Max Life Guaranteed Lifetime Income Plan

Max life Guaranteed Lifetime Income Plan is a non-linked traditional annuity plan that guarantees a regular stream of income after retirement. This plan enables to convert savings or lump sum amount into a guaranteed lifetime income source after retirement. Invest now to ensure you receive a definite amount upon your retirement which safe guards you from any financial need in your future.

Key Features

  • Guaranteed Income
  • Option to choose from Single life or Joint Life Annuity

Benefits

  • Maturity benefit
There are no maturity benefits under this plan as there is no policy tenure. Pension is payable immediately.
  • Death benefit
There is no death benefit but you may receive the purchase price option in case of annuity.
  • Tax benefit
Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C.

Am I eligible?

PARAMETER MINIMUM MAXIMUM
Entry Age 50 80
Purchase price 1,00,000 No limit
Annuity payment modes Annual, semiannual, quarterly and monthly
Payout modes Monthly, quarterly and semi annually

What if?

  • I am unable to pay on time
Payment is done in a single premium, so no question of further premium payment.
  • I stop the payment
There are no surrender benefit and premium payment is one time only.
  • I wish to take a loan
Loan facility is not available for this policy.

Exclusions

  • No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy whichever is later.
  • A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud.