Max Life Monthly Income Advantage Plan is a traditional money back policy. Money back policies are similar to endowment insurance plans where the policy provides for partial survival benefits during the term of the policy. These type of products are expensive, they mostly fail to offer adequate insurance cover and they don't offer good returns. What the agent has told you isn't correct. In this policy, the money back is in the form of regular income after completion of 10 years. At the end of premium paying term, you will get a guaranteed monthly income for 10 years which will be 1/12th of 10 percent of the sum assured. So for instance, if your sum assured is R10 Lakhs, then the guaranteed monthly income will be R8333 (100000/12). The revisionary and terminal bonuses mentioned are not guaranteed. You will pay a very high premium of R2 lakh a year. If you are looking for regular income then you should invest this amount in a pure investment product to earn better returns.
Recommendation
Always keep in mind that you mustn't mix insurance and investment. For securing a life insurance cover, buy a pure term policy. And invest in equity mutual funds to achieve long-term financial goals of five years and above. If you are a newcomer to the stock market, choose a top-rated balanced scheme and start investing every month via a Systematic Investment Plan (SIP). If you are familiar with the stock market, you can invest in a diversified equity scheme. You must continue with your SIP investments irrespective of the market conditions. This will help you to average your purchase cost and enhance your returns.
Top 10 Tax Saver Mutual Funds to invest in India for 2016
Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund
2. Axis Tax Saver Fund
3. Religare Tax Plan
4. DSP BlackRock Tax Saver Fund
5. Franklin India TaxShield
6. ICICI Prudential Long Term Equity Fund
7. IDFC Tax Advantage (ELSS) Fund
8. Birla Sun Life Tax Relief 96
9. Reliance Tax Saver (ELSS) Fund
10. Birla Sun Life Tax Plan
Invest in Best Performing 2016 Tax Saver Mutual Funds Online
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