Max Life Insurance
Max Life Retirement Plans

MAX Life Pension Plans

Retirement is a period when you can finally relax and pursue your long-term goals. It can, however, be a challenging period if you are financially unprepared. As a result, it’s to your best advantage to think about a pension plan, also known as a retirement plan, and to realize how critical it is at an early age. If you do so, you will have more time to save for your retirement. This is where pension plans from Max Life come into play.

MAX pension plans are designed to ensure that retirement remains everything you hoped for and more. They’re meant to meet your post-retirement financial needs and requirements, such as medical crises, household expenses, and other living expenses. 

These plans provide a fund that can be used to cover any unexpected expenses, even if you don’t have a steady source of income. They’re the financial tools that can help you turn your hard-earned money into savings for your post-retirement years.

Benefits Of Max Life Pension Plans

There are a multitude of reasons why one should choose pension plans from Max Life. Some of them are as discussed below:

  • Rider Options: In order to enhance your protection under Max pension plans, the company allows the policyholders to choose any rider as per their needs, requirements, and lifestyle.
  • Flexible Premium Payment Terms: Every individual has different financial needs and goals. Max pension plans offer policyholders the flexibility to choose premium payment terms that match their financial requirements and goals.
  • Guaranteed Vesting Benefit: Living the post-retirement life can be troublesome, especially if you do not have a regular flow of income. The plans provide the policyholder a guaranteed fixed income so that they can plan as well as live their golden years without any worry.
  • Tax Benefits: Individuals may be entitled to tax benefits under the Income Tax Act of 1961, which will allow them to put their money to better use.
  • Higher Claim Settlement Ratio: The claim settlement ratio (CSR) is the percentage of total claims that an insurance company settles in a year. It serves as a measure of their trustworthiness. The higher the ratio, the more dependable the insurance is in general. When it comes to Max Life, the company has a claim settlement ratio of 99.35% for the fiscal year 2020-21.
  • Transparent In All Phases: It is essential that all insurers establish procedures to let policyholders get clear and transparent communication at various stages of all the procedures involved in the insurance. Max Life ensures transparency in all the procedures, from purchasing to claiming against the pension plans.

Types of Max Pension/Retirement Plans

Max Life offers the following pension plans to its customers so that their post-retirement life can become easy for them:

1. Max Life Forever Young Pension Plan

Max Life Forever Young is a unit-linked pension plan that pays out money to the policyholder and his or her spouse once they retire. It also gives a death benefit equal to the higher of the fund value at death or 105 percent of total premiums paid, in addition to the vesting benefit.

Key Features:

  • Under the plan, you can select your retirement age in order to begin receiving pension benefits as per your future goals.
  • The plan also allows you to secure your spouse’s future with the help of a Partner Care Rider.
  • The plan allows you to receive additional guaranteed loyalty benefits at 0.50 percent of the fund value from the end of the 10th policy year.
  • The plan offers a death benefit, which is higher of fund value or 105% of total premiums paid, in case of the death of the policyholder.

Eligibility:

Minimum Entry Age30 Years
Maximum Entry Age65 Years
Minimum Vesting Age50 Years
Maximum Vesting Age75 Years
Premium Payment Modes

Single Pay

Regular Pay

Minimum Premium

For Single Pay: Rs. 1 Lakh

For Regular Pay: Rs. 25000 Per Annum

Policy Term10 To 75 Years

2. Max Life Saral Pension Plan

Max Life Saral Pension is a non-participating, non-linked, single premium, individual, immediate annuity plan that ensures a regular flow of income after you retire. It comes with a guaranteed income, allowing you to meet your needs both before and after retirement.

Key Features:

  • The plan offers single life and joint-life annuity.
  • The plan allows you to avail a loan only after 6 months of the period has been passed.
  • The payout options available under the plan are monthly, quarterly, half-yearly, or annually.
  • The plan also offers tax benefits as per the current tax laws.

Eligibility:

Minimum Entry Age40 Years
Maximum Entry Age80 Years
Minimum Annuity Amount

Per Annum: Rs. 12,000, Per Half-Year: Rs. 6,000

Per Quarter: Rs. 3,000, Per Month: Rs. 1000

Maximum Annuity AmountNo Limit
Minimum Single Premium

Per Annum: Rs. 12,000, Per Half-Year: Rs. 6,000

Per Quarter: Rs. 3,000, Per Month: Rs. 1000

Maximum Single PremiumNo Limit

3. Max Life Guaranteed Lifetime Income Plan

It is an immediate annuity and non-linked plan that provides guaranteed income for the policyholder’s entire life. Depending on one’s needs, one can choose from four annuity choices. The purchase price paid by a policyholder is reimbursed to the nominee after the policyholder passes away under the Return of Purchase Price option.

Key Features:

  • The policyholder can choose between any of the 6 annuity options under the plan.
  • The plan offers payout flexibility to receive the payout on a monthly, quarterly, half-yearly, or yearly basis.
  • With the help of the top-up feature, the policyholder can enhance the protection.
  • The plan does not offer any kind of maturity benefit to the policyholder.

Eligibility Criteria:

Minimum Entry AgeFor Immediate Annuity: 0 Years, For Deferred Annuity: 30 Years
Maximum Entry Age80 Years
Vesting Age31 To 90 Years
Deferment Period1 To 10 Years
Minimum Annuity AmountPer Annum: Rs. 12,000, Per Month: Rs. 1000
Maximum Annuity AmountNo Limit
Minimum Single PremiumPer Annum: Rs. 12,000, Per Month: Rs. 1000
Maximum Single PremiumNo Limit

4. Max Life Perfect Partner Super

This is a traditional participation plan with a money-back guarantee. It guarantees a maturity amount equal to 212.5 percent of the total premiums paid. This plan provides a death benefit that includes the guaranteed death amount plus all collected incentives.

Key Features:

  • Under the plan, the policyholder has the option to withdraw the accumulated bonuses in case of need.
  • The plan gives you guaranteed life cover which continues to grow till you are at the age of 75 years.
  • The plan provides you a guaranteed payback of 212.5% of the total premiums paid in the form of lump sum and money-backs.
  • You can choose the premium payment term from 7, 10, 15, and 20 years.

Eligibility Criteria:

Minimum Entry Age91 Days
Maximum Entry Age

For PPT 7 & 10 Years: 55 Years

For PPT 15 Years: 50 Years

For PPT 20 Years: 45 Years

Maturity Age75 years
Premium Payment Term7/10/15/20 Years
Minimum Sum Assured

For PPT Of 10/15/20 Years: Rs. 50,000

For PPT Of 7 Years: Rs. 20,000

Maximum Sum AssuredNo Limit

Max Life Pension Plans Maturity Calculation

Max Life pension plans, like all other investment and savings plans, demand a premium payment. The premiums, on the other hand, are accumulated in an asset or fund of your choice, which normally lasts for a specified amount of time. 

You’ll be entitled to collect pension benefits after the plan achieves maturity, which you can use in one of three ways: withdraw the entire benefit/amount all at once, invest in an annuity plan, or withdraw a portion of your pension payments and invest the rest in an annuity plan.

How To Invest In Max Life Pension Plans?

In order to purchase Max Life pension plans, you can follow the below-mentioned steps:

ONLINE METHOD:

  1. Pay a visit to the official website of the company.
  2. Click on “Retirement Plans”. This will direct to the company’s page of retirement or pension plans.
  3. Enter your name, phone number, date of birth, gender, annual income, and then press “Check Returns”.
  4. Now a dialogue box will appear asking for you to select your payout option. Choose your payout option as well as income duration. 
  5. A page will be displayed where you can customize your plan. Also, the page will display all of your premium amount, monthly income, and various other details. After checking on these details, click “Check Eligibility”.
  6. Enter all of your essential details, such as your name, email address, nationality, occupation type, etc., and then click on “Proceed”.
  7. Select your payment method and pay for the MAX Life pension plan. The policy details will be sent to your registered mail address or phone number.

OFFLINE METHOD:

If you wish to buy a MAX Life pension policy in person, you can pay a visit to the company’s nearby branch office. The company’s team will help you out to choose a suitable pension plan for yourself as per your needs and requirements. If you wish to avoid going to the company’s branch office you can also call at their customer care number 1860-120-5577. The customer care team will guide you to buy a suitable pension plan.

Frequently Asked Questions

Yes. In India, you can invest in numerous pension schemes, but if you wish to gain tax relief on your contributions, you may be limited to the total amount you can contribute each year to all schemes.

While MAX Life pension plans only cover one person or life, you can buy a joint annuity plan that protects both you and your spouse.

Max Life pension plans protect the policyholder financially once they retire. The nominee will be eligible for compensation in the case of the insured’s untimely death.

If the policyholder feels the necessity, they can replace the policy’s nominee at any moment.

If you choose to surrender your pension plan before it reaches maturity age, the full surrender value will be added to your taxable income and taxed at your marginal rate. Notably, you will still be responsible for paying back any tax exemptions you got as well as any premiums you owe up to this point.

In most cases, pension plans include an age limit after which you can begin withdrawing funds.

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