Axis Max Life Monthly Income Advantage Plan

Survival Benefit

It is the sum of Income Benefit and Maturity Benefit.

Income Benefit:You will start receiving a guaranteed monthly income totaling 1/12th of 10% of the Sum Assured, immediately after completion of the Premium Payment Term. These payouts will continue for 10 years (120 months).

Maturity Benefit:You will receive a sum of Accrued Compound Reversionary Bonus (if any) and Terminal bonus (if any) on completion of the Policy Term. A Compound Reversionary Bonus is declared each year starting from the second Policy anniversary. Terminal Bonus is an additional bonus payable only on Maturity. In case of surrender (provided the Policy has been in force for at least five years), you will receive the Surrender Value of the Terminal Bonus.

Death Benefit

In case of death of the life insured, the nominee will receive a lump sum, and the policy will continue as before.

The Lump sum is the highest amount of the following:

• 11 times the (Annualised Premium plus Underwriting Extra Premiums, if any),
• 105% of (total premiums paid plus underwriting extra premiums plus loadings for modal premiums paid till the date of the death of the Life Insured
• Guaranteed Sum Assured on Maturity (Guaranteed Sum Assured on Maturity is equal to zero (0) under this plan as all guaranteed benefits are payable as guaranteed monthly income for 10 years after completion of Premium Payment Term)
• Any absolute amount assured to be payable on death (this is equal to Sum Assured)

Policy Continuance Benefit - All due premiums, if any, coinciding or following the date of death of the Life Insured will be waived off and the policy will continue. Your beneficiary will receive Guaranteed Monthly Income Benefit & Maturity Benefit (including bonuses) as and when due.

Here, 'Annualised Premium' means the Premium payable during a Policy Year chosen by Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any.

'Total Premiums Paid' means the total of all Premiums received, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums, and applicable taxes, cesses or levies, if any.

'Underwriting Extra Premium' means an additional amount we charge, as per the Underwriting Policy, which is determined based on disclosures made by the Policyholder in the Proposal Form or any other information we receive, including medical examination report of the Life Insured.

Tax Benefit

You can avail certain tax deductions on your premiums and on proceeds from the policy benefits.

You can avail certain tax deductions on your premiums and on proceeds from the policy benefits.

Please note that all such tax deductions are subject to tax laws prevailing at the time of payment of premium or receipt of benefits.