Max Life pension insurance plans, Buy Max Life Guaranteed Lifetime Income insurance Plan Online

Max Life Guaranteed Lifetime Income Plan Overview

Key Benefits
Eligibility and Benefit Descriptions

Key Features of Guaranteed Lifetime Income Plan

Guaranteed Income to cater to your needs as long as the insured is alive.
Option to receive life-long payments for as long as the insured or his/her partner are alive – One has the option to choose a single life or a joint life annuity.
Option to receive return of purchase price on death – After the death of the annuitant(s), the purchase price of the policy is returned to the nominee.
Option to choose the mode of payout – One may choose to receive the payout on a yearly, half-yearly, quarterly or monthly basis, as per their needs and requirement.

Eligibility of Guaranteed Lifetime Income Plan

Eligibility Criteria
Entry Age (Last Birthday)	Minimum: 50 years (55 years for policies sourced under Qualifying Recognized Overseas Pension Scheme (QROPS), as per prevailing Her Majesty’s Revenue & Customs (HMRC) regulations) Maximum: 80 years Please note that annuity below age 50 will be offered only in case the annuity is purchased from the proceeds arising out of the surrender benefit, death benefit, or maturity benefit payable under the Company’s pension accumulation plan.
Minimum and Maximum Premium (Purchase Price)	Minimum single premium is subject to a minimum annuity payout being at least ₹1,000 per month or ₹12,000 per annum (In accordance with the Minimum Limits for Annuities and other Benefits Regulations, 2015) Please note that annuity for a single premium of less than ₹100,000 will be offered only in case annuity is purchased from the proceeds arising out of the surrender benefit, death benefit, or maturity benefit payable under the Company’s pension accumulation plan. In case the annuity payout is less than ₹1,000 per month, the proceeds arising out of the surrender benefit, death benefit, or maturity benefit payable under the Company’s pension accumulation plan shall be refunded to the policyholder. Maximum Single Premium: No maximum limit
Annuity Payment Modes	All payout modes are available. Please note that the annuity payments will be made by electronic transfer. Payout shall happen at the end of the modal period. Modal factors applicable for modes other than annual mode are mentioned below: Semi Annually 0.49 Quarterly 0.24 Monthly 0.08
Annuity Options Available	You have the option to choose any one of the following four annuity options at the policy inception: Minimum per annum Single Life Annuity for life (without any death benefit): A fixed amount, guaranteed at the policy inception, will be paid to the insured throughout their life. Single Life Annuity for life with return of premium (ROP) payable on death: A fixed amount, guaranteed at the policy inception, will be paid to you throughout the life of the insured. On death, 100% of the purchase price (excluding all applicable taxes, cesses and levies as imposed by Government) 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. Payments will cease on the death of the last survivor (annuitant). 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 as at least one of the annuitants is alive. On death of the last survivor, 100% of the purchase price (excluding all applicable taxes, cesses and levies as imposed by Government) shall be paid to the policy nominee. Please note that if the single premium is less than ₹100,000 or if the entry age is below 50 years or if both conditions hold, only Single Life Annuity for life (without any death benefit) will be offered. Please note an annuity payout option once chosen at the policy inception cannot be changed at a later stage.
Annuity Term	Single life variant - till the death of the annuitant. Joint life variant - till the death of the last survivor. The insured has the option to opt for any vesting age as long as the vesting age is at least 50 years (55 years for policies sourced under QROPS). Please note that one has the option to extend the policy term (i.e. vesting age) subject to the Maximum Vesting Age.
Benefits under this Plan
On Maturity	Not Applicable.
On Death of Annuitant(s)	Nil, in case of Annuity for Life. Return of purchase price (excluding all taxes, cesses and levies as imposed by the Government from time to time), in case of annuity with return of purchase price option.
Survival Benefit	A fixed annuity amount, guaranteed at policy inception is payable. In case of joint life annuity, on death of the primary annuitant, the secondary annuitant, if alive, will receive the same fixed amount throughout life. The annuity amount is payable at the end of the modal period chosen by the policyholder.
Surrender Value	No Surrender Value is available under this product.
Loan Facility	Loan facility is not available for this product

Max Life Guaranteed Lifetime Income Plan

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Max Life Guaranteed Lifetime Income Plan Overview

Key Features of Guaranteed Lifetime Income Plan

Eligibility of Guaranteed Lifetime Income Plan

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