Axis Max Life Smart Wealth Annuity Guaranteed Pension Plan

Eligibility Criteria for the Axis Max Life Smart Wealth Annuity Guaranteed Pension Plan

Let's explore the eligibility criteria under the Axis Max Life Pension Plans:

Features of the Axis Max Life Smart Wealth Annuity Guaranteed Pension Plan

Axis Max Life Smart Wealth Annuity Guaranteed Pension Plan offers flexible features designed to provide guaranteed retirement income and financial security. Here are some of the features:

1. Multiple Annuity Options

   The plan provides varying types of immediate and deferred annuities, which include:

   • Single Life and Joint Life choices.
   • With or Without Death Benefit
   • Raising Immediate Annuity (Annual increase of 1%-6% or 15% increase after every 3 years)
   • Guaranteed Period and Life Thereafter.
   • Milestone premium ages (70/75/80/85 years), Early Return of Premium.

2. Flexible Premium Payment

   You may opt for:

   • Single Premium (single payment)
   • Limited Premium (2-12 years)

3. Customised Return of Premium

   Select to take 25 to 100% of Total Premiums Paid on death (at inception).

4. Inflation-Friendly Increasing Annuity

   Increasing annuity options allow your income to grow annually (1%–6%) or by 15% every 3 years, helping you manage inflation over time.

5. Loyalty Annuity (Limited Premium)

   A Loyalty Annuity of 20% Base Annuity is provided on completion of the deferment period under limited premium deferred variants.

6. Advance Annuity Option

   Under selected Joint Life variants with death benefit, the surviving annuitant may opt to receive an advance annuity amount equivalent to five years' annuity payouts within 3 months of the first death, subject to plan terms.

7. Flexible Payout Modes

   Available payout modes:

   • Monthly (Modal Factor: 0.08)
   • Quarterly (0.24)
   • Semi-Annually (0.49)
   • Annually

Benefits of the Axis Max Life Smart Wealth Annuity Guaranteed Pension Plan

The plan offers a range of benefits designed to provide stable retirement income, financial protection. Let's explore a few:

• Guaranteed Lifetime Income: Get lifelong annuity payments and have a guaranteed income after retirement.
• Protection for Family: Joint Life and Death benefits benefit options offer financial protection to your spouse and nominee.
• Early Return of Premium: The opportunity to get part or the entire premium at a chosen milestone age and still continue receiving annuity benefits makes this option one of the best investment plans for individuals seeking both liquidity and long-term retirement income security.
• Inflation Protection: The more variants of the annuity, the more your income is going to increase periodically.
• Flexibility in Planning: Individualised premium payment arrangements and deferment can be adjusted so as to conform the plan to your retirement objectives.

Policy Details of the Axis Max Life Smart Wealth Annuity Guaranteed Pension Plan

The following are the policy details of this plan:

1. Grace Period

   Available in small variants of premiums according to policy terms.

2. Revival

   Limited premium variants can be subject to the revival option, provided that the premiums are cancelled within the allowable revival period.

3. Free Look Period

   According to IRDAI, you have the right to a free look period. Failure to satisfy would also mean cancellation of the policy within the specified time.

4. Surrender

   Select variants exist to which the surrender option can be applied on both types of annuities.

5. Loan

   Depending on the type of annuity one chooses, a loan facility can be offered.

Exclusions Under the Axis Max Life Smart Wealth Annuity Guaranteed Pension Plan

Suicidal Cover

Benefits will be paid upon death occurring due to suicide within 12 months after the inception of the policy as per the policy terms, usually as a percentage of the total amount of premiums paid.