Max Life Guaranteed Lifetime Income Plan

This is a Traditional non-participating Immediate Annuity Plan that provides a regular income source after retirement. The annuity starts immediately after the payment of premium. It assures policyholders have financial security and enables them to maintain their lifestyle, even when they are not gainfully employed.

Features of Max Life Guaranteed Lifetime Income Plan

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).

Benefits of Max Life Guaranteed Lifetime Income Plan

  • Max Life Guaranteed Lifetime Income Plan does not offer Survival or Maturity Benefit except under annuity option with return of premium
  • It does not offer Surrender Value
  • Loan facility is also not applicable against this retirement plan

Eligibility Criteria

ParametersMinimumMaximum
Entry Age50 years, (55 years for policies sourced under Qualifying Recognized Overseas Pension Scheme (QROPS)80 years

Premium Details

ParametersMinimumMaximum
Premium Payment OptionsDepends on the minimum annuity payout being at least Rs. 1,000 per month.No limit

Document Required for Applying to Max Life Guaranteed Lifetime Income Plan

Listed below are the documents that applicants have to submit while applying for Max Life Guaranteed Lifetime Income Plan:

  • Application/Proposal Form
  • Proof of Address
  • KYC documents

Reviews of Max Life Guaranteed Lifetime Income Plan

“With the Max Life Guaranteed Lifetime Income Plan, I could include my wife as an annuitant. It also gave me the flexibility to decide on whether I would like to opt for death benefit.” – Ankit Malhotra

“I could invest in a retirement plan at only Rs. 1,000 per month. It enabled me to financially plan my post-retirement years without burning a hole in my pocket” – Ashish Gupta

Max Life Guaranteed Lifetime Income Plan

What are the benefits offered by the Max Life Guaranteed Lifetime Income Plan?

This is a traditional non-participating Immediate Annuity Plan that provides a regular income source after retirement. The annuity starts immediately after the payment of premium. It assures policyholders to have financial security and enables them to maintain their lifestyle even when they are not gainfully employed.

Do the policyholders of Max Life Guaranteed Lifetime Income have the opportunity of opt for single life or joint life annuity?

Yes, Max Life Guaranteed Lifetime Income Plan offers choice of annuity options like single life and joint life annuity, with and without death benefit.

What is the Return of Purchase price?

Return of Purchase price (RoP) refers to the returning of the 100% of the purchase price (excluding all applicable taxes, cesses and levies as imposed by the Government) to the nominee on death of the annuitant..

What are the modes of payout available under Max Life Guaranteed Lifetime Income Plan?

The modes of payout offered against the Max Life Guaranteed Lifetime Income Plan are month, quarter, semi-annual and annual.

What is the minimum and maximum age of taking the Max Life Guaranteed Lifetime Income Plan?

The minimum entry age is 50 years, (55 years for policies sourced under Qualifying Recognized Overseas Pension Scheme (QROPS). The maximum entry age is 80 years.

Can I surrender this policy?

No one cannot surrender this plan.

Can I avail a loan under this plan?

No, loan benefit is not offered by Max Life Guaranteed Lifetime Income Plan.