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Life Insurance

Max Life Guaranteed Lifetime Income Plan

A non-linked traditional annuity plan that guarantees a regular income after retirement

Guaranteed Income

Plan caters to your needs as long as you live

Life-long payments

Option to receive payments for as long as you or your partner is alive

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

Option to choose the mode of payout

Gives an option to choose from various payout frequencies available

Features and Benefits

  • 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 is 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.
  • Option to choose the mode of pay-out – You may choose to receive the pay-out on a yearly, half-yearly, quarterly or monthly basis, as per your needs and requirement.

How Plan works:

Annuity is the regular payout you receive and is similar to pension.
Annuity is the regular payout you receive and is similar to pension.

  • Choose a one- time lump sum amount that you will pay in order to purchase this policy.
  • The annuity amount that you receive will be based on the annuity rate applicable* at the time of purchase of the policy. The annuity rates are guaranteed for the lifetime of the annuitant(s). Please note that the rates will be applicable only after the policy is issued.

 

BENEFITS

Not Applicable

  • Nil, in case of Annuity for Life.
  • Return of purchase price (excluding Service Tax) in case of annuity with return of purchase price option.

You have the option to choose any one of the following four annuity options at the policy inception

  • Single Life Annuity for life (without any death benefit): A fixed amount, guaranteed at the policy inception, will be paid to you throughout your life.
  • Single Life Annuity for life with return of premium (ROP) payable 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 Service Tax) shall be paid to your nominee.
  • Joint Life Annuity for life (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).
  • Joint Life Annuity for life with return of premium (ROP) payable on death of the last survivor: A fixed amount, guaranteed at the policy inception, will be paid as long as at least one of the annuitants is alive. On death of the last survivor, 100% of the purchase price (excluding Service Tax) shall be paid to your nominee.

Please note that if the single premium is less than Rs. 100,000 or if the entry age is below 50 years or if both conditions hold, only Annuity for life (single life, without any death benefit) will be offered

Please note that an annuity payout option once chosen at the policy inception cannot be changed at a later stage.

The annuity will be payable subject to the submission of a ‘Proof of Living’ certificate, along with a self attested identification proof, 30 days before the end of every policy year.

  • Opt for any one of the four annuity options available under the policy.
  • Choose from any of the four annuity payout modes available - monthly, quarterly, half yearly, or yearly.
*Please refer to the annuity quote to know the annuity rate at the time of purchase.

 

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