Axis Max Life Insurance Limited

Axis Max Life Smart Retirement Income with Sustained Earnings Plan
A Non-Linked Non-Participating Individual/ Group General Annuity Savings Plan
UIN: 104N160V01
PROSPECTUS
LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT.

1. A BOUT A XIS M AX L IFE I NSURANCE

Axis Max Life Insurance Limited (the “Company”), formerly known as Max Life Insurance Company Ltd., is a subsidiary of
Max Financial Services Limited (“MFSL”) with Axis Bank Limited and its affiliates also being shareholders of the Company.
Axis Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel
distribution, including agency and third-party partners. The Company has built its operations on a need-based sales
process, a customer-centric engagement model and trained human capital. As per audited financials for FY2025-26, Axis
Max Life recorded a gross written premium of INR 38,877 crore.

For more information, please visit the company website at [Link]

2. W HY YOU NEED A XIS M AX L IFE S MART R ETIREMENT I NCOME WI TH S USTAINED E ARNINGS P LAN ?

We work hard through our earning years to fulfil our financial responsibilities, support our loved ones and achieve our
life goals. Yet, one of the most important financial priorities is to prepare for life after retirement. A secure retirement
requires not just savings, but also a dependable source of income that can support you through your later years with
confidence and dignity.
To help you plan better for your retirement years, it is important to ask yourself:
• Are you looking for a regular stream of income that can support your lifestyle after retirement?
• Do you want the flexibility to start your annuity immediately or defer it for a future date, based on your
retirement needs?
• Are you seeking a solution that offers the assurance of guaranteed annuity, along with an option to participate
in benchmark-linked annuity movement?
• Do you want an option that can help your retirement income stay aligned with changing market conditions
through a variable annuity feature?
• Would you like to provide financial protection to your loved ones through Return of Purchase Price / Total
Premiums Paid under applicable variants?
• Are you looking for flexibility to choose how often you receive your annuity income and how you pay your
premiums?
• Would you value the flexibility to accumulate annuity benefits and access them later, subject to product terms
and conditions?
Presenting Axis Max Life Smart Retirement Income with Sustained Earnings Plan, a Non-Linked Non-Participating
Individual/Group General Annuity Savings Plan, designed to help meet your retirement income needs through a
combination of annuity choices, lifelong income options, and flexibility to choose between guaranteed annuity and, under
applicable variants, a variable annuity payout option linked to a publicly available benchmark. The plan is designed to
provide financial confidence in your retirement years, while also helping you create financial security for your loved ones.

3. K EY F EATURES OF A XIS M AX L IFE S MART R ETIREMENT I NCOME WITH S USTAINED E ARNINGS P LAN

1. Regular annuity income for life: The plan is designed to provide annuity payouts for the lifetime of the annuitant,
and in case of Joint Life option, till the death of the last survivor, as applicable under the chosen variant.
2. Choice of Immediate and Deferred Annuity options: The plan offers Immediate Life Annuity, Immediate Life
Annuity with Return of Purchase Price, and Deferred Life Annuity with Return of Purchase Price, enabling
customers to choose income either immediately or after a deferment period.
3. Single Life and Joint Life coverage options: The plan is available under both Single Life and Joint Life basis,
providing flexibility to address different retirement income needs.

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 4. Return of Purchase Price option: Under applicable variants, the plan provides Return of Purchase Price / Total
Premiums Paid on death, as per the terms and conditions of the selected variant.
5. Guaranteed annuity option: The plan offers a fully guaranteed annuity payout option, with annuity rates
determined at inception, subject to the terms of the chosen variant.
6. Variable Annuity Payout Option: The plan offers an optional Variable Annuity Payout feature under applicable
variants, where annuity payout comprises a guaranteed portion and a variable portion linked to a publicly
available benchmark index.
7. Choice of guaranteed proportion under Variable Annuity: Under the Variable Annuity Payout Option, the
policyholder may choose the guaranteed annuity proportion at inception from 60%, 70%, 80% or 90%; the
balance annuity shall be variable in accordance with the product terms.
8. Benchmark-linked upside potential: The variable annuity component is linked to the NIFTY 50 Index, enabling
policyholders to participate in benchmark-linked annuity movements, subject to product terms and conditions.
9. Flexible premium payment choices: The plan offers Single Pay and Limited Pay premium payment options under
eligible deferred annuity variants.
10. Multiple annuity payout modes: The annuity can be received in monthly, quarterly, Semi-Annual or Annual
mode, as chosen by the policyholder.
11. Option to accumulate annuity benefits: The policyholder may choose to accumulate full or partial annuity
payouts, with accumulated amounts earning interest linked to the prevailing Standing Deposit Facility (SDF) rate,
subject to policy terms.
12. Advance Annuity Option for eligible policies: An Advance Annuity Option is available under eligible Joint Life
immediate annuity with Return of Purchase Price policies, allowing a lump sum advance of future annuity
payouts, subject to specified conditions.
13. Liquidity through surrender and loan facility: Surrender value and policy loan facility are available under
applicable variants, subject to the terms and conditions of the policy.
14. Health-related value added services: Eligible annuitants may avail health management services, including
services such as medical consultation / second opinion / case management, as may be offered by the Company
from time to time.

4. S IMPLE S TEPS TO S TART Y OUR L IFELONG I NCOME

1. Choose the premium you wish to pay or the annuity amount you wish to receive. Select the purchase price /
premium in line with your retirement income needs.
2. Choose when you want your annuity to start. You may opt for an immediate annuity or choose a deferment
period, as available under the selected variant.
3. Choose the plan option that suits you best. Select from Single Life or Joint Life, choose the applicable annuity
variant, and if desired, opt for the Variable Annuity Payout Option under eligible variants.
4. Choose your premium payment and annuity payout preferences. Select the premium payment term, premium
payment frequency, deferment period and choose how frequently you would like to receive your annuity —
monthly, quarterly, half-yearly or yearly.
5. Pay premiums as chosen and enjoy lifelong income. Receive annuity payouts for life, with benefits payable as
per the terms and conditions of the chosen variant.

5. G ENERAL D EFINITIONS OF THE T ERMS U SED

• “Annuity” is the regular payout you receive periodically, commonly refer to as pension.
• “Annuitant” is the person who is eligible to receive annuity.
• “Annualized Premium” shall be the premium amount payable in a year excluding taxes, rider premiums, underwriting
extra premiums and loadings for modal premiums.
• “Total Premiums Paid” means total of all the premiums paid under the base product, excluding any extra premium
and taxes, if collected explicitly.
• “Deferment Period” is the period in years during which no annuity benefit shall be payable. The Deferment Period
needs to be chosen at inception under Variant 3 and once chosen cannot be changed later. Furthermore, Deferment
Period should always be equal or greater than premium payment term. The available options are as follows:
o Single Pay: 1 Years to Maximum Premium Payment Term available in Plan
o Limited Pay: 2 Years to Maximum Premium Payment Term available in Plan
• “Sum Assured on Death” means an absolute amount of benefit, which is guaranteed to become payable on death of
the life assured in accordance with the terms and conditions of the policy.

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6. V ARIANTS IN D ETAIL

Following annuity variants are available under this plan:

1. Variant 1: Immediate Life Annuity
2. Variant 2: Immediate Life Annuity with Return of Purchase Price (ROPP)
3. Variant 3: Deferred Life Annuity with Return of Purchase Price (ROPP)
Policyholders have to choose one of the above options at inception and an option once chosen cannot be changed later.
Variant no. Variant Single Life (SL) Joint Life (JL) Variable Annuity Payout Option
1 Immediate Life Annuity Yes Yes No
2 Immediate Life Annuity with ROPP Yes Yes Yes
3 Deferred Life Annuity with ROPP Yes Yes Yes
i. D ETAILS OF V ARIANT 1: I MMEDIATE L IFE A NN UITY & V ARIANT 2: I MMEDIATE L IFE A NNUI TY WITH R E TURN OF
P URCHASE P RICE
Pay Variant Sub Variants Survival Benefit Death Benefit
Type No.
Single Variant Single Life The annuity will be paid in arrears, No Death benefit shall be payable. Policy
Pay 1 without as per the chosen mode, as long as terminates on death of the Annuitant.
ROPP the annuitant is alive.
Joint Life The annuity will be paid in arrears, No Death benefit is payable, policy
without as per the chosen mode, as long as terminates on the death of the last
ROPP the last survivor is alive. survivor.
Variant Single Life The annuity will be paid in arrears, On death of the Annuitant, Return of Total
2 with ROPP as per the chosen mode, as long as Premium Paid shall be provided to
the annuitant is alive. nominee and policy will terminate
Joint Life The annuity will be paid in arrears, On death of last survivor, Return of Total
with ROPP as per the chosen mode, as long as Premium Paid shall be provided to the
the last survivor is alive. nominee and policy will terminate.

ii. D ETAILS OF V ARIANT 3: D E FERRED L IFE A NNUITY WITH R ETURN OF P URCHASE P RI CE

Pay Sub Survival Benefit Death Benefit
Type Variants
Single Single Life The annuity will be paid in arrears post In case of Single Life:
Pay with ROPP deferment period, as per the chosen mode, On the death of annuitant provided all due
as long as the annuitant is alive. premiums have been paid and the policy is in-
Joint Life The annuity will be paid in arrears post force.
with ROPP deferment period (if any), as per the
chosen mode, as long as the last survivor is In case of Joint Life:
alive. On the death of last survivor(s) provided all
Limited Single Life The annuity will be paid in arrears post due premiums have been paid and the policy is
Pay with ROPP deferment period, as per the chosen mode, in-force.
as long as the annuitant is alive.
Joint Life The annuity will be paid in arrears post The Death Benefit for both Single and Joint
with ROPP deferment period, as per the chosen mode, Life is as follows:
as long as the last survivor.
During Deferment Period:
Higher of:
• Total Premiums Paid up to date of
death including modal loading, if any +
Accrued Guaranteed Additions
• 105% of the Total Premiums Paid
including modal loading, if any.
Post Deferment Period:
• 100% of the Total Premiums Paid
including modal loading, if any
Please note:

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 1. In case where date of intimation of death and date of death is different, total annuity payments made after date
of death will be deducted from death benefit (wherever applicable).
2. Annuity Amount shall be payable in arrears as per chosen Annuity payment mode, for example, at the end of
year for annual pay-out mode and end of month for monthly pay-out mode.
3. In case of Limited Pay, if the overdue Premium is not paid and the Payor dies then annuitant(s) will be required
to continue paying the remaining premiums otherwise the Policy will become Lapsed Policy or Reduced Paid Up
Policy.
iii. J OINT L IFE :
1. In case of Joint Life, the Primary Annuitant will be the primary person entitled to receive the Annuity Payouts,
while the Secondary Annuitant will be entitled to receive the Annuity Payouts in the event of death of the
Primary Annuitant, as applicable.
2. In the event of death of the Primary Annuitant during the premium payment term, the remaining due premiums
shall be payable by the Secondary Annuitant. In case the remaining premiums are not paid, the non‑forfeiture
provisions shall be applicable.
3. The Secondary Annuitant can be the spouse/ child/ parent/ parent-in-law or sibling of the Primary Annuitant.
Other relationships shall be considered provided insurable interest exists.
4. Insurable interest between the Primary Annuitant and Secondary Annuitant shall be established at the time of
issuance of policy as per Board Approved Underwriting Policy.
iv. G UARANTEED A DDITI ONS :
During the Deferment Period, Guaranteed Additions shall accrue at the end of each completed Policy Month, subject to
all due premiums being paid and shall form a part of the Death Benefit during deferment period. The Guaranteed
Additions shall be equal to 1/12th of 4% of the Total Premiums Paid (excluding loading for modal premiums). No further
Guaranteed Additions shall accrue once the Policy has lapsed or been converted to a Reduced Paid-up Policy.

7. E LIGIBILITY C RI TERIA (A PPLICABLE FOR I NDIVIDUAL & G ROUP P LANS )

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Entry Age
(Age last Minimum Premium
birthday) Variant Annuity Sub- Maximum Annuity/Policy
Entry payment
# Variants variant Entry Age* term
Age* term
Single
Life till death of the
without annuitant
Immediate ROPP Single
1 25 years 85 years
Life Annuity Pay
Joint Life
till death of last
without
survivor
ROPP

Single
till death of the
Immediate Life with
annuitant
Life Annuity ROPP
Single
2 with Return 25 years 85 years
Pay
of Purchase Joint Life
Price Till death of
with
last survivor
ROPP

Single
till death of the Single
Life with
annuitant Pay
ROPP

Joint Life 84 years (age

Deferred till death of last Single
with last birthday)
Life Annuity survivor Pay
ROPP subject to
3 with Return 25 years
annuity to
of Purchase
Single start max at
Price
Life with age 85 years.
till death of the 2 to 12
ROPP –
annuitant years
Limited
Pay
Joint Life
with
till death of last 2 to 12
ROPP -
survivor years
Limited
Pay
* Age last birthday

Annuity payout criteria

For Variant 1 and Variant 2, you need to pay the premium in one lump sum and annuity payouts
will commence immediately, as per the annuity payout mode chosen at inception.
For Variant 3, you may choose Single Pay or Limited Pay, and annuity payouts will commence after
the deferment period, as per the annuity payout mode chosen at inception.
Annuity variants chosen at policy inception cannot be altered thereafter.
Other Age Criteria:

Minor Life Provision:

In case of minor lives
1. The policy shall vest in the life assured/annuitant on attainment of his/her majority (18
years), i.e. the life assured shall start receiving periodic annuity amount once he/she turns
18 years of age.
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 2. There should be specific insurable interest between proposer and annuitant(s).
The risk commencement date of the policy shall be the date of inception of the policy. The same
shall also apply for the secondary life in case of a Joint Life policy.
The restrictions on the minimum and maximum entry age shall not be applicable for:
1. National Pension System (NPS) Subscribers & their family members where purchase is
from NPS proceeds as per the extant of PFRDA guidelines. 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.
2. Superannuation schemes or where the proceeds are from a contract issued or
administered by the Company where compulsory purchase of Annuity is required.

For Point of Sale (POS) Policy:

Following variants shall be applicable for POS:
• Immediate Life Annuity – Single Life with ROPP, where, 100% of the Total Premiums Paid
shall be payable on death of Single Life
• Immediate Life Annuity – Joint Life with ROPP is available., where, 100% of the Total
Premiums Paid shall be payable on death of Last Survivor only
• For Death Benefit under POS variant, Waiting Period is not applicable for Annuity product
The POS variant of 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.
Variable annuity payout option shall not be available for sale through POS. Currently POSP variant
is not applicable for Group Schemes.
Currently, policy sourced through point of sales persons are available only without a medical
examination.
Currently,
Minimum entry age: 40 years
Maximum Entry age: 70 years

Qualifying Recognized Overseas Pension Scheme (QROPS), compliance to HMRC regulations as

amended from time to time):
As per the current HMRC regulations, the minimum entry age/age at which Annuity payouts start
of the Life Insured cannot be less than 55 (Fifty-Five) years. Further, existing QROPS policyholders
may buy 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
Axis Max Life where vesting age is less than 55 (Fifty-Five) years.
Vesting age & Deferment Period means the period from Date of Commencement of Risk till the policy becomes
deferment eligible for Annuity payment. The first annuity payout is made after the end of deferment period
period plus annuity payout frequency.
(Applicable to Single Pay:
Deferred Years Minimum Maximum
Annuity variants Deferment 1 Year 12 years subject to maximum vesting age
only) period

Vesting age 26 Year 85 Year

Limited Pay:
Years Minimum Maximum
Deferment Maximum of 12 years subject to Maximum Vesting Age
period (PPT or 2 years)
Vesting age 27 years 85 years
Annuity amount Minimum: In accordance with IRDAI (Insurance Products) Regulations, 2024 as amended from
time to time.
Currently, the minimum annuity allowed is Rs. 12,000 annually or Rs. 6,000 semi-annually or
Rs.3000 quarterly or Rs. 1,000 monthly.
Annuity payout below the minima may be allowed:

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 • to the subscribers of the National Pension System (NPS) regulated by the Pension Fund
Regulatory and Development Authority (PFRDA). Any change or offering of any option /
feature in future related to such regulations shall be as amended from time to time
• where the annuity is issued from full or part of proceeds of a contract issued or
administered by the company or in case of superannuation schemes
Maximum annuity amount: As per Board Approved Underwriting policy
For policies sold through POS Channel, the minimum and maximum annuity amounts will be as per
prevailing IRDAI POS Guidelines, as amended from time to time.
In case the annuity payout is less than the minimum limits for annuities and other benefits, then
proceeds arising out of the maturity benefit, surrender benefit, or death benefit under the Axis
Max Life pension accumulation plan shall be refunded to the policyholder as a lump-sum.
Minimum and Minimum premium: Subject to minimum annuity amount as mentioned above; will depend upon
maximum annuity rates and the annuity variant chosen.
premium 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
Modes be chosen as annual, Semi-annual, quarterly or monthly.
Modal factors applicable for modes other than annual mode and is applicable for Annuity Amount
under Limited Pay variants are mentioned below:
Monthly: 0.08
Quarterly: 0.24
Semi Annually: 0.49
The annuity payment frequency can be chosen at inception or can be changed anytime during the
policy term by submitting a request at least 30 days before the policy anniversary. In case of
change of payment frequency, the change will be effective from the next policy anniversary.
Annuity/Policy For all variants available under this product, the Policy Term under this product has been defined
Term as follows:
• In case of single life annuity, till the death of the annuitant
• In case of joint life annuity, till the death of last survivor
Minimum Group 5 members for Group Policy at Inception
Size (For Group
Policies)
Premium Immediate Life Annuity & Immediate Life Annuity with ROPP (Variant 1 & 2) - Single premium
Payment mode Deferred Annuity with ROPP (Variant 3) - Single and Limited Premium
Annual, Semi-Annual, Quarterly, Monthly (applicable for Limited Premium deferred annuity
variant only)
Modal Factors for Limited Premium:
• Annual – 1.0000
• Half Yearly – 0.5085
• Quarterly – 0.2564
• Monthly – 0.086
Note: The premium paying mode can be changed during the Premium Payment period provided
the limits of minimum premium are adhered to. A change in premium payment mode request
shall receive at least 30 days before the policy anniversary and once received will be effective
only on next policy anniversary following the receipt of such request.
Premium For Immediate Life Annuity Variants (1 & 2): Single Pay
Payment Term For Deferred Life Annuity Variants (3): Single Pay & Limited Pay (2 to 12 years)
Annuity Rates Annuity rate vary for each individual and is based on the annuitant details like age and gender,
premiums payable, annuity option chosen at inception of the policy, premium payment term,
deferment period, premium payment mode, annuity payment mode and option specific
parameters. All such parameters shall be asked while generating an illustration to calculate annuity.
All applicable taxes, cess and levies shall be payable by the policyholder as per the prevailing laws
from time to time.
Discounts A premium discount of 2% for Single Pay policies and 3% for Limited Pay policies is applicable on
all premiums for policies sold through the ISNP channel.
Premium Bands Premium Band Single Pay Policies Limited Pay Policies
1 0 to 4,99,999 0 to 1,49,999
2 5,00,000 to 9,99,999 1,50,000 to 2,99,999
3 10,00,000 to 19,99,999 3,00,000 to 7,99,999
4 20,00,000 to 99,99,999 8,00,000 to 24,99,999
5 1,00,00,000 & Above 25,00,000 & Above
The product will also be sold through online mode.
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8. B ENEFITS IN D ETAIL

i. D EATH B ENEFIT
In case of Single Life: On the death of annuitant provided all due premiums have been paid and the policy is in-force.
In case of Joint Life: On the death of last survivor(s) provided all due premiums have been paid and the policy is in-
force.
Variant Description Death Benefit
No.
1 Immediate Life Annuity No Death Benefit shall be payable
2 Immediate Life Annuity with Return Total Premiums Paid shall be payable to nominee and policy will
of Purchase Price terminate.
3 Deferred Life Annuity with Return ofDuring Deferment Period:
Purchase Price Higher of:
Total Premiums paid up to date of death including modal loading,
if any + Accrued Guaranteed Additions
105% of the Total Premiums Paid including modal loading, if any.
Post Deferment Period:
100% of the Total Premiums Paid including modal loading, if any
The policy shall terminate on payment of death benefit and no further benefits shall be payable.
ii. S URVIVAL B ENEFIT
The benefit is payable provided all due premiums have been paid and the policy is in-force.
The annuity amount shall be payable at the end of the annuity payment mode chosen till the death of annuitant in case
of Single Life and Last Survivor in case of Joint Life Policy.
Survival Benefit is payable on submission of a “proof of living”,
Variant Description Survival Benefit
No.
1 Immediate Life Annuity Fixed annuity commencing immediately as per annuity frequency chosen
2 Immediate Life Annuity withtill the death of annuitant in case of Single Life or last survivor in case of
Return of Purchase Price Joint Life Policy
3 Deferred Life Annuity with Fixed annuity commencing post deferment period as per annuity frequency
Return of Purchase Price chosen till the death of annuitant in case of Single Life or last survivor in
case of Joint Life Policy
In case the policyholder has opted for “Variable Annuity Payout option”, the annuity payouts shall be determined as
described in the Variable Annuity Payout Option explained below.
iii. M ATURITY B ENEFIT
There is no maturity benefit payable under this plan.
iv. S URREN DER B ENEFIT
The policyholder can surrender the policy any time after it has acquired a surrender value.
In case of premium discontinuance, provided that one year full premiums are not paid, the policy will lapse and no
benefits shall be payable. Once the policy has lapsed, it can only be revived within a revival period of five years from
the due date of first unpaid premium, subject to conditions mentioned under the Revival section.
Non-forfeiture benefits are not applicable for Variant 1- Immediate Life Annuity.
For Single Pay policies under Variant 2 and Variant 3, the policy can be surrendered any time after the expiry of free
look cancellation period.
For Limited Pay policies under Variant 3, the policy shall acquire
• Guaranteed Surrender Value (GSV) on payment of premium for at least two consecutive years.
• a Special Surrender Value (SSV) after receipt of one full year premium provided the free look cancellation
period has expired, and the premium payment term is less than five (5) years. Special Surrender Value
shall become payable after the free look cancellation period has expired, provided one full year premium
has been received.
• Special Surrender Value shall become payable after completion of first policy year provided one full year
premium has been received.

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On payment of surrender value, the policy stands terminated and cannot be reinstated. The surrender value will be
Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV), whichever is higher.
The method for calculating the GSV and SSV is explained below in detail.
Variant GSV
Variant 1: Immediate Life Annuity Not Applicable.

Variant 2: Immediate Life Annuity with Return of Not Applicable.

Purchase Price

Variant 3: Deferred Life Annuity with Return of During deferment period:

Purchase Price GSV Factor* Total Premiums Paid plus loadings for modal
premiums
Please refer to GSV Factor table in the Policy Document.
Post deferment period:
Not Applicable.
Special Surrender Value:
For Limited Premium Payment Variant, where the Premium Payment term is equal to or more than five (5) years, the
Policy may also acquire a Special Surrender Value after completion of first Policy Year provided one full year Premium
has been received and shall become payable on Surrender of Policy after completion of first Policy Year. In case the
Premium Payment Term is less than five (5) years, the Policy may also acquire a Special Surrender Value after receipt of
one full year Premium and shall become payable on Surrender of Policy after the free look cancellation period has expired.
Any accumulated annuity benefit, if not already paid shall be paid in addition to surrender value determined above.
Please refer section on “Option to accumulate the Annuity benefits” for details.
In case the policyholder has opted for “Variable Annuity Payout option”, the Surrender Benefit shall be determined as
described in Section “Variable Annuity Payout option” below.
Surrender value paid post deferment for Variant 2 and Variant 3 shall be the lower of the surrender value resulting
from the above-mentioned calculation and the applicable death benefit at the time of surrender.
Group Policy:
In case of group Policy, the annuitant/member can surrender the membership and the surrender value will be made
available to the Annuitant/Member. In case of surrender of a group Policy by the Master Policyholder, the annuitant/
members of the group will be given an option to continue on an individual basis. These annuitants/members will be
directly serviced by the Company. The Policy will be endorsed to this effect and the annuitants/members will be
intimated of the same. After the surrender by the existing Master Policyholder, no new annuitants/members can be
enrolled under the Policy.
v. R EDUCED P AID UP (RPU) P OLICY
For Variant 3 and limited pay policies, once the policy acquires a surrender value as mentioned above, by default the
policy will become RPU in case of non-payment of any further premium
Annuity Amount in RPU policy
RPU Annuity amount = RPU Factor X Annuity amount payable to fully paid-up policy
“RPU Factor” shall be the ratio of the “total period for which premiums have already been paid” to the “maximum period for
which premiums were originally payable”.
Surrender value in RPU policy
The surrender value of RPU policy will be determined using the same methodology of surrender value computation
mentioned above.
If the total annuity amount under RPU policy (RPU Annuity amount) is less than the minimum modal Annuity amount
allowed under the product, the surrender value as at the end of the revival period will be paid as a lump sum and the
policy will be terminated, immediately and automatically.
Death Benefit under RPU policy:
During deferment period:
Higher of:
• Total Premiums paid up to date of death including modal loading, if any + Accrued Guaranteed Additions
• 105% of the Total Premiums Paid including modal loading, if any
Post deferment period:
• 100% of the Total Premiums Paid including modal loading, if any.

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In case the policyholder has opted for “Variable Annuity Payout option”, the Reduced Paid-up Benefit shall be determined
as described in “Variable Annuity Payout Option” Section below.

9. I LLUSTRATIONS

i. V ARIANT 1: I MMEDIATE L IFE A NNUITY

Mr. Verma is a 60 year old who has opted for Immediate Life Annuity Variant, following are the details:
Variant Immediate Life Annuity Premium Payment Term 1 Year
Purchase Price Rs.25,00,000 Premium Payment Single Pay
Frequency
Life Type Single Life Annuity Payout Frequency Annual
Pay Type Single Pay Deferment Period Not Applicable
Accumulation Option No Accumulation % Not Applicable
An Immediate Life Annuity of Rs.2,05,100 shall be payable to the annuitant till death. On death of the annuitant no
benefit shall be payable and the policy will terminate.
ii. V ARIANT 2: I MMEDIATE L IFE A NNUITY WITH R E TURN OF P URCHASE P RICE
Mr. Verma is a 60 year old along with his Spouse Mrs. Verma aged 55 years have opted for Immediate Life Annuity with
Return of Purchase Price Variant, following are the details:
Variant Immediate Life Annuity Premium Payment Term 1 Year
with Return of Purchase
Price
Purchase Price Rs.25,00,000 Premium Payment Single Pay
Frequency
Life Type Joint Life Annuity Payout Frequency Annual
Pay Type Single Pay Deferment Period Not Applicable
Accumulation Option No Accumulation % Not Applicable
An Immediate Life Annuity of Rs.1,55,325 shall be payable to the annuitant till death of the Last Survivor. On death of
the Last Survivor a Death Benefit of Rs.25,00,000 shall be payable to the beneficiary and the policy will terminate.
iii. V ARIANT 2: I MMEDIATE L IFE A NNUITY WITH R E TURN OF P URCHASE P RICE WITH V ARIABLE A NNUITY O PTI ON
Mr. Joshi is a 55 year old has opted for Immediate Life Annuity with Return of Purchase Price Variant with Variable
Annuity Option, following are the details:
Variant Immediate Life Annuity Premium Payment Term 1 Year
with Return of Purchase
Price
Purchase Price Rs.25,00,000 Premium Payment Single Pay
Frequency
Life Type Single Life Annuity Payout Frequency Annual
Pay Type Single Pay Deferment Period Not Applicable
Accumulation Option No Accumulation % Not Applicable
Variable Annuity Option Yes Guarantee Proportion 60%
Public Benchmark for your Variable Annuity Payout is Nifty 50. For illustration purposes, historical returns of Nifty 50
from 2002 to 2025 have been used. To project future performance, these returns are assumed to repeat in a cyclical
pattern. Please note that these are only examples and not guaranteed returns.
Variable Benchmark Total
Policy Annualised Guaranteed Projected Value Death
Annuity Returns Annuity
Year Premium Annuity (A) of Benchmark Benefit
(B) (A+B)
1 25,00,000 94,935 29,148 3.26% 1,094 123,093 25,00,000
2 94,935 643,278 71.90% 1,880 737,223 25,00,000
3 94,935 95,578 10.68% 2,081 189,523 25,00,000
4 94,935 325,116 36.34% 2,837 419,061 25,00,000
5 94,935 356,403 39.83% 3,966 450,348 25,00,000
6 94,935 489,991 54.77% 6,139 583,936 25,00,000
7 94,935 0 -51.80% 2,959 93,945 25,00,000
8 94,935 157,515 75.76% 5,201 251,460 25,00,000

Page 10 of 22
 9 94,935 72,349 17.95% 6,135 166,294 25,00,000
10 94,935 0 -24.62% 4,624 93,945 25,00,000
11 94,935 71,150 27.70% 5,905 165,095 25,00,000
12 94,935 22,102 6.76% 6,304 116,047 25,00,000
13 94,935 108,253 31.39% 8,283 202,198 25,00,000
14 94,935 0 -4.06% 7,946 93,945 25,00,000
15 94,935 11,978 3.01% 8,186 105,923 25,00,000
16 94,935 116,166 28.65% 10,531 210,111 25,00,000
17 94,935 15,283 3.15% 10,863 109,228 25,00,000
18 94,935 59,280 12.02% 12,168 153,225 25,00,000
19 94,935 78,101 14.90% 13,982 172,046 25,00,000
20 94,935 135,406 24.12% 17,354 229,351 25,00,000
The above-mentioned benefits shall continue until the death of the Annuitant.
This benefit illustration is intended to show the guaranteed annuity pay-out and variable annuity payout with the
movement of the NIFTY 50 Index which is a publicly available benchmark for the lifetime of annuitant.
The values shown are for illustration purpose only. The actual annuity amount under variable annuity payout may go up
or down depending on the volatility and risk associated with the publicly available benchmark.
Please Note that in case of Variable Annuity Option, investment risk is partially borne by the policyholder or annuitants
iv. V ARIANT 3: D EFERRED L IFE A NNUITY WITH R E TURN OF P URCHASE P RICE
Mr. Kumar is a 50 year old along with his spouse Mrs. Kumar aged 45 years has opted for Deferred Life Annuity with
Return of Purchase Price Variant, following are the details:
Variant Deferred Life Annuity with Premium Payment Term 10 Year
Return of Purchase Price
Purchase Price Rs.2,50,000 Premium Payment Annual
Frequency
Life Type Joint Life Annuity Payout Frequency Annual
Pay Type Limited Pay Deferment Period 10 years
Accumulation Option No Accumulation % Not Applicable
Post completion of the deferment period an annuity benefit of Rs. 1,93,285 shall be payable till the death of the Last
Survivor. On Death of the Last Survivor after the deferment period a Death Benefit of Rs.25,00,000 shall be payable and
the policy will terminate.
The above benefits are applicable provided all due premiums have been paid.
v. V ARIANT 3: D EFERRED L IFE A NNUITY WITH R E TURN OF P URCHASE P RICE WITH V ARIABLE A NNUI TY O PTION
Mr. Kumar is a 50 year old has opted for Deferred Life Annuity with Return of Purchase Price Variant with Variable
Annuity Option, following are the details:
Variant Deferred Life Annuity with Premium Payment Term 10 Year
Return of Purchase Price
Purchase Price Rs.2,50,000 Premium Payment Annual
Frequency
Life Type Single Life Annuity Payout Frequency Annual
Pay Type Limited Pay Deferment Period 10 Years
Accumulation Option No Accumulation % Not Applicable
Variable Annuity Option Yes Guarantee Proportion 60%
Public Benchmark for your Variable Annuity Payout is Nifty 50. For illustration purposes, historical returns of Nifty 50
from 2002 to 2025 have been used. To project future performance, these returns are assumed to repeat in a cyclical
pattern. Please note that these are only examples and not guaranteed returns.
Variable Benchmark Projected Total
Policy Annualised Guaranteed Death
Annuity Returns Value of Annuity
Year Premium Annuity (A) Benefit
(B) Benchmark (A+B)
1 2,50,000 3.26% 1,094 2,62,500
2 2,50,000 71.90% 1,880 5,30,000
3 2,50,000 10.68% 2,081 8,10,000
4 2,50,000 36.34% 2,837 11,00,000
5 2,50,000 39.83% 3,966 14,00,000
Page 11 of 22
 6 2,50,000 54.77% 6,139 17,10,000
7 2,50,000 -51.80% 2,959 20,30,000
8 2,50,000 75.76% 5,201 23,60,000
9 2,50,000 17.95% 6,135 27,00,000
10 2,50,000 -24.62% 4,624 30,50,000
11 119,391 396,344 27.70% 5,905 515,735 25,00,000
12 119,391 96,666 6.76% 6,304 216,057 25,00,000
13 119,391 449,160 31.39% 8,283 568,551 25,00,000
14 119,391 0 -4.06% 7,946 119,391 25,00,000
15 119,391 41,370 3.01% 8,186 160,761 25,00,000
16 119,391 393,275 28.65% 10,531 512,666 25,00,000
17 119,391 43,263 3.15% 10,863 162,654 25,00,000
18 119,391 165,048 12.02% 12,168 284,439 25,00,000
19 119,391 204,582 14.90% 13,982 323,973 25,00,000
20 119,391 331,129 24.12% 17,354 450,520 25,00,000
21 119,391 59,432 4.33% 18,105 178,823 25,00,000
22 119,391 274,959 20.03% 21,731 394,350 25,00,000
23 119,391 120,879 8.80% 23,645 240,270 25,00,000
24 119,391 144,274 10.51% 26,130 263,665 25,00,000
25 119,391 44,726 3.26% 26,981 164,117 25,00,000
26 119,391 987,069 71.90% 46,379 1,106,460 25,00,000
27 119,391 146,659 10.68% 51,334 266,050 25,00,000
28 119,391 498,870 36.34% 69,987 618,261 25,00,000
29 119,391 546,878 39.83% 97,866 666,269 25,00,000
30 119,391 751,859 54.77% 151,463 871,250 25,00,000
The above-mentioned benefits shall continue until the death of the Annuitant.
This benefit illustration is intended to show the guaranteed annuity pay-out and variable annuity payout with the
movement of the NIFTY 50 Index which is a publicly available benchmark for the lifetime of annuitant.
The values shown are for illustration purpose only. The actual annuity amount under variable annuity payout may go up
or down depending on the volatility and risk associated with the publicly available benchmark.
Please Note that in case of Variable Annuity Option, investment risk is partially borne by the policyholder or annuitants

10. O PTIONS A VAILABLE U NDER THE P OLICY

i. F REE L OOK O PTI ON

• For Individual Policies: “Free Look” means a period of thirty (30) days beginning from the date of receipt of the
policy document, whether received electronically or otherwise, to review the terms and conditions of the policy.
If the policyholder disagrees to any of the policy terms or conditions, or otherwise and has not made any claim,
the policyholder shall have the option to return the policy for cancellation, stating the reasons for the same.
Irrespective of the reasons mentioned, the Policyholder 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.
• For Group Policies: “Free Look” means a period of thirty (30) days beginning from the date of receipt of the
policy document, 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.
If this product is purchased from the proceeds of a National Pension Scheme (NPS) or Pension Plan from another insurer,
then the proceeds from cancellation in free look period shall only be transferred back to the source (in case of NPS) or
same insurer from whom the money was received.
If this product is purchased as QROPS through transfer of UK tax relieved assets, the proceeds from cancellation in free
look period shall only be transferred back to the Fund House from where the money was received.

Page 12 of 22
In case of existing Axis Max Life Pension Plan customers where it is compulsory to purchase annuity, the proceeds from
cancellation in free look period shall only be transferred back to the source of Fund (Axis Max Life) and can only be
utilized to purchase another annuity policy.
ii. M ODES OF A NN UITY P AYMENTS
The product provides annual, semi-annual, quarterly and monthly mode for annuity payments to the policyholder.
The modal factors for the product have been derived to compensate for the interest rate loss (pricing rate of interest) to
the Company arising on non-annual modes of annuity payment.
The modal factors are as follows:
Annuity Payment Mode Modal Factor
Annual 1
Monthly 0.08
Quarterly 0.24
Semi-annual 0.49
The modal factors for monthly and quarterly mode of annuity payment are same as they have been derived up till four
decimal places and have been rounded off to two decimal places for all practical purposes
The annuity payment mode can be chosen at inception or can be changed anytime during the policy term by submitting
a request at least 30 days before the policy anniversary. In case of change of payment mode, the change will be effective
from the next policy anniversary for Immediate annuity variants.
iii. A DVANCE A NNUITY O PTION
This option is available with the Variant 2: Immediate Life Annuity with Return of Purchase Price under Joint Life Basis
only on first death amongst the annuitants.
• This option can be chosen anytime within 3 months from the date of first death amongst the annuitants.
• As per this option, present value of 90% of annuities payable in next 5 years shall be payable as lump sum in
advance. The advance annuity amount shall be payable immediately.
• The annuity payment during the policy year of exercising this option shall continue to be payable as and when
due.
• After this lump sum payment, annuity during the 5-year advance annuity period (advance annuity period is a
five-year period starting from next policy anniversary after exercising this option) shall be 10% of the annuity
payable.
• Once the advance annuity period of 5 years ends, the annuity payment shall resume as per the original terms
and conditions.
• The interest rate applicable to arrive at the advance annuity amount is the pricing interest rate. Please refer
section 14.2 (d) for applicable pricing interest rate.
• Advance Annuity Amount = 4.00 x 90% x Annuity Instalment x Number of Annuities payable in a policy year
• After the payment of advance annuity amount, surrender benefit and death benefit before the advance annuity
period shall be adjusted by the full Advanced Annuity Amount.
• After the payment of advance annuity amount, surrender benefit and death benefit during the advance annuity
period shall be adjusted by the Remaining Advanced Annuity Amount. Where,
Remaining Advance Annuity Amount = (1- Months elapsed during Advance Annuity Period/60) x Advance Annuity
Amount
• This option shall not be applicable in case the policyholder has opted for “Variable Annuity Payout Option”
iv. O PTION TO A CCUMULATE THE A NNUITY B ENEFI T
• An option is available to accumulate either full or partial Annuity payable under this product.
• This option can be chosen or cancelled anytime by submitting a request to the company. The request should
be submitted 30 days before the policy anniversary and will be in-force from the subsequent policy
anniversary. However, any change made to the payout will be applicable for a minimum of 1 policy year.
• The annuity benefit will be accumulated at interest rate at which RBI absorbs liquidity which currently is the
Standing Deposit Facility. The Company may in future change the reference rate from Standing Deposit
Facility rate to some other index, subject to prior approval of IRDAI.
• SDF rate is published by RBI on its website and this rate will be reviewed on quarterly basis. The current SDF
rate is 5.00% p.a.

Page 13 of 22
 • The accumulated annuity benefits can be withdrawn partly/fully at any time before the termination of policy
due to death. The balance amount will keep accumulating and the accumulated benefits (if any) shall be payable
along with benefits at the time of termination of the policy on death or surrender, whichever is earlier.
v. V ARIABLE A NNUI TY O PTION
The policyholder shall have the option to choose the “Variable Annuity Payout Option” at the inception of the policy.
Once chosen, this option cannot be withdrawn at any point during the policy term.
This option shall be available exclusively with base Variant 2: Immediate Life Annuity with Return of Purchase Price and
Variant 3: Deferred Life Annuity with Return of Purchase Price.
The timing, incidence and contingency of benefit payouts under this option shall remain consistent with the base annuity
variant. However, the survival and non-forfeiture benefits payable under the Base Variant shall be replaced with values
determined as per the applicable formulae and factors outlined for this option.
Definitions:
• Base Variants: Base Variant refers to the annuity option providing 100% Guaranteed Annuity on which the
Variable Annuity Payout Option can be opted as an option.
• Reference Annuity: The Reference Annuity is the notional annuity amount that would be payable at the end of
respective ”tth” Period if the Benchmark Return over the period is same as the Reference Rate of Return (RRR).
The notional annuity amount is determined at start for each annuity payment interval based on the benchmark
returns. The details for Reference Annuity are provided below.
• Reference rate of Return: The reference rate of return is set at 7%. The Reference Rate of Return remains fixed
throughout the entire currency of the policy and does not change during the policy term. This rate is used
solely as a computable parameter for the purpose of determining the amount of variable annuity. It does not
constitute any guarantee of the actual variable annuity.
• Benchmark Return: The benchmark return shall be determined as the movement in publicly available benchmark
value for each annuity payout interval “t”.
𝐵𝑒𝑛𝑐ℎ𝑚𝑎𝑟𝑘 𝑉𝑎𝑙𝑢𝑒 𝑎𝑡 𝑒𝑛𝑑 𝑜𝑓 𝑃𝑒𝑟𝑖𝑜𝑑 (𝑡)
( − 1)
𝐵𝑒𝑛𝑐ℎ𝑚𝑎𝑟𝑘 𝑉𝑎𝑙𝑢𝑒 𝑎𝑡 𝑒𝑛𝑑 𝑜𝑓 𝑃𝑒𝑟𝑖𝑜𝑑 (𝑡 − 1)
• Threshold Annuity: Threshold Annuity is minimum level of Reference Annuity determined as (1–x%) × Yearly
Annuity as applicable under life annuity with 100% Return of purchase price. The Threshold Annuity remains
fixed throughout the currency of policy.
a) Survival Benefit
Upon selection of this option, annuity payments shall be as per annuity payment mode chosen by the policyholder.
The annuity amount payable under the Base Variant shall be substituted with, and determined as:
Total Annuity = Guaranteed Annuity + Variable Annuity
Where,
• Guaranteed Annuity is calculated by multiplying the yearly annuity as applicable under life annuity with 100%
Return of purchase price of Variant 2 & 3 respectively with the guaranteed proportion (x%). The value of x% is
chosen at policy inception from the available options of 60%, 70%, 80% or 90%. Once chosen, x% cannot be
changed later. Such Guaranteed Annuity shall remain fixed throughout the term of the Policy and shall not
change basis benchmark movement. Modal factors shall be applicable for frequency other than annually in
arrears.
• Variable Annuity is determined in relation to the publicly available benchmark for each “t”.
• t = 1,2,3…. denotes the annuity payout intervals measured from policy inception in case of Variant 2 and from
end of deferment period for Variant 3. The length of each “t” depends on the annuity payout mode. For
example, for quarterly annuity payout mode, each “t” represents three policy months, for annual annuity
payout, each “t” represents one policy year.
• Variable Annuity (t) is the Variable Annuity payable in arrears for each “t” determined as:
𝑀𝑎𝑥( 0, 𝐵𝑒𝑛𝑐ℎ𝑚𝑎𝑟𝑘 𝑅𝑒𝑡𝑢𝑟𝑛 (𝑡) × 𝑃𝑎𝑟𝑡𝑖𝑐𝑖𝑝𝑎𝑡𝑖𝑜𝑛 𝑃𝑒𝑟𝑐𝑒𝑛𝑡𝑎𝑔𝑒(𝑡))
𝑉𝑎𝑟𝑖𝑎𝑏𝑙𝑒 𝐴𝑛𝑛𝑢𝑖𝑡𝑦(𝑡) = 𝑅𝑒𝑓𝑒𝑟𝑒𝑛𝑐𝑒 𝐴𝑛𝑛𝑢𝑖𝑡𝑦 (𝑡) ×
𝑅𝑒𝑓𝑒𝑟𝑒𝑛𝑐𝑒 𝑅𝑎𝑡𝑒 𝑜𝑓 𝑅𝑒𝑡𝑢𝑟𝑛
Where, Participation Percentage(t):
When RA(t) >= Threshold Annuity then is equal to 100%
𝑅𝑒𝑓𝑒𝑟𝑒𝑛𝑐𝑒 𝐴𝑛𝑛𝑢𝑖𝑡𝑦(𝑡)
When RA(t) < Threshold Annuity then is equal to
𝑇ℎ𝑟𝑒𝑠ℎ𝑜𝑙𝑑 𝐴𝑛𝑛𝑢𝑖𝑡𝑦

Where,
A. Reference Annuity (t)

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 “t” Reference Annuity (t)
• Variant 2: (1 – x%) x Yearly Annuity Amount under Base Variant
• Variant 3: (1 – x%) x Yearly Annuity Amount under Base Variant x Deferment Growth Factor
Where,
𝐵(𝐾)
( )
𝐵(𝑘𝑖 )
∑𝑛
𝑖=1 𝑃𝑖 𝑥 𝑀𝑖
(1+𝑟) 12
𝐷𝑒𝑓𝑒𝑟𝑚𝑒𝑛𝑡 𝐺𝑟𝑜𝑤𝑡ℎ 𝐹𝑎𝑐𝑡𝑜𝑟 = ∑𝑛
𝑖=1 𝑃𝑖

Term Meaning
Total numbers of Premium Paid till end of
𝑛
1 deferment period
𝑃𝑖 Premium paid at time 𝑘𝑖
𝑘𝑖 Date of 𝑖 𝑡ℎ premium
𝐾 End of deferment period
Benchmark value at next business day after
𝐵(𝑘𝑖 )
premium receipt
𝐵(𝐾) Benchmark value at end of deferment
𝑟 Reference Rate of Return (7%)
Months till end of deferment period from due
𝑀𝑖
date of 𝑖 𝑡ℎ premium
If RA(t-1) >= Threshold Annuity*
Reference Annuity (t-1) x (1 + Min (0, Benchmark Return (t-1)))
If RA(t-1) < Threshold Annuity*
>1 Reference Annuity (t-1) x (1 + Benchmark Return (t-1) x Retained Percentage(t-1))
Where, Retained Percentage(t-1)
Benchmark Return (t-1) <= 0: 100%
Benchmark Return (t-1) > 0: (1- Participation Percentage(t-1))
Where, *Threshold annuity = (1 – x%) x Yearly Annuity Amount under Base Variant
B. Reference rate of Return:
The reference rate of return is set at 7%.
C. Benchmark Return (t):
𝐵𝑒𝑛𝑐ℎ𝑚𝑎𝑟𝑘 𝑉𝑎𝑙𝑢𝑒 𝑎𝑡 𝑒𝑛𝑑 𝑜𝑓 𝑃𝑒𝑟𝑖𝑜𝑑 (𝑡)
( − 1)
𝐵𝑒𝑛𝑐ℎ𝑚𝑎𝑟𝑘 𝑉𝑎𝑙𝑢𝑒 𝑎𝑡 𝑒𝑛𝑑 𝑜𝑓 𝑃𝑒𝑟𝑖𝑜𝑑 (𝑡 − 1)

Other conditions:
• Benchmark Return: In case of surrender, the Benchmark Return shall be calculated from end of (t-1) till the date
of intimation of surrender. Benchmark Value refers to the value of NIFTY 50 index as available on
[Link]. Any change of index shall be with prior approval of the Authority.
Notes:
o In case of closure of existing index, the default index applicable shall be specified by the Company on its
website subject to prior approval of the Authority.
o Additionally, following conditions shall apply while considering the Benchmark Value:
▪ In respect of premiums received by a local cheque or a demand draft payable at par or by way
of cash, the closing Benchmark Value of the next business day on which the premium is received
shall be applicable.
▪ In respect of premiums received under outstation cheques / demand drafts, the closing
Benchmark Value of the next business day on which the cheque / demand draft is realised shall
be applicable.
▪ All requests for surrender or revival will be processed at the closing Benchmark Value of the
next business day on which the request is received.

Page 15 of 22
 ▪ For determining the variable annuity payout, the closing benchmark value of the business day
preceding the end of respective annuity payout period (t) shall be considered.
• Monthly Annuity Payout Mode
o In case of Monthly Annuity Payout Mode, the annuity payout shall be made in arrears for each policy
month starting from policy inception for Variant 2 and after deferment period for Variant 3. The
Guaranteed Annuity shall be derived using applicable modal factors for monthly annuity payout mode.
o Variable Annuity payable shall be determined at start of each policy quarter. For this purpose, “t” shall
denote an annuity payout interval of three policy months consistent with quarterly annuity payout mode.
For Variant 2, “t” shall be measured from the date of policy inception, and for Variant 3, “t” shall be
measured from the end of the deferment period.
o The Variable Annuity amount once computed shall remain fixed during the Policy Quarter and be made
in three equal monthly instalments along with Guaranteed Annuity over the respective Policy Quarter.
o The amount shall be computed based on the Benchmark Returns of Policy Quarter (t-1) as:
▪ 𝑉𝑎𝑟𝑖𝑎𝑏𝑙𝑒 𝐴𝑛𝑛𝑢𝑖𝑡𝑦(𝑡) = 𝑅𝑒𝑓𝑒𝑟𝑒𝑛𝑐𝑒 𝐴𝑛𝑛𝑢𝑖𝑡𝑦 (𝑡 −
𝑀𝑎𝑥( 0,𝐵𝑒𝑛𝑐ℎ𝑚𝑎𝑟𝑘 𝑅𝑒𝑡𝑢𝑟𝑛 (𝑡−1)×𝑃𝑎𝑟𝑡𝑖𝑐𝑖𝑝𝑎𝑡𝑖𝑜𝑛 𝑃𝑒𝑟𝑐𝑒𝑛𝑡𝑎𝑔𝑒(𝑡−1))
1) 𝑥
𝑅𝑒𝑓𝑒𝑟𝑒𝑛𝑐𝑒 𝑅𝑎𝑡𝑒 𝑜𝑓 𝑅𝑒𝑡𝑢𝑟𝑛
where,
Reference Annuity shall be:
▪ Reference Annuity (0) = Same as Reference Annuity (1) as applicable for non-monthly annuity
mode described above both for Variant 2 and Variant 3.
▪ Reference Annuity (1) = Reference Annuity (0) x (1 – Benchmark Return (0))
▪ Reference Annuity (>1) = Determined based on the same formula as applicable for non-monthly
annuity mode described above.
Benchmark Return shall be:
▪ Benchmark Return (0) = (1 -(1+Reference Rate of Return) ^ (-3/12))
▪ Benchmark Return (>0) = Determined based on the same formula as applicable for non-monthly
annuity mode described above.
Threshold Annuity shall be:
▪ Threshold Annuity as determined for non-monthly annuity mode described above x (1 –
Benchmark Return (0))
• In case of Reduced Paid-up policy, the Reference Annuity (1) and Threshold Annuity shall be reduced by RPU
factor.
b) Non-Forfeiture Benefit: Surrender Benefit
The GSV and SSV calculation shall be substituted with:
Variant GSV
Immediate Life Annuity with Return of Purchase Nil
Price
Deferred Life Annuity with Return of Purchase During deferment period:
Price GSV Factor* Total Premiums Paid plus loadings for modal
premiums

Post deferment period:

Nil
• Paid-up Reference Annuity is the expected value of Reference Annuity at end of deferment period assuming
that the Benchmark Return equals the Reference Rate of Return from the date of surrender intimation until the
end of the deferment period reduced by RPU Factor.
• Surrender value paid post deferment for Variant 2 and Variant 3 shall be the lower of the surrender value
resulting from the above-mentioned calculation and the applicable death benefit at the time of surrender.
• Any accumulated Annuity benefit, if not already paid shall be paid in addition to surrender value.
Reduced Paid-Up (RPU) Policy
• Surrender value in RPU policy
• The surrender value of RPU policy will be determined using the same methodology of surrender value
computation mentioned above.
• If the total annuity amount under RPU policy (RPU Annuity amount) is less than the minimum modal Annuity
amount allowed under the product, the surrender value as at the end of the revival period will be paid as a lump
sum and the policy will be terminated, immediately and automatically.
vi. P OLICY L OAN

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Policy Loan can be availed under the variants where there is a benefit payable upon death of the annuitant(s) after the
annuity start date, subject to conditions defined herewith:
• Loan can be availed anytime for single premium variants and after acquiring surrender value for limited pay
policies.
• Policy loans will be available under this product subject to maximum of 80% of the surrender value. In case the
policyholder has opted for “Variable Annuity Payout Option” as described in Section 8.5 above, the policy loans
will be available subject to maximum of 50% of surrender value.
• The minimum loan amount that can be granted under the policy at any time will be Rs. 10,000. Upon grant of a
loan under this Policy, the Policy shall automatically be assigned in favor of the Company, till the time the
entire loan amount including interest, any fees or dues towards such loan has been repaid to the Company. On
such repayment of the loan and accumulated interest, the policy will be reassigned to the policyholder and the
annuity/death/surrender benefits will continue.
• All outstanding loans and interest there on, shall be deducted from any benefits payable under the policy.
• In-force policies or fully paid up polices will not be foreclosed for non-payment of outstanding loan balance
even if the outstanding loan balance together with interest exceeds the surrender value.
• For reduced paid-up policies, should the loan together with interest thereon exceed the surrender value, the
policy shall terminate. In case outstanding loan amount including interest exceeds 95% of the surrender value,
customer communication will be sent within next 3 working days for repayment of loan along with the accrued
interest.
• The policy loan interest rate is determined in accordance with the Axis Max Life Policy for setting interest rates
for policy loans, wherein the loan interest rate is determined by considering the potential loss in fund earning
(plus administrative charges) due to lending money to a customer. The policy loan interest rate is determined
by using the RBI Bank rate + 3.0% as a reference point, and is modified only if the RBI Bank rate changes by
100 bps or more from the RBI Bank rate used to determine the prevailing policy loan interest rate, on grounds
of simplicity and operational ease
• The loan interest rate is reviewed on 31st March of every year and any change in loan interest rate will be
applicable from the following 1st July to 30th June period to allow sufficient time for making changes in the
policy administration system.
• For reference, the existing loan interest rate is 8.50% p.a. compounded annually and is based on the RBI Bank
rate of 5.50% p.a. prevailing as at 31st March 2026 plus a margin of 3%.
vii. R EVIVAL / R EINSTATEMENTS
Single Pay policies: Not applicable
Limited Pay policies: In case of premium discontinuance, provided that one year full premiums are not paid, the policy
will lapse and no benefits shall be payable.
Once the policy has lapsed, it can only be revived within a revival period of five years from the due date of first unpaid
premium, subject to following conditions:
• Policyholder paying all overdue premiums, together with revival interest rate applicable on the date of revival
and as determined by the Company from time to time depending upon the number of days between the date of
lapse and the date of revival of the policy. The current revival interest rate structure is mentioned below:
No. of days between lapse and revival of policy Revival interest rate basis
0-60 Nil
61-180 RBI bank rate + 1% p.a. compounded annually on due premiums
>180 RBI bank rate + 3% p.a. compounded annually on due premiums
• The revival of the policy shall take effect only after revival of the policy is approved by Axis Max Life Insurance
basis the Board approved underwriting policy and communicated to the policyholder in writing.
• If a lapsed policy is not revived within five years, the policy shall be terminated and no value is payable to the
policyholder.
• After a policy has acquired surrender value, the policy shall not lapse. In case of premium discontinuance, the
policy will by default become reduced paid-up (RPU). A RPU policy can be revived within a revival period of five
years from the due date of first unpaid premium, subject to conditions mentioned above for revival of lapsed
policy.
• Once the policy has been revived, all the benefits (including death and annuity benefit) will get reinstated to
original levels along with any unpaid survival benefits (annuity benefit), which would have been the case had the
policy remained premium paying all throughout.
• If a RPU policy is not revived within five years of it becoming RPU, then the policy cannot be revived and will
continue as RPU for the rest of its policy term.
• The ‘RBI Bank Rate’ for the financial year ending 31st March (every year) will be considered for determining the
revival interest rate. On grounds of simplicity and operational ease, the revival interest rate is revised only if the

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 RBI Bank Rate changes by 100 bps or more from the RBI Bank rate used to determine the prevailing revival
interest rate (reviewed on every 31st March).
• As the interest rate will be reviewed at the beginning of each financial year, any change in revival interest rate
will be applicable from 1st July to 30th June to allow sufficient time for making changes in the policy
administration system.
• The current revival interest rate is based on RBI Bank rate of 5.50% p.a. prevailing as at 31st March 2026 plus
relevant margins stated in the table above.
• For the avoidance of doubt, the policy cannot be revived beyond the policy term.
• In case the policyholder has chosen “Variable Annuity Pay-out Option”, the “Benchmark Return” for the
revival/reinstatement period both for overdue premiums and for determination of Variable Annuity on such
overdue premiums shall be replaced by the revival interest rate in the Variable Annuity formulae.
viii. D EFAULT O PTION FOR NPS SUBSCRIBERS
This option is available specifically for National Pension System (NPS) subscribers only.
UNDER THIS OPTION, THE ANNUITY BENEFITS WOULD BE PAYABLE IN ACCORDANCE WITH THE REGULATIONS
AS PRESCRIBED BY PFRDA.
If this product is purchased as a default option by government sector employee (National Pension System Subscriber)
through funds accumulated in his/her National Pension System, then Annuity shall be payable to the Annuitant and his
spouse (if there is a spouse) as per Immediate Life Annuity - Single Life with Return of Purchase Price or Immediate Life
Annuity - Joint Life with Return of Purchase Price variant, as the case may be.
Provided the product is available for sale with the Company at that time, (i) upon the death of the Annuitant and his/her
spouse, the mother of the Annuitant (if alive then) will become the Annuitant utilizing the death proceeds (the Single Pay)
for the Immediate Life Annuity - Single Life with Return of Purchase Price variant. (ii) on the death of the mother, the
father of the Annuitant (if alive then) will become the Annuitant utilizing the death proceeds (the Single Pay), for the
Immediate Life Annuity - Single Life with Return of Purchase Price variant.
After the coverage of all the family members specified above, the Single Pay i.e. 100% of the Total Premiums Paid shall
be returned to the surviving children of the National Pension System Subscriber and in the absence of children, the legal
heirs of the National Pension System Subscriber, as may be applicable. The Annuity that will be payable to each Annuitant
(as above) will be based on the Age of the Annuitant (as on the date they are made the Annuitant), the prevailing annuity
rate under the option (as on the date they are made the Annuitant), the Single Pay (which is the death benefit w.r.t. the
previous Annuitant) and the Annuity frequency.
However, if the subscriber does not want to opt for the default option mentioned above and wishes to choose the
annuity option of his choice from the available annuity types or contracts with Us, he/she has the option to do so at the
time of purchasing the annuity. Non-government sector employee (National Pension System Subscriber) may also avail
this option
The Annuity amount, on each purchase (mentioned above), will be based on the prevailing annuity rate then under the
mentioned annuity variant. After the coverage of all the family members specified above, the Single Pay shall be returned
to the surviving children of the National Pension System Subscriber and in the absence of children, the legal heirs of the
National Pension System Subscriber, as may be applicable.
However, if the subscriber does not want to opt for the default option mentioned above and wishes to choose the
annuity variant from the available annuity types or contracts with Us, he/she has the option to do so at the time of
purchasing the annuity.
The above clause is subject to change following any change in the applicable regulations from time to time.

11. V ALUE A DDED S ERVICES : H EALTH M ANAGEMENT S ERVICES

Annuitant under the Axis Max Life Smart Retirement Income with Sustained Earnings Plan who meet the eligibility criteria
may avail Health Management Services, Such as Second Opinion / Medical Consultation / Personal Medical Case
Management / discounts on medicines and allied services from service provider(s) empanelled with the Company. These
services are intended to assist the Annuitant in obtaining an independent evaluation of medical conditions, enabling
informed healthcare decisions and access to appropriate treatment.
“Allied services” refers to ancillary support services connected with the Health Management Services as provided below:
• Assistance in scheduling medical consultations / appointments
• Digital platform support for medical case management
• Facilitation support for availing discounts on medicines
These services are subject to:
• Availability of empaneled/registered third-party service providers.

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 • Primary diagnosis, wherever required, being undertaken by a registered medical practitioner authorized by a
competent statutory authority
• The policy being in-force with all due premiums paid;
• Eligibility of the Annuitant as determined in accordance with the Board Approved Underwriting Policy. Eligibility
criteria will be reviewed periodically and updated on Company’s website. Any change to the eligibility criteria
shall apply uniformly to all existing and new policyholders. Policyholders may verify eligibility through the
Company’s website or contacting the customer care centre.
Notes:
• Services shall be available throughout the Policy Term, subject to prevailing eligibility criteria.
• These value-added services are optional and may be availed at the discretion of the eligible Annuitant.
• Availing of the services is subject to submission of required medical records, as may be applicable.
• The Annuitant shall not be charged separately for availing of these services. The annuity rates and other
contractual terms under the product shall remain unchanged and shall not vary based on the availing or non-
availing of such services by the Annuitant.
• The services are provided directly by third-party service provider(s), and we will not be liable for any liability.
• The Company shall not be held liable for the quality, accuracy, or outcomes of services provided by third-party
service provider(s). Any medical advice, consultation, or services obtained is solely at risk and discretion of
annuitant.
• Details of the services, eligibility criteria, and access mechanisms shall be clearly disclosed in the Policy Document
and sales literature.
• The Company reserves the right to discontinue or modify the services or change service provider(s) at any time.
• Whenever there is any change to value-added services including eligibility criteria for the annuitant, the same
shall be communicated to all the policyholders. Prior to effecting any change, we shall inform the same to IRDAI.
• These services are introduced with the objective of enhancing policyholder engagement, encouraging better
health management, and improving long-term persistency.

12. T ERMS AND C ONDITIONS (F OR D ETAILS P LEASE REFER TO THE P OLI CY C ONTRACT )

We urge you to read this prospectus and the benefit illustration, understand the plan details and how it works before
you decide to purchase this policy.
i. T AXES :
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. It is advisable to seek independent tax advice.
You agree to bear all tax liability (if any) that shall arise due to transfer of fund, or on any amount being received by You
under QROPS, or otherwise on account of any reason whatsoever notwithstanding that such tax liability arises in India
or anywhere else outside India. You shall keep Us indemnified for any loss incurred by Us for relying on Your declaration,
if any, or if any information provided herein is false, incorrect or incomplete, or if any payments have been made by Us
to third parties, including any governmental or regulatory authority whether in India or anywhere else outside India where
such payments were required to be made by You.
For QROPS, the company shall comply to HMRC Regulations, as amended from time to time. In the event of any
unauthorized member payment charge including surcharge or any tax charge arising as a result of an overseas transfer
as per the HMRC – policy paper or rules or guidance by whatever name called, for which the scheme manager or
Company may become liable, we shall deduct an amount only to the extent of the applicable charge from the policy
Value and remit the same to HMRC
ii. G RACE P ERIOD :
For Single Pay policies, grace period is not applicable.
For Limited Pay policies, grace period of thirty (30) days (fifteen (15) days in case of monthly premium payment mode)
from the due date for payment of each premium shall be allowed to the Policyholder for payment of contractual premium.
The policy continues during the grace period. But, in case of single life, if annuitant dies during grace period, then death
benefit shall be payable after deducting the due premiums (if any). In case of joint life, if last survivor dies during grace
period, then death benefit shall be payable after deducting the due premiums (if any).

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In case of joint life policies, the due premiums (if any) shall be payable by the last survivor. In case of non-payment of
premiums, the non-forfeiture provisions shall apply
During the grace period, the Company will accept the premium without interest.
The Insurer shall be responsible to honor any valid claims brought under this policy in instances wherein the Master
Policyholder has collected/ deducted the Premium but has failed to pay the same to the Insurer within the Grace Period
due to administrative reasons.
iii. S UICIDE CLAUSE
In case of death of life insured due to suicide within 12 months from the date of inception of the policy (date of
commencement of risk under the policy) or from the date of revival of policy, as applicable, the policy shall terminate
immediately. In such cases, the nominee or beneficiary of the policyholder shall be entitled to death benefit as mentioned
in Death Benefit Section.

iv. P ROOF OF L IVING C ERTIFIC ATE :

The annuity will be payable subject to the submission of a ‘Proof of Living’ certificate, along with a self-attested
identification proof, as per the prevailing terms and condition of the company.
These documents must be signed by gazette officer or a registered medical practitioner or a scheduled bank branch
manager or notary. Please note that the ‘Proof of Living’ certificate is a pre-requisite for continuance of the annuity
payouts. In certain cases, we may request the Annuitant to submit the proof of living certificate in person.
“Proof of Living” certificate shall be submitted in following time period:
1. For Variant 1 Immediate Life Annuity:
30 days before the end of every policy year
2. For Variant 2 Immediate Life Annuity with Return of Purchase Price & Variant 3 Deferred Life Annuity with
Return of Purchase Price:
30 days before the end of every 5 policy years
This process may be changed as per company policy.
In case of Joint Life annuity after the death of the first annuitant, the Last survivor has to provide the ‘Living certificate’,
just after the death of the Primary Annuitant to continue the annuity payouts. The nominee should intimate the insurer
in case of death of any of the annuitants for smooth claim settlement, as per the process set by Axis Max life insurance
applicable at that time.
In case a customer fails to submit his Living certificate on time and dies after few months. In that case all the pending
annuity amounts till the date of death will be reimbursed/settled along with his death benefit.
v. V ALIDITY OF A NN UITY Q UOTE :
Please see the annuity quote at the time of purchasing the policy to know the applicable annuity rate. Annuity amount
will vary depending upon the chosen Annuity Variant, age, gender, Total Premiums Paid, premium payment term,
deferment period, premium payment mode, annuity payment mode and all such parameters required to generate
illustration. In case of group policies, scheme members of the group policy shall have an option to decide such parameters
mentioned here.
Annuity quote will be valid for a period of 7 calendar days’ subject to the acceptance of the proposal by us, and the last
birthday of the proposer being the same. Therefore, please ensure that duly completed proposal form along with duly
signed quote is submitted at any of our offices, within 7 days from the date of quote.

13. F ULL D ISCLOSURE & I NCO NTESTABILITY :

We draw your attention to Section 45 and statutory warning under Section 41 of the Insurance Act 1938 as amended
from time to time – which reads as follows:
i. S ECTION 45 OF THE INSURA NCE A CT , 1938 AS AMENDED FROM TIME TO TIME STATES THAT :
(1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years
from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or
the date of revival of the policy or the date of the rider to the policy whichever is later.
(2) A policy of life insurance may be called in question at any time within three years from the date of issuance of
the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the
policy, whichever is later, on the ground of fraud:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or
nominees of the insured the grounds and materials on which such decisions are based.
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 Explanation I – For the purposes of this sub-section, the expression “fraud” means any of the following acts
committed by the insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue
a life insurance policy:
a. the suggestion, as a fact of that which is not true and which the insured does not believe to be true;
b. the active concealment of fact by the insured having knowledge or belief of the fact;
c. any other act fitted to deceive; and
d. any such act or omission as the law specially declares to be fraudulent.
Explanation II – Mere silence as to facts likely to affect the assessment of the risk by the insurer is not fraud,
unless the circumstances of the case are such that regard being had to them, it is the duty of the insured or his
agent, keeping silence to speak, or unless his silence is, in itself, equivalent to speak.
(3) Notwithstanding anything contained in sub-section (2) no insurer shall repudiate a life insurance policy on the
ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to
the best of his knowledge and belief or that such mis-statement of or suppression of a material fact are within
the knowledge of the insurer:
Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the member is not alive.
Explanation – A person who solicits and negotiates a contract of insurance shall be deemed for the purpose of
the formation of the contract, to be the agent of the insurer.
(4) A policy of the life insurance may be called in question at any time within three years from the date of issuance
of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to
the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the
expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of
which the policy was issued or revived or rider issued:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or
nominees of the insured the grounds and material on which such decision to repudiate the policy of life insurance
is based:
Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a
material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation
shall be paid to the insured or the legal representatives or nominees of the insured within a period of ninety days
from the date of such repudiation
Explanation – For the purposes of this sub-section, the mis-statement of or suppression of fact shall not be
considered material unless it has a direct bearing on the risk undertaken by the insurer, the onus is on the insurer
to show that had the insurer been aware of the said fact no life insurance policy would have been issued to the
insured.
(5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do
so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted
on subsequent proof that the age of the life insured was incorrectly stated in the proposal.
ii. P ROHI BITI ON OF R EBATES : S ECTION 41 OF THE I NSURA NCE A CT , 1938 AS AMENDED FROM TIME TO TIME STATES :
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or
renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of
the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any
person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed
in accordance with the published prospectuses or tables of the insurer:
(2) Any person making default in complying with the provisions of this section shall be liable for a penalty which
may extend to ten lakh rupees.
iii. N OMINATION
Nomination shall be applicable in accordance with provisions of Section 39 of the Insurance Act 1938 respectively, as
amended from time to time.
iv. A SSIGNMENT
Assignment shall be applicable in accordance with provisions of Section 38 of the Insurance Act 1938 respectively, as
amended from time to time.
v. E XPERT A DVICE AT Y OUR D OORSTEP :
Our distributors have been professionally trained to understand and evaluate your unique financial requirements and
recommend a policy which best meets your needs. With experienced and trained distributors, we are fully resourced to
help you achieve your life’s financial objectives. Please call us today. We would be delighted to meet you.
vi. I MPOR TANT N OTES :
• This is only a prospectus. It does not purport to be a contract of insurance and does not in any way create any rights
and/or obligations. All the benefits are payable subject to the terms and conditions of the Policy.
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• Any applicable taxes as imposed by the Government from time to time would be levied as per applicable laws.
• Insurance is the subject matter of solicitation.
• Life Insurance Coverage is available in this Product.
• All policy benefits are subject to policy being in force.
• “We”, “Us”, “Our” or “the Company” means Axis Max Life Insurance Limited.
• “You” or “Your” means the Policyholder.
• All annuity values are basis annuity rates as of, July 2026.
Should you need any further information from us, please do not hesitate to contact on the below mentioned address and
numbers. We look forward to have you as a part of the Axis Max Life family.
For other terms and conditions, request your Agent Advisor or intermediaries for giving a detailed presentation of the
product before concluding the sale.

14. C ONTACT D ETAILS OF THE C OMPANY

Company Website: [Link]

CIN number: U74899HR2000PLC143012
Registered & Corporate Office:
Axis Max Life Insurance Limited
Plot No. 90C, Sector 18,
Urban Estate, Udyog Vihar Gurugram – 122015, Haryana, India.
Tel No.: (0124) 4219090
Customer Service Helpline Number: 1860 120 5577
Customer Service Timings: 9:00 AM - 6:00 PM Monday to Saturday (except National holidays) or SMS ‘Life’ to 5616188
Disclaimers:
Axis Max Life Insurance Limited (formerly known as 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. You can call us on our Customer Helpline No. 1860 120 5577. Website: [Link]

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.
IRDAI - Registration No 104
ARN – Axis Max Life/ Prospectus/ Smart RISE V01/June 2026(1)

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

• IRDAI or any of its officials do not involve in activities like selling insurance policies, announcing bonus oof
premiums.
• Public receiving such phone calls are requested to lodge a police complaint

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