- Choose a premium amount that you will pay in order to purchase this policy or the annuity amount you wish to receive.
- Choose how long you want to pay the premium (premium payment term) and when you want to start receiving the annuity amount (deferment period).
- Opt for any one of the Eight annuity options available under the policy.
- Choose from any of the four annuity payout modes available - monthly, quarterly, half yearly or yearly.
- The annuity amount that you receive will be based on the annuity rate applicable at the time of purchase of the policy. Once purchased, the annuity rates are guaranteed for the lifetime of the annuitant(s). Please note that the rates will be applicable only after the policy is issued.
Let’s look at how this plan works for Mr. Sharma:
Case Study 1 (Joint Life Immediate Annuity for Life (with death benefit))
How does Max Life Guaranteed Lifetime Income Plan work for Mr Sharma?
Mr Sharma is a 65-year-old individual who has just retired from service. He lives with his wife Mrs Sharma aged 60 years and his two children.
He purchases Max Life Guaranteed Lifetime Income Plan - Joint Life Immediate Annuity for Life (with death benefit) with a Single Premium of ₹10,00,000 (exclusive of all applicable taxes, cesses and levies as imposed by the Government from time to time). They name their two children as nominees with proportional ownership of 50% each
Mr. Sharma gets a guaranteed payout of ₹66,930 every year. In case of the unfortunate event of the death of Mr. Sharma, Mrs. Sharma will continue to receive the guaranteed annual payout of ₹66,930 throughout her lifetime, enabling her to be financially independent during her golden years. Upon her death, the entire purchase price of Rs. 10,00,000 shall be paid to the nominees under the plan. In this case, the two children receive an amount equal to Rs. 5,00,000 each.
Case Study 2 (Joint Life Deferred Annuity for life (with death benefit)) with Deferment period of 10 years
How does Max Life Guaranteed Lifetime Income Plan work for Mr. Sharma?
Mr. Sharma is a 50-year-old individual who has plans to retire from service at the age of 60 years. He lives with his wife Mrs. Sharma aged 45 years and his two children.
He purchases Max Life Guaranteed Lifetime Income Plan - Joint Life Deferred Annuity for life (with death benefit) for deferment period of 10 years with a Single Premium of ₹10,00,000 (exclusive of all applicable taxes, cesses and levies as imposed by the Government from time to time). They name their two children as nominees with a proportional ownership of 50% each.
Mr. Sharma gets a guaranteed payout of ₹1,13,180 every year. In case of the unfortunate event of the death of Mr. Sharma, Mrs. Sharma will continue to receive the guaranteed annual payout of ₹1,13,180 throughout her lifetime, enabling her to be financially independent during her retirement. Upon her death, minimum of ₹10,50,000 shall be paid to the nominees under the plan. In this case, the two children will receive minimum amount of ₹5,25,000 each.
Case Study 3 (Joint Life Deferred Annuity for life (with death benefit)-Limited Pay Variant) with Premium Payment Term of 5 Years and Deferment period of 5 years
How does Max Life Guaranteed Lifetime Income Plan work for Mr. Verma?
Mr. Verma is a 55-year-old individual, who has plans to retire from service at the age of 60 years. He lives with his wife Mrs. Verma aged 55 years and his son and son’s family
He purchases Max Life Guaranteed Lifetime Income Plan - Joint Life Deferred Annuity for life (with Death Benefit) – Limited Pay variant for deferment period of 5 years. He wants to pay ₹.3,00,000 p.a. (exclusive of all applicable taxes, cesses and levies as imposed by the Government from time to time) for 5 years to plan for his and his wife’s retirement income, He has named his granddaughter as nominee in this plan.
He starts receiving guaranteed income of ₹108,849 every year from age 61 for life. In case of the unfortunate event of the death of Mr. Verma, Mrs. Verma will continue to receive the guaranteed annual payout of ₹108,849 throughout her lifetime, enabling her to be financially independent during her retirement. Upon her death, minimum death benefit of ₹15,75,000 shall be paid to the nominees under the plan.
Kindly note that the above case studies are only illustrations and do not in any way create any rights and/or obligations. The annuity rates shown in the case studies are only illustrative reference values and are as of July, 2023.
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