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Max Life Smart Wealth Annuity Guaranteed Pension Plan

We strive hard to fulfil our financial requirements and attain both personal and societal aspirations. However, a crucial aspect of life should be proper retirement planning to ensure that you can maintain your existing lifestyle after retirement through a fixed income source.

MaxLife Smart Wealth Annuity Guaranteed Pension Plan - SWAG Pension Plan (A Non-Linked, Non-Participating Individual/Group General Annuity Savings Plan | UIN: 104N137V03) offers a robust solution to ensure a lifetime income aligned with individual lifestyles, securing not only their future but also that of their loved ones.

This unique offering empowers customers to tailor their own policies, choosing from a diverse array of annuity options, while enjoying the flexibility of premium payments and personalised income timing. Further, the customers have the freedom to select from a range of Return of Premium options, enabling them to adapt their plans to meet specific financial objectives. This plan will help to keep up income with inflation.

3 Reasons to Buy Max Life Smart Wealth Annuity Guaranteed Pension Plan

  • Pay premiums in instalments with limited premium or all at once with single premium payment variants
  • Get back part or entire premium upon death or upon reaching a significant age milestone, as chosen at inception
  • Stay ahead of inflation and boost your annual income with increasing annuity variants

What do You Get with Max Life Smart Wealth Annuity Guaranteed Pension Plan?

What do You Get with Max Life Smart Wealth Annuity Guaranteed Pension Plan?

Lifelong Income

Inflation-friendly income with growing annuity

Flexibility of Income Options

Flexible premium payment & personalised income timing

Multiple Annuity Options

Design policy from a wide range of annuity options

Customised Return of Premium

Tailored return of premium to align with your financial objectives

All You Need to Know about Max Life Smart Wealth Annuity Guaranteed Pension Plan

All You Need to Know about Max Life Smart Wealth Annuity Guaranteed Pension Plan

Single Premium Variants

1. Immediate Annuity: Following sub-variants are available under this variant:

a. Single Life without Death Benefit: This variant provides annuity for life till death of the annuitant. Death benefit is not applicable under this variant.

b. Joint Life without Death Benefit: This variant provides annuity for life till death of last survivor. Death benefit is not applicable under this variant.

c. Single Life with Death Benefit: This variant provides annuity for life till death of the annuitant with return of proportion of Total Premiums Paid on death. The proportion can vary from 25% to 100% (in multiples of 25%) and has to be chosen at inception only.

d. Joint Life with Death Benefit: This variant provides annuity for life till death of last survivor with return of proportion of Total Premiums Paid on first death and the remaining Total Premiums Paid shall be payable upon second death. The proportion can vary from 0% to 100% (in multiples of 25%) and has to be chosen at inception only.

It shall be noted that in case of first death during the first five policy years, the annuity shall continue till death of the last survivor, thereafter, 100% of the Total Premiums Paid shall be payable upon second death and policy terminates.

2. Immediate Annuity with chosen proportion of Annuity to Last Survivor: Following sub-variants are available under this variant:

a. Joint Life without Death Benefit: A fixed annuity amount, guaranteed at policy inception, shall be payable in arrears till both the annuitants are alive. On first death of either of the annuitants, annuity payable to the last survivor shall be revised to the chosen annuity multiple times (either 50% or 110%) the annuity payable at inception. No death benefit shall be payable.

b. Joint Life with Death Benefit: A fixed annuity amount, guaranteed at policy inception, shall be payable in arrears till both the annuitants are alive. On first death of either of the annuitants, annuity payable to the last survivor shall be revised to the chosen annuity multiple times (either 50% or 110%) the annuity payable at inception. On death of the last survivor, 100% of the Total Premiums Paid shall be payable and policy will terminate.

3. Immediate Annuity with Early Return of Premium: This variant is available for Single Life with Death Benefit Only. In this variant, the policyholder has a flexibility to take early return of either 50% or 100% of Total Premiums Paid upon survival till the chosen milestone age and 100% of Total Premiums Paid less benefit already paid at the milestone age, if any, shall be payable to the nominee on death of the annuitant. The milestone age can be opted amongst 70/75/80/85 years of Age (last birthday). The proportion of Total Premiums Paid (i.e.50% or 100%) and milestone age has to be chosen at inception of the policy.

4. Immediate Annuity for Guaranteed Period and Life thereafter: This option is available for

Single Life without Death Benefit only. In this variant, policyholder can choose the guaranteed period of 5/10/15/20 years at inception of the policy. The annuity under the policy shall continue till the end of guaranteed period or till the death of the annuitant, whichever is later.

On death of the annuitant after the guaranteed period (as opted at inception), the policy will terminate without any further benefit payout.

5. Increasing Immediate Annuity: Following sub-variants are available under this variant:

a. Single Life Increasing Annuity Each Year with Death Benefit: In this variant, the policyholder can choose the % of increase in annuity from 1% to 6% (in multiples of 1) at inception of the policy.

b. Single Life Increasing Annuity Every 3 Years with Death Benefit: In this variant, the annuity at inception is guaranteed to increase @15% (Simple Increase) in every 3 years. Upon death of the annuitant, 100% of the Total Premiums Paid shall be payable and policy will terminate.

6. Deferred Annuity: In this variant, policyholder has to opt deferment period and premium payment term at the inception of the policy. The annuity payment starts after the end of deferment period based upon the chosen annuity payment frequency. The Deferment period should always be equal or greater than premium payment term. Following sub-variants are available under this variant:

a. Single Life with Death Benefit till Deferment Period - Single Premium: Under this variant, a fixed annuity amount, guaranteed at policy inception, shall be payable in arrears after the expiry of the deferment period till death of the annuitant. On death of the annuitant during deferment period, minimum 105% of the total premium, shall be payable to the nominee(s) as death benefit.

b. Joint Life with Death Benefit till Deferment Period - Single Premium: Under this variant, a fixed annuity amount, guaranteed at policy inception, shall be payable in arrears after the expiry of the deferment period till death of the last annuitant. On death of the last annuitant during deferment period, minimum 105% of the total premium, shall be payable to the nominee(s) as death benefit.

c. Single Life with Death Benefit for Life - Single Premium: Under this variant, a fixed annuity amount, guaranteed at policy inception, shall be payable in arrears after the expiry of the deferment period till death of the annuitant. Annuity payout will cease on the death of the annuitant and minimum 105% of the total premium, shall be payable to the nominee(s) as death benefit.

d. Joint Life with Death Benefit for Life - Single Premium: Under this variant, a fixed annuity amount, guaranteed at policy inception, shall be payable in arrears after the expiry of the deferment period till death of the last annuitant. Annuity payout will cease on the death of the last annuitant and minimum 105% of the total premium, shall be payable to the nominee(s) as death benefit.

Note: For policies sold through Point Of Sales (POS) persons, currently, only “Immediate Annuity – Single Life with Death Benefit and Immediate Annuity – Joint Life with Death Benefit” is available. Only, upon death of the annuitant in case of single life and upon death of Last Survivor in case of joint life, 100% of the Total Premiums Paid shall be payable.

Limited Premium Variants

e. Single Life with Death Benefit till Deferment Period - Limited Premium: Under this variant, a fixed annuity amount, guaranteed at policy inception, shall be payable in arrears after the expiry of the deferment period till death of the annuitant. On death of the annuitant during deferment period, minimum 105% of the total premium, shall be payable to the nominee(s) as death benefit.

Where, Fixed Annuity Amount = Base Annuity + Loyalty Annuity

f. Joint Life with Death Benefit till Deferment Period - Limited Premium: Under this variant, a fixed annuity amount, guaranteed at policy inception, shall be payable in arrears after the expiry of the deferment period till death of the last annuitant. On death of the annuitants during deferment period, minimum 105% of the total premium, shall be payable to the nominee(s) as death benefit.

Where, Fixed Annuity Amount = Base Annuity + Loyalty Annuity

g. Single Life with Death Benefit for Life - Limited Premium: Under this variant, a fixed annuity amount, guaranteed at policy inception, shall be payable in arrears after the expiry of the deferment period till death of the annuitant. Annuity payout will cease on the death of the annuitant and minimum 105% of the total premium, shall be payable to the nominee(s) as death benefit.

Where, Fixed Annuity Amount = Base Annuity + Loyalty Annuity

h. Joint Life with Death Benefit for Life - Limited Premium: Under this variant, a fixed annuity amount, guaranteed at policy inception, shall be payable in arrears after the expiry of the deferment period till death of the last annuitant. Annuity payout will cease on the death of the last annuitant and minimum 105% of the total premium, shall be payable to the nominee(s) as death benefit.

Where, Fixed Annuity Amount = Base Annuity + Loyalty Annuity

Loyalty Annuity is 20% of the Base Annuity and shall accrue on completion of deferment period. Loyalty Annuity shall be payable in arrears along with the Base Annuity payout as per chosen Annuity payment mode.

Annuity Payout Modes: The payout shall happen at the end of the modal period and the following Modal Factors will be applicable:

·         Monthly: 0.08,

·         Quarterly: 0.24 and

·         Semi-Annually: 0.49.

This means, an annuity plan which provides a single annual payout of Rs.1,00,000, will convert into 12 monthly payouts of Rs. 8,000 each (Rs.1,00,000 x Monthly Modal Factor).

Step 1: Choose the premiums you wish to pay or choose the annuity amount you wish to receive

Step 2: Choose how long you want to pay the premium (premium payment term) and when you want to start receiving the annuity amount (deferment period)

Step 3: Choose annuity variants, annuity payout mode and premium payment mode

Step 4: Pay premiums for the chosen duration and enjoy guaranteed annuity for life

Let’s look at how this plan works using below cases studies,

Case Study 1: Mrs. Verma, 60 years old, an independent entrepreneur who had dedicated her life to her career.  She is looking for a plan which can provide higher income during her retirement and a lumpsum benefit to her daughter upon her death.

Mrs. Verma purchases Max Life Smart Wealth Annuity Guaranteed Pension Plan - Immediate Annuity - Single Life with Death Benefit variant and opted return of 50% of the Total Premiums Paid upon her death and paid a Single premium of Rs.1 Crore. This will provide her a steady income of Rs.7,16,500 as long as she lives.  Upon her death at age 80, lumpsum death benefit of Rs.50 Lacs is paid to her daughter and policy terminates.

Case Study 2: Mrs. and Mr. Sharma, both 60-years-old who have just retired from their service and live with their 25-year-old son. Mr. Sharma is concerned about his family well-being when he is not around. 

He purchases Max Life Smart Wealth Annuity Guaranteed Pension Plan - Immediate Annuity - Joint Life with Death Benefit and opted return of 50% of the Total Premiums Paid to Mrs. Sharma upon his death to enable immediate financial support that may be required and remaining 50% of the Total Premiums Paid to their son (nominee under the policy) upon death of Mrs. Sharma.  He purchased plan with a single premium of Rs.1Cr (exclusive of GST).

Mr. Sharma will continue to receive a guaranteed annuity of Rs.6,14,700 every year.  Upon death of Mr. Sharma at age 67, Mrs. Sharma will receive an immediate death benefit of Rs.50 Lacs.  In addition, the annuity payouts will continue as long as she survives.  Upon her death at age 80, the remaining 50% of the Total Premiums Paid i.e. Rs.50 Lacs shall be payable to her son and policy terminates.

Case Study 3: Mr. Verma is a 52-year-old individual, who has plans to retire from service at the age of 60 years. He lives with his wife Mrs. Verma aged 55 years.

He purchases Max Life Smart Wealth Annuity Guaranteed Pension Plan - Deferred Annuity – Joint Life with Death Benefit for Life - Limited Premium and for deferment period of 8 years. He wants to pay Rs.3 Lacs p.a. (exclusive of GST) for 8 years to plan for his and his wife’s retirement income. He has named his granddaughter as nominee in this plan.

From 9th policy year, he starts receiving guaranteed annuity payout of Rs.2,37,161 every year. Upon unfortunate death of Mr. Verma in the 13th policy year, Mrs. Verma will continue to receive the guaranteed annual payout of Rs.2,37,161 as long as she survives. Upon her death at age 90 years, death benefit of Rs.25,20,000 shall be payable to the nominee and the policy terminates.

 

 

Variants and Sub Varinats

Minimum Entry Age*

Maximum Entry Age*

Policy Term

Premium Payment Term

Immediate Annuity

Single Life without Death Benefit

25 years

85 years

till death of the annuitant

Single premium

Joint Life without Death Benefit

Single Life with Death Benefit

Joint Life with Death Benefit

Immediate Annuity with chosen proportion of Annuity to Last Survivor 

Joint Life without Death Benefit

25 years

85 years

till death of last survivor

Single premium

Joint Life with Death Benefit

Immediate Annuity with Early Return of Premium

Single Life with Death Benefit

25 years

Opted Milestone Age minus 10 years

till death of the annuitant

Single premium

Immediate Annuity for Guaranteed Period and Life thereafter

Single Life without Death Benefit

25 years

85 years

till death of the annuitant or guaranteed Period chosen at inception of the policy, whichever is later

Single premium

Increasing Immediate Annuity

Single Life Increasing Annuity Each Year with Death Benefit

25 years

85 years

till death of the annuitant

Single premium

Single Life Increasing Annuity Every 3 Years with Death Benefit

Deferred Annuity

Single Life with Death Benefit till Deferment Period - Single Premium

25 years

85 years

till death of the annuitant

Single premium

Joint Life with Death Benefit till Deferment Period - Single Premium

till death of last survivor

Single premium

Single Life with Death Benefit for Life - Single Premium

till death of the annuitant

Single premium

Joint Life with Death Benefit for Life - Single Premium

till death of last survivor

Single premium

Single Life with Death Benefit till Deferment Period - Limited Premium

till death of the annuitant

5 to 12 years

Joint Life with Death Benefit till Deferment Period - Limited Premium

till death of last survivor

5 to 12 years

Single Life with Death Benefit for Life - Limited Premium

till death of the annuitant

5 to 12 years

Joint Life with Death Benefit for Life - Limited Premium

till death of last survivor

5 to 12 years

For Point of Sale (POS) Policy: The product shall comply with all the extant provision, rules, regulations, guidelines, circulars, directions, etc. applicable for POS products, as amended from time to time. Currently, Minimum entry age* is 40 years and Maximum Entry age* is 70 years

*Age last birthday

The restrictions on the minimum and maximum entry age shall not be applicable for National Pension System (NPS) Subscribers & for Superannuation schemes or where the proceeds are from a contract issued or administered by the Company where compulsory purchase of Annuity is required.

Please note that annuity below age 25 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.

As per the prevailing Her Majesty’s Revenue & Customs (HMRC) regulations, existing QROPS policyholders may buy non-QROPS policy, but the minimum vesting age of the Life Insured cannot be less than 55 (Fifty-Five) years

Minimum premium: Minimum Purchase price is subject to minimum annuity payout being at least Rs. 1,000 monthly, Rs. 3,000 quarterly, Rs. 6,000 half yearly or Rs. 12,000 annually, in accordance with the IRDAI (Minimum Limits for Annuities and other Benefits) Regulations, 2015, as amended from time to time.

Maximum premium: As per Board Approved Underwriting policy.

Single premium:

Years

Minimum

Maximum

Deferment period

1 month

12 years subject to maximum vesting age

Allowed deferment period: in months from 1 to 36 months and then 48, 60, 72, 84, 96, 108, 120, 132 and 144 month.

Vesting age

 25 Year 1 month

97 Year

Limited premium:

Years

Minimum

Maximum

Deferment period

Same as PPT (in years)

Maximum Premium Payment Term available in the plan, subject to maximum vesting age

Vesting age

30  years

97 years

1.       This is an option to withdraw present value of annuities payable in next 5 years in advance as a lump sum.

2.       This option is only available under Immediate Annuity - Joint Life with Death Benefit and Immediate Annuity with chosen proportion of Annuity to Last Survivor – Joint Life with death benefit variants.

3.       It can be availed anytime within 3 months from the date of first death amongst the annuitants.

4.       Advance Annuity Period of 5 years shall start from the next policy anniversary after the death of the 1st life.

5.       The annuity payment during the policy year of exercising this option shall continue to be payable as and when due.

6.       In case this option is exercised the lump sum is paid immediately, the annuity payment for next 5 years shall stop starting from the next Policy anniversary.

7.       Once the advance annuity period of 5 years ends, the annuity payment shall resume as per the original terms and conditions.

Surrender, Premium Payment Mode change, Reduced Paid up, Revival, Rider, and Loan Options are available under this plan, depending on the Annuity option chosen.

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Simple Steps to Buy Smart Wealth Annuity Guaranteed Pension Plan

The following are the steps that you need to follow in order to purchase, Max Life Smart Wealth Annuity Guaranteed (SWAG) Pension Plan:

1.      Choose the premiums you wish to pay or choose the annuity amount you wish to receive.

2.      Choose how long you want to pay the premium (premium payment term) and when you want to start receiving the annuity amount (deferment period).

3.      Choose annuity variants, annuity payout mode, and premium payment mode

4.      Pay the premium for the selected policy duration and enjoy guaranteed annuity for life

Frequently Asked Questions (FAQs)

Q. Is Loan option available under this plan?

Yes, loan option is available under this plan. For more details, kindly refer the sales prospectus and policy document.

Q. What is the Free Look Period?

The policyholder will have the opportunity to cancel the policy under the ‘Free look’ option of 15 days (30 days in case of electronic policies and policies obtained through distance mode) from the policy inception date.

Q. Is there a Maturity Benefit available with this policy?

No, there is no maturity benefit available with Max Life Smart Wealth Annuity Guaranteed Pension Plan.

Q. Which Rider is available with this policy?

Max Life Waiver of Premium Plus Rider is available under this policy, which provides waiver of all future premiums in case of Critical Illness or dismemberment or Death of any annuitant in Joint Life variant.

This rider can be attached effective policy inception or any policy anniversary of the base plan subject to the rider premium payment term and the policy term shall not be more than the outstanding premium payment term for the base plan. For more details, kindly refer to the sales prospectus and policy document.

Q. Can I change my premium payment mode and deferment period during the policy?

The premium payment mode can be altered during the premium payment term and will be effective only on the policy anniversary following the receipt of such request, provided the limits of minimum premium are adhered to.

No alterations will be allowed in the deferment period opted at the time of inception.

"If you feel your savings aren’t enough to retire comfortably, you should get a retirement plan."

Help me understand retirement plans

ARN: PCP/SWAGP/160324

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments
Claims Paid Percentage

99.51%

99.51%

(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023)

Max Life's Presence

269 Offices

269 Offices

(Source: As reported to IRDAI, FY 2022-23)

Sum Assured

₹1,397,142 Cr.

₹1,397,142 Cr.

In force (individual) (Source: Max Life Public Disclosure, FY 2022-23)

Assets Under Management

₹122,857 Cr.

₹122,857 Cr.

(Source: Max Life Public Disclosure, FY 2022-23)

More reasons why our customers choose us
See what people have to say about our Super Term Plan
See what people have to say about our Super Term Plan

I invested in MaxLife Retirement Plan in 2013. So far I have been very satisfied with Max Life’s service response. I will recommend it to anyone who wants to retire comfortably.

 

Mr. Shukla, 60 years

Sagar

Let’s Connect

Let’s Connect

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011-71025900; 011-61329950
(9:00 AM to 6:00 PM Monday to Saturday)

nri.helpdesk@maxlifeinsurance.com