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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

Features Specifications
Entry Age
(Age at last birthday)
  • Minimum: 30 years
  • Maximum: 65 years
Vesting Age
  • Minimum: 50 years
  • Maximum: 75 years
Minimum Premium
  • For Single Pay - Rs. 1,00,000
  • However, in case the Single Pay variant is purchased through the corpus received on death or surrender of the Regular Pay variant (of the same product), there is no minimum premium limit to purchase the Single Pay variant.
  • For Regular Pay - Rs. 25,000 per annum
Maximum Premium No Limit
Policy Term Vesting age less entry age, subject to following conditions:

  • Maximum allowed policy term is 75 years, less entry age
  • Minimum policy term is 10 years
You have the option to opt for any vesting age as long as the vesting age is at least 50 years. Please note that you have the option to extend the policy term (i.e. vesting age) subject to the Maximum Vesting Age.
Riders Available Max Life Partner Care Rider (UIN : 104A023V01)

  • The rider provides an additional benefit in the unfortunate event of death. The rider can be opted between ages 21 to 55 years and expires once the life insured attains the age of 60 years. The rider can only be opted for with the regular pay variant of the plan.
  • Please note that rider premium will not exceed 15% of the base policy premium..
For further details please refer to the Max Life Partner Care Rider brochure.
Options available on vesting
  • Immediate Annuity for the full amount.
  • Commute up to 1/3rd of the Fund Value (as per the prevailing tax laws) and use the remaining proceeds to purchase an Immediate Annuity from Max Life.
  • Extend the accumulation period for the same policy, (provided you are less than 55 years of age) to potentially grow your corpus and receive a higher annuity payout.
  • Utilize the entire proceeds to purchase a Single Premium Pension Plan from Max Life.
Options available on death of the policyholder

The nominee shall have the option to utilize the death benefit in one or more of the following ways:

  • Utilize the entire proceeds of the policy or part thereof for purchasing an Immediate Annuity at the then prevailing rate of the Company
  • Withdraw the entire proceeds of the policy
  • Utilize the entire proceeds of the policy or part thereof for purchasing a Single Premium Pension Plan, which will enable the nominee to purchase an Immediate Annuity at a chosen date in the future.

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd.11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurgaon - 122002 (Haryana). IRDAI Registration No. – 104. For more details on risk factor, Terms and Conditions, please read the sales brochure carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws.

Insurance is the subject matter of solicitation. For further details, call Toll free number 1800 200 4006

This Life Insurance Product Is Offered and Underwritten By Max Life Insurance Co. Ltd. Life Insurance Coverage Is Available In This Product. In This Policy The Investment Risk In Investment Portfolio Is Borne By The Policyholder. The Life Insurance contract is between the Proposer and Max Life Insurance Co. Ltd Applicable Service Tax, Cess and any other taxes as imposed by the Government from time to time will be deducted from the premiums received. The linked insurance products do not offer any liquidity during the first five years. The Policyholder will not be able to surrender / withdraw the monies invested in the linked insurance products completely or partially till the end of the fifth year.

 Axis Bank Limited is the Corporate Agent of Max Life Insurance Co. ltd. Axis Bank Limited, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025. IRDAI Corporate Agent License No: CA0069. The purchase of a Max Life Insurance product by Axis Bank's customer is purely on a voluntary basis. As Axis Bank is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products.

Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Insurance policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Policyholder/Insured is responsible for his/her decisions. Max Life Insurance Company Limited is only the name of the company and Max Life Forever Young Pension Plan is only the name of the Unit Linked pension contract and does not in any way indicate the quality of the contract, its future prospects and returns.  Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these Funds, their future prospects and returns. In this policy, the investment risk in investment portfolio is borne by the policyholder.


BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

IRDAI clarifies to public that

  • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums
  • IRDAI does not announce any bonus

Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

ARN No.: Max Life /Axis /Website/content/FYPP/Nov 2016

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