No, there are no catches; Maxim is one of the most common magazines given away for free, and is offered multiple times per year by places like freebizmags. Maxim's circulation has floated around 2.5M for many years, and it's recently lowered its guarantee (to advertisers) to 2M - so free subscriptions may not be so common in the future.
When I turned 18, Maxim gave me a free subscription (probably trolling through mailing lists) and it's auto-renewed every year (I'm 31 now). It's recently been further extended through 2020, but I suspect that's because they reduced their annual issues from 12 to 9.
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