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:
- Single Life Annuity for life.
- Single Life Annuity for life with return of premium to be paid on death.
- Joint Life Annuity for life (ROP) to be paid on the death of the last survivor
- 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:
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.
Maximum premium payment
Minimum premium payment
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.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017