Max Life Insurance, one of the leading life insurance companies in India has launched its new product - 'Max Life Monthly Income Advantage Plan' -a traditional, participating and money back life insurance plan that provides guaranteed monthly income for 10 years and lump sum benefit on maturity.

Speaking on the launch, Rajesh Sud, CEO & managing director, Max Life Insurance said, ''We at Max Life Insurance believe in creating enriched products to best suit our customer's needs. Regular income is an eminent need for all at every stage of life, especially when planning life events like child’s higher education, and retirement."

"The Max Life Monthly Income plan not only provides guaranteed monthly income for 10 years and a maturity benefit, but also ensures that the long term financial needs are met even in case of any eventuality. The company will continue to develop new product solutions for both offline and online customers to meet their needs,'' he added.

The Max Life Monthly Income advantage plan is available in two variants- Premium Payment Term of 12 years with policy term of 22 years, and premium payment term of 15 years with a policy term of 25 years.

The risk coverage is available throughout the policy term and includes a lump-sum benefit payable immediately on death of the life insured. The plan also offers tax benefit on the premiums paid and the benefits received by the life insured or his beneficiaries.