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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.
Max Life Forever Young Pension Plan can be availed only by people who fulfil the eligibility requirements mentioned below.
(UIN:104L075V02)
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 |
Max Life Forever Young Pension Plan offers 2 Premium Payment Term options to all the policyholders, which are:
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.
Max Life Forever Young Pension Plan provides the following benefits:
Benefit | Details |
Death Benefit | It is higher of the following:
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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:
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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. |
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. |
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.
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. |
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.
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 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. |
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.
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.
A. A maximum of 12 Top-ups are permitted in a year.
A. No, the policy does not allow switches and Premium Redirection.
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. |
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. |
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:
|
2 | It is the lower of the following:
|
3 | It is the lower of the following:
|
4 | It is the lower of the following:
|
Policy Year | Surrender Charge for Single Pay |
1 | It is the lower of the following:
|
2 | It is the lower of the following:
|
3 | It is the lower of the following:
|
4 | It is the lower of the following:
|
*No Surrender charge from the 5th year.
A. Mortality charge is a fee imposed for providing risk cover to the life insured.
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.
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.
A. No, this policy does not allow Partial Withdrawals.
A. No, Max Life Forever Young Pension Plan does not provide loan facility.
A. While making a claim on your Max Life Forever Young Pension Plan, you have to submit the following documents:
Nominee or Claimant can download claims request documents from the website of the company.
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