Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Case Study: Mr Duggal is 66-year-old retired government service personnel. He has a family of three which includes his wife who is 60 years of age and a daughter. He decided to purchase Max Life Guaranteed Lifetime Income Plan – Joint Life Annuity for Life that offers a Return of Purchase Price at Rs. 10,00,000 (excluding all the taxes and cesses). They named their daughter as the nominee. Mr Duggal gets a guaranteed payout of Rs. 65,530 each year. So in case if Mr Duggal passes away his wife will get to receive the yearly payout of Rs. 65,530 all through her lifetime. This empowers her financially and makes her independent. Moreover, at the time of death of Mrs Sharma the complete purchase price which is Rs. 10,00,000 will be given to their daughter. Annuity Options Available o Annuity for single life: This life does not include any death benefit. This policy offers a certain amount which is guaranteed to the policyholder at the time of inception, and this will be paid all through your life. o Annuity for single life with return of Single Premium (Purchase Price) on death: A set amount, guaranteed at the time of taking the policy is paid to the policyholder throughout their life. Wherein, if the policyholder passes away, 100% of the purchase price net taxes and cesses are received by the person you nominated. o Annuity for joint lives (not including death benefit): A set amount which is guaranteed at the time of taking the policy is received by alive annuitants. Wherein, in case of the death of the both the annuitants, the policy tends to cease. o Annuity for joint lives (return of Single Premium on the demise of the last alive Annuitant): A fixed sum guaranteed at the very beginning of taking the policy will be paid to the policyholder throughout the lifetime of even single the annuitant. Wherein, at the time of the death of the last survivor, 100% of the purchase price (minus taxes and cesses) is received by the nominee.
Annuity payouts will be paid as per the frequency chosen immediately after the premium paid On death of the annuitant, annuity payouts cease under the first option. Under the second option, the purchase price is also returned Under the third option, after the first annuitants death, annuity continues to be paid to the spouse and ceases on spouses death. The purchase price is also returned to the nominee in the last cae post the spouses death Income tax benefit on the premium paid as per Section 80CCC of the Income Tax Act.
Question: What is the Guaranteed Income benefit? Answer: Guaranteed Income caters the needs of the policyholder throughout their lifetime. Question: Do the policyholders have the opportunity to opt for Single Life or Joint Life Annuity? Answer: Max Life Guaranteed Lifetime Income Plan gives the policyholder an option to receive life-long payments throughout their and their partners lifetime. Further, it gives you the option to choose from Single Life or a Joint Life Annuity Plan. Question: What is the return of Purchase Price? Answer: This policy gives us the option to receive a return of purchase price at the time of the death of the policyholder. If the annuitant(s) of the policy pass away then the nominee gets to receive the purchasing cost of the policy. Question: What are the modes of payout available under this plan? Answer: This policy gives you the leverage to pick out the medium of payout. You get the options such as yearly, half-yearly, quarterly or monthly to make your payout which you can choose as per your requirements. Question: What is the minimum and maximum age of taking the policy? Answer: Those who wish to purchase the annuity from surrender or death benefit of the pension accumulation plan offered by the company then the minimum entry age needs to be less than 50 years and the minimum purchase price can be less than Rs. 1,00,000. However, Single Life Annuity is the only annuity option available for Life Option. Question: Can I surrender this policy? Answer: No, you are not allowed to surrender this Policy. Question: Can I avail a Loan under this plan? Answer: No, you are not entitled to purchase any loan against this Policy.
Details about Premium Premium in Rupees for a purchase price of 10 lakhs Guaranteed Lifetime Income – Policy Details Grace Period: Grace period is not applicable. Policy Termination or Surrender Benefit: the policy cannot be surrendered Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Inclusions Loan is not available under the plan Additional Features or Riders No medical tests are required to purchase the plan
Guaranteed Lifetime Income Plan is a traditional non-participating Immediate Annuity plan which provides regular cash inflows after retirement to take care of the lifestyle expenses faced by the policyholder Guaranteed Lifetime Income – Key Features It is an Immediate Annuity Plan with single premium option where the annuity starts immediately after premium payment from the next chosen date There are 4 annuity options: Single life Annuity for life Single Life Annuity for life with Return of Premium (ROP) on death of the annuitant Joint Life Annuity for life Joint Life Annuity for life with return of Premium (ROP) on death of the last survivor
