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You have worked hard to achieve financial independence, so you would like to maintain the same lifestyle even after your retirement. Max Life Guaranteed Lifetime Income Plan is a non-linked & non-participating immediate annuity pension plan that guarantees self dependence for your retirement years.
Guaranteed income as long as you live
Single or Joint Life Annuity Option
Return of Purchase price on death to the nominee
Flexible Mode of Payout Options
Guaranteed Income caters to your financial needs as long as you live.
Following are the Annuity options you may opt from basis their benefits:
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.
No surrender value is applicable under this plan.
|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)|
|Freelook Period||15 days/ 30 days (for distance marketing channel) from the receipt of the policy|
No rider(s) is available under this plan.
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.)
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)