Max Life Forever Young Pension Plan

Max Life Forever Young Pension Plan is a unit-linked pension plan, which provides the benefits of equity participation to build a large retirement corpus and at the same time offers a guarantee to protect your savings from market downturns. It also offers additional benefits to safeguard family against unforeseen eventualities.

Key Features

  • Guaranteed Loyalty additions – 0.50% of the Fund Value, starting end of 10th policy year. The Guaranteed Loyalty Additions increase by 0.02 from 11th policy year.
  • Investment options – pension maximiser (medium risk) option and pension preserver (low risk) option.
  • Income Tax Benefit – Life Insurance premiums paid up to Rs.1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

Benefits

  • Maturity benefit
The maturity benefit that you receive will depend on the investment option chosen by you. In case you opt for the Pension Maximiser Option, you will receive an amount equal to the higher of Fund Value or 101% of cumulative premiums (including top up premiums, if any) at maturity.
  • Death benefit
Fund Value as on the date of death or 105% of the cumulative premiums paid (including top up premiums, if any).Maturity Benefit – The maturity benefit will depend on the investment option chosen by Life assured (LA). Loyalty Benefit

Add-ons

  • Rider benefit
Max Life Partner Care Rider, is available under this plan.

Am I eligible?

PARAMETER MINIMUM MAXIMUM
ENTRY AGE 30 65
AGE OF MATURITY 50 75
PREMIUM PAYEMENT TERM REGULAR, SINGLE
PAYMENT TERMS ANNUAL, SEMI-ANNUAL, QUARTERLY, MONTHLY

What if?

  • I am unable to pay on time
If the premium is not paid within 30 days from the renewal due date, the policy will lapse.
  • I stop the payment
The policy can be surrendered after 4 years without any exit charges.
  • I wish to take a loan
Loan facility is not available under this policy.

Exclusions

  • If the life insured dies by suicide, whether sane or insane, within one year from the date of issuance of policy or the date of revival of this policy, all risks under the policy shall come to an end simultaneously. In such an event, we will pay only the Fund Value, as on the date of intimation of the death, to the nominee. The nominee, in such cases, has the option to utilize these proceeds in the same manner as given under death benefit.