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Max Life Forever Young Pension Plan

Max Life Forever Young Pension Plan is a unit linked pension plan offered by Max Life Insurance. It allows policyholders in savings a large sum for their retirement by participating in equity investments. It offers a guaranteed protection from market volatilities and additional protection to the family of policyholders. The policy lets policyholders choose their vesting age and through Max Life Partner Care Rider, it provides guaranteed retirement benefit to their spouses in case of their death. Premium for Single Pay variant starts from Rs.1,00,000* and premium for Regular Pay variant starts from Rs.25,000*. Apart from this, policyholders can avail tax benefits as per the current Income Tax (IT) Laws.

*Premiums vary based on age, location, plan term and other factors.

Eligibility - Who is the Max Life Forever Young Pension Plan for?

Max Life Forever Young Pension Plan can be availed only by people who fulfil the eligibility requirements mentioned below.

Type Individual, unit linked pension plan
Maximum Age at Vesting 75 years
Minimum Age at Vesting 50 years. 55 years for QROPS.
Maximum Age at Entry (age as on last birthday) 65 years
Minimum Age at Entry (age as on last birthday) 30 years

Premium Range – What it Costs?

Max Life Forever Young Pension Plan offers 2 Premium Payment Term options to all the policyholders, which are:

  • Single Pay – Payment can be made Annually, Semi-Annually, Quarterly and Monthly. In case of Monthly mode, the company will take premiums of 2 months in advance on the date of start of the policy.
  • Regular Pay.

Policy term for Max Life Forever Young Pension Plan is vesting age less age at entry. This Max Life Pension Plan Policyholders are allowed to choose their vesting age and they can also choose to increase their policy term. The minimum policy term for this policy is 10 years and the maximum is 75 years, less age at entry.

The minimum and maximum Premium for Max Life Forever Young Pension Plan is mentioned below:

Minimum Premium Rs.1,00,000 for Single Pay. Rs.25,000 for Regular Pay. *If Single Pay variant is bought using the amount received on surrender or death from Regular Pay variant of the same policy, then there will be no minimum limit on the premium.
Maximum Premium per annum No Limit

*Premiums vary based on age, location, plan term and other factors.

Plan Coverage – What the Max Life Forever Young Pension Plan Covers?

Max Life Forever Young Pension Plan provides the following benefits:

Benefit Details
Death Benefit It is higher of the following:
  • 105% of cumulative premiums paid (includes top up premiums).
  • Fund Value.
*Rider charge is not included in the guarantee. The nominee can choose to use the death benefit in the following ways:
  • Use the full amount or a part of it for buying an Immediate Annuity at the prevailing rate.
  • Withdraw the full amount.
  • Use the full amount or a part of it for buying Single Premium Pension Plan. It will allow the nominee to buy an Immediate Annuity at a selected date in the future.
Vesting Benefit It depends on the investment option selected by the policyholders. If they select Pension Maximiser Option, they will get an amount that is equal to the higher of the following at vesting:
  • Guaranteed vesting benefit, which is 101% of cumulative premiums (includes top up premium).
  • Fund Value.
If they select Pension Preserver Option, they will get an amount that is equal to the higher of the following at vesting:
  • Guaranteed vesting benefit, which is 110% of cumulative premiums (includes top up premium).
  • Fund Value.
On vesting, the policyholders has the following options:
  • To use the balance amount to buy an Immediate Annuity or to commute to an extent that is permitted under the IT Laws. It will have life guarantee.
  • To increase the accumulation period, provided the age of the policyholder is below 55 years.
  • To use the entire sum to buy a Single Premium Pension Accumulation Plan.
Guaranteed Loyalty Additions It is paid only if the Life Insured is alive and has paid all the premiums that are due under the policy. Here, 0.5% of Fund Value will be added to the fund at the end of each policy year by creating additional units, starting from 10th policy year end. From the 11th policy year, these additions will increase by 0.02% every year. These additions are available for both Regular and Single pay variants. In case of policy revival, the additions for previous years will be added based on the Fund Value on date of revival.

Max Life Forever Young Pension Plan gives policyholders the option to invest in the following 2 funds:

Fund Name Risk Rating Cash Instruments and Money Market Equity and Equity related securities Government Securities and Corporate Bonds Objective
Pension Maximiser Fund Medium 0% to 40% 20% to 60% 40% to 80% Invests in combination of fixed income instruments and listed equities.
Pension Preserver Fund Low 0% to 40% 10% to 35% 60% to 90% Invests in assets that have low to moderate risk levels. Primarily investments are made in fixed interest securities.

Add-On Plans – Additional Coverage Under the Max Life Forever Young Pension Plan:

Max Life Forever Young Pension Plan owners can opt for the following rider for additional protection:

Max Life Partner Care Rider This rider can be taken only with Regular Pay variant. It helps policyholders protect their spouse in case of their death. Here, in case of death of the Life Insured, the rider will provide additional benefits. One of the major benefits is that it offers guaranteed retirement benefit to the spouse. The premium for rider will not be more than 15% of the premium of base policy.

Exclusions - What the Max Life Forever Young Pension Plan Doesn’t Cover?

Suicide Exclusion – If the Life Insured dies by committing suicide within 1 year from the start or revival date, then all risks will end immediately. In this case, the company will only pay the Fund Value as on the date of demise. The nominee can use the funds in the same way as death benefit.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Max Life Forever Young Pension Plan policy has many other important features. Some of them are mentioned below.

Particulars Details
Top- Up Premium Minimum Amount is Rs.1,000. Maximum – 150% of Regular Premium in any year.
Save More Tomorrow Top-up Premium is used for this option, where policyholders can choose to save more money by paying 5% extra Top-up Premium each year until end of policy term. Maximum Top-up premium allowed under this option is 150% of Regular Premium.
Freelook Period 15 days. 30 days in case the policy is bought through distance marketing channel.
Policy Revival Within 2 years from discontinuance date.
Nomination Nomination is allowed.

Tax Benefits – How you can Save with the Max Life Forever Young Pension Plan?

Owners of Max Life Forever Young Pension Plan can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Deductions can be claimed under Sections 80C, 80CCC, 80D and 80DD of the IT Act and Exemptions can be claimed under Section 10 (10D) of the IT Act.

*Tax Benefits are dependent on the tax laws and may change at any time. It is advisable to consult someone who is an expert in tax matters.

Other Benefits – How you can Save with the Max Life Forever Young Pension Plan?

Max Life Forever Young Pension Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are mentioned below.

Customer Care Customers can contact the customer service 24x7 for any claims or policy related queries.
Online Application People can purchase Max Life Forever Young Pension Plan from the website of Max Life Insurance.
Expert Advice Customers can avail expert advice at their doorstep. The company has trained distributors who advise people on the policies at their homes or offices.
Download Premium Receipt Facility Customers can easily down the premium receipt for Max Life Forever Young Pension Plan online on the website of the company.
SMS Updates Policyholders can get updates about their policy via SMS regularly. To get this feature activated, they have to simply request the company for the same.
Online Payment Facility Policyholders can pay their premiums easily on the website of the company.

Why you should Buy the Forever Young Pension Plan from Max Life Insurance?

You should buy Max Life Forever Young Pension Plan from Max Life Insurance because the policy helps you lead a worry free life after retirement. Max Life Insurance is a leading and award-winning insurance company in India. It has over 2,000 branches spread across the country, 15 insurance products and 4 group insurance products. It has an excellent customer care team, which customers can contact 24x7 for any claims related queries.

Frequently Asked Questions (FAQs):

  1. Can I extend the accumulation period?

    A. Yes, you can extend the accumulation period only if you are below 55 years. You can extend by notifying the company 3 months before the vesting of the policy.

  2. How many Top-ups are permitted in a year?

    A. A maximum of 12 Top-ups are permitted in a year.

  3. Does the policy allow switches and Premium Redirection?

    A. No, the policy does not allow switches and Premium Redirection.

  4. What is the Premium Allocation Charge for Max Life Forever Young Pension Plan?

    A. The Premium Allocation Charge for the different variants of Max Life Forever Young Pension Plan is:

    Variant Premium Allocation Charge
    Single Pay (percentage of Single Premium) 0%
    Regular Pay (percentage of Annual Premium) Year 1 to Year 10 – 2% p.a. for annual mode. Year 1 to Year 10 – 1.25% p.a. for non-annual modes. From Year 11 – No charge for all the modes.
  5. What is the Policy Administration Charge for Max Life Forever Young Pension Plan?

    A. The Policy Administration Charge for Max Life Forever Young Pension Plan is:

    Premium Payment Term Policy Administration Charge
    Single Pay 0.08% of Single Premium each month, which will increase at 4% p.a. It will start from year 2. Maximum charge – Rs.400 p.a.
    Regular Pay 0.36% of Annual Premium each month for Year 1 to Year 5. From Year 6, 0.46% of Annual Premium each month, which will increase at 5% p.a., starting from the 7th year. Maximum charge – Rs.400 p.a.
  6. What is the discontinuance or surrender charge for Max Life Forever Young Pension Plan?

    A. The discontinuance or surrender charge for Max Life Forever Young Pension Plan is:

    Policy Year Surrender Charge
    1 It is the lower of the following:
    • Rs.6,000.
    • 6% of Annualised Premium.
    • 6% of Fund Value.
    2 It is the lower of the following:
    • Rs.5,000.
    • 4% of Annualised Premium.
    • 4% of Fund Value.
    3 It is the lower of the following:
    • Rs.4,000.
    • 3% of Annualised Premium.
    • 3% of Fund Value.
    4 It is the lower of the following:
    • Rs.2,000.
    • 2% of Annualised Premium.
    • 2% of Fund Value.
    Policy Year Surrender Charge for Single Pay
    1 It is the lower of the following:
    • Rs.6,000.
    • 1% of Single Pay Premium.
    • 1% of Fund Value.
    2 It is the lower of the following:
    • Rs.5,000.
    • 0.5% of Single Pay Premium.
    • 0.5% of Fund Value.
    3 It is the lower of the following:
    • Rs.4,000.
    • 0.25% of Single Pay Premium.
    • 0.25% of Fund Value.
    4 It is the lower of the following:
    • Rs.2,000.
    • 0.1% of Single Pay Premium.
    • 0.1% of Fund Value.

    *No Surrender charge from the 5th year.

  7. What is Mortality Charge?

    A. Mortality charge is a fee imposed for providing risk cover to the life insured.

  8. Does the company take any Rider charge?

    A. Yes, the company takes a Rider charge from policyholders who have opted for the Rider. It is taken for the coverage that is provided in case of the Life Insured’s death.

  9. Is there any charge for making changes to the policy?

    A. The company may charge a fee for making changes to the policy like changing the vesting age. For each transaction Rs.250 will be charged.

  10. Does this policy allow Partial Withdrawals?

    A. No, this policy does not allow Partial Withdrawals.

  11. Does Max Life Forever Young Pension Plan provide loan facility?

    A. No, Max Life Forever Young Pension Plan does not provide loan facility.

  12. What documents do I have to submit while making a claim on my Max Life Forever Young Pension Plan?

    A. While making a claim on your Max Life Forever Young Pension Plan, you have to submit the following documents:

    • Original policy document.
    • Claimant’s statement in the form prescribed Max Life Insurance.
    • Copy of policy complaint or F.I.R.
    • Copy of certified post mortem report.
    • Death Certified that has been issued by the municipal or local authority.
    • Valid ID and address proof of the Nominee(s) or claimant with photos and signatures.
    • Other documents requested by the company.

    Nominee or Claimant can download claims request documents from the website of the company.