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<strong>Max Life Guaranteed Lifetime Income Plan</strong></p>
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<strong><em>(A Plan that Guarantees Lifetime Income Income for your Retirement Years)</em></strong></p>
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You have worked hard to achieve financial independence and a comfortable lifestyle. You want to maintain the same lifestyle during your golden years.</p>
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Presenting <strong>Max Life Guaranteed Lifetime Income Plan</strong>, the smart way to retire.<strong>Guaranteed Lifetime Income Plan</strong> is a non-linked traditional annuity plan that guarantees a regular stream of income after your retirement</p>
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<strong><u>Key Benefits</u></strong></p>
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Benefits:</h3>
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Maturity Benefit:</h4>
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N.A.</p>
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Death Benefit:</h4>
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Nil, in case of <a>Annuity</a> for Life.</p>
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Return of purchase price (excluding Service Tax) in case of <a>annuity</a> with return of purchase price option.</p>
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<strong><a>Annuity</a></strong> <strong>Options available</strong></p>
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You have the option to choose any one of the following four <a>annuity</a> options at the policy inception:</p>
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· <strong>Single Life</strong> <strong><a>Annuity</a></strong> <strong>for life (without any death benefit):</strong> A fixed amount, guaranteed at the policy inception, will be paid to you throughout your life.</p>
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· <strong>Single Life</strong> <strong><a>Annuity</a></strong> <strong>for life with return of premium (ROP) payable on death:</strong> A fixed amount, guaranteed at the policy inception, will be paid to you throughout your life. On death, 100% of the purchase price (excluding Service Tax) shall be paid to your <a>nominee</a>.</p>
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· <strong>Joint Life</strong> <strong><a>Annuity</a></strong> <strong>for life (without any death benefit):</strong> A fixed amount, guaranteed at the policy inception, will be paid as long as at least one of the annuitants is alive. Payments will cease on the death of the last survivor (annuitant).</p>
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· <strong>Joint Life</strong> <strong><a>Annuity</a></strong> <strong>for life with return of premium (ROP) payable on death of the last survivor</strong> A fixed amount, guaranteed at the policy inception, will be paid as long as at least one of the annuitants is alive. On death of the last survivor, 100% of the purchase price (excluding Service Tax) shall be paid to your <a>nominee</a>.</p>
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Please note that if the single premium is less than Rs. 100,000 or if the entry age is below 50 years or if both conditions hold, only <a>Annuity</a> for life (single life, without any death benefit) will be offered.</p>
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Please note that an <a>annuity</a> payout option once chosen at the policy inception cannot be changed at a later stage.</p>
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<strong><u>Are You Eligible?</u></strong></p>
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Entry Age (Age at last birthday)</h3>
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<strong>Minimum:</strong> 0 years</p>
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<strong>Maximum:</strong> 80 years</p>
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Please note that <a>annuity</a> below age 50 will be offered only in case the <a>annuity</a> is purchased from the proceeds arising out of the death benefit or surrender benefit payable under the Company's pension accumulation plan.</p>
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<strong><u>How the Plan Works?</u></strong></p>
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· Choose a one- time lump sum amount that you will pay in order to purchase this policy.</p>
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· The <a>annuity</a> amount that you receive will be based on the <a>annuity</a> rate applicable* at the time of purchase of the policy. The <a>annuity</a> rates are guaranteed for the lifetime of the annuitant(s). Please note that the rates will be applicable only after the policy is issued.</p>
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· Opt for any one of the four <a>annuity</a> options available under the policy.</p>
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<em>*Please see the</em> <em><a>annuity</a></em> <em>quote to know the</em> <em><a>annuity</a></em> <em>rate at the time of purchase for different ages and combinations</em></p>
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Choose from any of the four <a>annuity</a> payout modes available - monthly, quarterly, half yearly or yearly</p>
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Example:</h3>
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Case Study 1 (Joint Life <a>Annuity</a> for Life)</h4>
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<strong>How does Max Life Guaranteed Lifetime Income Plan work for Mr. Kumar?</strong></p>
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Mr. Kumar is a family man and he has just retired from service at the age of 60 years. He has a wife aged 58 years. His 2 daughters are married and are working</p>
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He purchases Max Life Guaranteed Lifetime Income Plan - Joint Life <a>Annuity</a> for Life with a purchase price of Rs. 10,00,000 (exclusive of Service Tax). Mr. Kumar will receive an annual payout of Rs. 69,750 throughout his life.</p>
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In case of the unfortunate event of death of Mr. Kumar, the payouts will continue throughout the life time of Mrs. Kumar, enabling her to be financially independent during her golden years.</p>
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Case Study 2 (Joint Life <a>Annuity</a> for Life with return of purchase price)</h4>
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<strong>How does Max Life Guaranteed Lifetime Income Plan work for Mr. Sharma?</strong></p>
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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.</p>
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He purchases <strong>Max Life Guaranteed Lifetime Income Plan - Joint Life</strong> <strong><a>Annuity</a>for Life with Return Of Purchase Price</strong> with a purchase price of Rs. 10,00,000 (exclusive of Service Tax). They name their two children as nominees with a proportional ownership of 50% each.</p>
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Mr. Sharma gets a guaranteed payout of Rs. 68,940 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 Rs. 68,940 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.</p>
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<em>Kindly note that the above examples are only illustrations and do not in any way create any rights and/or obligations. The actual experience on the contract may be different from illustrated.</em> The <a>annuity</a> amount that you receive will be based on the <a>annuity</a> rate applicable* at the time of purchase of the policy. The<a>annuity</a> rates are guaranteed for the lifetime of the annuitant(s). <em>For more details please request for your specific benefit illustration.The premium mentioned is exclusive of service tax charges.</em></p>
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<strong><u>About Premium Mode</u></strong></p>
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<strong>Minimum Purchase Price:</strong> No limit.</p>
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<em>The Company will accept any amount till the time it results in the</em> <em><a>annuity</a>payout of at least</em> <em>Rs.</em> <em>100 per annum.</em></p>
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<strong>Maximum Purchase Price:</strong> No limit</p>
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The above mentioned amounts are exclusive of Service Tax.</p>
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Please note that <a>annuity</a> for a single premium of less than Rs. 100,000 will be offered only in case <a>annuity</a> is purchased from the proceeds arising out of the surrender benefit or the death benefit payable under the Company's pension accumulation plan. Further, the Company will comply with Section 4 of Insurance Act 1938 relating to minimum <a>annuity</a> payment.</p>
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<a>Annuity</a> Payment Modes</h3>
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· Annual</p>
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· Semi Annual</p>
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· Quarterly</p>
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· Monthly modes</p>
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<em>Please note that the onetime premium payment will be accepted only through cheque (not through credit cards) and</em> <em><a>annuity</a></em> <em>payments will be made by electronic transfer for all modes.</em></p>
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<strong>Purchase Price Bands</strong><br />
<strong>(excluding Service Tax)</strong></p>
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0 - Rs. 2,49,999<br />
Rs. 2,50,000 - Rs. 4,99,999<br />
Rs. 5,00,000 - Rs. 19,99,999<br />
Rs. 20,00,000 - Rs. 49,99,999<br />
Rs. 50,00,000 and above</p>
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<strong>Payout Modes</strong></p>
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Payout shall happen at the end of the modal period. <a>Modal factors</a>applicable for modes other than annual mode are mentioned below:<br />
<strong>Monthly:</strong> 0.08<br />
<strong>Quarterly:</strong> 0.24<br />
<strong>Semi Annually:</strong> 0.49<br />
For example, a purchase price which yields a single annual payout of Rs. 100,000, will yield 12 monthly payouts of Rs. 8,000 each. Also, if an <a>annuity</a> is purchased on 1st Jan 2013, then, in case of monthly mode of payout, the first payout will be made on 31st Jan 2013. In case of annual mode of payout, the first payout will be made on 31st Dec 2013.</p>
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<strong>Annuity</strong> <strong>Term</strong></p>
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· <strong>Single life variant -</strong> till the death of the annuitant.</p>
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· <strong>Joint life variant -</strong> till the death of the last survivor.</p>
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<strong>Annuity</strong> <strong>Rates at sample ages</strong></p>
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Age of the Annuitant(s) (Years)</p>
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<a>Annuity</a> rates for a male for a purchase price of ` 10 lac</p>
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<a>Annuity</a> for Life in Rs. <br />
(Single Life)</p>
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<a>Annuity</a> for Life with ROP in Rs.(Single Life)</p>
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<a>Annuity</a> for Life in Rs. <br />
(Joint Life)</p>
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<a>Annuity</a> for Life with ROP in Rs.(Joint Life)</p>
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55</p>
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83,870</p>
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68,910</p>
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64,900</p>
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59,700</p>
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60</p>
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90,080</p>
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69,040</p>
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68,220</p>
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60,530</p>
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65</p>
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99,280</p>
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69,160</p>
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72,710</p>
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61,320</p>
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70</p>
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113,610</p>
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69,180</p>
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80,000</p>
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62,040</p>
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Please note that in the above <a>annuity</a> payouts are based on the assumption that the age of the secondary annuitant is five years lower than the age of the primary annuitant.<br />
<a>Annuity</a> rates will be different in different purchase price bands. Please note that the <a>annuity</a> rates are subject to change. Once the<a>annuity</a> has been purchased, the rates will remain constant and will not change.</p>
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Note:</p>
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For more details on risk factors, terms and conditions please read the <a href="http://www.maxlifeinsurance.com/pdf/forever-young-pension-plan-broucher.pdf" target="_blank">sales brochure</a> carefully before concluding a sale. <br />
Tax benefits are subject to change in tax laws. <br />
Life insurance coverage is available in this product. <br />
Insurance is the subject matter of solicitation.</p>
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Applicable Service Tax, Cess, and any other Taxes as imposed by the Government from time to time will be deducted from the premium received.</p>
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