Max Life Insurance Company Ltd. (“Max Life” / “Company”), has launched an enhanced variant of `Max Life Guaranteed Lifetime Income Plan` (UIN: 104N076V14 – a Non-Linked, Non-Participating Individual General Annuity Savings Plan) designed to ensure a steady post-retirement income stream. With this plan, customers will now have the option of regular systematic investment to plan early for retirement and lock the annuity amount for life at the time of purchase.
The Max Life Guaranteed Lifetime Income Plan offers customers the option to choose between immediate and deferred annuity. They also have the option of selecting a joint life option to ensure the same amount of lifelong annuity to their loved ones even after one`s death. Under deferred annuity, the customer can lock the annuity amount at the time of purchase only either by paying a lump sum amount in one go or investing regularly in a systematic way as per his/her convenience. This plan provides the flexibility to choose the annuity amount one wants to receive post-retirement with the option to invest for different premium payment terms.
The minimum purchase price of the Plan is subject to a minimum annuity payout being at least Rs. 1,000 per month or Rs. 12,000 per annum, while there is no maximum premium limit.
Prashant Tripathy, MD & CEO, Max Life said, “Retirement planning is a key concern for young Indians today. In fact, as per our recent `India Retirement Index Study` 2.0, 1 in 3 Indians believes their savings will exhaust within five years of retirement. As we focus on retirement, we are committed to protecting India from financial risks, including uncertainties of life. The Max Life Guaranteed Lifetime Income Plan in its enhanced format is one of the many competitive products we will offer in this segment.”
Key features of `Max Life Guaranteed Lifetime Income Plan`:
- Guaranteed income for life* with Joint Life option to provide same income for life to the Spouse after one`s death.
- Easy to plan retirement – One can start planning retirement early to lock in the guaranteed annuity amount for tomorrow.
- Option to choose premium payment term and deferment period – One can choose for how long he/she wants to pay the premium and when he/she wants to start receiving a guaranteed income stream for life.
- Option to receive the return of premium on death – After the death of the annuitant(s)
- Premium paid (less applicable taxes) is returned to the claimant in case of immediate annuity for life (with death benefit) option,
- Minimum 105% of premiums paid is returned to the nominee. In case of deferred annuity (with death benefit) option
- Option to choose the mode of payout – One can choose to receive income payout on a yearly, half-yearly, quarterly, or monthly basis.