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Life Insurance

Max Life Forever Young Pension Plan

Build a retirement corpus through equity and safeguard your family against unforeseen eventualities

Maturity Benefit
The maturity benefit that you receive will depend on the investment option chosen

Death Benefit
Higher of Fund or 105% of the cumulative premiums paid (including top up premiums, if any)

Investment Options Available
You have the option to choose from any one of the below mentioned investment options

Guaranteed Loyalty Additions
Payable only if the life insured is alive and all due premiums have been paid

Features and Benefits

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

Benefits

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 or 101% of cumulative premiums (including top up premiums, if any) at maturity. If you opt for the Pension Preserver Option, you will receive an amount equal to the higher of Fund or 110% of cumulative premiums (including top up premiums, if any) at maturity. (Please note that rider charge is excluded from the guarantee available at maturity.)

Higher of Fund or 105% of the cumulative premiums paid (including top up premiums, if any). 

You have the option to choose from any one of the below mentioned investment options

  • Pension Maximiser Option:In case you opt for the Pension Maximiser Option, 100% of your premiums (including top up premiums, if any) shall be invested in the Pension Maximiser Fund (SFIN: ULIF01715/02/13PENSMAXIMI104). The risk profile of the investment option is medium.
  • Pension Preserver Option:In case you opt for the Pension Preserver Option, 100% of your premiums (including top up premiums, if any) shall be invested in the Pension Preserver Fund (SFIN: ULIF01815/02/13PENSPRESER104). The risk profile of the investment option is low.

Please note that you can only choose the option at inception and no change in the option is allowed during the policy term.

The loyalty additions are payable only if the life insured is alive and all due premiums have been paid. 0.50% of the Fund Value shall be added to the fund by creation of additional units, at the end of every policy year starting end of 10th policy year. The Guaranteed Loyalty Additions increase by 0.02% (absolute) each year from 11th policy year.

These Guaranteed Loyalty Additions shall be subject to the following:

  • Guaranteed Loyalty Additions will be payable only on premium paying policies.
  • Guaranteed Loyalty Additions shall be payable both in case of Regular Pay and Single Pay variants.

In case of revival of policies, the Guaranteed Loyalty Additions for previous years will be added based on the Fund Value prevailing at the revival date

How plan works:

CHARGES UNDER THE POLICY

Year Premium Allocation Charge
Single Pay (as a % of Single Premium) 0%
Regular Pay (as a % of Annual Premium) Year 1 to 10 - 2% p.a. for annual mode
Year 1 to 10 - 1.25% p.a. for non annual modes
Year 11onwards - Nil for all modes
  • The annual rate of Fund Management Charge is 1.25% for the Pension Maximiser Fund and the Pension Preserver Fund
  • An additional charge* for offering guaranteed benefits will apply to the Pension Preserver Fund and the Pension Maximiser Fund at 0.20% p.a. and 0.40% p.a. respectively

*The company reserves the right to revise the charge of guarantee, subject to a maximum of 0.50% p.a., with prior approval from IRDAI

  • Single Pay: 0.08% of the Single Premium per month increasing @ 4% p.a. starting year 2. The charge will not exceed Rs. 400 p.m. in any year.
  • Regular Pay: Year 1 to 5 - 0.36% of the Annual Premium per month. Year 6 onwards 0.46% of the Annual Premium per month increasing @ 5% p.a. starting year 7 i.e. 0.483% of the Annual Premium per month in year 7. The charge will not exceed Rs. 400 p.m. in any year.
Discontinuance Charge for Regular Pay
If Policy is surrendered/
Discontinued
Surrender/Discontinuance Charge shall be lower of the following
As a percentage of Annual Premium As a percentage of Fund Value Fixed amount (Rs)
In 1st Policy Year 6% 6% 6000
In 2nd Policy Year 4% 4% 5000
In 3rd Policy Year 3% 3% 4000
In 4th Policy Year 2% 2% 2000
5th Year onwards 0% 0% -
Discontinuance Charge for Single Pay
If Policy is surrendered/
Discontinued
Surrender/Discontinuance Charge shall be lower of the following
As a percentage of Annual Premium As a percentage of Fund Value Fixed amount (Rs)
In 1st Policy Year 1% 1% 6000
In 2nd Policy Year 0.5% 0.5% 5000
In 3rd Policy Year 0.25% 0.25% 4000
In 4th Policy Year 0.10% 0.10% 2000
5th Year onwards 0% 0% -

Note: In case of surrender /discontinuance you cannot withdraw the accumulated corpus. You will need to necessarily exercise one of the options available - a) Commute upto 1/3rd of the fund value and use the remaining proceeds to purchase an immediate annuity from Max Life Insurance at then prevailing annuity rates. b) Use the entire proceeds to purchase an immediate annuity from Max Life Insurance at the then prevailing annuity rates. c) Purchase a single premium pension accumulation plan from Max Life Insurance. Please note that in case of surrender /discontinuance within the first five (5) policy years, you can utilise the accumulated corpus only after the completion of five policy years.

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