Max Life Guaranteed Life time Income Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
It is a non-linked traditional annuity plan that guarantees a regular stream of income after your retirement. Annuity is the regular payout you receive and is similar to pension in this policy. Annuitant is the person who is an annuity policyholder. Guaranteed Income to cater to your needs as long as you live.
Product Description
- A Traditional Non-Linked Non-Participating Immediate Annuity Pension Plan.
- Guaranteed Income to cater to your needs as long as you live.
- You have the option to choose a single life or a joint life annuity.
- After the death of the annuitant(s), the purchase price of the policy is returned to the nominee.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Max Life Guaranteed Life time Income Plan is a traditional single pay pension plan.
- This plan provides immediate annuity as per the annuity option chosen. The annuity percentage depends on the age of the annuitant and the annuity option chosen.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age | Minimum: 0 years | Maximum: 80 years | |||
| Note:- 1) 0-49 years – Only Annuity for single life is available provided that the purchased out of the surrender or death benefit proceeds of the pension accumulation plan of the Company. 2) 50 years- For all Annuity options under this Policy . If the Single Premium is less than Rs. 100,000, only Annuity for single life. |
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| Minimum and maximum premium |
Minimum Purchase Price: Annuity payout of at least Rs. 100 per annum Maximum Purchase Price: No limit | ||||
| Annuity Payment Modes | Annual, Semi Annual, Quarterly & Monthly modes | ||||
| Payout Modes | Modal factors applicable for modes other than annual mode are mentioned below: Monthly: 0.08, Quarterly: 0.24 & Semi Annually: 0.49 | ||||
| Annuity Term | Single life variant - till the death of the annuitant. | ||||
| Joint life variant - till the death of the last survivor. | |||||
OneInsure App Benefits
Product Benefit
- Maturity Benefit: NA
- Survival Benefit: NA
- Death benefit:
In the case of Annuity for single life with return of Single Premium on the death and Annuity for joint lives with return of Single Premium on death of the last surviving Annuitant, as specified in the Schedule, the Company shall return the Single Premium to the Nominee, on the death of the Annuitant and on the death of the last surviving Annuitant.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Surrender | NA | |||||
| Annuity Options available | Single Life Annuity for life (without any death benefit): A fixed amount, guaranteed at the policy inception, will be paid to you throughout your life. | |||||
| Single Life Annuity for life with return of premium (ROP) payable on death: On death, 100% of the purchase price (excluding Service Tax) shall be paid to your nominee. | ||||||
| Joint Life Annuity for life (without any death benefit): A fixed amount, guaranteed at the policy inception, will be paid as long as at least one of the annuitants is alive. | ||||||
| Joint Life Annuity for life with return of premium (ROP) payable on death of the last survivor- A fixed amount, guaranteed at the policy inception, will be paid as long asat least one of the annuitants is alive. | ||||||
| Purchase Price Bands (excluding Service Tax) | ||||||
| 0 | Rs 2,49,999 | |||||
| Rs 2,50,000 | Rs 4,99,999 | |||||
| Rs 5,00,000 | Rs 19,99,999 | |||||
| Rs 20,00,000 | Rs 49,99,999 | |||||
| Rs 50,00,000 and above | ||||||
| Annuity Rates at sample ages | ||||||
| Annuity rates for a male for a purchase price of Rs. 10 lac | ||||||
| Age of the Annuitant(s) | ||||||
| 55 | 60 | 65 | 70 | |||
| Annuity for Life in ` (Single Life) | Rs 83,870 | Rs 90,080 | Rs 99,280 | Rs 113,610 | ||
| Annuity for Life with ROP in ` (Single Life) |
Rs 68,910 | Rs 69,040 | Rs 69,160 | Rs 69,180 | ||
| Annuity for Life in ` (Joint Life) | Rs 64,900 | Rs 68,220 | Rs 72,710 | Rs 80,000 | ||
| Annuity for Life with ROP in ` (Joint Life) |
Rs 59,700 | Rs 60,530 | Rs 61,320 | Rs 62,040 | ||
Add-ons
Not available in this plan
Exclusions
Not Available
Tax Benefits
Service Tax and education cess will be charged extra as per applicable rates
Claim Process
Know Claim Process of Max Life Guaranteed Life Time Income Plan
Company Overview
Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world.
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