When one thinks of the retirement years, everyone looks forward to enjoying the golden phase of life and wishes that the mundane grind of life finally comes to a halt. However, financial planning is something that no one can escape. No matter what, the monthly bills and expenses will continue. Therefore, the smart thing to do is invest in an annuity plan that assures a regular flow of income and enables one to meet everyday expenses.
Peaceful Post-Retirement Life
Tax Free Regular Income
Wealth Generation to beat Inflation
The Axis Max Life Guaranteed Lifetime Income Plan lets one start planning the retirement early.
The Axis Max Life Guaranteed Lifetime Income Plan allows one to begin investing today to build the guaranteed lifetime income stream for a better tomorrow. With the variant of a deferred annuity, one has the option to plan for the retirement and likewise lock the higher annuity rates for the no-risk lifetime payment.
The Axis Max Life Guaranteed Lifetime Income Plan lets one retire smartly. In simple words, this plan is a non-linked traditional annuity plan, which guarantees regular income after retirement.
The table below shows the eligibility criteria of Axis Max Life Guaranteed Lifetime Income Plan:
Parameters |
Deferred Annuity |
Immediate Annuity |
Minimum |
45 years |
50 years |
Maximum |
80 years |
80 years |
Note: The annuity below the age of 50 years will be offered in case the annuity is bought from proceeds that are arising out of the death, maturity or surrender benefit within the pension accumulation plan of the company. Also, the minimum vesting age of the insurance holder cannot be less than 55 years.
To begin with, the following are some of the key reasons to purchase Axis Max Life Guaranteed Lifetime Income Plan:
Note: The ‘Premium’ refers to the ‘Single Premium’ or the ‘Purchase Price’ that is defined as a lumpsum premium sum paid by the insurance holder at the commencement of the policy and taxes excluded in case of any.
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At the inception of the policy, one has the option to choose from the listed below six annuity options:
A guaranteed fixed income will be paid at the commencement of the policy throughout the life as per the chosen mode. The income payment will cease upon the demise of the annuitant and the death benefit that is 100 per cent of the single premium will be paid to the nominee.
The fixed income guaranteed will be paid at the beginning of the policy with at least one of the annuitant is alive and with the chosen mode. The income payments will cease upon the demise of the last survivor.
A guaranteed fixed income will be paid at the commencement of the policy throughout the life as per the chosen mode. The income payment will cease upon the demise of the annuitant and the death benefit that is 100 per cent of the single premium will be paid to the nominee.
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The fixed income guaranteed will be paid at the beginning of the policy with at least one of the annuitant is alive and with the chosen mode. The income payments will cease upon the demise of the last survivor.
A guaranteed fixed income will be paid at the commencement of the policy throughout the life with one at least one of the annuitant is alive after the period of deferment is over and as per the chosen mode. The income payment will cease upon the demise of the annuitant and the death benefit that is 105 per cent of the single premium will be paid to the nominee.
The fixed income guaranteed will be paid at the beginning of the policy with one at least one of the annuitant is alive after the period of deferment and with the chosen mode. The income payment will cease upon the demise of the last survivor and the death benefit that is 105 per cent of the single premium will be paid to the nominee.
The annuity payout will happen towards the end of the modal period and the table below shows the applicable modal factors:
Quarterly |
0.24 |
Semi-yearly |
0.49 |
Monthly |
0.08 |
This suggests that an annuity plan that provides a single yearly payout of Rs 1 lakh will convert into twelve monthly payouts of Rs 8,000
Further, take a look below to understand the working of the Axis Max Life Guaranteed Lifetime Income Plan:
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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