Max New York Life Immediate Annuity Plan
Max New York Life Immediate Annuity Plan is a single premium immediate annuity plan, where the policyholder would pay the lump sum premium and can avail immediate pension. Even if he has planned for his pension by purchasing a Pension Plan before from this company or any other, he can still avail this plan at the time of vesting by opting to receive pension from this plan.
In this plan, the premium has to be paid in a lumpsum. There is a choice of 3 different pension options from which he can choose and the pension amount would vary accordingly. The minimum amount that needs to be invested is Rs 1,00,000.
Key Features of Max New York Life Immediate Annuity Plan
- It is a single premium payment plan with immediate pensions available in yearly or monthly mode. Hence there is no vesting date since annuity is payable immediately.
- This plan offers 3 different Pension Options available:
- Annuity for Life- this is a Single Life Annuity for self only
- Annuity Certain + Life Thereafter- In this type, there is a period for which pension is guaranteed for a minimum of 5/10/15 or 20 years and then for Life.
- Annuity for Life with Return of Purchase Price- In this Type, pension would be paid as long as he lives. On death, the original Purchase Price would be returned to the beneficiaries.
- No medical tests required as there is no medical underwriting and no life coverage provided.
- There are no Policy Exclusions in this plan
Benefits you get from Max New York Life Immediate Annuity Policy
Death Benefit – if the annuitant chooses Return of Purchase price, then the remaining fund would be paid to the beneficiary and nothing otherwise.
Maturity Benefit – There are no maturity benefits under this plan as there is no policy tenure. Pension is payable immediately.
Eligibility conditions & other restrictions in Max New York Life Immediate Annuity Policy
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Minimum
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Maximum
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Purchase Price (in Rs.)
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1,00,000
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No Limit
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Policy Term (in years)
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Till Death
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Premium Payment Term (in years)
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Single
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Entry Age of Policyholder
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50
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70
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Annuity payment options
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Yearly, Half-yearly, Quarterly and Monthly
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Sample illustration of annuity in Max New York Life Immediate Annuity Plan
Age of Policyholder = 50 years, 60 years and 70 years respectively
Purchase Price = Rs. 10,00,000
Additional Features and Benefits of Max New York Life Immediate Annuity Plan
Riders – No riders are available in this policy
Annuity Options-
- Life Annuity- Pension is payable till the death of the policyholder and nothing further is payable
- Life Annuity Guaranteed for 5/10/15/20 years and Life thereafter- Guaranteed pension is paid till 5/10/15/20 years as chosen by the annuitant and then till he survives.
- Life Annuity with Return of Purchase Price- Pension is payable till the death of the policyholder. After the death of the policyholder, the remaining fund is paid to the beneficiary.
You stop paying the premium – Payment is done in a single premium, so no question of further premium payment.
You want to surrender the policy – There are no surrender benefits under this term plan.
You want a loan against your policy – Loan facility is not available under this policy.
Alternate annuity plans from different insurance companies
LIC New Jeevan Suraksha 1
Bajaj Allianz Pension Guarantee
Tata AIG Easy Retire
Other Retirement Plans from Max New York Life
Max New York Life Partner Plus Plan
