Max Life Guaranteed Lifetime Income Plan
- Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
- Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
- Do more with plans that offer pure protection, retirement planning and investment options
Max Life Guaranteed Lifetime Income Plan is traditional, immediate annuity plan offered by Max Life Insurance. This plan helps policyholders plan their retirement smartly and provides them with regular income post retirement. Apart from offering guaranteed income, it gives policyholders an option to choose between joint life and single life annuity and the option to get purchase price returned to their nominee. Premium for this Max Life Pension policy starts from Rs.1 Lakh*. Policyholders can avail tax benefits under the prevailing Income Tax Laws.
*Premiums vary based on age, location, plan term and other factors.
Eligibility - Who is the Max Life Guaranteed Lifetime Income Plan for?
Max Life Guaranteed Lifetime Income Plan can be availed only by people who fulfil the eligibility requirements mentioned below.
(UIN:104N076V04)
| Type | Traditional, immediate annuity plan |
| Maximum Age at Entry (age as on last birthday) | 80 years |
| Minimum Age at Entry (age as on last birthday) | 50 years |
Sum Assured and Premium Range - What you Get and What it Costs?
Max Life Guaranteed Lifetime Income Plan offers Annuity to the policyholders. Annuity is a regular payout that policyholders get from the policy. Annuity is paid via electronic transfer and the payment modes are mentioned below:
- Annual.
- Semi-Annual.
- Quarterly.
- Monthly.
Modal factors is applicable on the all the modes except for annual mode. Modal factor for Semi Annual mode is 0.49, for quarterly mode is 0.24 and 0.08 for monthly mode. Policyholders can choose one of the following annuity options at the start of the policy:
- Single Life Annuity for life (without any death benefit) – Here, a fixed amount is paid throughout life. The amount is guaranteed at the start.
- Single Life Annuity for life with return of premium (ROP) payable on death – Here, a fixed amount is paid throughout life, which is guaranteed at the start. Apart from this, 100% of purchase price will be paid to nominee in case of death.
- Joint Life Annuity for life (without any death benefit) – Here, a fixed amount is paid till one of the Annuitants is alive. The amount is guaranteed at the start of the policy. Payment will stop after the death of the last survivor.
- Joint Life Annuity for life with return of premium (ROP) payable on death of last survivor – Here, a fixed amount is paid till one of the Annuitants is alive. The amount is guaranteed at the start of the policy. Apart from this, 100% of purchase price is paid to the nominee in case of death of the last survivor.
If age at entry of the policyholder is below 50 years or if single premium is below Rs.1,00,000 or both, then the policy will give only Singe Life Annuity for life (without any death benefit). Annuity is paid only if policyholders submit a ‘Proof of Living’ certificate along with an ID proof that is self-attested. These documents have to be submitted 30 days before the end of each policy year. The documents have to be signed by a registered medical practitioner, gazetted officer, notary or a scheduled bank branch manager. Annuity quote will be valid for 10 days provided the proposal is accepted by the company and if the last birthday is the same.
*Annuity option cannot be changed later.
| Annuity Term | Single life variant – until death of Annuitant. Join life variant – until death of last survivor. |
For Max Life Guaranteed Lifetime Income Plan, only single premium payment mode is allowed. It will be accepted only via cheque.
| Minimum Premium | This will be subject to a minimum annuity payout, which needs to be at least Rs.1,000 each month Rs.1 Lakh |
| Maximum Premium | No Limit |
| Premium Bands | 0 to Rs.2,49,999 Rs.2,50,000 to Rs.4,99,999 Rs.5,00,000 to Rs.19,99,999 Rs.20,00,000 to Rs.49,99,999 Rs.50,00,000 and more |
*Premiums vary based on age, location, plan term and other factors.
*The rates are exclusive of taxes and cesses.
Plan coverage – What the Max Life Guaranteed Lifetime Income Plan Covers?
Max Life Guaranteed Lifetime Income Plan provides the following benefits:
| Benefit | Details |
| Death Benefit | It is provided if the policyholder has selected annuity with return of premium option. |
| Survival Benefit | A fixed annuity amount is paid, which is guaranteed at the start of the policy. In case of joint life annuity, it paid until the death of the second Annuitant. |
Add-On Plans – Additional Coverage Under the Max Life Guaranteed Lifetime Income Plan:
Max Life Guaranteed Lifetime Income Plan does not offer additional coverage.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
Max Life Guaranteed Lifetime Income Plan policy has many other important features. Some of them are mentioned below.
| Particulars | Details |
| Freelook Period | 15 days. |
| Nomination | Nomination is permitted. |
Tax Benefits – How you can Save with the Max Life Guaranteed Lifetime Income Plan?
Owners of Max Life Guaranteed Lifetime Income Plan can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Deductions can be claimed under Sections 80C, 80CCC, 80D and 80DD of the IT Act and Exemptions can be claimed under Section 10 (10D) of the IT Act.
*Tax Benefits are dependent on the tax laws and may change at any time. It is advisable to consult someone who is an expert in tax matters.
Other Benefits – How you can Save With the Max Life Guaranteed Lifetime Income Plan?
Max Life Guaranteed Lifetime Income Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are mentioned below.
| Customer Care | Customers can contact on the helpline number or send an email/SMS/letter in case of any queries. |
| Download Premium Receipt Facility | Premium receipts of this policy can be downloaded online from the company’s website. |
| SMS Updates | By activating this features, policyholders will receive regular updates about their policy via SMS. |
| Expert Advice | The company has trained distributors who provide expert insurance related advice to customers at their doorsteps. |
Why you Should Buy the Guaranteed Lifetime Income Plan from Max Life Insurance?
Max Life Insurance is a leading life insurer with over 2,000 branches across India. The company is known for employing the latest technology to fasten the claims process. Out of all the insurance products offered by the company, Max Life Guaranteed Lifetime Income Plan is the most popular because it helps in securing their future by providing guaranteed income throughout life.Customers can get in touch with the company at any time through its customer care department.
Frequently Asked Questions (FAQs):
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Who is an Annuitant?
A. Annuitant is the person who hold an annuity policy.
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Is surrender applicable to Max Life Guaranteed Lifetime Income Plan?
A. No, surrender is not applicable to Max Life Guaranteed Lifetime Income Plan.
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Does the policy offer surrender benefit?
A. As surrender is not applicable, the policy does not offer surrender benefit.
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Under what circumstances will the policy terminate?
A. In case of death of the Annuitant, the policy will terminate. If Joint Life Annuity for life (without any death benefit) or Joint Life Annuity for life with return of premium (ROP) payable on death of last survivor option has been selected, then policy will terminate after death of the last Annuitant.
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Does Max Life Guaranteed Lifetime Income Plan offer maturity benefit?
A. No, Max Life Guaranteed Lifetime Income Plan does not offer maturity benefit.
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Does Max Life Guaranteed Lifetime Income Plan provide loan facility?
A. No, Max Life Guaranteed Lifetime Income Plan does not provide loan facility.
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What is the vesting process for minors?
A. The policy will automatically vest in a minor after he/she attains age of majority. After vesting, the company will directly deal with the Annuitant.
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Is the Annuity rate same for all the premium bands?
A. No the Annuity rate is not the same for all the premium bands.
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How to make a claim on Max Life Guaranteed Lifetime Income Plan?
A. Policyholders can make claim by submitting proof of death of the Annuitant or the last surviving Annuitant(s) to the company. After receiving the death certificate and documents allowing the nominee to collect the benefit, the company will pay the benefits to the nominee. In case of Single Life Annuity for life with return of premium (ROP) payable on death and Joint Life Annuity for life with return of premium (ROP) payable on death of last survivor, then company will refund the Single Premium to the nominee in case of death of the Annuitant or Annuitant(s).
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How to get more details about this policy?
A. You can get more details about this policy from the website of the company or from any branch of the company. You can also contact the customer care team to get the information.
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