Max life Insurance plans

Max Life Guaranteed Lifetime Income Plan

Max Life Guaranteed Lifetime Income Plan is an Non Linked Non Participating Immediate Annuity Plan that allows the insured to convert your life-savings into a lifelong regular income source during the retirement years.
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Max life Insurance plans
Distribution - Number of branches pan India (March 2019)
239
Entry Age Minimum/Maximum (Years) - Term Plans
18/70
Sum Assured Minimum / Maximum - Term Plans
10 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/50
Solvency Ratio (FY 2018-19) *
2.42
Number of Policies Sold (Ind+Group) *
527,601
Number of Lives Covered (Ind+Group) **
6,438,358
Claims Settlement Ratio (Ind+Group) ***
98.95%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

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

Brochure

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Policy wordings

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025