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Max Life Forever Young Pension Plan

The Forever Young Pension Plan. It is a non-participating unit linked pension plan that guarantees lifetime income for you and your partner.

The Forever Young Pension Plan by Max Life is an excellent retirement policy which helps you create savings for retirement years while safeguarding you from ups and downs of the capital market. Additionally, you can avail annuity plan benefits to safeguard your spouse and children against unforeseen events in the near future.

Key Features of Forever Young Pension Plan

The key features of this plan are:

  • Comes in two options - Pension Maximiser Option or Pension Preserver Option.
  • Option to select the vesting age as per your requirement.
  • Guaranteed Loyalty Addition to the fund post 11th year.
  • Helps you build a decent corpus for your retirement goals.
  • Secure your spouse’s future financially in case something happens to you in the near future.

Benefits of Forever Young Pension Plan

The key benefits of this plan are:

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

Vesting Benefit - This depends on the selected investment option:

  • Pension Maximiser Option - Under this 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 vesting.
  • Pension Preserver Option - Under this option, you will receive an amount equal to the higher of Fund Value or 110% of cumulative premiums (including top up premiums, if any) at vesting.

Top-up - Option to top-up premiums in the later years of life.

Tax Benefits – Applicable tax benefits are available on the premiums paid and policy benefits received.

Eligibility Criteria

Minimum and Maximum Entry AgeMinimum and Maximum Vesting Age
30 - 65 Years
Minimum: 50 years (55 years for policies sourced under Qualifying Recognized Overseas Pension Scheme (QROPS), as per prevailing Her Majesty’s Revenue & Customs (HMRC) regulations).
Maximum: 75 years

Premium Details

The premium details for this are:

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Minimum Premium
For Single Pay - Rs. 1,00,000
For Regular Pay - Rs. 25,000 per annum
Maximum per annum Premium: No limit
Premium Payment Modes
  • Regular Pay - Annual, Semi Annual, Quarterly & Monthly modes are offered.
  • Single Pay
  • Policy Details

    Additional details of this policy are:

    TermDetails
    Product TypeA Non Participating Unit Linked Pension Plan
    CoverageAll individuals in accordance with the Board Approved Underwriting Policy
    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
  • Riders AvailableMax Life Partner Care Rider - The rider provides an optional additional benefit in the unfortunate event of death of Life Insured. This rider can only be opted for with the regular pay variant of the plan and the premium will not exceed 15% of the base policy premium.
    Investment Options Available
    Pension Maximiser Fund - An open ended hybrid fund investing in a mixture of debt instruments and equities.
    Preserver Fund - An open ended hybrid fund investing predominantly in debt instruments.
    Guaranteed Loyalty Additions
  • 0.50% of the Fund Value is 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.
  • Documents Required

    The documents required under this plan are:

    • Proof of Identity
    • Proof of Address
    • Proof of Age
    • Proof of Income
    • Medical Check-up/Report, if required.
    • Application/Proposal Form

    Exclusions under Forever Young Pension Plan

    Suicide - In case of suicide within one year of policy commencement or revival, the fund value is paid.

    Review of Forever Young Pension Plan

    Maintaining your family’s lifestyle is one of the biggest concerns for you. The Forever Young Pension Plan is designed to help you and your loved ones during those golden years. The reason for this plan’s popularity among investors is because of the benefits of equity participation. This benefit helps in building a large retirement corpus and at the same time offers a guarantee to protect your savings from market downturns.

    FAQs on Max Life Forever Young Pension Plan

    What is a pension plan?

    Pension plans are retirement cum insurance plans. Upon maturity of the plan, the policyholder can withdraw a significant corpus as a lump sum and the remaining must be used for buying an annuity pay to receive regular pension. The payout frequency can be monthly / quarterly / half-yearly or annual. In case of death of the policyholder, the nominee receives the lump sum amount as guaranteed at the time of purchasing the policy.

    What is the right time to purchase a retirement plan?

    It is important to start early, even if it means starting small. The earlier you start, the money is invested for a longer duration. Starting early will help you build a significant corpus for meeting your future needs.

    What should I consider before purchasing a retirement plan?

    • You should consider the following things before purchasing a retirement plan:
    • Corpus required at retirement - Estimate the amount of money required for a good post-retirement life.
    • Fund options - Choose the funds that meet your requirements.
    • Flexibility to choose your policy term, premium payment term, etc.

    Who should invest in retirement plans?

    You should invest in a retirement plan for the following reasons:

    • Securing a financially independent life for yourself and your spouse in your absence.
    • Cover high healthcare costs in the future.
    • Maintain your lifestyle even post retirement.

    What are the tax benefits of investing in a retirement plan?

    Premium paid towards retirement plans is exempt under Section 80C /80CC of the Income Tax Act, 1961. The withdrawals done from these products are exempt from taxation under Section 10 (10D) of the Income Tax Act, 1961.