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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.
Multiple Vesting options available
Enhance protection with Max Life Partner Care Rider
Flexible premium payment modes available
Multiple fund options for investment
The insured has an option to invest the premium amount in the 2 investment funds which are:
Pension Maximizer Option
Pension Preserver Option
On maturity, the insured is entitled to the higher of the Fund Value or Guaranteed maturity benefit.Guaranteed Maturity Benefit is defined as:
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.
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.
At the stage of vesting, the insured may opt for the following vesting benefits:
Under this plan, no partial withdrawals are permitted.
Premium Switching & Redirection
Under this plan, premium switching and redirection is not permitted.
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.
This policy is not entitled to any loan 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.
|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)||-|
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.
Regular Pay Charge:
Premiums paid, qualify for the tax benefits as per Section 80CCC of the Income Tax Act.
(Subject to the provisions stated therein.)
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.
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.
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).