lumpsum (Commutation Choice).

*Annualized Premium is the quantity of premium payable within the annual mode that excludes additional premium, rider premium, and all relevant taxes, cesses, and levies as imposed by the Authorities if any.

**Assured Sum Assured on Maturity (GSAM) is outlined as the current worth of Survival Profit at a reduced fee of 5.3% p.a. and is expressed when it comes to annualized premium. GSAM is all the time larger than the sum complete of annualized premiums payable over the coverage time period for all entry ages and is assured.

Dying Profit

On loss of life in the course of the coverage time period, the nominee will obtain an assured lump sum payout with a choice to convert it into month-to-month revenue for 10 years.

On Dying of the Life Insured in the course of the Coverage Time period, lump sum Dying Profit equal to Assured Sum Assured on Dying (GSAD) can be payable to the nominee.

Coverage Time period	6 years	12 years
Assured Sum Assured on Dying	12.75 instances of 1 Annualized Premium*	18.50 instances of 1 Annualized Premium*

The nominee additionally has the choice to transform this lumpsum into month-to-month payouts for an interval of 10 years put up the Date of Dying. With this feature, the nominee will obtain a month-to-month revenue as follows:

Coverage Time period	6 years	12 years
Month-to-month Earnings	(162% / 12) instances one Annualized Premium*	(236% / 12) instances one Annualized Premium*

Whereas receiving the Dying Profit in month-to-month installments, the beneficiary may also select at a future date to commute all excellent payouts and obtain the current worth of future excellent payouts as a lump sum as offered beneath the commutation possibility. The lumpsum cost on commutation will at the least be equal to the Dying Profit much fewer installments already paid to the beneficiary. The coverage shall terminate on the cost of the Commuted Worth.

*Annualized Premium is the quantity of premium payable in an annual mode that excludes additional premium, rider premium, and all relevant taxes, cesses, and levies as imposed by the Authorities if any.

**Dying Profit can be highest of the next values:

a) 10 instances of the Annualised Premium;

b) 105% of Complete Premiums Paid;

c) Assured Sum Assured on Maturity (GSAM) or

d) Assured Sum Assured on Dying (GSAD).

Commutation / Give up Choice

You may give up your coverage anytime after it has acquired a give-up worth.

The coverage acquires give up worth as proven beneath:

6/12 12 months Coverage Time period - After the cost of two full years' premiums (13th month)

For extra particulars on give-up values, please confer with the detailed prospectus.

At any level of time in the course of the Payout Interval or in the course of the payout of Dying Advantages, the Policyholder or Nominee has a possibility of Commutation that's to obtain the current worth of the long run advantages. This selection is offered in the course of the Survival or Dying Profit payout

Tax Advantages

You will get sure tax deductions in your premiums and on proceeds beneath the coverage advantages.

Please be aware that every one such tax deductions are topic to tax legal guidelines prevailing on the time of cost of premium or receipt of advantages. The Earnings Profit; Terminal Profit may not be tax-free in case premiums are loaded (additional Premium) at the underwriting stage

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