Max Life Guaranteed Lifetime Income Plan

What are the Key Features?

What are the Plan Benefits?

• Annuity for Single Life (without any death benefit): A guaranteed fixed amount decided at the policy inception is payable to you throughout the life.
• Annuity for Single Life (with return of single premium on death): A guaranteed fixed amount decided at the policy inception is payable to you throughout the life. Upon your death, 100% of the purchase price shall be payable to your nominee.
• Annuity for Joint Lives (without any death benefit): A fixed amount, guaranteed at the policy inception, is payable in case at least one of the annuitants is alive. Payments will terminate on the death of the last survivor (annuitant).
• Annuity for joint lives (with return of single premium on death of the last surviving Annuitant): A fixed amount, guaranteed at the policy inception, is payable in case at least one of the annuitants is alive. On the death of the last survivor, 100% of the purchase price shall be payable to your nominee.

In case of purchase of annuity from death/surrender benefit, the minimum entry age can be less than 50 years and the minimum purchase price can be less than Rs.1 Lac. However, the annuity option available will be Single Life Annuity For Life Option only.

(Note: Annuity is payable subject to the submission of a ‘Proof of Living’ certificate, along with a self-attested identification proof, 30 days prior end of the policy year)

In case of Annuity for single life with return of Single Premium on death and Annuity for joint lives with return of Single Premium on death of the last surviving Annuitant, the Company shall return the Single Premium to the Nominee, on the death of the Annuitant (in case of single life) and on the death of the last surviving Annuitant (in case of joint lives).

This policy is not entitled for any loans.

Revival Benefit

No surrender value is applicable under this plan.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	50 years	80 years
Annuity Term	Single life variant - till the death of the Annuitant	Joint life variant - till the death of the last survivor
Annuity Payout Mode	Monthly, Quarterly & Semi Annually	-
Premium (Purchase Price)	Rs 1 Lac	No Limit (subject to underwriting)
Plan Type	Offline	-
Freelook Period	15 days/ 30 days (for distance marketing channel) from the receipt of the policy
Grace Period	-	-

Is any Rider Available with this Plan?

No rider(s) is available under this plan.

Is the Plan, eligible for Tax Benefit?

Premiums paid under this plan, qualify for the tax benefits as per Section 80C and the death benefit qualify for tax benefits under section 10 (10D) of the Income Tax Act.

(Subject to the provisions stated therein.)

How the Plan Works?

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

Mr. Verma is a 65 year old individual who has just retired from service. He lives with his wife Mrs. Verma, 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 Lacs (exclusive of all taxes and cess). They name their child as a nominee. Mr. Verma gets a guaranteed payout of Rs. 65,530 every year. In case of the unfortunate event of the death of Mr. Verma, Mrs. Verma will continue to receive the guaranteed annual payout of Rs. 65,530 throughout her lifetime, enabling her to be financially independent during the golden years. Upon her death, the entire purchase price of Rs. 10 Lacs shall be paid to their child.

(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)