Guaranteed Lifetime Income Plan
|Non Linked Non Participating Immediate Annuity Plan||UIN: 104N076V02|
Presenting Max Life Guaranteed Lifetime Income Plan, a plan that guarantees lifetime income for your retirement years.
What is Annuity?
Annuity refers to a fixed stream of payments made to a person for a defined time period. It is a regular payout that a person receives and is similar to pension. Annuitant refers to the person who is an annuity policyholder. After all the years of hard work, money should not be the concern for you to decide how you would spend your retirement. A smart way to ensure a regular income stream post retirement is buying an Annuity Plan. This plan enables you to convert your savings or lump sum amount into a guaranteed lifetime income source after retirement.
Max Life Guranteed Lifetime Income Plan
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Guaranteed Income to cater to your needs as long as you live
Option to choose from Single Life or Joint Life Annuity
Choose between Single Life Annuity or Joint Life Annuity to receive lifelong payments for as long as you or your partner are alive
Return of Purchase Price
The plan offers the nominee to receive return of Purchase Price of the policy after the death of the Annuitant(s)
Choose mode of payout
You have an option to receive the payout on a yearly, half-yearly, quarterly or monthly basis , as per your needs and requirements
Annuity Options Available*
- 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 all taxes and cesses) 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 the death of the last survivor,100% of the purchase price (excluding all taxes and cesses) shall be paid to your nominee
*In case of purchase of annuity from Death / Surrender Benefit proceeds of the pension accumulation plan of the Company: The minimum entry age can be less than 50 years and the minimum purchase price can be less than Rs. 1,00,000. However, the annuity option available will be Single Life Annuity For Life Option only.
Entry Age* -
Minimum: 50 years, (55 years for policies sourced under Qualifying Recognized Overseas Pension Scheme (QROPS), as per prevailing Her Majesty’s Revenue & Customs (HMRC) regulations)
Maximum: 80 years
*In case of purchase of annuity from death / surrender benefit proceeds of the pension accumulation plan of the Company: The minimum entry age can be less than 50 years and the minimum purchase price can be less than Rs. 1,00,000. However, the annuity option available will be Single Life Annuity For Life Option only.
Please note that annuity below age 50 will be offered only in case the annuity is purchased from the proceeds arising out of the surrender benefit, death benefit, or maturity benefit payable under the Company’s pension accumulation plan.
Let’s look at how Max Life Guaranteed Lifetime Income Plan works for Mr. Sharma-
Mr. Sharma is a 65 year old individual who has just retired from service. He lives with his wife Mrs. Sharma, 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. 10,00,000 (exclusive of all taxes and cesses). They name their child as a nominee. Mr. Sharma gets a guaranteed payout of Rs. 56,180 every year. In case of the unfortunate event of the death of Mr. Sharma, Mrs. Sharma will continue to receive the guaranteed annual payout of Rs. 56,180 throughout her lifetime, enabling her to be financially independent during her golden years. Upon her death, the entire purchase price of Rs. 10,00,000 shall be paid to their child.
Please 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 January, 2017.
To know the latest annuity rates please visit http://www.maxlifeinsurance.com/Plans/insurance-plans/retirement/guranteed-lifetime-income-plan.aspx
Minimum and maximum premium (Purchase Price)
Minimum Purchase Price : Minimum Single Premium is subject to a Minimum Annuity payout being at least Rs. 1,000 per month.
Maximum Purchase Price: No limit
Please note that annuity for a single premium of less than Rs. 100,000 will be offered only in case annuity is purchased from the proceeds arising out of the Surrender Benefit, Death Benefit, or Maturity Benefit payable under the Company’s pension accumulation plan.
Payout shall happen at the end of the modal period. Modal factors applicable for modes, other than annual mode, are mentioned below:
Monthly: 0.08, Quarterly: 0.24 and Semi - Annually: 0.49.
For example, a purchase price which yields a single annual payout of Rs. 1,00,000, will yield 12 monthly payouts of Rs. 8,000 each
Single life Variant - till the death of the Annuitant.
Joint life Variant - till the death of the last survivor.
Max Life Insurance Co. Limited is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase. II, Gurugram (Haryana) 122002. For more details on risk factor, terms and conditions, please read the sales brochure carefully before concluding a sale. Insurance is a subject matter of solicitation. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to change in tax laws. Trade logos displayed above belong to Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. respectively and are used by Max Life Insurance Co Ltd under a license.
IRDAI - Registration No. 104.
ARN : Max Life/WebInsert/GLIP/Jan 2017
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IRDAI clarifies to public that
- IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.
- IRDAI does not announce any bonus.
- Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
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