Forever Young Pension Plan

We work all our lives meticulously so that we can retire with pride. As we near retirement, we want to take a break from our highly-pressed jobs and follow long-lost hobbies that were left unexplored.

 

During this exciting phase of life, finances should be the last thing you and your family should have to worry about.

 

Choose Max Life Forever Young Pension Plan which helps you create savings for retirement years while safeguarding you from ups and downs of the equity market. You can also get additional annuity plan benefits to safeguard your partner and your family against unforeseen events so that you and your loved ones live life on your terms.

 

3 reasons you should buy this plan

  • Build a large corpus to fulfill your retirement goals
  • Shield your savings from market downturns
  • Secure your spouse’s future financially, even if you are not around

What do I get with this plan?

What do I get with this plan?

Here’s all you need to know about this plan

Here’s all you need to know about this plan

Insert Image Vesting Benefit

The age at which you choose to start receiving the pension or the payouts

You will receive higher of the Fund Value or Guaranteed Vesting Benefit, where the Guaranteed Vesting Benefit is defined as follows:

  • In case you opt for the Pension Maximiser Option – 101% of total premiums paid (including Top-Up premiums paid, if any), exclusive of rider charge if any
  • In case you opt for the Pension Preserver Option – 110% of total premiums paid (including Top-Up premiums paid, if any), exclusive of rider charge if any    

Options Available on Vesting

  • On reaching the vesting age, you can utilize the balance amount to purchase an immediate annuity from Max Life Insurance, which shall be guaranteed for life, at the then prevailing annuity rates of the Company, or
  • You can extend the accumulation period subject to the age of the Life Insured being less than 55 years (last birthday), or
  • Utilize the entire proceeds to purchase a single premium pension accumulation plan from Max Life Insurance.

Insert Image Death Benefit

Payable on the death of the policyholder

  • In the event of the death of the policyholder during premium payment phase, your nominee will receive:
  • Higher of 105% of all premiums paid (including Top-Up premiums paid, if any) or fund value
  • In case you choose ‘Max Life Partner Care Rider’ – All future premiums till the entire Policy Term subject to a maximum age of 60 years.

Insert Image Loyalty Benefit

Additional benefits added to the fund from the 11th policy year

  • Get guaranteed loyalty additions at 0.50% of fund value added to the fund, from the end of 10th policy year
  • These additions increase by 0.02% (absolute) every year, from the end of 11th policy year

Let's consider Mr. Sharma’s case to explain this plan. He 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 with monthly premiums that will not only fulfill his retirement needs but also look after his wife even in case of his death. Below are the details:

Monthly Premium: Rs. 10,000

Premium Payment Term: 20 years

Fund option: Max Life Pension Preserver Fund

Let’s see how Max Life Forever Young Pension Plan works for him:

Scenario 1 - Vesting Benefit

Mr. Sharma 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

Retirement corpus from Max Life Forever Young Pension Plan* @4% is Rs. 30,03,623** and @8% is Rs. 46,26,551**

•Annuity values as per Annuity Rates as on December. 2017. The Annuity conversion rates are riot guaranteed and may vary from time to time.Please note all additional applicable taxes, cesses, and levies as imposed by the Government will be applicable as per prevailing rates on the 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.

*The Fund Option assumed to be chosen in the above scenario is Max Life Pension Preserver Fund (SFIN - ULIFOIBIS!O2II3PENSPRESERIO4).

**These are not guaranteed and they are not the upper or lower limits of what your policy might earn as the value of your policy is dependent on a number of factors including the future investment performance scenario. For more information, please request for your policy specific benefit illustration.

Scenarion 2 - Death Benefit

In case, Mr. Sharma passes away at the age of 50 years, after paying the premium for 10 years, Total amount invested in Max Life Forever Young Pension Plan:  Rs. 10,000 x 12 x 10 = Rs. 12,00,000 (12 lakhs)

His wife aged 50 years will get the following benefits:

Death Benefit (higher of the Fund value* or 105% of the cumulative premiums paid) with Max Life Partner Care Rider: @4% is Rs. 23,94.687** and @8% is Rs. 26,65,400**

*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.

The Fund Option assumed to be chosen in the above scenario is Max Life Pension Preserver Fund (SFIN - ULlF0l8l5/02Il3PENSPR(SRl04).

** These are not guaranteed and they are not the upper or lower limits of what your policy might earn as the value of your policy is dependent on number of factors including the future investment performance scenario. For more information, please request for your policy specific benefit illustration.

Minimum and Maximum Entry Age

30 - 65 Years


Minimum and Maximum Vesting Age

Minimum: 50 years (55 years for policies sourced under Qualifying Recognized Overseas Pension Scheme (QROPS), as per prevailing Her Majesty’s Revenue & Customs (HMRC) regulations )

Maximum: 75 years

You may choose from any one of the below mentioned investment options:

Pension Maximiser Option –The 100% of your premiums (including Top-Up premiums, if any) shall be invested in the Pension Maximiser Fund (SFIN: ULIF01715/02/13PENSMAXIMI104). The risk profile of the investment option is medium.

Pension Preserver Option – The 100% of your premiums (including Top-Up premiums, if any) shall be invested in the Pension Preserver Fund (SFIN: ULIF01815/02/13PENSPRESER104). The risk profile of the investment option is low.

Please note that you can choose the option only at inception and no change in the option is allowed during the policy term.

Below are the different fund options with details:

Fund Name and Objective

Government Securities & Corporate Bonds

Money Market & Cash Instruments

Equity & Equity related securities

Potential Risk/Reward    

Pension Maximiser Fund: (SFIN: ULIF01715/02/13PENSMAXIMI104)

40% - 80%

0% - 40%

20% - 60%

Medium

Pension Preserver Fund: (SFIN: ULIF01815/02/13PENSPRESER104)

60% - 90%

0% - 40%

10% - 35%

Low

Charge Structure

1.  Premium Allocation Charge

Year

Allocation Charge

Single Pay (as a % of Single Premium)

Nil

Regular Pay (as a % of Annual Premium)

Year 1 to 10 - 2% p.a. for annual mode

Year 1 to 10 - 1.25% p.a. for non annual modes

Year 11onwards - Nil for all modes

2.  Fund Management Charge

The annual rate for the Fund Management Charge is 1.25% for the Pension Maximiser Fund and the Pension Preserver Fund. An additional charge* for offering guaranteed benefit will apply to the Pension Preserver Fund and Pension Maximizer Fund at 0.20% per annum and 0.40% per annum respectively.

*The company reserves the right to revise the charge of guarantee, subject to a maximum of 0.50% p.a., with prior approval from IRDAI.

 

3. Policy Administration Charge

Single Pay: 0.08% of the Single Premium per month increasing @ 4% p.a. starting from the second year. The charge will not exceed Rs. 400 p.m. in any year

Regular Pay:

Year 1 to 5: 0.36% of the Annual Premium per month.

Year 6 onwards : 0.46% of the Annual Premium per month increasing @ 5% p.a. starting year 7, i.e., 0.483% of the Annual Premium per month in year 7. The charge will not exceed Rs. 400 p.m. in any year.

 

4. Surrender/Discontinuance Charge

 

NOTE: In case of Surrender / Discontinuance you cannot withdraw the accumulated corpus. You will need to necessarily exercise one of the options available - (a) Commute up to 1/3rd of the Fund Value and use the remaining proceeds to purchase an immediate annuity from Max Life Insurance at then prevailing annuity rates. (b) Use the entire proceeds to purchase an immediate annuity from Max Life Insurance at the then prevailing annuity rates. (c) Purchase a single premium pension accumulation plan from Max Life Insurance. Please note that in case of Surrender / Discontinuance within the first five (5) policy years, you can utilize the accumulated corpus only after the completion of five policy years.

Please note : For policies sourced under Qualifying Recognized Overseas Pension Scheme (QROPS) through the transfer of UK tax relieved assets, the option to surrender will be available only on or after the life insured attains 55 years of age.

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Premium Rates Table

 
Policy Contract

 
Leaflet

 
Prospectus
 

Additional Benefits through Riders

Additional Benefits through Riders

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments
Claims Paid Percentage

98.26%

98.26%

Individual death claims paid (Src: Max Life Public Disclosure FY 2017-18)

Max Life Presence

210 Offices

210 Offices

Src: Director's Report FY 2016-17

Sum Assured

₹511,541 Cr.

₹511,541 Cr.

In force (individual) Src: Public Disclosure, FY 2017-18

Assets Under Management

₹52,237 Cr.

₹52,237 Cr.

Src: Public Disclosure, FY 2017-18

More reasons why our customers choose us
See what our customers have to say about this plan
See what our customers have to say about this plan

I bought this pension plan because it is one of the very few retirement plans which lets you choose your retirement age. I have plans to retire early and travel the world with my wife. Thanks to Sahil, my Max Life relationship manager who spent a lot of time in understanding my requirements and financials and suggested me the right pension plan. He has been a constant support whenever I need any further details and help.

Mr. Sahni, 36 years

Bengaluru

Let’s Connect

Let’s Connect

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