Guaranteed Lifetime Income Plan

As we near our retirement years, we hope that the mundane grind of life comes to a halt. However, the need for financial planning doesn’t escape us. Monthly bills and expenses continue. Buying an Annuity Plan, post retirement, can be a smart way to ensure that your regular income stream continues and helps you stay on top of your expenses.



Through Max Life Guaranteed Lifetime Income Plan, you can start planning your retirement early – start investing today to build a guaranteed lifetime income stream for tomorrow. With the deferred annuity variant, you have the option to plan early for your retirement and lock higher annuity rates at present for a risk-free life-long payment.

With deferred annuity variant, you also have the option to plan for your retirement either through systematic regular savings or by investing a lumpsum amount in one go.

3 Reasons to Buy Max Life Guaranteed Lifetime Income Plan

  • Guaranteed income for your needs, as long as you live
  • In your absence, your partner can continue receiving the income under the joint life annuity
  • With Deferred Annuity variant, after the death of the annuitant(s), nominee will get minimum 105% of purchase price of the policy

What do I get with this plan?

What do I get with this plan?

Here’s all you need to know about this plan

Here’s all you need to know about this plan

 

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

        IMMEDIATE  ANNUITY

Single Life Immediate Annuity for life (without death benefit)– Single Pay:

A fixed income guaranteed at the policy inception will be paid to the annuitant throughout the life as per the chosen mode. Income payment will cease on the death of the annuitant.

Single Life Immediate Annuity for life (with death benefit)– Single Pay :

A fixed income guaranteed at the policy inception will be paid to the annuitant throughout life as per the chosen mode. Income payment will cease on the death of the annuitant and Death Benefit, i.e. 100% of the Single Premium* shall be paid to the nominee(s).

Joint Life Immediate Annuity for life (without death benefit)– Single Pay :

A fixed income guaranteed at the policy inception will be paid as long as at least one of the annuitants is alive and as per the chosen mode. Income payments will cease on the death of the last survivor (annuitant).

Joint Life Immediate Annuity for life (with death benefit)– Single Pay :

A fixed income guaranteed at the policy inception will be paid as long as at least one of the annuitants is alive and as per the chosen mode. Income payment will cease on death of the last survivor and Death Benefit, i.e. 100% of the Single Premium* shall be paid to the nominee(s).

DEFERRED ANNUITY

Single Life Deferred Annuity for life (with death benefit)– Single Pay :

A fixed income guaranteed at the policy inception will be paid to the annuitant throughout life, after deferment period is over and as per the chosen mode. Income payment will cease on the death of the annuitant and Death benefit ,i.e. minimum 105% of the Single Premium*  shall be paid to the nominee(s).

Joint Life Deferred Annuity for life (with death benefit)– Single Pay:

A fixed income guaranteed at the policy inception will be paid as long as at least one of the annuitants is alive, after the deferment period is over and  as per the chosen mode. Income payment will cease on death of the last survivor and Death benefit, i.e. minimum 105% of the Single Premium* shall be paid to the nominee(s).


Single Life Deferred Annuity for life (with death benefit)  -Limited Pay:

A fixed income guaranteed at the policy inception will be paid to the annuitant throughout life, after deferment period is over and as per the chosen mode. Income payment will cease on the death of the annuitant and Death benefit, i.e. minimum 105% of the Total Premium Paid# shall be paid to the nominee(s).

Joint Life Deferred Annuity for life (with death benefit) -Limited Pay :

A fixed income guaranteed at the policy inception will be paid as long as at least one of the annuitants is alive, after the deferment period is over and as per the chosen mode. Income payment will cease on death of the last survivor and Death benefit, i.e. minimum 105% of the Total Premium Paid# shall be paid to the nominee(s).

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).

 *“ Single Premium” here refers to Purchase Price which is defined as the lump sum premium amount paid by the policyholder at the inception of the  policy excluding the taxes if any.

 # Total Premiums Paid” here refers to the total of all Premiums received under the Policy, excluding any extra premium, any rider premium and applicable taxes, cesses or levies (if any)
 
 
  • For Single Pay with death benefit options, the policy can be completely surrendered at any time (after free look period is over) and for Limited Pay, the policy can be completely surrendered at any time after payment of two full years’ premium. Surrender Benefit which is higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) will be payable
  • Under Single Pay variants, with top-up facility, the annuity amount can be enhanced
  • This plan does not offer any Maturity Benefit
  • Life Certificate: A life certificate is a document used as a proof of existence that is submitted by annuitants at specified time intervals to continue receiving their annuity. With Max Life Insurance now you have to submit life certificate every 5 years instead of every year, if you have availed the return of premium option. For the Non-ROP (Return of Premium) option the frequency continues to be yearly. Further in the ROP option, in case of death and non-intimation to Max Life Insurance (within the 5 years), any annuities paid to the customer will not be adjusted from the death benefit and the nominee will get the full amount.

 

 

 
 
  • Choose a premium amount that you will pay in order to purchase this policy or the annuity amount you wish to receive.
  • Choose how long you want to pay the premium (premium payment term) and when you want to start receiving the annuity amount (deferment period).
  • Opt for any one of the Eight annuity options available under the policy.
  • Choose from any of the four annuity payout modes available - monthly, quarterly, half yearly or yearly.
  • The annuity amount that you receive will be based on the annuity rate applicable at the time of purchase of the policy. Once purchased, 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.

 

Let’s look at how this plan works for Mr. Sharma:

Case Study 1 (Joint Life  Immediate Annuity for Life (with death benefit))

        How does Max Life Guaranteed Lifetime Income Plan work 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 years and his two children. 

He purchases Max Life Guaranteed Lifetime Income Plan - Joint Life Immediate Annuity for Life (with death benefit) with a Single Premium of ₹10,00,000 (exclusive of all applicable taxes, cesses and levies as imposed by the Government from time to time). They name their two children as nominees with proportional ownership of 50% each

Mr. Sharma gets a guaranteed payout of  ₹61,360 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  ₹61,360 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 the nominees under the plan. In this case, the two children receive an amount equal to Rs. 5,00,000 each.  

Case Study 2 (Joint Life Deferred Annuity for life (with death benefit)) with Deferment period of 10 years

How does Max Life Guaranteed Lifetime Income Plan work for Mr. Sharma?

 Mr. Sharma is a 50-year-old individual who has plans to retire from service at the age of 60 years. He lives with his wife Mrs. Sharma aged 45 years and his two children. 

He purchases Max Life Guaranteed Lifetime Income Plan - Joint Life Deferred Annuity for life (with death benefit) for deferment  period of 10 years with a Single Premium of ₹10,00,000 (exclusive of all applicable taxes, cesses and levies as imposed by the  Government from time to time).  They name their two children as nominees with a proportional ownership of 50% each.

Mr. Sharma gets a guaranteed payout of ₹1,12,780 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 ₹1,12,780 throughout her lifetime, enabling her to be financially independent during her retirement. Upon her death, minimum of ₹10,50,000 shall be paid to the nominees under the plan. In this case, the two children will receive minimum amount of ₹5,25,000 each. 

 

Case Study 3 (Joint Life Deferred Annuity for life (with death benefit)-Limited Pay Variant) with Premium Payment Term of 5 Years and Deferment period of 5 years

How does Max Life Guaranteed Lifetime Income Plan work for Mr. Verma?

Mr. Verma is a 55-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 and his son and son’s family

He purchases Max Life Guaranteed Lifetime Income Plan - Joint Life Deferred Annuity for life (with Death Benefit) – Limited Pay variant for deferment period of 5 years. He wants to pay ₹.3,00,000 p.a. (exclusive of all applicable taxes, cesses and levies as imposed by the Government from time to time) for 5 years to plan for his and his wife’s retirement income, He has named his granddaughter as nominee in this plan.

He starts receiving guaranteed income of ₹1,08,849 every year from age 61 for life. In case of the unfortunate event of the death of Mr. Verma, Mrs. Verma will continue to receive the guaranteed annual payout of ₹1,08,849 throughout her lifetime, enabling her to be financially independent during her retirement. Upon her death, minimum death benefit of ₹15,75,000 shall be paid to the nominees under the plan.


Kindly note that the above case studies are only illustrations and do not in any way create any rights and/or obligations. The annuity rates shown in the case studies are only illustrative reference values and are as of October, 2023.
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       Parameters Immediate Annuity Deferred Annuity
Minimum 25 years  25 years
Maximum 85 years  85 years


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

 

 

· Premium Payment Term:

 

  •  Immediate Annuity: Single Pay  
  • Deferred Annuity: Single Pay and Limited Pay (5 to 10 years)

 

· Premium Payment Mode:

  •  Single Pay
  •  Limited Pay: Annual, Semi-annual, Quarterly, Monthly

 

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. 1,00,000 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. In such cases, only Single Life Immediate Annuity for life (without death benefit) variant will be offered.

 

Years

Minimum

Maximum

Deferment period

Single Pay - 1 year

Limited Pay – Equal to Premium Payment Term chosen

10 years subject to Maximum Vesting age

Vesting age

 

 

Single Pay - 26years

Limited Pay – 30 years

 

90 years

The minimum vesting age in case of policies sourced under Qualifying Recognised Overseas Pension Scheme (QROPS) is 55 years, as per prevailing Her Majesty’s Revenue & Customs (HMRC) regulations)

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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

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