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Max Life Guaranteed Lifetime Income Plan

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How Does Plan Work

Let’s look at how Max Life Guaranteed Lifetime Income Plan works for Mr. Sharma-

Mr. Sharma is a 65 year old individual who has just retired from service. He lives with his wife Mrs. Sharma, aged 60, and they have a child. He purchases Max Life Guaranteed Lifetime Income Plan - Joint Life Annuity for Life with Return of Purchase Price with a purchase price of Rs. 10,00,000 (exclusive of all taxes and cesses). They name their child as a nominee. Mr. Sharma gets a guaranteed payout of Rs. 65,530 every year. In case of the unfortunate event of the death of Mr. Sharma, Mrs. Sharma will continue to receive the guaranteed annual payout of Rs. 65,530 throughout her lifetime, enabling her to be financially independent during her golden years. Upon her death, the entire purchase price of Rs. 10,00,000 shall be paid to their child.

Please Note: The above case study is an illustration and does not in any way create any rights and/or obligations. The rates shown in the case study are only illustrative reference values. These amounts are basis the annuity rates as of 16th February, 2016.

To know the latest annuity rates please visit here.


Key Features

  • Guaranteed Income to cater to your needs as long as you live.
  • Option to receive life-long payments for as long as you or your partner are alive – You have the option to choose a single life or a joint life annuity.
  • Option to receive return of purchase price on death – After the death of the annuitant(s), the purchase price of the policy is returned to the nominee.

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Key Benefits

Guaranteed Income
Guaranteed Income to cater to your needs as long as you live

Option to choose from Single Life or Joint Life Annuity
Option to receive life-long payments for as long as you or your partner are alive – You have the option to choose from : Single Life or a Joint Life Annuity
Return of Purchase Price
Option to receive return of purchase price on death – After the death of the annuitant(s), the purchase price of the policy is returned to the nominee
Choose mode of payout
Option to choose the mode of payout – You may choose to receive the payout on a yearly, half-yearly, quarterly or monthly basis, as per your needs and requirement

Annuity Options Available
  • Annuity for single life (without any death benefit): A fixed amount, guaranteed at the policy inception, will be paid to you throughout your life
  • Annuity for single life with return of Single Premium (Purchase Price) on death:  A fixed amount, guaranteed at the policy inception, will be paid to you throughout your life. On death, 100% of the purchase price (excluding all taxes and cesses) shall be paid to your nominee
  • Annuity for joint lives (without any death benefit): A fixed amount, guaranteed at the policy inception, will be paid as long as at least one of the annuitants is alive.
    Payments will cease on the death of the last survivor (annuitant)
  • Annuity for joint lives with return of Single Premium (Purchase Price) on death of the last surviving Annuitant: A fixed amount, guaranteed at the policy inception, will be paid as long as at least one of the annuitants is alive. On the death of the last survivor,100% of the purchase price (excluding all taxes and cesses) shall be paid to your nominee
  • In case of purchase of annuity from death / surrender benefit proceeds of the pension accumulation plan of the Company: The minimum entry age can be less than 50 years and the minimum purchase price can be less than Rs.1,00,000. However, the annuity option available will be Single Life Annuity For Life Option only.


Eligibility conditions and other restrictions

Entry ages
(Age as on Last Birthday)
Minimum and Maximum Entry Age - 50 - 80Years
In case of purchase of annuity from death / surrender benefit proceeds of the pension accumulation plan of the Company: The minimum entry age can be less than 50 years and the minimum purchase price can be less than Rs.1,00,000. However, the annuity option available will be Single Life Annuity For Life Option only.
Minimum Premium Purchase Price Rs. 1Lac
Maximum Premium Purchase Price No limit
Annuity Payment Modes Payout shall happen at the end of the modal period. Modal factors applicable for modes, other than annual mode, are mentioned below:Monthly: 0.08, Quarterly: 0.24 and Semi - Annually: 0.49 For example, a purchase price which yields a single annual payout of Rs. 1,00,000, will yield 12 monthly payouts of Rs. 8,000 each
Annuity Term Single life variant - till the death of the Annuitant. 
Joint life variant - till the death of  the last survivor.
 


What happens if

SURRENDER

Surrender is not applicable to this Policy. 

LOANS

You are not entitled to any loan under this Policy

REVIVAL OF POLICY

Not Applicable
 
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