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Max Life Forever Young Pension Plan

What is the Plan all About?

Max Life Forever Young Pension Plan is a unit linked retirement plan which offers lifetime income protection for you and your partner to enjoy a comfortable retirement years. This plan will help you to maintain a lifestyle post retirement also by planning for the retirement in advance during your working years. Max Life Forever Young Pension Plan offers multiple benefits to enjoy a prosperous life ahead.

What are the Key Features?

Multiple Vesting options available

Enhance protection with Max Life Partner Care Rider

Flexible premium payment modes available

Multiple fund options for investment

What are the types of Investment Funds?

The insured has an option to invest the premium amount in the 2 investment funds which are:

Pension Maximizer Option

Pension Preserver Option

What are the Plan Benefits?

Maturity Benefit

On maturity, the insured is entitled to the higher of the Fund Value or Guaranteed maturity benefit.Guaranteed Maturity Benefit is defined as:

  • 101% of total premiums paid (including Top-Up premium, if any), exclusive of rider charge, if any, if the insured has opted for Pension Maximizer Option.
  • 110% of total premiums paid (including Top-Up premium, if any), exclusive of rider charge, if any, if the insured has opted for Pension Preserver Option.

Loyalty Benefit

The insured is entitled for the loyalty guaranteed additions from the end of the 10th policy year which are 0.50% of the fund value added to the fund. From the 11th policy year, these loyalty additions increases by 0.02% (absolute) annually.

Death Benefit

In the event of death of the insured during the policy period, the payout is higher of 105% of all premiums paid or the accumulated Fund Value. The nominee can utilize the Death Benefit by utilizing the entire proceeds of the policy or part thereof for purchasing an Immediate Annuity or to withdraw the entire proceeds of the policy or to utilize the amount of the policy or part thereof for buying a Single Premium Pension Plan.

Vesting Benefit

At the stage of vesting, the insured may opt for the following vesting benefits:

  • Immediate annuity for the full amount.
  • Commute up to 1/3rd of the Fund Value and utilize the remaining amount to purchase an Immediate Annuity from the company.
  • Spread the accumulation period for the same policy, in case you are less than 55 years of age, to exponentially enhance your corpus amount.
  • Utilize the entire proceeds to purchase a Single Premium Pension Plan from Max Life Insurance.

Partial Withdrawal

Under this plan, no partial withdrawals are permitted.

Premium Switching & Redirection

Under this plan, premium switching and redirection is not permitted.

Surrender Value

If this Policy is surrendered during the Lock in Period, the Fund Value to the Pension Discontinuance Policy Fund is credited after deducting the applicable Surrender Charges. If this Policy is surrendered after the completion of the Lock in Period, Co. will close the Unit Account and the Surrender Value can, to be utilized by the insured for exercising one of the following options offered by the Co. Refer plan brochure for more details.

Loan Benefit

This policy is not entitled to any loan benefit.

Revival Benefit

The policy shall be revived within the Revival Period only on fulfillment of the specific conditions and on payment of all the overdue Regular Premiums.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 30 Years 65 Years
Vesting Age 50 Years 75 Years
Policy Tenure 10 Years 30 Years
Premium Paying Term Single Pay or Same as policy term Years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Premium Rs 25,000- For Regular Pay Rs 1 Lac-For Single Pay No Limit (subject to underwriting)
Freelook Period 15 Days/ 30 Days (for distance marketing channel) from the receipt of the policy -
Grace Period 30 Days (15 Days for monthly mode) -
Plan Type Online -

Is any Rider Available with this Plan?

Max Life Partner Care Rider can be opted with this Plan at an additional cost. On choosing this rider all future premiums till the entire Policy Term subject to a maximum age of 60 years along with an amount equal to higher of 105% of all premiums paid or Fund Value will be paid to the nominee.

What are the Plan Charges?

  • Premium Allocation Charge: For Single Pay, there are no premium allocation charges. For regular pay 2% p.a for the annual mode of premium and 1.25% for non annual mode from 1st year to 10th policy year and henceforth the charges are not applicable.
  • Fund Management Charge: The Fund Management Charge is 1.25%annually for the Pension Maximiser Fund and the Pension Preserver Fund. An extra charge for offering guaranteed benefit is applicable as per the investment fund opted.
  • Policy Administration Charge: Single Pay Charge: 0.08% of the Single Premium per month. It enhances @ 4% p.a. from the 2nd policy year.
  • Regular Pay Charge:

    • For Policy Year 1 to 5: 0.36% of the Annual Premium per month.
    • For Policy Year 6 onwards: 0.46% of the Annual Premium per month, increasing @ 5% p.a.
    • For Policy Year 7 onwards: 0.483% of the Annual Premium per month.
  • Surrender/Discontinuance Charge: The surrender charges are applicable if the policy is surrendered within 1st to 4th policy year from the inception and charges vary with respect to the year of surrender. From 5th policy year onwards there are no surrender charges.
  • Mortality Charge: This charge is applied on the sum at risk for providing life insurance cover to the insured during the policy term. It is dependent on the term of the policy,sum at risk and the age of the insured.

Is the Plan, eligible for Tax Benefit?

Premiums paid, qualify for the tax benefits as per Section 80CCC of the Income Tax Act.

(Subject to the provisions stated therein.)

How the Plan Works?

Mr. Sharma is a 40 year old employee with an MNC and wants to retire at the age of 60. As his employer does not provide for any fixed pension he wants to buy a pension solution which will secure his retirement needs as well as his wife’s even in case of his death. He chooses to invest Rs. 10,000 monthly for a period of 20 years to get regular income after his retirement. Fund Option chosen is Max Life Pension Preserver Fund. Let’s see how Max Life Forever Young Pension Plan works for him:

Scenario 1: Maturity Benefit - Individual chooses to invest in Max Life Forever Young Pension Plan and after 20 years chooses to invest entire corpus in Max Life Guaranteed Lifetime Income Plan with Joint Life with Return of Purchase Price option.

  • Total amount invested in Max Life Forever Young Pension Plan - Rs. 10,000 x 12 x 20 = Rs. 24,00,000
  • Guaranteed Retirement Corpus from Max Life Forever Young Pension Plan - Rs. 26,40,000

Scenario 2: Death Benefit - Individual chooses to invest in Max Life Forever Young Pension Plan with Max Life Partner Care Rider and after 10 years his wife aged 50 chooses to invest the entire corpus in Max Life Guaranteed Lifetime Income Plan with Single Life with Return of Purchase Price option Considering that Mr. Sharma passes away at age 50, after paying premium for 10 years.

  • An amount equal to sum of future premiums payable till age 60 will be paid by the Company upfront to the nominee ( Rs. 12 Lacs)
  • Additionally the nominee will also receive an amount equal to higher of the Fund Value or 105% of cumulative premiums paidTotal amount invested in Max Life Forever Young Pension Plan - Rs. 10,000 x 12 x 10 = Rs. 12,00,000

He chooses to invest the entire corpus in Max Life Guaranteed Lifetime Income Plan with Joint Life with return of purchase price (ROP) option.She chooses to invest the entire corpus in Max Life Guaranteed Lifetime Income Plan with Single Life with ROP option.

(Note: Annuity A contract sold by a life insurance company that provides fixed or variable payments to a recipient, either immediately or at a future date. values as per annuity rates as on 2nd February 2016. The annuity conversion rates are not guaranteed and may vary from time to time.Please note additional Service Tax will be applicable as per prevailing rates on purchase of Max Life Guaranteed Lifetime Income Plan.Please note that above is only an example and does not create any rights and/or obligations. The assumed and non-guaranteed rates of return of 4% and 8% mentioned above relate to assumed investment returns at different rates and may vary depending upon the market conditions).