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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.
The key features of this plan are:
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:
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.
|Minimum and Maximum Entry Age||Minimum 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
The premium details for this are:
For Single Pay - Rs. 1,00,000
For Regular Pay - Rs. 25,000 per annum
Maximum per annum Premium: No limit
|Premium Payment Modes|
Additional details of this policy are:
|Product Type||A Non Participating Unit Linked Pension Plan|
|Coverage||All individuals in accordance with the Board Approved Underwriting Policy|
Vesting age less entry age, subject to following conditions:
|Riders Available||Max 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|
The documents required under this plan are:
Suicide - In case of suicide within one year of policy commencement or revival, the fund value is paid.
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.
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?
Who should invest in retirement plans?
You should invest in a retirement plan for the following reasons:
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.