DISTRIBUTED BY

Guaranteed Income
For all your planned as well as
unplanned expenses.

No n - p a r t i c i p a t i ng N o n - L i nke d
S av i n g s In s ur a nc e P l an
UIN: 104N085V01

LIFE INSURANCE COVERAGE IS AVAIL ABLE IN THIS PRODUCT. THIS LIFE INSURANCE PRODUCT IS OFFERED AND
UNDERWRITTEN BY MAX LIFE INSURANCE COMPANY LIMITED.

An Income Plan that ensures 100% Guaranteed Benefits

WHAT THIS PLAN OFFERS YOU

Guaranteed Tax Free* Monthly Income
Start enjoying guaranteed tax free* monthly Income Benefit for 10 years, immediately after the Policy Term (Payout
Period)
Guaranteed Income That Doubles After 5 Years
Guaranteed monthly income offered in first five years of the Payout Period gets doubled in the remaining five years.
Additionally, there is also a guaranteed tax free* Terminal Benefit paid at the end of the Payout Period
Guaranteed Protection With Choice Of Payout Options On Death
The plan offers you guaranteed Death Benefit. On Death during the Policy Term, the nominee can choose to select either
a) Lump sum Death Benefit or b) Income for 10 years post death
Flexibility To Choose Policy Term
The plan offers flexibility to choose from two Policy Terms: 6 years or 12 years, depending on your financial
goals

CHOOSE YOUR PLAN IN TWO SIMPLE STEPS

1
CHOOSE THE MONTHLY
INCOME REQUIRED

2
ARRIVE AT THE ANNUALISED
PREMIUM PAYABLE USING
PREMIUM CALCULATOR

OR

CHOOSE THE ANNUALISED

PREMIUM AMOUNT
TO BE INVESTED

CALCULATE THE MONTHLY

INCOME PAYABLE USING
INCOME CALCULATOR

*Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of Premium or receipt of benefits by you.
The monthly Income Benefit & Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage.

Job No : 4908/Max GIP Axis leaflet/ size 210x297 mm/ Date: 16th October/2014

Cover Page

PLAN FEATURES
Features

Max Life Guaranteed Income Plan

Type of Plan

Non - Participating Non Linked Savings Insurance Plan

Entry Ages
(Age as on last birthday)

For 6 years Policy Term 25 years to 60 years

Maximum Maturity Age

(Age as on last birthday)

For 6 years Policy Term 66 years

For 12 years Policy Term 25 years to 55 years

For 12 years Policy Term 67 years

Policy Term

This product has two Policy Term options 6 years & 12 years

Premium Payment Terms

Same as the chosen Policy Term

Payout Period

Period of 10 years (120 months) after the completion of Policy Term.

For 6 years Policy Term starting from 73rd month (beginning of 7th year) to 192nd month (end of 16th year)
For 12 years Policy Term starting from 145th month (beginning of 13th year) to 264th month (end of 22nd year)

Premium Payment Mode

Annual mode only

Minimum Annualised
Premium#

For 6 years Policy Term ` 75,000 per annum

For 12 years Policy Term ` 20,000 per annum

Maximum Annualised
Premium#

No limit, subject to underwriting

Guaranteed Maturity
Sum Assured (GMSA)

Guaranteed Maturity Sum Assured (GMSA) is defined as the present value of Survival Benefits calculated at a
discount rate of 5.7% p.a. The GMSA is always higher than the sum of the total Annualised Premiums payable over
the Policy Term for all entry ages and is guaranteed

Survival Benefit

Survival Benefit: Income Benefit + Terminal Benefit

Income Benefit: Monthly income payable during the 10 - year Payout Period post completion of the Policy Term
(please refer to Income Benefit applicable for your age on page 5)
Terminal Benefit: One time lump sum payout payable at the end of Payout Period
For 6 years Policy Term - 125% of one Annualised Premium
For 12 years Policy Term - 200% of one Annualised Premium
The Policyholder also has the option to avail the Survival Benefit in lump sum at the end of the Policy Term, before
the commencement of the Payout Period. On exercising this option, the GMSA is paid to the Policyholder. The Policy
shall terminate on the payment of the GMSA

Death Benefit*

On Death of the Life Insured during the Policy Term, lump sum Death Benefit equal to Guaranteed Death Sum
Assured (GDSA) will be payable to nominee. GDSA is:
For 6 years Policy Term: 12.75 times of one Annualised Premium
For 12 years Policy Term: 18.50 times of one Annualised Premium
While the Death Benefit is payable as a lump sum benefit to the nominee, the nominee also has the option to avail
the Death Benefit in monthly installments for a period of 10 years post the Date of Death. On exercising the option,
the Death Benefit paid as monthly income is as follows:
For 6 years Policy Term: (165%/ 12) times one Annualised Premium
For 12 years Policy Term: (240%/ 12) times one Annualised Premium
for a period of 10 years post death

Commutation
Option

The Commutation Option can be exercised by the Policyholder anytime during the Survival Benefit payout OR by the
nominee on Death of the Life Insured to receive the present value of the outstanding Survival and Death Benefit respectively,
as lump sum. The Policy shall terminate on payment of Commuted Value. The Commuted Value is derived by using a
discount rate of 5.7% per annum from the date of receipt of request of commutation and is paid out as a lump sum amount
to Policyholder or nominee on exercising this option. The discount rate can be changed by the Company subject to IRDAs
approval basis changing investment returns

Job No : 4908/Max GIP Axis leaflet/ size 210x297 mm/ Date: 16th October/2014

Inside1

Surrender

A Policy can be surrendered once it has acquired Surrender Value. The Policy acquires Surrender Value as shown below:
For 6 years Policy Term After payment of 2 full years' Premiums
For 12 years Policy Term After payment of 3 full years' Premiums
For more details, please refer to the detailed product brochure available at www.maxlifeinsurance.com

Tax Benefit

You may be entitled to certain applicable tax benefits on your Premiums and Policy benefits. Please note that all the
tax benefits are subject to tax laws prevailing at the time of payment of Premium or receipt of benefits by you. It is
advisable to seek an independent tax advice

Freelook Period

You have a period of 15 days from the date of receipt of the Policy document, to review the Terms and Conditions of
the Policy, where if you disagree to any of those Terms and Conditions, you have the option to return the Policy stating
the reasons for your objection. You shall be entitled to a refund of the Premiums paid, subject only to deduction of a
proportionate risk Premium for the period of cover and the expenses incurred by the Company on medical
examination of the Life Insured and stamp duty charges

Grace Period

A Grace Period of thirty (30) days from the due date for payment of each Premium will be allowed. During the
Grace Period the Company will accept the Premium without interest. The insurance coverage continues during the
Grace Period but if the Life Insured dies during the Grace Period, the Company shall be entitled to deduct the unpaid
Premium from the benefits payable under the Policy

#
*

Annualised Premium excludes extra Premium, Rider Premium and Service Tax or any other taxes, cesses or levies, if any.

Death Benefit will be higher of a) 10 times the Annualised Premium; b) 105% of Total Premiums Paid; c) Guaranteed Maturity Sum Assured (GMSA) or d) Guaranteed

Death Sum Assured (GDSA).

Note: In case of Death of the Life Insured during the Payout period, the nominee will have the option to either continue receiving the Income Benefit and one - time Terminal
Benefit or opt for the Commuted Value of the same.

ILLUSTRATION
Lets look at some examples. Below mentioned Premium amounts and benefits are assumed for a standard male life (without premium
loading, Rider Premium, Service Tax or any other levies). This is assuming all the due Premiums have been paid as and when due.
Example 1

Example 2

Example 3

Example 4

Age of the Life Insured

40

50

40

50

Premium Payment Term and Policy Term (years) - A

12

12

Annualised Premium - B

`75,000

`1,00,000

`75,000

`1,00,000

Total Annualised Premiums paid - C

`9,00,000

`12,00,000

`4,50,000

`6,00,000

Guaranteed Maturity Sum Assured - D#

`11,13,892

`14,11,828

`4,92,857

`6,38,460

Payout Period

Beginning of 13th year till Beginning of 13th year till Beginning of 7th year till Beginning of 7th year till
end of 22nd year

end of 22nd year

end of 16th year

end of 16th year

Total of Income Benefit in the first 5 years - E

`4,66,650

`5,88,900

`1,99,350

`2,57,300

Total of Income Benefit in the last 5 years - F

`9,33,300

`11,77,750

`3,98,663

`5,14,600

Terminal Benefit - G

`1,50,000

`2,00,000

`93,750

`1,25,000

Total Survival Benefit - E+F+G

`15,49,950

`19,66,650

`6,91,763

`8,96,900

Annualised Premium is exclusive of extra Premium, Rider Premium and Service Tax & Education Cess
Kindly note that the above illustrations are only examples and do not in any way create any rights and / or obligations. At any point of time during the
Payout Period or during the payout of Death Benefits, the Policyholder or nominee has an option of Commutation to receive the present value of the
outstanding benefits.
#

GMSA can be opted after the end of the Policy Term as lump sum benefit in lieu of Income Benefit and Terminal Benefit.

Job No : 4908/Max GIP Axis leaflet/ size 210x297 mm/ Date: 16th October/2014

LET US UNDERSTAND THE PRODUCT WITH SOME EXAMPLES

CASE STUDY 1: Mr. Gupta is a 45 - year old private sector employee. He wants a guaranteed stream of income of ` 50,000 (approx) annually
immediately after he stops paying Premiums and would want to further increase the income by another ` 50,000 (approx). Mr. Gupta decides to buy
Max Life Guaranteed Income Plan with a Policy Term of 6 years and Annualised Premium of ` 1,00,000. He also decides to make Mrs. Gupta his
nominee under the plan.
Following are the two illustrative scenarios under the plan:
Scenario 1 (Survival Benefit): Mr. Gupta pays all the due Policy Premiums and survives till end of the Policy Term. In this case, he will receive
the following benefits:
Guaranteed Income of
`1,05,070 per year for next
5 years payable monthly
(`8,756 monthly income)

Terminal Benefit of
`1,25,000

Guaranteed Income of
`52,530 per year for 5 years
payable monthly (`4,378 monthly
income)
Total Annualised Premium paid `100,000 per year for 6 years
= `6,00,000

Beginning of year

10

11

12

13

14

15

16

End of
16th Year

Payout Period
1

Policy Term & Premium Payment Term

Instead of Monthly Income, Mr. Gupta also has the option to avail lump sum amount at the end of the Policy Term which will be GMSA

Scenario 2 (Death Benefit): Mr. Gupta dies after paying 2 Premiums. In this case his nominee (Mrs. Gupta) will have option to choose
between two Death Benefit options available

Guaranteed Income of `1,65,000 per year for 10 years payable monthly (`13,750 monthly income)

Option 1 - Lump sum Death Benefit: In case Mrs. Gupta chooses lump sum Death Benefit, she will get a one time payment of `12,75,000/(calculated as 12.75 times of one Annualised Premium)
Option 2 - Income Benefit: In case Mrs. Gupta chooses Income Death Benefit option, she will get the monthly income calculated as (165%/12)
of one Annualised Premium payable for 10 years, as shown below:
Death Benefit Option 2 - Income Benefit
Guaranteed Income of `1,65,000 per year for 10 years payable monthly (`13,750 monthly income)

Mr. Gupta dies

unfortunately after
paying 2 Premiums
(Total `2,00,000)

Beginning
of year

10

Job No : 4908/Max GIP Axis leaflet/ size 210x297 mm/ Date: 16th October/2014

11

12

SURVIVAL BENEFIT - INCOME CALCULATOR

How to calculate Monthly Income basis Annualised Premium: Multiply the benefit percentages below with one Annualised Premium to arrive at the
Income Benefit (annual) in the first 5 years and the last 5 years of the Payout Period respectively, for your age and chosen Policy Term variant.
For example: Mr. Gupta, whose age is 35 years, wishes to save `1 Lac* for 6 years. He will get a guaranteed income of 53.46% of `1 Lac = `53,460
annually (payable monthly) for the first five years of the Payout Period, and 106.92% of `1 Lac = `1,06,920 annually (payable monthly) for the last
five years of the Payout Period.
Please note that the annual Income Benefit shown below will be payable in 12 monthly installments

For 6 Years Policy Term

Entry Age
(Age as on last birthday)

Annual Income Benefits

(payable monthly)
in the first 5 years of the
Payout Period
(as % of Annualised Premium)

Annual Income Benefit

(payable monthly)
in the last 5 years of the
Payout Period

For 12 Years Policy Term

Entry Age
(Age as on last birthday)

(as % of Annualised Premium)

Annual Income Benefits

(payable monthly)
in the first 5 years of
the Payout Period

Annual Income Benefit

(payable monthly)
in the last 5 years of
the Payout Period

(as % of Annualised Premium)

(as % of Annualised Premium)

25

53.65%

107.31%

25

126.67%

253.34%

26

53.65%

107.31%

26

126.67%

253.34%

27

53.65%

107.31%

27

126.67%

253.34%

28

53.65%

107.31%

28

126.67%

253.34%

29

53.65%

107.31%

29

126.49%

252.97%

30

53.65%

107.31%

30

126.49%

252.97%

31

53.65%

107.31%

31

126.49%

252.97%

32

53.56%

107.12%

32

126.22%

252.44%

33

53.56%

107.12%

33

126.22%

252.44%

34

53.56%

107.12%

34

125.95%

251.89%

35

53.46%

106.92%

35

125.95%

251.89%

36

53.46%

106.92%

36

125.58%

251.16%

37

53.36%

106.73%

37

125.35%

250.70%

38

53.36%

106.73%

38

125.09%

250.18%

39

53.24%

106.47%

39

124.79%

249.57%

40

53.16%

106.31%

40

124.44%

248.88%

41

53.06%

106.13%

41

124.04%

248.09%

42

52.96%

105.91%

42

123.59%

247.19%

43

52.83%

105.67%

43

123.09%

246.17%

44

52.69%

105.39%

44

122.52%

245.04%

45

52.53%

105.07%

45

121.89%

243.77%

46

52.35%

104.71%

46

121.19%

242.38%

47

52.16%

104.31%

47

120.43%

240.86%

48

51.94%

103.88%

48

119.61%

239.21%

49

51.71%

103.41%

49

118.72%

237.45%

50

51.46%

102.92%

50

117.78%

235.55%

51

51.20%

102.40%

51

116.60%

233.20%

52

50.92%

101.85%

52

115.67%

231.35%

53

50.64%

101.28%

53

114.52%

229.03%

54

50.34%

100.68%

54

113.37%

226.74%

55

50.03%

100.06%

55

111.96%

223.93%

56

49.70%

99.39%

56

N.A.

N.A.

57

49.34%

98.68%

57

N.A.

N.A.

58

48.95%

97.91%

58

N.A.

N.A.

59

48.46%

96.93%

59

N.A.

N.A.

60

48.07%

96.14%

60

N.A.

N.A.

Annualised Premium excludes extra Premium, Rider Premium and Service Tax or any other taxes, cesses or levies, if any.
*1 Lac of Annualised Premium

Job No : 4908/Max GIP Axis leaflet/ size 210x297 mm/ Date: 16th October/2014

PREMIUM CALCULATOR

How to calculate Annualised Premium* basis Monthly Income in the first 5 years: Multiply the Annualised Premium multiples below with one monthly
income required in the first 5 years of the Payout Period to arrive at the Annualised Premium payable at your age and for the chosen Policy Term variant.
For example: Mr. Gupta, whose age is 35 years, wishes to get a monthly income of `10,000 for the first 5 years of the Payout Period. He needs to pay
`10,000 X 9.53 (as mentioned in the table below) = `95,300 as Annualised Premium for 12 Pay Policy Term variant.

For 6 Years Policy Term

Life Insureds age
(Age as on last birthday)

For 12 Years Policy Term

Annualised Premium Multiple*

Life Insureds age

(Age as on last birthday)

Annualised Premium Multiple*

25

22.37

25

9.47

26

22.37

26

9.47

27

22.37

27

9.47

28

22.37

28

9.47

29

22.37

29

9.49

30

22.37

30

9.49

31

22.37

31

9.49

32

22.40

32

9.51

33

22.40

33

9.51

34

22.40

34

9.53

35

22.45

35

9.53

36

22.45

36

9.56

37

22.49

37

9.57

38

22.49

38

9.59

39

22.54

39

9.62

40

22.57

40

9.64

41

22.62

41

9.67

42

22.66

42

9.71

43

22.71

43

9.75

44

22.77

44

9.79

45

22.84

45

9.84

46

22.92

46

9.90

47

23.01

47

9.96

48

23.10

48

10.03

49

23.21

49

10.11

50

23.32

50

10.19

51

23.44

51

10.29

52

23.57

52

10.37

53

23.70

53

10.48

54

23.84

54

10.58

55

23.99

55

10.72

56

24.14

56

NA

57

24.32

57

NA

58

24.51

58

NA

59

24.76

59

NA

60

24.96

60

NA

Please note that the Annualised Premium multiples listed above are rounded off and shall provide approximate Annualised Premium payable. For the exact
Annualised Premium amount calculation, please refer to Benefit Illustration or product calculator page on www.maxlifeinsurance.com. Annualised Premium
excludes extra Premium, Rider Premium and Service Tax or any other taxes, cesses or levies, if any.
*

Max Life Insurance Company Limited is a joint venture between Max India Limited and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd., 11th Floor, DLF Square
Building, Jacaranda Marg, DLF Phase II, Gurgaon (Haryana) 122002. For more details on the risk factors, Terms and Conditions, please read the sales brochure carefully
before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws
prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to change in tax laws. Insurance is the subject matter of solicitation.Trade
logos displayed belong to Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. respectively and are used by Max Life Insurance Co. Ltd. under a license. The Life Insurance
contract is between the Proposer and Max Life Insurance Co. Ltd. Axis Bank Ltd. is the Corporate Agent of Max Life Insurance Co. Ltd. Axis Bank Limited, Bombay Dyeing Mills
Compound, Pandurang Budhkar Marg, Worli, Mumbai 400025. Corporate Agent License No: 1891411. ARN: Max Life/Ads/Ogilvy/Axis/GIP Leaflet/Nov 2014

IRDA Regn. No - 104

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS
IRDA clarifies to public that
IRDA or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.
IRDA does not announce any bonus.
Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
CONTACT TOLL FREE NO: 1800-200-4006

Job No : 4908/Max GIP Axis leaflet/ size 210x297 mm/ Date: 16th October/2014