Max Life Pension Plans – Review, Types, Features, Criteria & more

We all have our set of wants we earned, the things we wish to retain even in the golden days of life. The sense of security and fulfillment would walk a person through happily through the retirement age. The Max Life Pension Plan lets you enter into your retirement age, with the same and in style.

The time you spent earning can be revived at the time of retirement, and the financial trouble should be least of your concern to carry forward. Hence, one of a kind deal, the Max Life Retirement Plans as provided by the Max Life insurance should be your choice.

We have up to date information on the Max Life National Pension Scheme you would be interest in. Here is the entire guide to the plans, as provided by the company.

About Max Life Pension Plans

The plans we are above to have a peek into, are provided by one of the leading market players of insurance sector. Reportedly, 2 companies, Max India Limited and Mitsui Suimoto Insurance Company Limited formed alliance, which later led to the formation of Max Life Insurance Company Limited.

They have been included in the top 4 life insurer for the year 2013-2014. They are a developing group, which is on a quest to be the fastest growing Insurance providers of the Country.

The company has a long and well diversified insurance plans list, which assuredly would satisfy the needs of anyone and everyone.

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Types of Max Life Pension Plans

Company has rendered the best of benefits to the customers which would be exclusively provided to the ones who would avail for it. Each of the plans which the company offers has something different in store to provide.

You can choose from all the plans, and then finally avail for the one which best suits you. Here are the details of the Max Life Retirement Plans.

• Forever Young Pension Plan
• Guaranteed lifetime Income Plan
• Perfect Partner Super Plan

Find out other NPS Scheme in India

Max Life Forever Young Pension Plan – By Max Pension Plans

This Max Life Pension Plan is oriented towards providing market growth, to make a good maturity amount. It is unit linked and the other features go as following:

• Premium payment options are multiple, and so, the holder can pay the amount in regular payment or in lump sum by availing the single pay.
• The premium goes towards investment in two Max Life National Pension Funds. They are pension preserver fund and pension maximize fund.
• This Max Life National Pension Funds plan is entitled to additional payment. It is 0.50% of fund value and is applicable for increase by 0.02% every year.
• The amount to be paid in maturity varies as per the fund chosen. It is higher fund value or 101% of the entire premium amount paid for the pension presser fund and higher fund value or 110% of total premium paid for the second fund, i.e. pension maximizer fund.

More Features of Max Life Forever Young Pension Plan

• At the time of vesting, the amount can be used to withdraw 1/3^rd of the amount and remaining for annuity. On the contrary, it is full amount for annuity payments. Deferred annuity purchase is as well provided with postpone in age of vesting below 55 years.
• During death of the holder, the entitlement is higher fund value or even 105% of the premiums paid to the nominee. The ways of availing the amount is in lump sum or in annuity payments.
• Fund value can be increased, by purchase of top ups. They hold a minimum value of Rs.1,000.
• Such top up amounts are catered to the investment in Save for Tomorrow feature. This feature allows an increase of 5% every year, which can rise to the maximum of 150%.
• In the holder wants to purchase added benefit of protection in this Max Life NPS Scheme, he/she can avail for Max Life Partner Care Rider.

Eligibility Criteria for Max Life Forever Young Pension Plan

• Age criteria: 30 to 65 years
• Vesting age: 50 to 75 years.
• Period: 10 to 75 years
• Premium to be paid per year: Rs.25,000 for regular pay and Rs.1 lakh for single pay, with no maximum limit
• Payment term: Just as the opted policy term
• Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually

Max Life Guaranteed lifetime Income Plan – By Max Life Pension Plans

This plan is referred to as the immediate annuity plan, by the company. Here are all the features of this Max Pension Plan.

• Lump sum premium is to be paid, and after the payment, the annuity will begin rolling out immediately.
• Option for availing this Max Life NPS is of single as well as joint life policy
• Here are the various options of payment:
• Annuity for life
• Annuity for life with return of purchase price upon holder’s death
• Joint annuity for life
• Joint annuity for life and return of purchase price upon last survivor’s death
• No special medical test requirement is necessary for this Max Life NPS Scheme

Eligibility Criteria for Max Life Guaranteed lifetime Income Plan

• Age criteria: 50 to 80 years
• Annuity to be paid every year: As per age and purchase price
• Price of purchase: Rs.1 lakh
• Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually

Check out more Pension Plans available for Investment

Max Life Perfect Partner Super Plan – By Max Life Pension Funds

For the individuals in a look out for a traditional Max Life Pension Plan, here is the one, which comes with money back benefits. Here are the features of this Max National Pension Scheme.

• Holders will get a part in the company’s profit, through this Max NPS. It is by means of bonuses and premiums which are applicable for payment for a limited tenure.
• The entitled bonuses under the plan will start featuring by the end of 2^nd year of the policy. The ways in which the bonuses can be applied for are cash, premium offset and lastly purchase paid-up addition.
• For purchase paid up bonus, the sum assured would go on a rise. Also, the thereby rise in assured amount; will be open to further additions in the plan.
• For the cash option, the earned boner per year is given in cash.
• Lastly, for the premium offset option, the premium amount shall be subject to adjustment, for future.
• Survival benefits are entitled to this Max Life NPS, which are provided at the age of 61 years of the holder. It is provided at the rate of 7.5% of the guaranteed maturity sum assured, for almost 15 years post the specified age.
• Upon vesting, the sum entitled is the guaranteed maturity sum along with the accrued and terminal bonuses.
• Upon death at time of plan tenure, nominee will be entitled to death benefit along with accrued and terminal bonuses.
• During unfortunate events like terminal illness of the holder, 50% of guaranteed maturity sum can be paid with the plan being valid. The thereby provided benefit is adjusted towards future payments.
• Customization is endorsed, with availability of Max Life Payor Rider, which is rolled out with security features.

Eligibility Criteria for Max Life Perfect Partner Super Plan

• Age criteria: 91 days to 55 years
• Vesting age: 75 years for maximum
• Period: 75 – age of entry years
• Premium to be paid per year: Rs.8500 with no maximum limit
• Return guaranteed: Minimum amount is Rs.50,000, whereas the maximum has no limit
• Payment term: 7, 10, 15 or 20
• Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually

Max Life Pension Plans / Retirement Plans – Conclusion

All the three Max Life Retirement Plans as provided by the company are to the best of the holder’s interest and benefit. Either of the Max Pension Plan can be chosen and the thereby described benefits shall be provided.

Choose the plan which best suits you and get in touch with the concerned authority order to avail for it. On the other end, you may as well invest in any of the plan online.

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