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

 

3 reasons you should get this 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 six annuity options at the policy inception:

        IMMEDIATE  ANNUITY

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

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) :

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) :

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) :

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) :

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):

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).

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

 
 
  • The policy can be completely surrendered at any time (after free look period is over) and Surrender Benefit which is higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) will be payable
  • With top-up facility, the annuity amount can enhanced
  • This plan does not offer any Maturity Benefit

 

 

 
 
  • 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. 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.
  • Opt for any one of the six annuity options available under the policy.
  • Choose from any of the four annuity payout modes available - monthly, quarterly, half yearly or yearly.

 

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  ₹58,800 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  ₹58,800 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 ₹1,11,470 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 ₹1,11,470 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. . 

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 September, 2019.
.

       Parameters Immediate Annuity Deferred Annuity
Minimum 50 years  45 years
Maximum 80 years  80 years


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.

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 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.

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Why Choose Max Life

Here are some of the numbers which speak about our accomplishments

Why Choose Max Life

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

99.22%

99.22%

(Source : As per Annual Audited Financials, FY' 19-20)

Max Life Presence

269 Offices

269 Offices

(Source : As reported to IRDAI, FY19-20)

Sum Assured

₹9,13,660 Cr.

₹9,13,660 Cr.

In force (individual) (Source : Max Life Public disclosure, FY19-20)

Assets Under Management

₹68,471 Cr.

₹68,471 Cr.

(Source : Max Life Public disclosure, FY19-20)

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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