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Max Life Retirement/Pension Plans

One expects retirement to be like a vacation, a period of life without the stress of work. While it is meant to be a phase of relaxation and rejuvenation, it often fails to be what we imagined, primarily on account of monetary issues. Most of us work for a major portion of our life, looking forward to retiring with a decent lifestyle. We expect our savings to get us through retirement, but unforeseen emergencies could dilute our savings, forcing us to come out of retirement. This is where Retirement Plans from Max Life come into play.

These plans are designed to ensure that retirement remains exactly what one imagined it to be. They provide a fund which could meet any contingencies which arise, even if one has no source of regular income.

Benefits of Max Life Retirement Plans:

  • Individuals are eligible for tax benefits under The Income Tax Act of 1961, helping them use this money for other purposes.
  • One can choose to enhance the protection offered under these plans by opting for riders, according to their lifestyle.
  • One can choose a plan which matches their needs, with these coming with flexible premium payment terms.
  • Not only is one protected under these plans, their partner/spouse is also ensured of a retirement amount.
  • One can choose to withdraw the bonuses to meet any personal financial emergency.
  • These plans earn additional bonuses, ensuring that inflation doesn’t dilute the value one's investment.

List of Retirement Plans offered by Max Life:

Max Life Insurance currently offers three retirement plans, as listed below:

Max Life Forever Young Pension Plan:

This is a unit linked pension scheme which provides financial support to the policyholder and his/her spouse after retirement. In addition to the vesting benefit, it also provides a death benefit which is equivalent to the higher of the fund value at death or 105% of total premiums paid. One can also choose to enhance this by opting for the Max Life Partner Care Rider.

Assured loyalty benefits are also provided in this plan, with the fund supplemented by an additional 0.50% of the fund value after the 10th year of the policy. One can also choose between two fund options, based on their risk appetite.

Plan Name Entry Age Vesting Age Premium
Max Life Forever Young Pension Plan Minimum: 30 years Maximum: 65 years Minimum: 50 years (55 years for QROPS) Maximum: 75 years Minimum:
  • Regular pay – Rs.25,000 per year
  • Single pay – Rs.1 lakh
Maximum: No upper limit

Max Life Guaranteed Lifetime Income Plan:

This is a non-linked plan which does not come with any bonus. An immediate annuity scheme, it offers assured income for the lifetime of the policyholder. One can also choose from four annuity options, based on their expectations. Under the Return of Purchase Price option, the purchase price paid by a policyholder is repaid to the nominee after the policyholder passes away.

Plan Name Entry Age Vesting Age Premium
Max Life Guaranteed Lifetime Income Plan Minimum: 50 years (55 years for QROPS pensioners) Maximum: 80 years Minimum: NA Maximum: NA Based on the annuity amount chosen

Max Life Perfect Partner Super:

This is a traditional participating scheme which comes with a money back assurance. It provides a guaranteed maturity amount which is 212.5% the sum of premiums paid. One can choose a premium payment term based on their current finances. Policyholders also have the option to choose from three bonus alternatives. This plan offers a death benefit which comprises of the guaranteed death amount plus all bonuses accrued.

Plan Name Entry Age Vesting Age Premium
Max Life Perfect Partner Super Minimum: 91 days Maximum:
  • 55 years for 7/10 year premium payment terms
  • 50 years for 15 year premium payment term
  • 45 years for 20 years premium payment term
Maximum: 75 years Minimum:
  • Rs.20,000 per year if premium payment term is 7 years
  • Rs.8,500 per year for all other premium payment terms
Maximum: No upper limit

Why do you need Max Life Retirement Plans?

We spend most of our working life looking after the welfare of our loved ones, providing for their various needs. Retirement is one phase of life where the focus falls on us. Lack of financial resources can take away the joy of retirement, but purchasing a Max Life Retirement Plan can help us fulfil all our retirement goals, without having to worry about money. Not only do they protect our personal interest, they also provide protection to our partners/spouse.

A variety of options to choose from help us customise these plans according to our current requirements. One can also opt for additional cover by adding riders, making these plans a perfect companion for retirement.