Presenting

Lifetime MAX LIFE

Pension
Lifelong
SWAG Smart Wealth Annuity Guaranteed Pension Plan
Non-Linked Non-Participating Individual/Group General Annuity Savings Plan | UIN: 104N137V06

Live retired life on your terms with SWAG Pension, a single solution
with the flexibility to customise it to suit your specific needs.

Max Life Ka Bharosa

Design policy from a wide Flexible premium payment &

range of annuity options personalised income timing

Inflation friendly income with Tailored return of premium to align

growing annuity$ with your financial objectives

3 in 5 Indians feel that their retirement corpus will dry up within 10 years.
#

Ensure lifetime income by planning today, secure your future and the future of your
loved ones because for them,

Max Life Insurance Company Limited, Distributed by Axis Bank.

23_12_MLI_12068228_MK_A4_SWAG PENSION_LEAFLET_R5
 KEY FEATURES OF MAX LIFE SMART WEALTH ANNUITY GUARANTEED+ PENSION PLAN
1. Design your policy from wide range of Immediate and Deferred annuity options.

2. Opt for flexible premium payments; decide income timings with ease.

3. Stay ahead of inflation and boost your annual income with increasing annuity variants.

4. Choose when and how much return of premium you require to meet your financial goals.

5. Get guaranteed + lifelong annuity for you and your loved ones.

6. With advance annuity option, you can take your next 5 year annuities in advance as a lumpsum.

CHOOSE YOUR PLAN IN 4 SIMPLE STEPS:

Step 1: Choose the premiums you wish to pay or choose the annuity amount you wish to receive.

Step 2: Choose how long you want to pay the premium (premium payment term) and when you want to
start receiving the annuity amount (deferment period).

Step 3: Choose annuity variants, annuity payout mode and premium payment mode.

Step 4: Pay premiums for the chosen duration and enjoy guaranteed + annuity for life.

PLAN FEATURES

Features Max Life Smart Wealth Annuity Guaranteed Pension Plan

AnnuitySingle
Variants
Premium Single
Single Premium Premium
Variants VariantsVariants
available under
this plan1 Immediate
1 Immediate1 Immediate
Annuity: Annuity: Annuity:
Following Following
Following
sub-variants sub-variants
sub-variants
are available are available
are available
under this under
under thisvariant:
variant:
this variant:
a. Singlea.Life
Single a.
withoutSingle
Life Life without
without
Death DeathDeath
Benefit: This Benefit:
Benefit: ThisThis
variant variant
provides
variant provides
provides
annuity annuity
annuity
for for
life till
for life till
death
life till death
the of
ofdeath ofthe
theannuitant.
annuitant.
annuitant. Death
Death benefit benefit
Death is is
benefitnot applicable
not applicable under
is not applicable this
under this
undervariant.
variant.
this variant.
b. Joint b.
Life
Joint b. Joint
without
Life Life without
without
Death Death Death
Benefit: Benefit:
Benefit:
This variant This variant
This provides
variant provides
provides
annuity forannuity
annuity forfor
life till lifetill
death
life till death of
ofdeath
last of last
last survivor.
survivor.survivor. Death
Deathbenefit
Death benefit is
benefitis is
notnot
applicable
not applicable under
applicable
under thisthis
under variant.
variant.
this variant.
c. Singlec.Life
Single c.Life
with Single
Death Life
with with Death
Benefit:
Death ThisBenefit:
Benefit:
variant
ThisThis variantprovides
provides
variant provides
annuity annuity
for lifefor
annuity till
forlife till till
death
life death of theofannuitant
ofdeath
the the with
annuitantannuitant return
with return of
withof proportion
return
proportion of
of Total
TotalPremiums
of proportion Premiums Paid on on
of Total Premiums
Paid death. The
death.
Paid proportion
onThe
death.
proportion
The can vary
canfrom 25%
proportion can to 100%
vary fromvary
25% to (in
from multiples
100%
25% to of 25%)
(in100%
multiples and has to
(in multiples
of 25%) ofbe
and chosen
25%)
has and athas
to be inception
chosen only.
to be at
chosen
inception
at inception
only. only.
d. Joint d.
Life
Joint
withd. Death
Joint
Life with Life with Death
Benefit:
Death ThisBenefit:
Benefit: ThisThis
variant variant
provides
variant providesannuity
provides
annuity annuity
for life for
forlife
till lifetilltill
death death of last
ofdeath
last survivor with
of last
survivor survivor return
with return
with of of proportion
proportion
return ofofTotal
of proportion Premiums
Total TotalPaid
ofPremiums on first on
Premiums
Paid death
Paid andon
first thefirst
death remaining
and
death Total
the andPremiums
the Paid
remainingremaining
Total Premiums
Total
shall Premiums
Paidupon
be payable shall
Paid
be shall
secondpayable
be payable
death. upon second
upon death.
The proportion second
can vary The
death.
fromproportion
0%The proportion
to 100% can can of 25%)
(in multiples
vary fromvary
0%from
to 100%
0%has
and to
(into
100%
multiples
(in multiples
be chosen ofat25%) and
of 25%)
inception has
only.and
to behas
chosen
to be at
chosen
inceptionat inception
only. only.
It shall be
It shall
notedItbe that
noted
shall innoted
be case
that of
in first
thatcase death
of first
in case during
death
of first the
deathduring
firstthe
during the
fivefirst
first
policy
five
five years,
policy
policy the
years,
years,annuity
the the annuity
annuity shall continue
shall continue
shall continue
till death
till deathtill
ofdeath
of thelast
the last
ofsurvivor,
the
survivor,
lastthereafter,
survivor,
thereafter,
thereafter,
100%
100% of of
the100%
the Total
TotalofPremiums
the
Premiums
TotalPaid
Premiums
Paid
shall be Paid
payable upon
shall be shall
payable
be payable
upondeath
second second
upon
anddeath.
second death.
policy terminates.
2. Immediate
2. Immediate
Annuity Annuity
with Annuity
2. Immediate chosen
with with
chosen
proportion
chosenproportion
of Annuity
proportion of Annuity
to Last
of Annuity to to
Survivor:
Last
Last Survivor:
Following
Survivor: Following
Following sub-variants are
sub-variants
sub-variants
are available
are available
available underthis
under this
under
variant:
this variant:
variant:
a. Joint a.Life
Joint
without
Life without
a. JointDeath Benefit:
Death
Life without Death Benefit:
ABenefit:
fixed Aannuity
A fixed annuity
amount,
fixed annuity amount,
amount,guaranteedguaranteed
guaranteed atat policy
policyatinception,
policy shall be
inception,inception,
shall be shall
payable
payable be payable
in arrears
in arrears tillinboth
till
arrears
both
the till
theboth
annuitants
annuitants theareannuitants
are On
alive. alive.
are
firstOn alive.
first of
death On
deathfirstofdeath
either of the of
annuitants,
either ofeither
the annuitants,
ofannuity
the annuitants,
annuity
payable annuity
payable
to the payable
to theshall
last survivor last
to be
the
survivor
last survivor
revised shall
to thebe shall
revised
chosen be revised
to the
annuity to the
multiple times (either
chosen annuity
chosen annuity
multiplemultiple
times (either
50% or 110%) the times
annuity 50%
(eitheror 110%)
payable 50% or the110%)
annuity
at inception. the annuity
payable payable
No death at inception.
benefit shall beat inception.
No
payable. No
death benefit
death shall
benefit be shall
payable.
be payable.
b. Joint Life with Death Benefit: A fixed annuity amount, guaranteed at policy inception, shall be
b. Joint b.
Life
Joint
withLife
DeathwithBenefit:
Death Benefit:
A fixed annuity
A fixed annuity
amount,amount,
guaranteed
payable in arrears till both the annuitants are alive. guaranteed
On at
firstpolicy
death atinception,
policy inception,
of either of the annuitants,
shall be shall
payable
be payable
in arrearsintill
arrears
both till
thebothannuitants
the annuitants
are alive.are Onalive.
first death
On firstofdeath
eitherof ofeither
the of the
annuitants,
annuitants, annuity
annuity annuity payable
payable payableto the
to the last last
to the survivor
survivor shall
last survivor be revised
shall be shall
revised to
be to the
revisedchosen
the chosen annuity
to the annuity
chosen multiple times (either
annuity
multiplemultiple 50%
times (either or
times50%110%)
(either the
or 110%) annuity
50% or the110%) payable
annuity at
the annuityinception.
payable payable On death
at inception. of the
at inception.
On death last
On survivor,
ofdeath
the last 100% of the Total
of the last
100% of Premiums
survivor,survivor, the
100%Total
of thePaid shallPremiums
Premiums
Total bePaid
payable shallandbepolicy
Paid shall
payablewill
be terminate.
payable
and policy andwill
policy
terminate.
will terminate.
3. Immediate
3. Immediate3. Immediate
Annuity Annuity Annuity
with Early with with of
Return
Early Early
Return Return
Premium: ofThis
Premium:
of Premium: variant This
This is variant
variant isisavailable
available available
for Single for Single
forLife
Single Life with Death
Life
with DeathwithBenefit
DeathBenefit
Only. Only.
Benefit In variant,
In this
Only. this variant,
In this the the policyholder
variant,
policyholder
the policyholder
has has a flexibility
a flexibility toto
has a flexibilitytakeearly
take early
to take return
earlyof
return either 50% or
return
of eitherof50%either 100%
or 100%
50% or of 100%
of Total Premiums
Total of
Premiums Paid
Total Premiums upon
Paid survival
upon Paid till thesurvival
survival
upon chosen
till milestone
the chosen age andmilestone
till the milestone
chosen 100%
age of Total
agePremiums
and 100% and 100%Paid
of Total less benefit
Premiums
of Total Paidalready
Premiums paid
lessPaid
benefitat already
less the milestone
benefit paid
alreadyage,
at theif any,
paid atshall
the be
milestone payable
milestone
age, to
if any, the
age, ifnominee
shallany, shallon death of
be payablebe payable
to the thenominee
to the nominee
annuitant. on
Thedeath onofdeath
milestone the
ageannuitant.
of the
can annuitant.
be opted The milestone
amongst The milestone
age can
70/75/80/85 age
be of
years opted
canAgebe opted
(last birthday). The
amongst amongst
70/75/80/8570/75/80/85
yearsof
proportion ofTotal
years
AgePremiums
(last
of Agebirthday).
(last birthday).
The proportion
Paid (i.e.50% The proportion
or 100%) and ofmilestone
Total ofPremiums
Total
age hasPremiums
toPaid
be chosen Paidat inception
(i.e.50% or
(i.e.50%
100%)or and
of100%)
themilestone
and milestone
policy. age has age to be has
chosen
to be atchosen
inceptionat inception
of the policy.
of the policy.
Features Max Life Smart Wealth Annuity Guaranteed Pension Plan

4. Immediate Annuity
4. Immediate
4. Immediate for Guaranteed
Annuity forAnnuity
Guaranteed for
Period
Guaranteed
and
Period Life
and Period
thereafter:
Life and This
thereafter: Life thereafter:
This option
option isisavailable
available
This option
forfor is available
Single Life for
Single Life withoutSingleDeath
Life without
Benefit only.
DeathInBenefit
this variant,
only. In
policyholder
this variant,
can policyholder
choose thecan choose the
without
guaranteed Death
period Benefitperiod
guaranteed
of 5/10/15/20 only. In
of this
years variant,years
5/10/15/20
at inception policyholder
of at can choose
theinception
policy. The thethe
of annuity guaranteed
policy.
under
The the period of
annuity under the
5/10/15/20
policy shall continue years
policytill at
shall inception
thecontinue of the
end of guarantee policy.
till the end The annuity
period under
of guarantee the policy
or till theperiod shall
deathoroftill
the continue
the death ofthe
annuitant, till theendannuitant,
whicheverof guaranteed
is later. periodis
whichever orlater.
till the death of the annuitant, whichever is later.
On death Onofdeath
theOnannuitant
death
of the ofafter
theafter
annuitant the
annuitant
guaranteed
the after the
guaranteedperiod
guaranteed
period (asopted
(as opted period
atat inception),
(as opted
inception), the
atpolicy
the policyinception), the policy
will terminate
will terminate
withoutwithout
willfurther
any terminate
anybenefit
further
without
benefit
payout.anypayout.
further benefit payout.
5. Increasing Immediate
5. Increasing
5. Increasing Annuity:
ImmediateImmediate
Annuity: Annuity:
Following sub-variants
Following Following
are
sub-variants sub-variants
areavailable under
arethis
available under this
available
variant:
variant: under this variant:
a. Singlea. Life
SingleIncreasing
a. Single
Life Life
Annuity
Increasing Increasing
AnnuityEach
Each Year
Annuity
Year withDeath
with Each
DeathYear
Benefit:
with
Benefit: Death
In this thisBenefit:
Invariant,
variant, In
thethis variant,
the policyholder can the
policyholder canpolicyholder
choose the % can
of choose
increase the
in %
annuity
of increase
from in
1%annuity
to 6% (in from
multiples
1% to 6%of 1)
(inatmultiples of 1) at
inceptionchoose
of thethe % of increase
inception
policy. in policy.
of the annuity from 1% to 6% (in multiples of 1) at inception of the policy.

b. Singleb.Life
Single Life
b. Increasing
Increasing
Single Life Annuity
Annuity
IncreasingEvery
Every 3 Years
3Annuity
Years withDeath
with
Every Death
3 YearsBenefit:
with In
Benefit: In this
thisvariant,
Death Benefit:
variant,thethe
Inannuity at
this variant, the
inception is
annuity at inception guaranteed
annuity to
is guaranteedincrease
at inception @15%
toisincrease(Simple
guaranteed Increase)
@15%to(Simple
increase in every
Increase) 3 years.
@15% (Simple
in everyIncrease)
3 years. in every 3 years.
Upon death Upon death
of the
Upon of the annuitant,
annuitant,
death of100% 100% of 100%
the annuitant,
of the Total the Total
Premiums Premiums
of the Total Paidbe
Paid shall shall
Premiums be
payablepayable
Paid shall andpayable
policy will
and policy
be and policy
will terminate will terminate
terminate.
6. Deferred Annuity:
6. Deferred
6. Deferred Annuity: Annuity:
In this In
variant, policyholder
In this
this variant, variant,
haspolicyholder
policyholder to opt
has deferment
to opt has toperiod
deferment opt deferment
periodand
and premium
period
premium and premium
payment
payment term at payment
the inception
term at ofthe
theinception
policy. Theofannuity
the policy.
payment
The annuity
starts after
term at the inception of the policy. The annuity payment starts after thepayment
the end
end of starts
of after the end of
deferment period
deferment period deferment
based upon period
thebased
chosenupon
annuity
the chosen
payment annuity
frequency.
paymentThe frequency.
Deferment The Deferment
based upon
period should the chosen
always
period should
be equalannuityorpayment
always greater frequency.
be equal The Deferment
thanorpremium
greater than
paymentperiod
premium should
term. always beterm.
payment
Following equal or
Following
greater than premium
sub-variants aresub-variants payment
available underare this term.
available Following
variant: sub-variants
under this variant: are available under this variant:

a. Singlea.Life
Single Life
with
a. with Death
Single
Death Life Benefit
Benefit
with tilltill
Death Deferment
Benefit Period
Deferment Period - Single
till Deferment
- Single Premium:
Period
Premium: Under this Premium:
- Single
Under variant,
this a fixed Under this
variant, annuity
a fixedamount,
variant,
annuityguaranteed
aamount,
fixed annuity guaranteed
at policyamount, at policy
inception, guaranteed
shall beinception,
payableat policy
inshall
arrearsinception,
beafter
payable shall
in be
the expiry payable in
of the
arrears after thearrears
deferment expiry
periodofafter
tillthe the
deathdeferment
expiry
of ofperiod
the deferment
the annuitant. till death
On death period
ofthe
of theannuitant
till
annuitant.
deathduringofOn
the death
annuitant.
deferment of period,
On death of
the annuitant during the annuitant
deferment duringperiod, deferment
minimum period,
105% minimum
of the total105% premium,
of the shall
total be premium, shall be
minimum 105% of the total premium, shall be payable to the nominee(s) as death benefit.
payable to the nominee(s)
payable to as the death
nominee(s)benefit.as death benefit.
b. Joint b. Joint
Life Life
with with Death
b. Joint
Death Life
Benefit Benefit
with till
Deathtill Deferment
Benefit Period
Deferment Period - -Single
till Deferment Single Premium:
Period
Premium: Under
- Singlethis Premium:
Under variant,
this a fixed Under this
annuity amount,
variant, a fixed variant, guaranteed
annuity aamount,fixed annuityat policy
guaranteed inception,
amount, at policyshall be
guaranteed payable
inception, in
at policy arrears after
shall inception, the expiry
be payableshall in be of the
payable in
deferment
arrears after periodof
the arrears
expiry tillthe
after death
the of the last
deferment
expiry annuitant.
ofperiod
the deferment On death
till death periodof the
of the last last
till death annuitant
annuitant.
of theOn during
lastdeath defermentOn death
annuitant.
of the annuitants of during
period, minimumthe annuitants
105% deferment
of theduring period,
total deferment
minimum
premium, shall be period,
105%
payable minimum
of to
the thetotal 105%
premium,
nominee(s) of as
the shall
total
death premium, shall
benefit.
be payable to the benominee(s)
payable to as the death
nominee(s)
benefit.as death benefit.
c. Single Life with Death Benefit for Life - Single Premium: Under this variant, a fixed annuity amount,
c. Single Life with
c. Single
guaranteed Death Life
at policyBenefitwith for
inception, Death Lifebe
shall Benefit
- Single
payable for
Premium:
in Life
arrears- Single
Under
after thePremium:
this variant,
expiry Under
of the a fixed
this variant,
deferment period a fixed
annuity amount,annuity guaranteed amount, at policy
guaranteed inception,at policy
shall inception,
be payableshall in arrears
be payableafter thein arrears after the
expiry oftillthe
death of the annuitant.
deferment
expiry ofperiod Annuity
the deferment
till deathpayoutof thewill
period till cease
deathonofthe
annuitant. thedeath
Annuity of the annuitant
annuitant.
payout Annuity
will cease and onminimum
payout will cease on
105%
the death of thetheof the total
annuitant premium,
death of and shall
theminimum be
annuitant105% payable
and ofto the
minimum nominee(s)
the total105% premium,as death
of theshall benefit.
totalbe premium,
payableshall to be payable to
the nominee(s) as thedeath
nominee(s)
benefit.as death benefit.
d. Joint Life with Death Benefit for Life - Single Premium: Under this variant, a fixed annuity amount,
d. Joint Life with
d. Joint
guaranteed Death Life
Benefit
at policy with forDeath
inception, Life
shallBenefit
- Single
be payableforPremium:
inLife - Single
arrears Under
after thePremium:
this variant,
expiry Under
of the a fixed
this variant,
deferment period a fixed
annuity till death annuity
amount, ofguaranteed
the lastamount, at policy
annuitant. guaranteed inception,
Annuity at policy
payout shall inception,
be payable
will cease on the shall in arrears
death be payable
of the after the
in arrears
last annuitant andafter the
expiry ofminimum
the deferment
expiry
105% of ofperiod
thetotal
the deferment
tillpremium,
death periodofshall
thebelast
tillpayable
death
annuitant.
ofthe
to thenominee(s)
Annuity
last annuitant.
payout
as death will
Annuity
cease
benefit. payout will cease
on the death ofon thethelastdeath
annuitant
of theand lastminimum
annuitant 105% and minimum
of the total105% premium,
of the shall
total be premium, shall be
payable to the
Note: For nominee(s)
payable
policies to as
sold the death
nominee(s)
through benefit.
Point Of as death
Sales (POS) benefit.
persons, currently, only “Immediate Annuity –
Note: ForSingle Life
policies withFor
Note:
sold Death
through Benefit
policies point
sold and Immediate
ofthrough
sales Annuity
persons,
point of – Joint
currently,
sales Life “Immediate
persons,
only with Death Benefit”
currently, only
Annuity is –available.Annuity –
“Immediate
Only,
Single Life upon
with deathLife
Single
Death of the
Benefitwith annuitant
and
Death in
Immediate case of and
Benefit single
Annuity life –and
Immediate upon
Joint death
Life
Annuitywith of–Last
Death
JointSurvivor
Life in case
Benefit”
with is of joint
Death Benefit” is
available.life,
Only,
100%upon
available.
of thedeath Only,
Total of the
upon
Premiums annuitant
death
Paid shall ofinbe
the
case annuitant
of singleinlife
payable. case
andofupon single death
life andof Last
upon death of Last
Survivor in case Survivor
of joint life,
in case
100%ofofjoint the Total
life, 100%Premiums
of the Total Paid shall
Premiums be payable.Paid shall be payable.
Limited Premium Variants
Limited Premium Limited
Variants Premium Variants
e. Single Life with Death Benefit till Deferment Period - Limited Premium: Under this variant, a fixed
e. Single Life with e. Single
DeathLife Benefit with tillDeath Deferment
Benefit Periodtill Deferment
annuity amount, guaranteed at policy inception, shall -beLimited
payable Period
Premium: - Limited
in arrears after thePremium:
Under this
expiry Under this
of the
variant, a fixed variant,
annuity aamount,fixed annuity guaranteed amount, at policy
guaranteedinception,at policyshall inception,
be payableshall in be payable in
deferment
arrears after periodof
thearrears
expiry tillthe
after death
the of
deferment
expirythe annuitant.
ofperiod On
the deferment death period
till death of
ofthe
theannuitant
till deathduring
annuitant. ofOn
thedeferment
death of period,
annuitant. On death of
minimum
the annuitant 105%
during
the of the total
annuitant
deferment premium,
duringperiod, shall be payable
deferment
minimum 105%tominimum
period, ofthe
thenominee(s)
total105% asofdeath
premium, benefit.
the shall
total be
premium, shall be
payable to the nominee(s)
payable to as the death
nominee(s)benefit.as death benefit.
Where, Fixed Annuity Amount = Base Annuity + Loyalty Annuity
Where, Fixed Annuity Where, Amount
Fixed Annuity
= Base Annuity Amount+=Loyalty Base AnnuityAnnuity + Loyalty Annuity
f. Joint Life with Death Benefit till Deferment Period - Limited Premium: Under this variant, a fixed
f. Joint Life with
annuityf. amount,
Joint
DeathLife Benefitwith till
guaranteed Death
at Deferment
policyBenefit Period
till shall
inception, Deferment
-beLimited
payable Period
Premium: - Limited
in arrears Under
after thePremium:
this of the
expiry Under this
variant, deferment
a fixed variant,
annuity aamount,
fixed annuity
guaranteed amount, at policy
guaranteedinception,at policy
period till death of the last annuitant. On death of the annuitants during deferment shall inception,
be payable shall
in be payable in
arrears after the arrears
expiry of afterthethedeferment
expiry ofperiod the deferment
till death periodof the last
till death
annuitant.
of theOn lastdeath
annuitant. On death
period, minimum
of the annuitants of during 105%
the annuitants of theduring
deferment total premium,
period, deferment shall be
minimum payable
period,
105% of to
minimum
the thetotal
nominee(s)
105% of as
premium, thedeath
total
shall benefit.
premium, shall
be payable to the
Where, benominee(s)
payable
Fixed Annuityto as
thedeath
Amountnominee(s)
benefit.
= Base as death
Annuity benefit.
+ Loyalty Annuity
Where, Fixed Annuity
g. SingleWhere, Amount
Life with Fixed Annuity
Death= Benefit
Base Annuity
Amount+=Loyalty
for Life - Base
Limited Annuity
Annuity
Premium:+ Loyalty Annuity
Under this variant, a fixed annuity
amount,
g. Single Life g. guaranteed
with Single
DeathLife atwith
policy
Benefit forinception,
Death shall be
Life Benefit
- Limited for payable
Life - in
Premium: arrears
Limited
Under after the
Premium:
this expiry
variant, of
Undera the deferment
fixed
this variant, a fixed
annuity period
amount,tillannuity
guaranteed
death ofamount,at policy
guaranteed
the annuitant. inception,
Annuity at policy
payoutshall inception,
becease
will payable shall
on thein death
arrears
be payable
of after the
in arrears
the annuitant andafter the
expiry ofminimum
the deferment
expiry
105% ofofperiod
thetotal
the deferment
till deathperiod
premium, of thebetill
shall annuitant.
deathtoofthe
payable Annuity
the annuitant.
payout
nominee(s) Annuity
will cease
as death payout
on
benefit. will cease on
the death of thethe annuitant
death of and
theminimum
annuitant105% and of minimum
the total105%premium,
of theshall
totalbepremium,
payableshallto be payable to
the nominee(s) as
the
Where, Fixed death
nominee(s)
benefit.
Annuity as death
Amount = Basebenefit.
Annuity + Loyalty Annuity
Where, Fixed Annuity
Where,Amount
Fixed Annuity
= Base Annuity
Amount+=Loyalty
Base Annuity
Annuity
+ Loyalty Annuity
 Features Max Life Smart Wealth Annuity Guaranteed Pension Plan
h. Joint h.
Life with
Joint h. Death
Joint
Life with Benefit
Life
Death forBenefit
with Life - Limited
Death Benefit
for Life Premium:
for Life Under
- Limited this Premium:
- Limited
Premium: variant,
Under a fixed
Under
this annuity
this variant,
variant, a fixed a fixed
amount,annuity annuity
guaranteedamount,
at policyamount, guaranteed
guaranteed
inception, atbe
shall policy atinception,
payable policy inception,
in arrears shall beshall
after the be
payable
expiry payable in after
in deferment
of the arrears arrearstheafter the
expiry
period till deathofexpiry
of the of annuitant.
last the deferment
the deferment period period
till
Annuity deathtill
payout ofdeath
the
will ofonannuitant.
last
cease the
thelast annuitant.
death the lastAnnuity
Annuity
of payout payout
will
annuitant ceasewill cease
on the
and minimum on of
death
105% the ofdeath
the total of the
the last last
shallannuitant
annuitant
premium, beand and
minimum
payable minimum
to the 105% of 105%
nominee(s) the of the
total
as death total premium,
premium,
benefit. shall be shall be
payable payable to the nominee(s)
to the nominee(s) as deathas death benefit.
benefit.
Where, Fixed Annuity Amount = Base Annuity + Loyalty Annuity
Where,
Where, Fixed Fixed Annuity
Annuity AmountAmount = Base Annuity
= Base Annuity + Loyalty+ Annuity
Loyalty Annuity
Loyalty Annuity is 20% of the Base Annuity and shall accrue on completion of deferment period.
Loyalty Annuity
Loyalty Annuity is 20% ofisthe
20% of the
Base Base Annuity
Annuity and shalland shallon
accrue accrue on completion
completion of deferment
of deferment
Loyalty period.
Annuity Loyalty
shall
period.be Annuity
payable
Loyalty in arrears
Annuity
shall alongbewith
be shall
payable the Base
payable
in arrears Annuity
inalong
arrears payout
along
with thewith asthe
Base per chosen
Base
Annuity Annuity
payout as payout as
Annuity per
payment mode.
per
chosen “TotalAnnuity
chosen
Annuity Premiums
payment Paid” means
payment
mode. the total of all the premiums paid under the
mode.
base product, excluding any extra premium and taxes, if collected explicitly.

Eligibility Criteria Minimum entry age* for variant 1,2,3,4,5 and 6 is 25 years and Maximum entry age* for variant 1,2,4,5
and 6 is 85 years.
For variant 3, Maximum entry age* is Opted Milestone Age minus 10 years.
For Point of Sale (POS) Policy: The product shall comply with all the extant provision, rules, regulations,
guidelines, circulars, directions, etc. applicable for POS products, as amended from time to time.
Currently, Minimum entry age* is 40 years and Maximum Entry age* is 70 years
*Age last birthday
The restrictions on the minimum and maximum entry age shall not be applicable for National Pension
System (NPS) Subscribers & for Superannuation schemes or where the proceeds are from a contract
issued or administered by the Company where compulsory purchase of Annuity is required.

Policy Term Variant 1.a, 1.c, 3, 5, 6.a, 6.c, 6.e and 6.g : till death of the annuitant
Variant: 1.b, 1.d, 2, 6.b, 6.d, 6.f, 6.h: till death of the last survivor.
Variant 4: Guaranteed Period chosen at inception of the policy or till annuitant is alive, whichever is later

Qualifying Company shall comply to HMRC Regulations, as amended from time to time. As per the current HMRC
Recognized regulations as on 1st Sept’2023, the minimum entry age/age at which Annuity payouts start of the Life
Overseas Pension Insured cannot be less than 55 (Fifty-Five) years. Further, existing QROPS policyholders may buy
Scheme (QROPS), non-QROPS policy, but the minimum vesting age/age at which Annuity payouts start of the Life Insured
cannot be less than 55 (Fifty-Five) years. Further, an existing non-QROPS policyholder shall not be
allowed to purchase a QROPS policy if s/he holds an annuity policy with Max Life where vesting age is
less than 55 (Fifty-Five) years.
Deferment Period Single premium:
(Applicable to
Deferred Annuity Years Minimum Maximum
variants only) Deferment period 1 month 12 years subject to maximum vesting age
Allowed deferment period: in months from 1 to 36 months
and then 48, 60, 72, 84, 96, 108, 120, 132 and 144 month.
Vesting age 25 Year 1 month 97 Year

Deferment Period Limited premium:

(Applicable to
Deferred Annuity Years Minimum Maximum
variants only) Deferment period Same as PPT Maximum Premium Payment Term available in the plan,
(in years) subject to maximum vesting age
Vesting age 30 years 97 Year

Minimum and Minimum premium: Minimum Purchase price is subject to minimum annuity payout being at least Rs. 1000
maximum monthly, Rs. 3000 quarterly, Rs. 6000 half yearly or Rs. 12000 annually, in accordance with the IRDAI
premium (Insurance Product) Regulations, 2024, as amended from time to time.
Maximum premium: As per Board Approved Underwriting policy.

Annuity Payment Annuity payout shall happen at the end of the modal period only. The mode of annuity payout can be
Modes chosen as annual, Semi-annual, quarterly or monthly.

Modal factors applicable for modes other than annual mode

Premium Payment Mode Factor
Monthly 0.08
Quarterly 0.24
Semi Annually 0.49
Premium Single premium
Payment Modes Limited premium: Annual, Semi-annual, Quarterly, Monthly

Modal factors (in case limited premium variant is chosen)

Premium Payment Mode Factor
Annual 1.0000
Semi-annual 0.5075
Quarterly 0.2558
Monthly 0.0857
The premium payment mode can be altered during the premium payment term and will be effective only
on the policy anniversary following the receipt of such request, provided the limits of minimum premium
are adhered to.
Advance Annuity 1. This is an option to withdraw present value of annuities payable in next 5 years in advance as a lump sum.
Option
2. This option is only available under Immediate Annuity - Joint Life with Death Benefit and Immediate Annuity with
chosen proportion of Annuity to Last Survivor – Joint Life with death benefit variants.
3. It can be availed anytime within 3 months from the date of first death amongst the annuitants.
4. Advance Annuity Period of 5 years shall start from the next policy anniversary after the death of the 1st life.
5. The annuity payment during the policy year of exercising this option shall continue to be payable as and when
due.
6. In case this option is exercised the lump sum is paid immediately, the annuity payment for next 5 years shall stop
starting from the next Policy anniversary.
7. Once the advance annuity period of 5 years ends, the annuity payment shall resume as per the original terms and
conditions.

Proof of Living The annuity will be payable subject to the submission of a ‘Proof of Living’ certificate, along with a
Certificate self-attested identification proof, 30 days before the end of every year for policies without death benefit
variants and 30 days before the end of every 5 policy years for policies with death benefit variants, as per
the prevailing terms and condition of the company. Living certificate would be required in following time
period:
For Immediate Annuity for Guaranteed Period and Life thereafter variant, 30 days before the end of
every policy year, post completion of Guaranteed period.
For Immediate Annuity with Early Return of Premium variant,
• Early return of 50% of Total Premiums Paid: 30 days before the end of every 5 policy years
• Early return of 100% of Total Premiums Paid:
o Before attaining Milestone age/ payment of 100% of Total Premiums Paid: 30 days before the end
of every 5 policy years
o Post Milestone age: once every policy year
Please note that the Living Certificate is a pre-requisite for continuance of the annuity pay-outs and Max
Life Insurance reserve the right to suspend the Annuity payment till the proof is provided.

Other Options Surrender, Premium payment mode change, Reduced paid up, Revival, Rider and Loan options are
Available available under this plan depending on the Annuity option chosen. For further details, refer the detailed
prospectus available on www.maxlifeinsurance.com.
“Free Look” means a period of thirty (30) days beginning from the date of receipt of the policy document,
Free Look Option whether received electronically or otherwise, to review the terms and conditions of the policy. If the master
policyholder/scheme member disagrees to any of the policy terms or conditions, or otherwise and has not
made any claim, the master policyholder/scheme member shall have the option to return the policy for
cancellation, stating the reasons for the same. Irrespective of the reasons mentioned, the master
Policyholder/scheme member shall be entitled to a refund of the premium paid subject only to a deduction of
proportionate risk premium for the period of cover and the expenses, if any, incurred by the Company on
medical examination , stamp duty charges and Annuity paid, if any."
Please note : Scheme member mentioned herewith is applicable for the policies sourced under Group. For
further details, refer the detailed prospectus available on www.maxlifeinsurance.com.

All extant rules, regulations, circulars and notifications shall be adhered to at the time of issuance of the annuity product for NPS
subscribers, subject to compliance with IRDAI norms, as amended from time to time.
 HOW THE PLAN WORKS FOR YOU?

Case Study 1

Mrs. Verma, 60 years old, an independent entrepreneur who had dedicated her life to her career. She is looking for a plan which can
provide higher income during her retirement and a lumpsum benefit to her daughter upon her death. Mrs. Verma purchases Max Life
Smart Wealth Annuity Guaranteed Pension Plan - Immediate Annuity - Single Life with Death Benefit variant and opted return of 50% of
the Total Premiums Paid upon her death and paid a Single premium of Rs.1 Crore. This will provide her a steady income of Rs.7,09,400 as
long as she lives. Upon her death at age 80, lumpsum death benefit of Rs.50 Lacs is paid to her daughter and policy terminates.

On annuitant’s death,
50% of Total Premiums
Paid i.e. Rs. 50 Lacs is
payable to nominee and
policy terminates
Annuity Annuity is paid every year
starts
`
Policy Year 0 1 20

Annuitant Age 60 61
80
Single Annuitant
Premium of dies at 80
Rs. 1 Crore
RIP
`

Case Study 2

Mrs. and Mr. Sharma, both 60-years-old who have just retired from their service and live with their 25-year-old son. Mr. Sharma is
concerned about his family well-being when he is not around. He purchases Max Life Smart Wealth Annuity Guaranteed Pension Plan -
Immediate Annuity - Joint Life with Death Benefit and opted return of 50% of the Total Premiums Paid. Upon his death, Mrs. Sharma will
receive 50% of the Total Premiums Paid and remaining 50% of the Total Premium shall be paid to their son (nominee under the policy)
upon death of Mrs. Sharma. He purchased plan with a single premium of Rs.1Cr (exclusive of GST). Mr. Sharma will continue to receive a
guaranteed annuity of Rs.6,08,600 every year. Upon death of Mr. Sharma at age 67, Mrs. Sharma will receive an immediate death benefit
of Rs.50 Lacs. In addition, the annuity payouts will continue as long as she survives. Upon her death at age 80, the remaining 50% of the
Total Premiums Paid i.e. Rs.50 Lacs shall be payable to her son and policy terminates.

50% of Total Premiums

Paid i.e. Lump sum benefit
of Rs. 50 Lacs

Balance premiums
` Annuity continues i.e. Rs.50 Lacs
Annuity is paid every year till death is paid to nominee and
every year of last annuitant policy terminates
Annuity
starts

Policy Year 0 1 7 20 `

Annuitant 1 Age 60 61 67
Annuitant 2 Age 60 61 67 80
Single Annuitant 1 Annuitant 2
Premium of dies at 67 dies at 80
Rs. 1 Crore
RIP RIP
`
 Case Study 3

Mr. Verma is a 52-year-old individual, who has plans to retire from service at the age of 60 years. He lives with his wife Mrs. Verma aged
55 years. He purchases Max Life Smart Wealth Annuity Guaranteed Pension Plan - Deferred Annuity – Joint Life with Death Benefit for
Life - Limited Premium and for deferment period of 8 years. He wants to pay Rs.3 Lacs p.a. (exclusive of GST) for 8 years to plan for his
and his wife’s retirement income. He has named his granddaughter as nominee in this plan. From 9th policy year, he starts receiving
guaranteed annuity payout of Rs.1,73,812 every year. Upon unfortunate death of Mr. Verma in the 13th policy year, Mrs. Verma will
continue to receive the guaranteed annual payout of Rs. 1,73,812 as long as she survives. Upon her death at age 90 years, death benefit
of Rs.25,20,000 shall be payable to the nominee and the policy terminates.

Minimum death benefit of 105%

Annuity is paid of total premiums paid i.e.
every year 25,20,000 is payable on death
of last survivor
Deferment of 8
years

Policy Year 0 8 9 13 35 `

Annuitant 1 Age 52 60 61 65
Annuitant 2 Age 55 63 64 68
90
Premium of 3 Lacs p.a. Annuitant 1 Annuitant 2
paid for 8 Years dies at 65 dies at 90

RIP RIP

Please Note: The above case study is an illustration and does not in any way create any
rights and / or obligations. The rates shown in the case study are only illustrative
reference values. These amounts are basis the Annuity Rates as of October 2024.

3.0

Max Life Insurance Company Limited, Distributed by Axis Bank.

^Individual Death Claims Paid Ratio as per Audited Financials for FY 2023-2024. | *As per Public Disclosures FY 2023-2024.
+The guaranteed benefits are applicable only if all due payments are paid. Non-Linked Non-Participating Individual/Group General Annuity Savings Plan | UIN: 104N137V06
#
As per India Retirement Index Study (IRIS 3.0) 2023 conducted by Max Life Insurance in association with Kantar.
Annuities purchased under NPS payable to Non-resident Indians (NRIs)/Overseas Citizens of India (OCIs) are subject to Tax deducted at source (TDS). Further repatriation of the corpus, if any will be subject to applicable
laws and regulatory provisions of IRDAI/PFRDA/RBI. $Available in Increasing Immediate Annuity Variant only.
The Brand Ambassadors as depicted herein, have endorsed only the Max Life Insurance products and are not in any manner endorsing Axis Bank Limited and do not have any kind of association or relationship, with Axis Bank Limited.
Axis Bank Limited is a Co-promoter and a Corporate Agent of Max Life Insurance Co. Ltd. Axis Bank Limited, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 025. The purchase
of a Max Life Insurance product(s) by Axis Bank's customer is purely on a voluntary basis. As Axis Bank is not in the business of insurance, there is no link either direct or indirect between the banking services offered by
the bank to its customers and use of the insurance products.
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Corporate Office: 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II,
Gurugram (Haryana)- 122002. For more details on risk factors, terms and conditions, please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums
and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Insurance is the Subject
matter of solicitation. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co. Ltd. You can call us on our Customer Helpline
No. 1860 120 5577. Website: www.maxlifeinsurance.com
ARN: Max Life/MaxIS/Axis/SWAG Pension Leaflet/October 2024 IRDAI Certificate Regn. No. CA0069 | IRDAI Regn. No. 104
BEWARE OF SPURIOUS / FRAUD PHONE CALLS!
• IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums • Public receiving such phone calls are requested to lodge a police complaint