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Max Life Guaranteed Lifetime Income Plan

 4.0 / 5.0   by 516 users
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The Max Life Guaranteed Lifetime Income plan is ideal for you to plan your retirement. After all the hard work you do to achieve financial independence in your young stage, it’s really important you plan for a comfortable retirement when you grow old. No matter how old you grow, you can still lead a smart and comfortable lifestyle, and the Max Life Guaranteed Lifetime Income plan ensures you that by providing guaranteed payouts after your retirement. The Max Life Guaranteed Lifetime Income plan is a non-linked traditional annuity plan and provides comprehensive retirement solutions.

Key Features of Max Life Guaranteed Lifetime Income Plan:

The key features of Max Life Guaranteed Lifetime Income plan include:

  • The plan offers guaranteed income to meet your retirement needs.
  • You have the choice to receive lifelong payments provided you or your family members are alive.
  • You can choose between joint life annuity and single annuity policies.
  • The nominee receives the purchase price of the policy after the death of annuitant.
  • The policy offers flexibilities in terms of receiving payout. You can choose to receive payouts on monthly, yearly, half –yearly or quarterly basis based on your needs.
  • It is a non-linked traditional annuity plan
  • There is no limit for minimum payment and maximum payment.
  • The policy offers the following annuity payment modes - annual, semi-annual, quarterly and monthly.
  • The policy accepts premium payment via cheque and annuity payments via electronic transfer.
  • There are different annuity options available under the plan which include:
    1. Single Life Annuity for life.
    2. Single Life Annuity for life with return of premium to be paid on death.
    3. Joint Life Annuity for life (ROP) to be paid on the death of the last survivor
    4. Joint Life Annuity for life. This comes without any death benefit.
  • The policy offers a free look period of 15 days(30 days for policies obtained via distance marketing channels) and it is subject to certain terms and conditions.

Benefits of Max Life Guaranteed Lifetime Income Plan:

The Max Life Guaranteed Lifetime Income plan provides the following benefits:

  • You can enjoy longer annuity terms with this plan. For a single life variant, it offers annuity till the death of the annuitant. For a joint life policy , it offers annuity till the death of the last survivor.
  • The Max Life Guaranteed Lifetime Income plan does not provide death benefits.
  • No maturity benefit is provided under this plan.
  • You cannot take loan against this plan.
  • You may receive tax benefits on the premiums paid for your Max Life Guaranteed Lifetime Income plan . However, it is subject to tax laws existing at the time of premium payment.

Eligibility Conditions for Max Life Guaranteed Lifetime Income Plan:

Entry age

Minimum: 50 years (55 years for policies sourced under QROPS)

Maximum: 80 years

*Annuity below age 50 will be offered is if annuity is purchased using the proceeds from death benefit, maturity benefit or surrender benefit payable under the Company’s pension accumulation plan.

How the Max Life Guaranteed Lifetime Income Plan Works?

For example Mr. X is in his advanced age ( 60 years) and just retired from his service. His wife is nearly 57 years old. Now, if he purchases a Max Life Guaranteed Lifetime Income Plan - Joint Life Annuity for Life for Rs.10,00,000, Mr. X will receive an amount of Rs. 69,750 as yearly payouts throughout out his entire life. In case, he dies in between the policy tenure, the payouts will be shifted to his wife. The policy will offer her guaranteed payouts throughout her entire life, ensuring her financial stability.

In a different scenario, you are a retired individual and your age is 65 years. You have a wife and one son. You purchase a Max Life Guaranteed Lifetime Income Plan - Joint Life Annuity for Life with Return of Purchase Price by paying a purchase amount of Rs. 10,00,000 and put your son as nominee for the plan. The plan will provide your guaranteed payouts of Rs. `68,940 every year. In case, you are no more, your wife will receive the payouts for till the time she is alive. When your wife dies, you son whom you keep as nominee, will receive the purchase price of the policy that is Rs. 10,00,000.

Upon submitting the proof of living certificate together with self-attested identity proof, the pay-outs will be paid to family members.

Premium Payment:

Maximum premium payment

No limit

Minimum premium payment

No limit

The Max Life Guaranteed Lifetime Income plan is a must for you provided you want to spend your retirement days with comfort and luxury. The plan provides assured payouts and reduces your financial worries after retirement.

Other Max Life Insurance Pension Plans

  • Max Life Perfect Partner Super
  • Other Poular Max Life Insurance Plans

  • Max Life Insurance Child Plans
  • Max Life Insurance Pension Plans
  • Max Life Insurance Investment Plans
  • Max Life Insurance Savings Plans
  • Max Life Insurance Group Plans
  • Max Life Term Insurance Plans
  • GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Max Life Guaranteed Lifetime Income Plan Reviews

    Page 1 of 26 1 2 3 4 5
    • Max Life Insurance
      "Okay Policy"
      0.5 4.0/5 "Great!"
      I have purchased a term insurance policy from MAX LIFE. I have selected the MAX company because they have higher rating on their claim ratio. I'm really happy about the sum assured amount. Total tenure period is fine. In 2015, i have purchased this policy. I'm really satisfied with the services.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 03, 2019
    • Max Life Insurance
      "Too Good policy"
      0.5 5.0/5 "Blown Away!"
      Just recently 5 months back, i have purchased this life insurance policy. I bought the money back policy from Max Life. Total tenure period of the policy is 11 years. There is no particular reason for choosing this policy. I pay the premium amount of Rs. 50000 in a year. I am making the premium through online.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 02, 2019
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my Term insurance with Max life insurance, there service is good, there agent had clearly explain me about the policy, and benefit coverage , and there premium amount they have charged me was nominal, the premium amount is for half yearly basis, i use to pay through off line mode
      Was this review helpful? 1
      , surat
      Reviewed on Dec 30, 2018
    • Max Life Insurance
      "They are good in market"
      0.5 2.0/5 "Expected more"
      I have purchased a life insurance policy in 2012 from Max life. Because of my boss recommendation and reputation of the company, i find the claim ratio was very good hence i chosen same. Max life premium is slight costlier than other. The customers are completely satisfied with their services. They have class set of policies according the premium amount.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 29, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      MAX LIFE INSURANCE It is a good policy to access. The maturity period of this policy is for 15 years as it is very good added on that it is the user friendly policy to access. The premium i pay for yearly once with this policy. Also they provide coverage for self.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 26, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      The process is very good with the MAX LIFE INSURANCE as i have purchased the life insurance policy with this and also at the beginning the documentation is very good. The maturity period is for 30 years as the premium i pay for monthly once. This give the policy coverage for self.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 22, 2018
    • Max Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I had taken this insurance policy almost five years back and the premium amount has been nominal as well. I have been paying the premium half yearly and the payment method has been simple as well. Their customer care services has also been helpful at times.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 17, 2018
    • Max Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken my life insurance policy with Max life insurance, there service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Dec 16, 2018
    • Max Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken my money policy 2 years ago. I have selected the MAX because of the agent who explained me about the policy details. I pay the premium amount of Rs. 50000 per annum. I don't remember about the sum assured amount. This is the tax benefit policy. I pay the premium through cash in their branch office.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 03, 2018
    • Max Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance with Max Life and it was taken through an agent. This is a necessary for me and it was taken for tax benefits. The customer service is good. The policy coverage and plan benefits are fine, it could have been better. I make annual premium of around 30K.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 30, 2018
    • Max Life Insurance
      "Dissatisfied"
      0.5 1.0/5 "Really Bad"
      Its a fix guaranteed, I Have invested but I could take the capital amount if I cancel that policy. MY bank forced me but its not recommend from my end. The policy which I took its very disappointed, the customer service is good in one call they updated my KYC details. But the policy terms is not good I get my amount on retired age.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 30, 2018
    • Max Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have 2 life insurance policies with Max Life Insurance and am using the service for last 10 months. My friend is working in the company so I have taken the policy with them. I am paying the premium yearly 53K plus 24K through online. The policy is good.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Nov 29, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my life insurance with Max life insurance, it has been a month only, and they have charged me premium amount up to 50,000 it was nominal for me and it was based on yearly basis , there agent had explain me policy related norms clearly, overall service is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 21, 2018
    • Max Life Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance policy with the MAX LIFE INSURANCE since from past 2010 where the tenuity period of this policy is for 20 years also the policy coverage is for self as well as the nominee. The customer service is very good and supportive.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Necessary policy for any human being"
      0.5 4.0/5 "Great!"
      I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
      Was this review helpful? 1
      , faridabad
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my Life insurance with Max life insurance , they have many service center near and the process was smooth and there premium they have charge is nominal , i do payment through on line or off line and there agent are very friendly in nature.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 14, 2018
    • Max Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from one bank they have offered me with the MAX LIFE insurance. I ma holding it from past five years where i pay the premium for yearly once through online. The maturity period of this policy is for 15 years and the coverage is for self.
      Was this review helpful? 1
      , bhubaneshwar
      Reviewed on Nov 07, 2018
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