About Max Life Retirement Plans

As the name suggests, Retirement Plans from Max Life Insurance Company Limited have been specifically designed to financially secure your life after retirement. Let’s check out the Max Life Retirement Plans below:

Max Life Forever Young Pension Plan

Max Life Forever Young Pension Plan is basically a non-participating Unit Linked Pension Plan. This Max Life retirement plan provides with regular savings as well as additional annuity so that you can fulfill your retirement goals. Now let’s check out the special features and benefits of Max Life Forever Young Pension Plan.

Vesting Benefit:

  • Pension Maximizer Option: Max Life Forever Young Pension Plan offers 101% of total premiums paid (including Top-Up premiums paid, if any), exclusive of rider charge (if any).
  • Pension Preserver Option: The policy offers 110% of total premiums paid (including Top-Up premiums paid, if any), exclusive of rider charge (if any)

Death Benefit:

  • On death, the payable amount will be a higher of 105% of all premiums paid (including Top-Up premiums paid, if any) or fund value.
  • Note: All future premiums for the whole Policy Term are subject to the highest age of 60 year under the Max Life Partner Care Rider.

Loyalty Benefit:

  • Offers 0.50% of fund value after the 10th policy year where these additions augment by 0.02% (absolute) each year from 11th year onwards.

Age Limit:

  • 30-65 years
  • 75 years maximum

Premium Payment Frequency:

  • Regular Pay - Annual, Semi Annual, Quarterly & Monthly
  • Single Pay

Premium:

  • Single Pay – Rs. 1,00,000/-
  • Regular Pay – Rs. 25,000/- per month
  • No such limit are exposed on the maximum amount

Guaranteed Lifetime Income Plan

Guaranteed Lifetime Income Plan is a non-participating non linked immediate annuity plan. Let’s check out some of the special features and benefits of this plan below:

Annuity Options:

  • Single Life Annuity for life with Return of Premium (ROP) is to be paid on death.
  • Joint Life Annuity for life with Return of Premium (ROP) is to be paid on death of the last survivor.
  • Joint Life Annuity for life (without any death benefit).
  • Single Life Annuity for life (without any death benefit).

Annuity Payout Mode and Modal Factors:

  • Monthly: 0.08
  • Quarterly: 0.24
  • Semi-Annually: 0.49
  • Annual: 0.00

Death Benefit:

  • On death of the policyholder, the payable amount will be 100% of the purchase price (exclusive of all applicable cesses, taxes and levies as imposed by the Government of India) in case of Joint Life Annuity / Single Life Plans with Return of Premium (ROP).

Age Limit:

  • 50-80 years

Premium Payment:

  • Single Premium is subject to a Minimum Annuity payment being at least Rs. 1,000/- per month.
  • No such limit is imposed on the maximum premium payment amount.

Max Life Life Perfect Partner Super Plan

Max Life Life Perfect Partner Super Plan is basically a non-linked participating savings insurance plan. The plan has been designed to provide with 212.5% of guaranteed Sum Assured on maturity for your retirement.

Maturity Benefit:

  • The payable amount at the age of 75 years or on policy anniversary will be Accrued Paid-up Additions (if any) + Guaranteed Maturity Sum Assured + Terminal Bonus (if any), where Guaranteed Maturity Sum Assured = total guaranteed sum to be received at the end of the policy tenure and Accrued paid-up additions = any extra coverage provided by the Max Life Insurance Company (if applicable) and Terminal bonus = bonus to be received at the end of the policy term (if applicable).

Death Benefit:

  • On death, the payable amount will be Guaranteed Death Benefit + Accrued Paid-Up Additions (if any) + plus Terminal Bonus (if any), where Guaranteed Death Benefit = higher of 11 times the total annual premium exclusive of cesses or taxes.
  • OR 105% of all premiums paid by Policyholder as on the date of the Life Insured’s death.
  • Or Guaranteed Maturity Sum Assured selected by the Policyholder at the time of policy inception.

Sum Assured:

  • Minimum: Rs. 50,000/-
  • No such limit imposed on maximum amount

Age Limit:

  • 91 days to 55 years

Premium Payment Term:

  • 7/10/15/20 years

Premium Amount:

  • 7 years – Rs. 20,000/- per annum
  • 10/15/20 years – Rs. 8,500/- per annum

Payment Frequency:

  • Annual
  • Semi-annual
  • Quarterly
  • Monthly