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Launch Date UIN Status
20/6/2018 104N076V06 Active

About Max Life Guaranteed Lifetime Income

Max Life Guaranteed Lifetime Income is a non-linked annuity plan that provides guaranteed returns annually during the retirement phase through lifelong payments. It also comes with an option of Return of Premium (ROP), under which a 100% of the purchase price of the policy is paid to the nominee (child) upon death of the policyholder (both annuitants in case of a joint life annuity)

Before we explore this policy in detail, let’s have a bird’s-eye view of this plan.

Mode of Pay-outs

Annually, semi-annually, quarterly, or monthly

Claim Settlement Ratio of the Insurer

97.81%

USPs of the Policy

  • Guaranteed income for a lifetime
  • Option to choose single or joint life annuity
  • Option to choose a variant where, after the death of the life insured, the purchase price of the policy is given back to the nominee (child)

How Does This Plan Work?

The minimum entry age under Max Life Guaranteed Lifetime Income is 50 years. The plan comes with different annuity options. Let’s understand them.

(a) Single life annuity for life

Upon choosing this option, the policyholder would receive a fixed income that is guaranteed at the inception of the policy throughout the life of the insured.

(b) Single life annuity for life with Return of Premium (RoP) to be paid upon death

Upon choosing this option, the policyholder would receive a fixed income that is guaranteed at the inception of the policy throughout the life of the insured. Besides, upon the death of the policyholder, the nominee would receive 100% of the purchase price of the policy, which will be exclusive of all paid up taxes, cesses, and levies.

(c) Joint life annuity for life

Upon choosing this option, the lifelong income benefit gets extended to the policyholder’s life partner (annuitant). Thus, a fixed income would be received as long as at least one of the annuitants is alive. As soon as the last annuitant passes away, the payments will cease.

(d) Joint life annuity for life with Return of Premium (RoP) to be paid on the death of the last survivor

Just like option (c), here again, a fixed income would be received as long as at least one of the annuitants is alive. Additionally, upon death of the last annuitant, the nominee would receive 100% of the purchase price of the policy, which will be exclusive of all taxes, cesses, and levies paid.

Keeping this in mind, let’s understand the plan with an illustration.

Mr. Shukla(59) lived with his wife(55) and a son. As he was nearing his retirement, he realized he needed a financial backup since his income will cease post retirement. He bought Max Life’s Guaranteed Lifetime IncomePlan – Joint Life Annuity for Life with Return of Premium (RoP). Its purchase price was INR 10,00,000 (all applicable taxes and cesses excluded). Their son was made the nominee.

Mr. Shukla started receiving INR 67,810 as a guaranteed payout each year. When Mr. Shukla passed away at the age of 65, Mrs. Shukla continued to receive the same amount – INR 67,810 – as the guaranteed annual payout. Finally, when Mrs. Shukla passed away at the age of 79, their son received the purchase price of INR 10,00,000.

Why Should You Buy This Plan?

Max Life’s Guaranteed Lifetime Income, as the name suggests, provides financial security through a regular payment of income throughout the lifetime of the policyholder. Besides, by choosing the Return of Premium (RoP) option, one can safeguard the financial future of one’s child as well.

The plan offers flexibility in choosing the mode of receipt of the policy proceeds. One can choose to receive the payouts either monthly, quarterly, semi-annually, or annually, based on one’s requirements.

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Who Should Buy This Plan?

Individuals falling within the age bracket of 50 to 80 years and looking for an investment plan that offers decent returns to take care of expenses post retirement alongside a life cover that pays death benefit to the nominee can opt for this plan.

Company Overview

Max Life Insurance Company is a joint venture between Max India Limited, an Indian multi-business corporate and Mitsui Sumitomo Insurance Company, a prominent insurance company from Japan. Max Life offers a wide range of long term savings and protection-oriented products and is one of the fastest growing Private life insurance companies in India. Max Life emphasizes on advice based sale process, customer centric approach, financial stability and investment expertise.

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