Robinhood Insurance Broker Private Limited

Product Info

UIN

104N076V01

Status

Active

Launch Date

15/07/2013

Withdrawn Date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.

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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.
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. 

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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

Claim Process

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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