Axis Max Life Guaranteed Lifetime Income Plan

You have the option to choose any one of the following annuity options at the policy inception:

IMMEDIATE ANNUITY

Single Life Immediate Annuity for life (without death benefit)– Single Pay:

A fixed income guaranteed at the policy inception will be paid to the annuitant throughout the life as per the chosen mode. Income payment will cease on the death of the annuitant.

Single Life Immediate Annuity for life (with death benefit)– Single Pay :

A 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 and Death Benefit, i.e. 100% of the Single Premium* shall be paid to the nominee(s).

Joint Life Immediate Annuity for life (without death benefit)– Single Pay :

A 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 (with death benefit)– Single Pay :

A 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 death of the last survivor and Death Benefit, i.e. 100% of the Single Premium* shall be paid to the nominee(s).

DEFERRED ANNUITY

Single Life Deferred Annuity for life (with death benefit)– Single Pay :

A 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. Income payment will cease on the death of the annuitant and Death benefit ,i.e. minimum 105% of the Single Premium* shall be paid to the nominee(s).

Joint Life Deferred Annuity for life (with death benefit)– Single Pay:

A 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 death of the last survivor and Death benefit, i.e. minimum 105% of the Single Premium* shall be paid to the nominee(s).

Single Life Deferred Annuity for life (with death benefit) -Limited Pay:

A 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. Income payment will cease on the death of the annuitant and Death benefit, i.e. minimum 105% of the Total Premium Paid# shall be paid to the nominee(s).

Joint Life Deferred Annuity for life (with death benefit) -Limited Pay :

A 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 death of the last survivor and Death benefit, i.e. minimum 105% of the Total Premium Paid# shall be paid to the nominee(s).

Annuity Payout Modes: The payout of this pension plan shall happen at the end of the modal period and the following Modal Factors will be applicable:

Monthly: 0.08,

Quarterly: 0.24 and

Semi-Annually: 0.49.

This means, an annuity plan which provides a single annual payout of Rs.1,00,000, will convert into 12 monthly payouts of Rs. 8,000 each (Rs.1,00,000 x Monthly Modal Factor).

*“ 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.

# Total Premiums Paid” here refers to total of all the Premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly