Max Life Forever Young Pension Plan and Policy
Max Life Forever Young Pension Plan and Policy - The Max Life Forever Young Pension Plan is particularly designed to meet you and family’s retirement needs. The plan also protects your savings from market volatilities and offers additional benefits such as protection against unpredictable situations in life. The Forever Young Pension Plan offered by Max Life Insurance provides comprehensive insurance and savings solutions you.
Features - Max Life Forever Young Pension Plan and Policy
The Max Life Forever Young Pension Plan comes with a lot of attractive features which include:
- This is a unit linked life insurance plan (ULIP).
- You can choose from a variety of investment options such as Pension Maximizer Option and Pension Preserver Option. The Pension Maximizer Option will enable you to invest 100% of your premiums in Pension Maximizer Fund. With the Pension Preserver Option, you can invest 100% of your premiums in the Pension Preserver Fund.
- Maximum term of the policy is 75 years.
- Minimum policy term is 10 year.
- The policy accepts a minimum premium Rs. 1, 00000 for a Single Pay policy is and Rs. 25,000 for a Regular Pay Policy.
- There is no limit for maximum premium amount payable.
- The plan offers immediate annuity option for full amounts.
- You can extend the accumulation period of your policy, provided you age is less than 55 years. This is applicable for both Single and Regular Pay polices.
- The plan enables you to commute up to 1/3 of your fund value and use the remaining amount to buy Immediate Annuity offered by Max Life Insurance.
- The policy offers a free look period of 15 days for policies bought manually and 30 days for policies bought online.
- A 30 day grace period is offered by the policy.
- The plan does not allow switching.
- Premium allocation is also not allowed under this plan.
- It does not include the provision for partial withdrawal of funds.
- The policy can be revived by the policyholder.
- You can surrender the policy at any time.
Benefits - Max Life Forever Young Pension Plan and Policy
The plan provides the following benefits:
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The Max Life Forever Young Pension plan provides you with maturity benefits based on the investment option you choose. If you choose the Pension Maximizer Option, at maturity, you will receive an amount of 101% of all cumulative premiums or an amount higher of fund value. If you opt for the Pension Preserver Option, the maturity benefits you will receive, provided the policy is continued till the end. The same maturity benefits will also apply for the Pension Maximizer Option. You can invest a higher amount of assets in the Pension Maximizer Option and it enables you to earn higher capital appreciation. On the other hand, the Pension Preserver Option enables you to invest in fixed income instruments and provides steady and guaranteed returns.
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The policy also offers death benefits to designated nominees. The death benefits offered by the plan is higher of fund value or 105% of the cumulative premiums and top-up premiums (if any) paid.
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Under this plan, you can also enjoy loyalty additions. But, loyalty additions are payable, only if the life insured is alive and all pending premiums are cleared. Every year, from the 11th policy year onwards, the guaranteed loyalty additions offered by the plan increases by 0.02%. However, the loyalty additions are subject to the following conditions – they are applicable for only premium paying policies and they shall be payable for Regular Pay and Single Pay policies. Besides, when you revive a policy, the guaranteed loyalty additions for previous years shall also added to the policy as per the fund value applicable at the time of revival.
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You will receive tax benefits on the premiums paid for this policy as per the India Tax Act, 1961. However, tax benefits are subject to change as per changes in tax law.
Eligibility - Max Life Forever Young Pension Plan and Policy
The eligibility condition for the Max Life Forever Young Pension Plan include:
Entry Age |
Vesting Age |
Minimum: 30 years Maximum: 65 years |
Minimum : 50 years Maximum: 75 years |
The eligibility criteria for availing the rider benefits offered by the policy include:
Issuing age. |
Minimum – 21 years Maximum - 55 years |
Maximum Maturity Age |
60 years |
Investment - Max Life Forever Young Pension Plan and Policy
The Max Life Forever Young Pension plan offers two investment funds which you can invest in the following fields:
Name of funds |
Government Securities & Corporate Bonds |
Money Market & Cash Instruments |
Equity & Equity related securities |
Potential Risk/Reward |
Pension Preserver Fund: (SFIN: ULIF01815/02/13PENSPRESER104 |
60% - 90% |
0% - 40% |
10% - 35% |
Low |
Pension Maximizer Fund: (SFIN: ULIF01715/02/13PENSMAXIMI104) |
40% - 80% |
0% - 40% |
20% - 60% |
Medium |
Charges - Max Life Forever Young Pension Plan and Policy
The policy charges the following charges:
Premium allocation charges |
Single Pay policy : 0% Regular Pay policy:
|
Fund management charges |
1.25% p.a. for both Pension Maximizer Fund and Pension Preserver Fund. |
Max Life Partner Care Rider charges |
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Discontinuation charges |
The plan charges different charges discontinuations charges for Single Pay and Regular Pay policies. |
Miscellaneous charges |
A fees of Rs. 250 is charged for any change/ alternations made to the policy. |
Premium Discontinuation - Max Life Forever Young Pension Plan and Policy
If you fail to pay your policy premiums on time, you will get a grace period of 15 days to clear your pending premiums. The 15 days grace period is applicable for monthly mode policies. If you still fail to pay your premiums within the allotted grace period, your policy will lapse or become inactive. In that case, you can revive the policy by paying all pending dues and making a written request or completely withdraw the policy. If you don’t revive or surrender the policy within the revival policy, the policy will be considered as surrendered.
The Max Life Forever Young Pension plan is ideal for you to plan your retirement. The plan not only offers you comprehensive insurance solutions, it also helps you earn double returns on returns on your savings by enabling you to invest in different funds.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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