Axis Max Life Smart Guaranteed Pension Plan

Eligibility Criteria for the Axis Max Life Smart Guaranteed Pension Plan

Features of the Axis Max Life Smart Guaranteed Pension Plan

The Axis Max Life Smart Guaranteed Pension Plan provides guaranteed annuities and flexible options for retirement. Key features include:

1. Guaranteed Lifetime Annuity

   You receive a fixed annuity for life. Under the Joint Life plan, the payment is made up until the passing of the last living annuitant.

2. Multiple Annuity Options

   Choose from:

   • Single Life Immediate Annuities (no death benefit).
   • Single Life Immediate Annuity (SLIA) (with death benefit)
   • Joint Life Immediate Annuity (non-death benefit).
   • Joint Life Immediate Annuity (death benefit).
   • Default Family Income option (NPS subscribers)

3. Return of Premium Option

   When the death benefit option is chosen, the whole of the single premium (including top-ups) would be returned to the nominee at the time of death, 100%.

4. Flexible Payout Modes

   The Axis Max Life Smart Guaranteed Pension Plan offers flexible annuity payouts on a monthly, quarterly, half-yearly, or yearly basis, making it one of the best investment plans for higher returns.

5. Top-Up Facility

   Make more top-up payments to your annuity (minimum 1,00,000). Unlimited top-ups are allowed during the first 10 years from the policy issuance date.

6. Advance Annuity Option

   The surviving annuitant, under the Joint Life Annuity with death benefit option, may opt to receive the present value of the next five years' annuity as a lump sum.

7. Surrender Facility

   Offered on an annuity along with a death benefit. The Guaranteed Surrender Value is 50% of the single premium minus annuities already paid during the policy year of surrender.

Benefits of the Axis Max Life Smart Guaranteed Pension Plan

The Axis Max Life Smart Guaranteed Pension Plan offers a variety of benefits designed to provide long-term financial security:

• Security for Your Spouse: The Joint Life plan guarantees your spouse a continued income upon your death.
• Protection for Nominees: Under the death benefit option, the nominee receives 100% of the single premium paid (including eligible top-ups).
• Resistance to Market Unpredictability: Although it is a non-linked plan, it is not affected by fluctuations of the stock market.
• Tax Benefits: There could be tax advantages based on the existing income tax regulations at the date of premium payment or benefit payout.

Customers seeking additional protection may explore separate rider offerings available under Axis Max Life Pension Plans or complementary insurance policies.

Policy Details of the Axis Max Life Smart Guaranteed Pension Plan

1. Grace Period

   Not applicable, as this plan requires a single premium payment only. Since the entire premium is paid upfront at the time of policy purchase, there are no recurring premium due dates.

2. Revival

   Not applicable as there are no recurring premiums.

3. Free Look Period

   According to IRDAI, you have the right to a free look period. In case of dissatisfaction, you can cancel the policy within the stipulated period of time and get a refund with deductions.

4. Surrender

   Can only be provided on an annuity basis with death benefits. Surrender value = 50% of paid single premium less the amount of annuity already paid during the year of the policy.

Exclusions Under the Axis Max Life Smart Guaranteed Pension Plan

1. Suicidal Cover

   Immediate annuity plans typically:

   • Pay the return of the purchase price under the death benefit option

   • Any provisions related to suicide shall be governed strictly by the policy terms and conditions.