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Max Life Pension Plans
Max Life Insurance Company
Max Life Insurance (Max Life) is a renowned private life insurance company, which is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. While Max Financial Services Ltd. is a part of the eminent Max Group of India, the Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, one of the world’s leading general insurers. Backed by an extensive experience of 15 years of helping Indian customers to achieve their financial goals and protect themselves against contingencies, Max Life comes across as a financially stable and trusted company. With about 20 products on offer, the company aims to cater to all the specific savings, protection, wealth creation, and retirement requirements of its customers, thereby ensuring that there is something for everyone!
Max Life Pension Plans
Max Life Pension Plans ensure that your retirement is a much-awaited phase of life, and not something which you would feel wary of. They offer you with a lot of flexible options, so that you can decide for yourself, for how long you wish to pay premiums, and when exactly you wish to receive the payouts. What’s more, pension plans from Max Life also ensure that in your absence, your spouse receives all the required financial support, without being dependent on others.
Pension Plans:
Worried about post-retirement life? Well, pension plans offer you the best solutions so that you can spend your golden years with a smile on your face. These are investment tools that encourage you to build a corpus over a period of time, so that you can receive payouts when you retire. Based on your requirements you can choose to opt for a Deferred Annuity or an Immediate Annuity. While the former enables you to invest a fixed amount till retirement followed by receiving benefits post retirement, the latter lets you invest a lump sum just when you are nearing retirement followed by immediate receipt of annuity.
Common Features of Max Life Pension Plans:
Flexible plans which let you choose your preferred bonuses, the funds you wish to invest in, premium payment terms, and much more
List of Different Pension Plans Offered By Max Life Insurance Company, With Features, Benefits And Eligibility
Max Life Forever Young Pension Plan
Features:
- A Unit-Linked Pension Plan which takes care of your financial needs as well as those of your wife, when you are not around.
- Guaranteed loyalty additions ensure an increase in your corpus
- Multiple options to choose from at the time of vesting
- In the event of the death of the policyholder, the nominee has the choice to utilize the proceeds in a way that best suits the immediate needs & requirements
- Flexibility to invest your funds in either the medium-risk bearing Pension Maximiser Option or the low-risk bearing Pension Preserver Option.
Benefits:
- Vesting Benefit: At vesting age, you are entitled to receive a lump sum, which is calculated as the higher of the Fund Value or Guaranteed Vesting Benefit. Here, the Guaranteed Vesting Benefit is 101% of total premiums paid in the case of Pension Maximiser Option or 110% of total premiums paid in the case you opted for Pension Preserver Option.
- Loyalty Benefit: Enjoy Guaranteed Loyalty Additions at 0.50% of Fund Value, which is added to the fund, from the end of 10th policy year. Thereafter, these additions are increased by 0.02% (absolute) every year.
- Options Available on Vesting: At the time of vesting, you can make a choice between any of the three following options:
- Commute to the extent allowed under the Income Tax Act and utilize the balance amount to purchase an immediate annuity from Max Life Insurance, which would be guaranteed for life, at the then prevailing annuity rates of the Company
- Extend the accumulation period, subject to the age of the insured being less than 55 years as on last birthday
- Invest the entire amount to purchase a single premium pension accumulation plan from Max Life Insurance
- Death Benefit: In the event of the unfortunate demise of the insured during the policy term, the nominee is entitled to receive a lump sum, which is calculated as higher of 105% of all premiums paid or the Fund Value. Further, if the policyholder had chosen the Max Life Partner Care Rider, then the nominee also receives the sum of all the future premiums payable till the end of the Policy Term, subject to a maximum age of 60 years.
- Options Available on Death of Policyholder: In instances, wherein the insured passes away during the policy term, the nominee has an option to utilize the Death Benefit in one or more of the following ways:
- Make use of the entire proceeds of the policy or part thereof for investing in an Immediate Annuity, at the then prevailing rate of the Company
- Withdraw the entire proceeds of the policy
- Invest the entire proceeds or part thereof in a Single Premium Pension Plan, which will enable the nominee to purchase an Immediate Annuity at a chosen date in the future. Of course, in these cases, the Company is not liable to refund any amount in excess of the extent allowed under the Income Tax Act.
Eligibility:
| Entry Age | Minimum – 30 years | Maximum - 65 years |
| Vesting Age | Minimum – 50 years | Maximum – 75 years |
| Minimum Premium Amount | : For Regular Pay : 25,000 | For Single Pay : 1,00,000 |
| Maximum Premium Amount | No Limit |
| Policy Term | Vesting Age less entry age, subject to i) Maximum policy term – 75 years less entry age ii) Minimum policy term – 10 years |
| Premium Payment Frequency | Annual, Semi - Annual, Quarterly and Monthly (only for Regular Pay) |
Riders:
Max Life Partner Care Rider: (UIN: 104A023V01) Under this rider, in the event of death of the insured, the nominee gets an additional sum of all the future premiums payable under the base policy, subject to a maximum age of 60 years. This rider can be opted only between the ages 21 and 55 years and is applicable only to the regular pay plans. Further, the rider expires, once the insured reaches the age of 60 years.
Max Life Guaranteed Lifetime Income Plan
Features:
- A Non-linked Immediate Annuity Plan that guarantees lifetime income, thereby enabling you to spend your golden years with dignity
- Make your choice to receive payouts based on your specific retirement needs - yearly, half-yearly, quarterly, or monthly
- Take your pick between four annuity options, to ensure that you receive lifelong payments, or in your absence, your spouse avails the lifetime income benefit
- Special offer for those who purchase the annuity from death / surrender /maturity benefit proceeds of the pension accumulation plan of the Company. In this case, the minimum entry age of policyholders can be less than 50 years of age and the minimum purchase price can be less than 1,00,000
- For payout modes other than annual modes, the payouts are based on the following modal factors:
- 0.08 for monthly modes
- 0.24 for quarterly modes
- 0.49 for half-yearly modes
Benefits:
- Return of Purchase Price: Under this plan, on the death of the annuitant, the beneficiary is entitled to receive the return of the Purchase Price of the policy
- Annuity Options: The plan offers the following four annuity options:
- Single Life Annuity for life (without any death benefit), which ensures that you receive a pre-decided, fixed, guaranteed amount throughout your life
- Single Life Annuity for life with return of premium (ROP) payable on death, which enables you to receive a pre-decided, fixed, guaranteed amount throughout your life, and when you are not around, 100% of the purchase price (excluding all taxes and cesses) will be paid to your nominee
- Joint Life Annuity for life (without any death benefit), which entitles the annuitants to receive a pre-decided, fixed, guaranteed amount, provided at least one of the annuitants is alive. On the death of the last survivor, the payments will be stopped.
- Joint Life Annuity for life with return of premium (ROP) payable on the death of the last survivor, which enables the annuitants to receive a pre-decided, fixed, guaranteed amount, provided at least one of the annuitants is alive. At the time of death of the last survivor, 100% of the purchase price of the policy (excluding all taxes and cesses) will be received by the nominee
Eligibility:
| Entry Age | Minimum: 50 years | Maximum: 80 years |
| Minimum Purchase Price | Minimum Single Premium is subject to a Minimum Annuity payout being at least Rs. 1,000 per month. |
| Maximum Purchase Price | No limit |
Max Life - Life Perfect Partner Super
Features:
- A traditional Money Back Plan
- Minimum entry age as low as 91 days and maximum maturity age as high as 75 years
- On attaining the age 61 years, start enjoying 7.5% of Guaranteed Maturity Sum Assured on each policy anniversary, for the next 15 years, i.e. till you reach the age of 75 years. Add the 100% of Guaranteed Maturity Sum Assured along with applicable terminal bonus & accrued paid up additions, and you can avail a Guaranteed 212.5% Of Guaranteed Maturity Sum Assured.
- Flexibility to choose any premium payment term from 7, 10, 15, or 20 years that best suits your requirements & financial commitments
- Option to buy the plan in the name of your spouse and opt for the Max Life Waiver of Premium Plus Rider, which will ensure that the policy continues to stay active along with all the benefits in case of an untoward incident such as dismemberment, diagnosis of critical illness, or death
- Liberty to withdraw the accumulated bonuses to meet emergency situations
- Bonuses ensure enhanced protection & coverage right till the time you are 75 years of age
- Make a choice of your preferred Bonus Option from the following three types of bonuses:
- Paid In Cash, which is receivable by you, as and when declared by the company
- Premium Offset, which offsets your future premiums
- Paid Up Additions (PUA), which is used to buy Paid Up Additions (PUA), which in turn earn further bonuses, thereby enhancing the overall value and benefits of the policy
- On death of the insured, the policy ceases to exist.
Benefits:
- Maturity Benefit: At the time of maturity of policy, i.e. when the insured reaches the age of 75 years, he/she is entitled to receive:
- Death Benefit: In case of death of the insured before the policy matures, the nominee receives the following benefits:
Guaranteed Maturity Sum Assured + Accrued Paid-Up Additions (if any) + Terminal Bonus (if any)
Guaranteed Death Benefit + Accrued Paid-up Additions (if any) + Terminal Bonus (if any)
Here, the Guaranteed Death Benefit is computed as the highest of 11 times the Annualised Premium or 105% of all premiums paid by the Policyholder as on the date of death of the Life Insured or Guaranteed Maturity Sum Assured chosen by the Policyholder at the time of taking the policy.
Eligibility:
| Minimum Entry Age | 91 days |
| Maximum Entry Age | For 7 & 10 years Premium Payment Terms: 55 years| For 15 years premium payment term: 50 years| For 20 years premium payment term: 45 years |
| Maturity Age | Maximum – 75 years |
| Minimum Premium Amount | For 7 years Premium Payment Terms: 20,000 p.a.| For 10, 15, 20 premium payment term: 8,500 p.a. |
| Maximum Premium Amount | No Limit |
| Guaranteed Sum Assured | Minimum: 50,000 |Maximum: No Limit |
| Premium Payment Term | 7, 10, 15, & 20 years |
Riders:
- Max Life Term Plus Rider (UIN-104B026V01)
- Max Life Accidental Death & Dismemberment Rider (UIN-104B027V01)
- Max Life Waiver of Premium Plus Rider (UIN - 104B029V01): Under this rider, if any unfortunate event occurs, the future premiums are waived off. In cases, where the Policyholder is same as the life insured, the waiver of all future Premiums is provided in the event of dismemberment or diagnosis of critical illness of the Life Insured / Policyholder. However, in instances, wherein the Policyholder & life insured are different, then the facility of waiver of all future premiums is provided in the event of dismemberment, diagnosis of critical illness or the death of the Policyholder.