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Axis Max Life Saral Pension
A hundred different thoughts go through your mind as you consider your future. However, for most people, retirement planning is not something they consider while they are young. It can be difficult to take a step back and think about your future in today's fast-paced world.
However, this is precisely why it is important to begin investing in a pension plan as early as possible in life. Its ability to establish a safety net for your later years is extremely valuable. With the increasing cost of living, it is more important than ever to find the right pension plan to meet your needs.
If you are looking for a smart plan that makes your pre and post retirement more comfortable and secure, Axis Max Life Saral Pension may be it. Here’s everything you need to know about it to plan your future wisely:
However, this is precisely why it is important to begin investing in a pension plan as early as possible in life. Its ability to establish a safety net for your later years is extremely valuable. With the increasing cost of living, it is more important than ever to find the right pension plan to meet your needs.
If you are looking for a smart plan that makes your pre and post retirement more comfortable and secure, Axis Max Life Saral Pension may be it. Here’s everything you need to know about it to plan your future wisely:
What is Axis Max life Saral Pension?
Axis Max Life Saral Pension is a Non-linked, Non-participating Single Premium Individual Immediate Annuity plan (UIN: 104N119V04) that ensures a steady income stream after you retire. It comes with a guaranteed income* so that you can fulfil your needs pre and post-retirement.
Note: *Please see the annuity quote to know the annuity rate at the time of purchase for different ages and combinations
*A guaranteed income benefit is payable for the payout period as per the options selected, post completion of the policy term.
For most people, an ideal plan would be one that helps you take care of yourself and the financial obligations towards loved ones. If your spouse is dependent on you for their well-being, choosing Axis Max Life Saral Pension can be a favourable decision as it offers single life and joint life annuity. This means that you can choose to receive life-long payments for your and your partner’s lifetime.
Annuity Eligibility
The plan offers two annuity options, Single Life Immediate Annuity for Life and Joint Life Immediate Annuity for Life.
- The single life option provides annuity payments to one annuitant for life.
- The joint life option provides payments for the lifetime of the primary annuitant and, after their death, the surviving secondary annuitant.
Benefits of Axis Max life Saral Pension
Everyone has their view of life after retirement, which typically involves relaxing and spending time with loved ones. After working hard for much of your life, it is well-deserved. Choosing Axis Max Life Saral Pension can be a smart way to secure to your life post 40’s as it offers valuable benefits for post-retirement life as well.
Here are the benefits you will get when you purchase Axis Max Life Saral Pension:
1. Death Benefit
A death benefit is payable with the Axis Max Life Saral Pension to the nominee of the policy holder. The entire death benefit will be paid in one lump sum to the nominee/legal heir, and the policy will be terminated.
Here is how it would work for the two annuity variants:
For Single Life Immediate Annuity: If you are the primary annuitant, then in the event of your demise, 100% of the purchase price will be returned.
For Joint Life Annuity: In joint life annuity paln if the spouse, i.e., secondary annuitant, is surviving after your demise, the spouse continues to receive the same amount of annuity for life till his/her death. Subsequently, upon the spouse’s demise, 100% of the purchase price (single premium*) shall be payable to the nominee/legal heir.
However, if the spouse passes away before the primary annuitant, then on death of the primary annuitant, 100% of the purchase price (single premium*) shall be payable to the nominee/ legal heir.
*“Single Premium” or “Purchase Price” is defined as the lump sum premium amount paid by the policyholder at the inception of the policy, excluding the taxes, if any.
Here is how it would work for the two annuity variants:
For Single Life Immediate Annuity: If you are the primary annuitant, then in the event of your demise, 100% of the purchase price will be returned.
For Joint Life Annuity: In joint life annuity paln if the spouse, i.e., secondary annuitant, is surviving after your demise, the spouse continues to receive the same amount of annuity for life till his/her death. Subsequently, upon the spouse’s demise, 100% of the purchase price (single premium*) shall be payable to the nominee/legal heir.
However, if the spouse passes away before the primary annuitant, then on death of the primary annuitant, 100% of the purchase price (single premium*) shall be payable to the nominee/ legal heir.
*“Single Premium” or “Purchase Price” is defined as the lump sum premium amount paid by the policyholder at the inception of the policy, excluding the taxes, if any.
Premium Requirements
Axis Max Life Saral Pension Plan requires a single premium payment at the time of purchase. This amount, referred to as the purchase price, determines the annuity income payable under the selected option.
There is no maximum limit on the single premium. However, the purchase price must be sufficient to provide the minimum annuity payout applicable to the selected payment frequency. The minimum annuity is ₹1,000 per month, ₹3,000 per quarter, ₹6,000 per half year, or ₹12,000 per year.
There is no maximum limit on the single premium. However, the purchase price must be sufficient to provide the minimum annuity payout applicable to the selected payment frequency. The minimum annuity is ₹1,000 per month, ₹3,000 per quarter, ₹6,000 per half year, or ₹12,000 per year.
Policyholder Requirements
Axis Max Life Saral Pension Plan is an individual immediate annuity plan. The policyholder must provide the required personal details and complete the insurer’s application and identity verification.
The applicant must also submit the applicable Know Your Customer (KYC) documents and other information requested by the insurer. The application is subject to the insurer’s requirements and the terms and conditions of the policy.
The applicant must also submit the applicable Know Your Customer (KYC) documents and other information requested by the insurer. The application is subject to the insurer’s requirements and the terms and conditions of the policy.
Who Is Eligible to Buy Saral Pension Plan?
Saral Pension Plan is available to individuals who meet the corresponding eligibility criteria. The plan can be purchased by paying a lump sum purchase price, subject to the minimum purchase price and the conditions applicable to the selected annuity option.
Age Eligibility
The minimum entry age for Axis Max Life Saral Pension Plan is 40 years, while the maximum entry age is 80 years. Individuals within this age range can consider purchasing the plan to receive a regular income during retirement or later stages of life.
Annuity Eligibility
The plan offers two annuity options, Single Life Immediate Annuity for Life and Joint Life Immediate Annuity for Life.
- The single life option provides annuity payments to one annuitant for life.
- The joint life option provides payments for the lifetime of the primary annuitant and, after their death, the surviving secondary annuitant.
Premium Requirements
Axis Max Life Saral Pension Plan requires a single premium payment at the time of purchase. This amount, referred to as the purchase price, determines the annuity income payable under the selected option.
There is no maximum limit on the single premium. However, the purchase price must be sufficient to provide the minimum annuity payout applicable to the selected payment frequency. The minimum annuity is ₹1,000 per month, ₹3,000 per quarter, ₹6,000 per half year, or ₹12,000 per year.
There is no maximum limit on the single premium. However, the purchase price must be sufficient to provide the minimum annuity payout applicable to the selected payment frequency. The minimum annuity is ₹1,000 per month, ₹3,000 per quarter, ₹6,000 per half year, or ₹12,000 per year.
Policyholder Requirements
Axis Max Life Saral Pension Plan is an individual immediate annuity plan. The policyholder must provide the required personal details and complete the insurer’s application and identity verification.
The applicant must also submit the applicable Know Your Customer (KYC) documents and other information requested by the insurer. The application is subject to the insurer’s requirements and the terms and conditions of the policy.
The applicant must also submit the applicable Know Your Customer (KYC) documents and other information requested by the insurer. The application is subject to the insurer’s requirements and the terms and conditions of the policy.
1. Annuity Options
As mentioned above, there are two variants of the annuity available with Axis Max Life Saral Pension:
Single Life Immediate Annuity for Life: Under this variant, you will receive a guaranteed fixed income throughout your life as per the chosen payout mode. The annuity will be discontinued upon your demise, and 100% of the purchase price will be payable to the nominee of the policy.
Joint Life Immediate Annuity for Life: Under this variant, you are entitled to receive a fixed income guaranteed at the policy inception as long as at least one of the annuitants is alive. The annuity will be discontinued upon the death of the last survivor, and payment of death benefit and 100% of the purchase price shall be paid to the nominee of the policy
Single Life Immediate Annuity for Life: Under this variant, you will receive a guaranteed fixed income throughout your life as per the chosen payout mode. The annuity will be discontinued upon your demise, and 100% of the purchase price will be payable to the nominee of the policy.
Joint Life Immediate Annuity for Life: Under this variant, you are entitled to receive a fixed income guaranteed at the policy inception as long as at least one of the annuitants is alive. The annuity will be discontinued upon the death of the last survivor, and payment of death benefit and 100% of the purchase price shall be paid to the nominee of the policy
Features of Axis Max life Saral Pension
Let’s have a look at some practical features of the Axis Max Life Saral Pension which can make your retirement planning more efficient:
1. Annuity Options
As mentioned above, there are two variants of the annuity available with Axis Max Life Saral Pension:
Single Life Immediate Annuity for Life: Under this variant, you will receive a guaranteed fixed income throughout your life as per the chosen payout mode. The annuity will be discontinued upon your demise, and 100% of the purchase price will be payable to the nominee of the policy.
Joint Life Immediate Annuity for Life: Under this variant, you are entitled to receive a fixed income guaranteed at the policy inception as long as at least one of the annuitants is alive. The annuity will be discontinued upon the death of the last survivor, and payment of death benefit and 100% of the purchase price shall be paid to the nominee of the policy
Single Life Immediate Annuity for Life: Under this variant, you will receive a guaranteed fixed income throughout your life as per the chosen payout mode. The annuity will be discontinued upon your demise, and 100% of the purchase price will be payable to the nominee of the policy.
Joint Life Immediate Annuity for Life: Under this variant, you are entitled to receive a fixed income guaranteed at the policy inception as long as at least one of the annuitants is alive. The annuity will be discontinued upon the death of the last survivor, and payment of death benefit and 100% of the purchase price shall be paid to the nominee of the policy
2. Surrender Value
Axis Max Life Saral Pension policy may be surrendered at any time after six months from the date of commencement if you, your spouse, or any of your children are diagnosed with any of the critical illnesses mentioned in the policy contract. On accepting the surrender, you will receive 95% of the purchase price as a lump sum payment. Once the surrender value is paid, the policy stands terminated.
3. Loan Facility
Once you cross 6 months of the policy period for Axis Max Life Saral Pension, you are eligible to avail a loan anytime. If you have opted for the joint life option, you can avail the loan, and in the unfortunate event of your demise, your spouse can avail a loan from the policy. The interest on the loan will be deducted from the annuity payable under the policy.
4. Return of Premium on Death
With the Axis Max Life Saral Pension, the single premium** of the policy is returned to the nominee or the legal heir upon the demise of the primary annuitant in case of single life and last survivor in case of joint life.
**“Premium” here refers to “Purchase Price” or “Single Premium” which is defined as the lump sum premium amount paid by the policyholder at the inception of the policy excluding the taxes if any
**“Premium” here refers to “Purchase Price” or “Single Premium” which is defined as the lump sum premium amount paid by the policyholder at the inception of the policy excluding the taxes if any
5. Payout Methods
You can choose the payout mode for Axis Max Life Saral Pension at the time of purchasing the policy. The payout options available are monthly, quarterly, half-yearly or annually.
For more details on the features, please refer to the prospectus.
For more details on the features, please refer to the prospectus.
Reasons to Invest in Axis Max life Saral Pension
Disclaimer: *Please see the annuity quote to know the annuity rate at the time of purchase for different ages and combinations
*A guaranteed income benefit is payable for the payout period as per the options selected, post completion of the policy term.
How does Axis Max life Saral Pension Work?
Let’s see how Axis Max Life Saral Pension works for Mr. Ahuja, a 45-year-old businessman whose income source has been affected due to Covid-19. He is looking for a guaranteed source of income to take care of his current fixed expenses as well as the expenses post-retirement.
He decides to purchase a joint life annuity with a purchase price of Rs. 25 lakhs on 1st June, 2021 for himself and his wife, 40 years old. If he selects the annual payment frequency for the annuity, he will be eligible to receive an annual income of Rs. 1,36,425 starting 1st June, 2022.
Premium Payment Options
The premium payment option for Axis Max Life Saral Pension is single pay. The amount of the premium paid as single pay is equal to the purchase price of the annuity. There is no maximum limit to the premium payment for this policy.
Frequently Asked Questions (FAQs)
What is the Free Look Period?
The policyholder will have the opportunity to cancel the policy under the ‘Free look’ option of 30 days from the date of receipt of the policy document.
What Is the Eligibility Criteria For This Plan?
Anyone over the age of 40 and under 80 can purchase Axis Max Life Saral Pension.
Can The Secondary Annuitant Take a Loan On the Policy?
Under the joint life annuity variant, the secondary annuitant can avail a loan on the policy in case of the primary annuitant’s demise.
What is the Annuity Rate for Such a Policy?
These are the annuity rates for a male for a Single Premium of ₹10 lakh:
| Age of the Annuitant(s) | Single Life Annuity | |
| Age of the Annuitant(s) | Single Life Annuity | Joint Life Annuity |
| 45 | 53,030 | 52,700 |
| 50 | 57,230 | 52,790 |
| 55 | 57,430 | 57,150 |
| 60 | 57,480 | 57,410 |
| 65 | 57,680 | 57,730 |
Is There A Maturity Benefit Available With This Policy?
No, there is no maturity benefit available with Axis Max Life Saral Pension.
ARN: PDP/SPP/090924