Max Life Guaranteed Lifetime Income Plan

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 , 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 . 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 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

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    Max Life Guaranteed Lifetime Income Plan Reviews

    Page 1 of 31 1 2 3 4 5
    • Max Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance Policy from Max Life and the coverage value was Rs. 60L. I can continue this policy till the age of 60-65 years not sure till when I can utilize. This policy covers all type of death, accident and natural death. I am paying premium through auto debit. Monthly i am paying Rs. 735 and also getting Tax benefits sec 80C.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 17, 2020
    • Max
      Max Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance policy from Max LIfe. I can continue this policy till the age of 70 years and this will cover all types of death and the goes to the nominee, i wont get any returns Yearly i am paying Rs. 7000, and i am getting Tax benefits.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 12, 2020
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from MAX and this is Ulip policy. Customer service was good and i have to pay for 15 years, after 16th year i will be getting some returns. Premium i am paying annual Rs.10k and this insurance will cover all type of death and also rider benefits available in this plan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 12, 2020
    • Max Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance Policy from MAX LIFE. I am paying the premium amount through online and that was a long term policy and its going to be matured. I have paid for many years which is deducted from my savings account every month. The policy and service was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 10, 2020
    • Max Life Insurance
      "Very bad Service Max Life insurance"
      0.5 0.5/5 "Unacceptable"
      I am very bad experience Maxlife insurance , very poor service , Fake information Information hide ,,................................,................................,..................................................
      Was this review helpful? 1
      , gurgaon
      Reviewed on Jan 09, 2020
    • Max Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy from MAX LIFE and i have chosen this policy, because which covers for my life. Recently i have taken this policy and i used to make the premium through online in ECS mode monthly i am paying Rs. 890. This insurance cover Rs. 25 lakhs for accident cover and Rs. 15 lakhs for critical illness and also normally it covers for 50 lakhs.
      Was this review helpful? 0
      , surat
      Reviewed on Jan 06, 2020
    • Max Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy from MAX LIFE to ensure my life. Recently i have taken this policy and i used to make the premium through online in ECS mode monthly i am paying Rs. 890. This insurance cover 25 lakhs for accident cover and 15 lakhs for critical illness and also normally it covers for 50 lakhs.
      Was this review helpful? 1
      , surat
      Reviewed on Jan 06, 2020
    • Max Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My life was insured with Max Life Insurance but there is no special reason for choosing this company. Based on the agent's explanation about the policy, i have taken it. I have been paying the premium amount of Rs. 18000 per annum. This is a tax benefitable policy. I pay the premium through online.
      Was this review helpful? 0
      , guwahati
      Reviewed on Dec 16, 2019
    • Max Life Insurance
      "Not a correct policy at a current situation"
      0.5 3.0/5 "Satisfactory"
      I had chosen Max Life Insurance policy without any reason. When I want to avail the life insurance policy, they have respond me properly. I bought the policy on 13 years before. They are providing the sum assured amount of Rs. 4.30 lakhs. I have been paying the premium on a monthly basis.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 04, 2019
    • Max Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      Laxmi Vilas Bank has offered a life insurance policy from Max Life since they have tied up. I am paying the premium amount of Rs. 15,000 every year. Automatically they deduct the premium amount from my account. They said sum assured amount will be 2.50 L. Total term period of the policy is 8 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 05, 2019
    • Max Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I have chosen a life insurance policy from Max life which was referred my agent. This policy is going to mature in next year and the tenure is 15years. The benefits are okay but at the period it was good. Sometimes, the executive will call me to check if any issues are there because they have started the payment through the application before 2 to 3years ago.
      Was this review helpful? 0
      , kochi
      Reviewed on Oct 19, 2019
    • Max Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in MAX LIFE INSURANCE on 6 years before. The policy is for 50 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It covers up to myself.
      Was this review helpful? 3
      , jaipur
      Reviewed on Oct 03, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      The reason for selecting Max life is I felt, the benefits are good and convenient for me. The customer service is better. I have taken a 5years policy and the premium was 50K per year. In the 10th year, I will be getting sum assured of 6L which is double the amount what I have paid.
      Was this review helpful? 1
      , kakinada
      Reviewed on Sep 27, 2019
    • Max Life Insurance
      "Good policy for future"
      0.5 4.0/5 "Great!"
      I had chosen my term insurance from Max Life. Since my friend has recommended about the policy i have taken it. I am paying the premium amount of Rs. 6000 every year. They have given me a coverage value of Rs. 50 lakhs. They do provide cover for partial disability cover also.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Sep 24, 2019
    • Max Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in MAX LIFE INSURANCE on 1 year before. The policy is for life term. I am paying premium in the yearly package for 50 thousands. While getting a policy my agent has given an information about the policy details. I visit to office directly to pay the premium amount.
      Was this review helpful? 0
      , anantapur
      Reviewed on Sep 22, 2019
    • Max Life Insurance
      "Good claim settlement ratio and very good service"
      0.5 4.0/5 "Great!"
      I have life insurance with MAX because of the claim settlement ratio around 98.9% . Yearly I make Rs. 52,000 it has the maturity period of 25 years, its a traditional plan, I get around Rs. 22 lakhs overall and it has life coverage if there is no any demise my nominee get the life cover. I do have flexi pay option.
      Was this review helpful? 0
      , sonipat
      Reviewed on Sep 19, 2019
    • Max Life Insurance
      "Need improvement on the benefits"
      0.5 4.0/5 "Great!"
      AXIS bank have recommended Max life insurance comes along with ULIP. I need to invest upto 7 years but the ULIP has the locking period of 12 years, the premium is economical as per the policy. They do have good life cover for the financial security for unforeseen events. It has tax saving under 80c section, I have online credential for max life to check my insurance details and every day I get sms as well. I make the premium on yearly basis through online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 19, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      The payment mode is online and making the premium through debit card or credit card. I have taken short term life policy with MAX LIFE. The benefits are good. They have provided me a life cover of 12L with the locking period of 5 years. I have not gone through the documents so cannot tell about this policy much. Their claim settlement rate is good and giving 98.8%.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 16, 2019
    • Max Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance policy through Max Life agent .This policy tenure is for 20 years.I am paying the premium through citi bank credit card .The agent gave all the information about the insurance policy .I have received the policy documents on time .This policy is really useful and it is still active .
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 05, 2019
    • Max Life Insurance
      "Moderate"
      0.5 3.0/5 "Satisfactory"
      I have taken a term plan from MAX LIFE because am employee of Axis Bank and that time have take a term plan of 75L. There is no benefits, just am paying the premium. If any demise happens the family will be getting the benefit. The customer service is average. I am doing online payment and its 7K per year.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 03, 2019
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