Max Life Saral Pension
However, this is precisely why it is important to begin investing in a pension plan as early as possible in life. Its ability to establish a safety net for your later years is extremely valuable. With the increasing cost of living, it is more important than ever to find the right pension plan to meet your needs.
If you are looking for a smart plan that makes your pre and post retirement more comfortable and secure, Max Life Saral Pension may be it. Here’s everything you need to know about it to plan your future wisely:
More importantly, you can begin planning for your later years early in life with the Max Life Saral Pension. Anyone of age of 40-80 is eligible to purchase this plan. All you need to do is:
- Decide on a purchase price that you want to pay to buy this policy.
- The annuity amount you receive will be determined by the annuity rate in effect when the policy was purchased. These annuity rates are guaranteed for the life of the annuitant once acquired.
- Choose one of the four annuity payment options: monthly, quarterly, half-yearly, or annual.
Benefits of Max life Saral Pension
Everyone has their view of life after retirement, which typically involves relaxing and spending time with loved ones. After working hard for much of your life, it is well-deserved. Choosing Max Life Saral Pension can be a smart way to secure to your life post 40’s as it offers valuable benefits for post-retirement life as well.
Here are the benefits you will get when you purchase Max Life Saral Pension:
1. Death Benefit
Here is how it would work for the two annuity variants:
For Single Life Immediate Annuity: If you are the primary annuitant, then in the event of your demise, 100% of the purchase price will be returned.
For Joint Life Annuity: If the spouse, i.e., secondary annuitant, is surviving after your demise, the spouse continues to receive the same amount of annuity for life till his/her death. Subsequently, upon the spouse’s demise, 100% of the purchase price (single premium*) shall be payable to the nominee/legal heir.
However, if the spouse passes away before the primary annuitant, then on death of the primary annuitant, 100% of the purchase price (single premium*) shall be payable to the nominee/ legal heir.
*“Single Premium” or “Purchase Price” is defined as the lump sum premium amount paid by the policyholder at the inception of the policy, excluding the taxes, if any.
3. Tax Benefits
Features of Max life Saral Pension
Let’s have a look at some practical features of the Max Life Saral Pension which can make your retirement planning more efficient:
2. Surrender Value
3. Loan Facility
4. Return of Premium on Death
**“Premium” here refers to “Purchase Price” or “Single Premium” which is defined as the lump sum premium amount paid by the policyholder at the inception of the policy excluding the taxes if any
5. Payout Methods
For more details on features of Max Life policy, please refer to prospectus.
Reasons to Invest in Max life Saral Pension
Disclaimer: *Please see the annuity quote to know the annuity rate at the time of purchase for different ages and combinations
*A guaranteed income benefit is payable for the payout period as per the options selected, post completion of the policy term.
How does Max life Saral Pension Work?
Let’s see how Max Life Saral Pension works for Mr. Ahuja, a 45-year-old businessman whose income source has been affected due to Covid-19. He is looking for a guaranteed source of income to take care of his current fixed expenses as well as the expenses post-retirement.
He decides to purchase a joint life annuity with a purchase price of Rs. 25 lakhs on 1st June, 2021 for himself and his wife, 40 years old. If he selects the annual payment frequency for the annuity, he will be eligible to receive an annual income of Rs. 1,36,425 starting 1st June, 2022.
Premium Payment Options
The premium payment option for Max Life Saral Pension is single pay. The amount of the premium paid as single pay is equal to the purchase price of the annuity. There is no maximum limit to the premium payment for this policy.
Frequently Asked Questions (FAQs)
ARN: PDP/SPP/090924