Max Life Guaranteed Lifetime Income Plan

When one thinks of the retirement years, everyone looks forward to enjoying the golden phase of life and wishes that the mundane grind of life finally comes to a halt. However, financial planning is something that no one can escape. No matter what, the monthly bills and expenses will continue. Therefore, the smart thing to do is invest in an annuity plan that assures a regular flow of income and enables one to meet everyday expenses.

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The Max Life Guaranteed Lifetime Income Plan lets one start planning the retirement early.

Why Max Life Guaranteed Lifetime Income Plan?

The Max Life Guaranteed Lifetime Income Plan allows one to begin investing today to build the guaranteed lifetime income stream for a better tomorrow. With the variant of a deferred annuity, one has the option to plan for the retirement and likewise lock the higher annuity rates for the no-risk lifetime payment.

The Max Life Guaranteed Lifetime Income Plan lets one retire smartly. In simple words, this plan is a non-linked traditional annuity plan, which guarantees regular income after retirement.

Eligibility Criteria

The table below shows the eligibility criteria of Max Life Guaranteed Lifetime Income Plan:

Parameters

Deferred Annuity

Immediate Annuity

Minimum

45 years

50 years

Maximum

80 years

80 years

Note: The annuity below the age of 50 years will be offered in case the annuity is bought from proceeds that are arising out of the death, maturity or surrender benefit within the pension accumulation plan of the company. Also, the minimum vesting age of the insurance holder cannot be less than 55 years.

Benefits

To begin with, the following are some of the key reasons to purchase Max Life Guaranteed Lifetime Income Plan:

  • Guaranteed Income: This plan caters and fulfils the varying needs till lifetime.
  • Multiple Annuity Options: One has the alternative to choose either a joint life or single life annuity.
  • Payout Flexibility: One has the option to receive the income payout on a monthly, half-yearly, quarterly or yearly basis as per the requirements or needs.
  • Peace of Mind: The Max Life Guaranteed Lifetime Income Plan has surely made retirement easy. The deferred annuity variant lets one plan early for the golden phase of life and lock high annuity rates.
  • Return of Premium on Demise: After the demise of the annuitant, in case of an immediate annuity for life along with the death benefit and a minimum 105 per cent of the premium in case of the deferred annuity for life along with the death benefit the premium is returned to the nominee. 

Note: The ‘Premium’ refers to the ‘Single Premium’ or the ‘Purchase Price’ that is defined as a lumpsum premium sum paid by the insurance holder at the commencement of the policy and taxes excluded in case of any.

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Understanding Annuity Options of Max Life Guaranteed Lifetime Income Plan

At the inception of the policy, one has the option to choose from the listed below six annuity options:

  • Single Life Immediate Annuity for Life (With Death Benefit):

    A guaranteed fixed income will be paid at the commencement of the policy throughout the life as per the chosen mode. The income payment will cease upon the demise of the annuitant and the death benefit that is 100 per cent of the single premium will be paid to the nominee.

  • Single Life Immediate Annuity for Life (Without Death Benefit)

    The fixed income guaranteed will be paid at the beginning of the policy with at least one of the annuitant is alive and with the chosen mode. The income payments will cease upon the demise of the last survivor.

  • Joint Life Immediate Annuity for Life (With Death Benefit)

    A guaranteed fixed income will be paid at the commencement of the policy throughout the life as per the chosen mode. The income payment will cease upon the demise of the annuitant and the death benefit that is 100 per cent of the single premium will be paid to the nominee.

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  • Joint Life Immediate Annuity for Life (Without Death Benefit)

    The fixed income guaranteed will be paid at the beginning of the policy with at least one of the annuitant is alive and with the chosen mode. The income payments will cease upon the demise of the last survivor.

  • Single Life Deferred Annuity for Life (With Death Benefit)

    A guaranteed fixed income will be paid at the commencement of the policy throughout the life with one at least one of the annuitant is alive after the period of deferment is over and as per the chosen mode. The income payment will cease upon the demise of the annuitant and the death benefit that is 105 per cent of the single premium will be paid to the nominee.

  • Joint Life Deferred Annuity for Life (With Death Benefit)

    The fixed income guaranteed will be paid at the beginning of the policy with one at least one of the annuitant is alive after the period of deferment and with the chosen mode. The income payment will cease upon the demise of the last survivor and the death benefit that is 105 per cent of the single premium will be paid to the nominee.

    The annuity payout will happen towards the end of the modal period and the table below shows the applicable modal factors:

    Quarterly

    0.24

    Semi-yearly

    0.49

    Monthly

    0.08

    This suggests that an annuity plan that provides a single yearly payout of Rs 1 lakh will convert into twelve monthly payouts of Rs 8,000

How Does the Plan Work?

Further, take a look below to understand the working of the Max Life Guaranteed Lifetime Income Plan:

  • Choose the one-time lump sum amount, which needs to be paid while purchasing this policy.
  • The annuity sum that will be received will be on the premise of the applicable annuity rates and during the time of buying the policy. Once the policy is purchased, the rates of annuity are guaranteed for a lifelong of the annuitant. The rates will be applicable post the policy is issued.
  • Choose for the six options of annuity accessible under the policy.
  • Next, choose from the annuity modes of payout available.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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