Choose a premium amount that you will pay in order to purchase this policy or the annuity amount you wish to receive.Further in the ROP option, in case of death and non-intimation to Max Life Insurance (within the 5 years), any annuities paid to the customer will not be adjusted from the death benefit and the nominee will get the full amount. For the Non-ROP (Return of Premium) option the frequency continues to be yearly. With Max Life Insurance now you have to submit life certificate every 5 years instead of every year, if you have availed the return of premium option. Life Certificate: A life certificate is a document used as a proof of existence that is submitted by annuitants at specified time intervals to continue receiving their annuity.This plan does not offer any Maturity Benefit.Under Single Pay variants, with top-up facility, the annuity amount can be enhanced.Surrender Benefit which is higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) will be payable For Single Pay with death benefit options, the policy can be completely surrendered at any time (after free look period is over) and for Limited Pay, the policy can be completely surrendered at any time after payment of two full years’ premium.# Total Premiums Paid” here refers to the total of all Premiums received under the Policy, excluding any extra premium, any rider premium and applicable taxes, cesses or levies (if any) Additional Plan Benefits *“ Single Premium” here refers to Purchase Price which is defined as the lump sum premium amount paid by the policyholder at the inception of the policy excluding the taxes if any. This means, an annuity plan which provides a single annual payout of Rs.1,00,000, will convert into 12 monthly payouts of Rs. minimum 105% of the Total Premium Paid # shall be paid to the nominee(s).Īnnuity Payout Modes: The payout shall happen at the end of the modal period and the following Modal Factors will be applicable: Income payment will cease on death of the last survivor and Death benefit, i.e. Joint Life Deferred Annuity for life (with death benefit) -Limited Pay :Ī fixed income guaranteed at the policy inception will be paid as long as at least one of the annuitants is alive, after the deferment period is over and as per the chosen mode. minimum 105% of the Total Premium Paid # shall be paid to the nominee(s). Income payment will cease on the death of the annuitant and Death benefit, i.e. Single Life Deferred Annuity for life (with death benefit) -Limited Pay:Ī fixed income guaranteed at the policy inception will be paid to the annuitant throughout life, after deferment period is over and as per the chosen mode. minimum 105% of the Single Premium* shall be paid to the nominee(s). Joint Life Deferred Annuity for life (with death benefit)– Single Pay:Ī fixed income guaranteed at the policy inception will be paid as long as at least one of the annuitants is alive, after the deferment period is over and as per the chosen mode. Income payment will cease on the death of the annuitant and Death benefit ,i.e. Single Life Deferred Annuity for life (with death benefit)– Single Pay :Ī fixed income guaranteed at the policy inception will be paid to the annuitant throughout life, after deferment period is over and as per the chosen mode. 100% of the Single Premium* shall be paid to the nominee(s). Income payment will cease on death of the last survivor and Death Benefit, i.e. Joint Life Immediate Annuity for life (with death benefit)– Single Pay :Ī fixed income guaranteed at the policy inception will be paid as long as at least one of the annuitants is alive and as per the chosen mode. Income payments will cease on the death of the last survivor (annuitant). Joint Life Immediate Annuity for life (without death benefit)– Single Pay :Ī fixed income guaranteed at the policy inception will be paid as long as at least one of the annuitants is alive and as per the chosen mode. Income payment will cease on the death of the annuitant and Death Benefit, i.e. Single Life Immediate Annuity for life (with death benefit)– Single Pay :Ī fixed income guaranteed at the policy inception will be paid to the annuitant throughout life as per the chosen mode. Income payment will cease on the death of the annuitant. Single Life Immediate Annuity for life (without death benefit)– Single Pay:Ī fixed income guaranteed at the policy inception will be paid to the annuitant throughout the life as per the chosen mode. You have the option to choose any one of the following annuity options at the policy inception:
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