In order to accommodate the new guidelines of IRDAI, Max Life Insurance has launched an enhanced variant of its traditional annuity plan.
In order to accommodate the new guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), Max Group company Max Life Insurance – a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. – has launched an enhanced variant of its traditional annuity plan – ‘Max Life Guaranteed Lifetime Income Plan’ (GLIP), that aims to make retirement planning financially sound.
The new plan has an additional variant of ‘deferred annuity’, that allows customers to plan early for their retirement. Under this option, applicants may lock high annuity rates currently prevalent for a long-term future, to ensure availing a consistent and risk-free lifelong annuity payment.
A non-linked, non-participating individual general annuity savings plan, GLIP offers various benefits, including flexible payout modes, top-up option for enhanced annuity, death benefit, loan facility, surrender option.
Some of the key features of Max Life Guaranteed Lifetime Income Plan are:
Options of Single and Joint Life Annuity
There are two options in this plan – ‘Single life’ and ‘Joint-life’. By selecting the ‘Joint-life’ annuity options, a customer may opt for lifelong guaranteed payments for self and spouse. The amount of annuity will be fixed at policy inception, so that the customers would meet their needs post retirement with consistent income.
The Max Life Guaranteed Lifetime Income Plan also offers a ‘Top-Up option’, that allows customers to increase their annuity income. Policyholders may avail the option to top up the contribution amount anytime during the policy term by paying top up premium to get higher annuity.
Annuity Payout Modes
Customers have the flexibility to choose annuity modes of yearly, half-yearly, quarterly or monthly payouts, according to their needs and requirements. It would help the annuitants create a regular stream of income with preferred frequency to secure the financial needs in the retirement years.
The policyholders may exercise the option of ‘Surrender’ anytime, subject to applicable laws and policy terms, during the policy term (after the free look period), where in the surrender benefit is thus paid as a lump sum to the annuitant. The plan also offers flexibility to the annuitant with the option to avail ‘Loan Facility’ where in case of any financial needs, one may use the annuity corpus without seeking any external help.