Investment Plans 190 views June 29, 2021

Max Life Guaranteed Lifetime Income Plan

Max Life Guaranteed Lifetime Income Plan offers comprehensive protection and long-term saving solutions to the customers. If you invest in this plan, you’ll be entitled to the following benefits.

  1. Guaranteed Income
  2. Death Benefit
  3. Different types of annuity payment modes

Read this page further and know more about the benefits of the Max Life Guaranteed Lifetime Income Plan.

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Max Life Guaranteed Lifetime Income Plan Guaranteed Income

A fixed annuity amount shall be payable to you upon survival during the policy term. You can choose from any one of the following six annuity options at policy inception:

Immediate Annuity

Under the immediate annuity option, you’ll get the following choices:

Single Life Immediate Annuity for Life (without death benefit)

A fixed income shall be paid to the annuitant throughout life as per the payout period chosen at inception. The income will cease upon the death of the annuitant.

Single Life Immediate Annuity for Life (with death benefit)

A fixed income shall be paid to the annuitant throughout life as per the payout period chosen at inception. The income payment will cease upon the death of the annuitant and Death Benefit shall be paid to the nominee.

Joint Life Immediate Annuity for Life (without death benefit)

A fixed income will be paid as long as at least one of the annuitants is alive, and the income will stop upon the death of the last survivor (annuitant).

Joint Life Immediate Annuity for Life (with death benefit)

A fixed income will be paid as long as at least one of the annuitants is alive, and the income will stop upon the death of the last survivor (annuitant) plus the nominee will receive a death benefit.

Deferred Annuity

If you choose the deferred annuity option, you’ll get to choose from the following income benefits.

Single Life Deferred Annuity for life (with death benefit)

A fixed amount will be paid to the annuitant throughout life when the deferment period is over. The income payment will cease upon the death of the annuitant and the insurer shall pay a death benefit to the nominee.

Joint Life Deferred Annuity for life (with death benefit)

A fixed amount will be paid as long as at least one of the annuitants is alive when the deferment period is over. The income payment will cease upon the death of the last survivor and the insurer shall pay a death benefit to the nominee.

Max Life Guaranteed Lifetime Income Plan Death Benefit

In case of death of the life assured during the policy term, the insurer shall pay a death benefit to the nominee as per the annuity option.

Immediate Annuity for life (with death benefit)

The nominee will receive 100% of Single Premium/Top-up Premium (if any)

Deferred Annuity

The insurer shall pay higher of the following:

  1. Single-Premium + Top-up Premium + Accrued Guaranteed Additions – Total annuity payments made till the date of intimation of death (if any)
  2. 105% of (Single Premium + Top-up premium)

The death benefit for the Top-up premium after the deferment period will be 100% of the Top-up premiums paid.

Note: Death benefit is payable only in case of an immediate annuity. It is paid upon the death of an annuitant in the case of a single life annuity and upon the death of the last survivor in the case of the joint-life annuity.

 Max Life Guaranteed Lifetime Income Plan Guaranteed Addition

If you choose the deferred annuity option, you’ll get the benefits of guaranteed additions during the deferment period:

  1. Guaranteed Additions per month = (Yearly Annuity amount) / 12
  2. Guaranteed Additions for Top-up premium(s) per month = (Yearly Annuity amount from the Top-up premium(s) / 12

Note: Guaranteed additions for Top-up premium(s) during the deferment period will be the same as that of the base plan. No guaranteed additions will accrue after the expiry of the deferment period. The guaranteed additions will be payable only upon the death of the annuitant(s)

Free Look Period

The insurer shall provide you a free look option only in case the annuity is purchased from funds and not arising out of any pension plan. You’ll be notified about the free look period by the insurer. A free look period remains for 15 days from the date of receipt of the policy document during which you can review the terms and conditions of the policy. In case the policy is purchased through a distance marketing channel such as telephone-calling, e-mail, internet and interactive television (DTH), direct postal mail and newspaper & magazine inserts or through any means of communication, the free look period will be 30 days.

If you disagree with any of the terms and conditions, you can return the policy stating the reasons for your objection. On such cancellation, the paid premium will get refunded to you after a deduction of stamp duty.

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