The following are the salient features of Max Life Guaranteed Lifetime Income Plan
Guaranteed Income – This plan offers lifelong guaranteed income for meeting ones various financial needs.
Payout Flexibility – One can choose to receive the payouts from options like Yearly, Half-yearly, Quarterly or Monthly as per one’s requirement.
Provides 4 annuity options that one can choose from:
Single Life Annuity for life: This offers a fixed income, as determined at the inception of the policy, throughout the life of the policyholder. It does not offer Death Benefit.
Single Life Annuity for life with Return of Premium (ROP) on annuitant’s death: This offers a fixed income, as determined at the inception of the policy, throughout the life of the policyholder. 100% of the purchase price (excluding all applicable taxes, cesses and levies as imposed by the Government) is payable to the nominee as Death Benefit on the policyholder’s death.
Joint Life Annuity for life: This offers the policyholder the flexibility to extend lifelong income benefit to his/her life partner, under Joint Life Annuity for life. It offers a fixed income, as determined at the inception of the policy, throughout the life of the policyholder. This is paid as long as at least one of the annuitants is alive. Payments stop on the death of the last annuitant. This annuity option does not include Death Benefit.
Joint Life Annuity for life with Return of Premium (ROP) payable on death of the last annuitant: This offers fixed income, as determined at the inception of the policy, throughout the life of the policyholder and his/her spouse, payable as long as at least one of the annuitant is alive. On the last annuitant’s death, 100% of the purchase price (excluding all applicable taxes, cesses and levies as imposed by the Government) is payable to the policy’s nominee.
Annuity Payout Modes: The payout is applicable after the completion of the modal period as per the following modal factors.
Monthly: 0.08,
Quarterly: 0.24 and
Semi-Annually: 0.49
This implies that an annuity plan that offers a single annual payout of Rs. 1 lakh gets converted into 12 monthly payouts of Rs. 8,000 each (Rs. 1 lakh x Monthly Modal Factor).
