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 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.
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
|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)|
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.
|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|
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.
|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|
i) Max Life Term Plus Rider (UIN-104B026V01)
ii) Max Life Accidental Death & Dismemberment Rider (UIN-104B027V01)
iii) 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.