Individual
Forever Young Pension Plan
We work all our lives meticulously so that we can retire with pride. As we near retirement, we want to take a break from our highly-pressed jobs and follow long-lost hobbies that were left unexplored.
During this exciting phase of life, finances should be the last thing you and your family should have to worry about.
Choose Max Life Forever Young Pension Plan which helps you create savings for retirement years. You can also get additional annuity plan benefits to safeguard your partner and your family against unforeseen events so that you and your loved ones live life on your terms.
- Build a large corpus to fulfill your retirement goals
- Option to choose from 5 investment funds to take advantage of equity benefits
- Secure your spouse’s future financially, even if you are not around
What do I get with this plan?
Secured Retirement Corpus
Flexibility to choose retirement age
Retirement Benefit for your spouse
![plan3[1].webp](https://www.maxlifeinsurance.com/static-page/assets/homepage/plan3_1_5eca749d6b.webp)
Here’s all you need to know about this plan
- Plans Benefits
- How this plan works?
- Plan Details
- Fund Options
- Downloads
Let's consider Mr. Sharma’s case to explain this plan. He is a 40 year old employee with an MNC and wants to retire at the age of 60. As his employer does not provide for any fixed pension, he wants to buy a pension solution with monthly premiums that will not only fulfill his retirement needs but also look after his wife even in case of his death. Below are the details:
Monthly Premium: Rs. 20,000
Premium Payment Term: 20 years
Policy Term: 20 years
Fund option:Axis Max Life Pension Life Growth Fund
Let’s see how Axis Max Life Forever Young Pension Plan works for him:
Scenario 1 - Vesting Benefit
Mr. Sharma chooses to invest in Max Life Forever Young Pension Plan and after 20 years chooses to invest entire corpus in Max Life Smart Wealth Annuity Guaranteed Pension Plan - Immediate Annuity - Joint Life with Death Benefit.
Total amount invested in Max Life Forever Young Pension Plan - Rs. 20,000 x 12 x 20 = Rs. 48,00,000
Retirement corpus from Max Life Forever Young Pension Plan* @4% is Rs. 63,55,254** and @8% is Rs. 98,27,749**
On maturity, Mr Sharma shall be entitled to exercise one of the following options with regards to the maturity benefit:
- Commute up to 60% of fund value and use remaining proceeds to purchase an immediate annuity or Deferred Annuity from Max Life at the then prevailing annuity rate or from another insurer (to the extent of 50% of the entire proceeds of the policy net of commutation as stipulated by IRDAI from time to time) or
- To utilize the entire proceeds to purchase an immediate annuity or deferred annuity from Max Life at the then prevailing annuity rate or from another insurer (to the extent of 50% of the entire proceeds of the policy net of commutation as stipulated by IRDAI from time to time); or
- Extend accumulation period or deferment period (Only in case of Single Pay) within the same policy with same terms & conditions as the original policy provided the life insured is less than age 60 years
•In case Mr. Sharma decides to invest the 100% of the fund value at maturity in Axis Max Life Smart Wealth Annuity Guaranteed Pension Plan - Immediate Annuity - Joint Life with Death Benefit and makes his wife as secondary annuitant, annuity payouts as per the chosen frequency shall be paid till the survival of the last annuitant and on the death of the last survivor, 100% of the premiums invested towards buying Max Life Smart Wealth Annuity Guaranteed Pension Plan shall be paid back to their nominee and policy will terminate.
Please note that above is only an example and does not create any rights and/or obligations. The assumed and non-guaranteed rates of return of 4% and 8% mentioned above relate to assumed investment returns at different rates and may vary depending upon the market conditions.
*The Fund Option assumed to be chosen in the above scenario is Axis Max Life Pension Life Growth Fund (SFIN: ULIF00525/11/05PENSGROWTH104).
**These are not guaranteed and they are not the upper or lower limits of what your policy might earn as the value of your policy is dependent on a number of factors including the future investment performance scenario. For more information, please request for your policy specific benefit illustration.
Scenarion 2 - Death Benefit
In case, Mr. Sharma passes away at the age of 50 years, after paying the premium for 10 years, Total amount invested in Max Life Forever Young Pension Plan: Rs. 20,000 x 12 x 10 = Rs. 24,00,000 (24 lakhs)
His wife aged 50 years will get the following benefits:
Death Benefit (higher of the Fund value* or 105% of the Total Premiums Paid) @4% is Rs. 26,61,220** and @8% is Rs. 32,63,244**
On death of Mr. Sharma, in case his wife decides to invest the fund value at the time of death in Axis Max Life Smart Wealth Annuity Guaranteed Pension Plan - Immediate Annuity - Single Life with Death Benefit variant, she will receive annuity payouts as per the chosen frequency till she survives and on her death 100% of the premiums invested towards buying Max Life Smart Wealth Annuity Guaranteed Pension Plan shall be paid back to her nominee and policy will terminate.
*Please note that above is only an example and does not create any rights and/or obligations. The assumed and non-guaranteed rates of return of 4% and 8% mentioned above relate to assumed investment returns at different rates and may vary depending upon the market conditions.
The Fund Option assumed to be chosen in the above scenario is Axis Max Life Pension Life Growth Fund (SFIN: ULIF00525/11/05PENSGROWTH104).
** These are not guaranteed and they are not the upper or lower limits of what your policy might earn as the value of your policy is dependent on number of factors including the future investment performance scenario. For more information, please request for your policy specific benefit illustration.
| Minimum and Maximum Entry Age | 18 - 70 Years |
| Minimum Premium Payment Term | For Single Pay: 1 Year For Regular Pay: Same as Policy Term For Limited Pay: 5 Years |
| Maximum Premium Payment Term | For Single Pay: 1 Year For Regular Pay: Same as Policy Term For Limited Pay: 15 Years |
| Minimum Premium | For Single Pay: Rs 1,00,000 For Regular Pay and Limited Pay: Rs 24,000 per annum |
| Maximum Premium | There is no limit on the maximum premium and the same shall be subject to the Board approved underwriting policy of the Company. |
| Minimum Sum Assured | Sum assured on death means an absolute amount of benefit which is guaranteed to become payable on death of the life assured in accordance with the terms and conditions of the policy. ‘Sum assured on death’ in this product is 105% of Total Premiums Paid, exclusive of rider charges, if any. Minimum Sum Assured: For Single Pay - Rs. 1,05,000 (for new business) For Regular Pay and Limited Pay - Rs. 25,200 On the death of the Life Insured during the term of the policy, the Company shall pay higher of the fund value as on the date of death or 105% of Total Premiums Paid, exclusive of rider charges, if any and the policy will terminate. |
| Maximum Sum Assured | No limit, subject to underwriting. |
| Minimum and Maximum Vesting Age | Minimum: 40 years (55 years for policies sourced under Qualifying Recognized Overseas Pension Scheme (QROPS), as per prevailing His Majesty’s Revenue & Customs (HMRC) regulations ) Maximum: 80 Years (age last birthday) Annualised Premium means Premium amount payable in a year, excluding taxes, rider premiums and underwriting extra premium on riders, if any. Total Premiums Paid means total of all the premiums received under the base product including top-ups premium paid, if any. |
You may choose from any one of the below mentioned investment fund options:
Axis Max Life Pension Growth Super Fund (SFIN: ULIF01213/08/07PENSGRWSUP104)
The investment objective of this Fund is to provide potentially higher returns to unit holders by investing predominantly in Equities (to target growth in capital value of assets); however, the fund may also invest in Government securities, corporate bonds and money market instruments.
Axis Max Life Pension Life Growth Fund (SFIN: ULIF00525/11/05PENSGROWTH104)
The investment objective of the Growth Fund is to provide potentially higher returns to unit holders by investing primarily in equities (to target growth in capital value of assets); however, the fund will also invest in Government securities, corporate bonds and money market instruments.
Axis Max Life Pension Life Balanced Fund (SFIN: ULIF00625/11/05PENSBALANC104)
The investment objective of the Balanced Fund is to provide balanced returns from investing in both fixed income securities (to target stability of returns) as well as in equities (to target growth in capital value of assets).
Axis Max Life Pension Life Conservative Fund (SFIN: ULIF00725/11/05PENSCONSER104)
The investment objective of this fund is to provide stable returns by investing in assets of relatively low to moderate level of risk. The fund will invest primarily in fixed interest securities such as Government Securities, Corporate bonds etc. However, the fund will also invest in equities.
Axis Max Life Pension Life Secured Fund (SFIN: ULIF00825/11/05PENSSECURE104)
The investment objective of this fund is to provide stable returns by investing in relatively low risk assets. The fund will invest exclusively in fixed interest securities such as Government Securities, Corporate bonds etc.
Below are the different fund options with details:
|
Investment Mix of the Funds (in %) | |||||
|
Funds |
Risk Rating |
Govt Securities |
Control Bonds |
Money Market & Cash Instruments |
Equities |
|
Axis Max Life UL Pension Growth Super Fund |
High |
0 - 20 |
|
| |
|
Axis Max Life Pension Life Growth Fund |
High |
0 - 30 |
0 - 30 |
0 - 40 |
20 - 70 |
|
Axis Max Life Pension Life Balanced Fund |
Moderate |
20 - 50 |
20 - 40 |
0 - 40 |
10 - 40 |
|
Axis Max Life Pension Life Conservative Fund |
Low |
50 - 80 | |||
|
Axis Max Life Pension Life Secured Fund |
Low |
50 - 100 |
0 - 50 |
0 - 40 |
Nil |
Charge Structure
1. Premium Allocation Charge
|
Year |
Allocation Charge |
|
Single Pay (as a % of Single Premium) |
0% |
|
Regular Pay and Limited Pay (as a % of Annual Premium) |
2% p.a. for annual mode 1.25% p.a. for non annual modes |
2. Fund Management Charge
The rates of fund management charge per annum for different funds are given below.
|
Fund Name |
Fund Management Charge (p.a.) |
|
Axis Max Life Pension UL Growth Super Fund |
1.25% |
|
Axis Max Life Pension Life Growth Fund |
1.25% |
|
Axis Max Life Pension Life Balanced Fund |
1.10% |
|
Axis Max Life Pension Life Conservative Fund |
0.90% |
|
Axis Max Life Pension Life Secured Fund |
0.90% |
In case of Pension Discontinuance Policy Fund, Fund Management Charge of 0.50% per annum will be deducted.
This is a charge levied as a percentage of the value of assets and shall be appropriated by adjusting the Net Asset Value (NAV). The rate to be levied will be equal to the annual rate, as given above, divided by 365 and multiplied by the number of days that have elapsed since the previous unit valuation date.
3. Policy Administration Charge
Single Pay: 0.08% of the Single Premium per month increasing @ 4% p.a. starting from the second year. 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. 85th month).
The charge is capped at Rs 200 per month for ISNP and Rs. 400 per month for other channels.
Limited Pay:
Year 1 to 5 - 0.36% of the Annual Premium per month
Year 6 onwards 0.36% of the Annual Premium per month increasing @ 5% p.a. starting year 7 (i.e. 85th month).
This charge will be deducted from the first policy year on a monthly basis by cancellation of units from the Unit Account.
4. Surrender/Discontinuance Charge
Surrender Charge - Single Pay | ||
If Policy is surrendered/discontinued | Maximum discontinuance charges for the policies having SP up to Rs 3Lac | Maximum discontinuance charges for the policies having SP above Rs 3Lac |
| In 1st Policy Year | Lower of 2% * (SP or FV) subject to a maximum of Rs 3000 | Lower of 1% * (SP or FV) subject to a maximum of Rs 6000 |
In 2nd Policy Year | Lower of 1.5% * (SP or FV) subject to a maximum of Rs 2000 | Lower of 0.70% * (SP or FV) subject to a maximum of Rs 5000 |
In 3rd Policy Year | Lower of 1% * (SP or FV) subject to a maximum of Rs 1500 | Lower of 0.5% * (SP or FV) subject to a maximum of Rs 4000 |
In 4th Policy Year | Lower of 0.5% * (SP or FV) subject to a maximum of Rs 1000 | Lower of 0.35% * (SP or FV) subject to a maximum of Rs 2000 |
In 5th Policy Year and onwards | 0% | Nil |
Regular Premium Policies
Surrender/ Discontinuance Charge – Regular Pay | ||
If Policy is surrendered/discontinued | Maximum discontinuance charges for the policies having Annualised Premiums up to Rs 50000/- | Maximum discontinuance charges for the policies having Annualised Premiums above 50000/- |
In 1st Policy Year | Lower of 20% * (AP or FV) subject to a maximum of Rs 3000 | Lower of 6% * (AP or FV) subject to a maximum of Rs 6000 |
In 2nd Policy Year | Lower of 15% * (AP or FV) subject to a maximum of Rs 2000 | Lower of 4% * (AP or FV) subject to a maximum of Rs 5000 |
In 3rd Policy Year | Lower of 10% * (AP or FV) subject to a maximum of Rs 1500 | Lower of 3% * (AP or FV) subject to a maximum of Rs 4000 |
In 4th Policy Year | Lower of 5% * (AP or FV) subject to a maximum of Rs 1000 | Lower of 2% * (AP or FV) subject to a maximum of Rs 2000 |
In 5th Policy Year and onwards | Nil | Nil |
NOTE:
1) Surrender within five years of the date of risk commencement of the Policy (i.e. within the Lock-in Period)
In case the policyholder surrenders the policy within the lock-in-period, the Company will credit the Fund Value, by creation of units, into the Pension Discontinuance Policy Fund after deducting applicable Surrender/Discontinuance Charges.
At the expiry of five years from the date of inception of the Policy (i.e. at the expiry of the lock-in period), the Company will close the Unit Account and the policyholder shall have the following options with regards to the Surrender Value payable at the end of the Lock-in period of five years:
- Commute up to 60%of fund value and use remaining proceeds to purchase an immediate or deferred annuity from Max Life at the then prevailing annuity rate or from another insurer (to the extent of 50% of the entire proceeds of the policy net of commutation as stipulated by the authority). or
- To utilize the entire proceeds to purchase an immediate annuity or Deferred Annuity from Max Life at the then prevailing annuity rate or from another insurer (to the extent of 50% of the entire proceeds of the policy net of commutation as stipulated by the authority)
2) After five years of the date of risk commencement of the Policy (i.e. after the Lock-in Period)
The Company will close the Unit Account and the policyholder shall be entitled to exercise one of the following options with the Surrender Value payable:
- Commute up to 60%of fund value and use remaining proceeds to purchase an immediate or deferred annuity from Max Life at the then prevailing annuity rate or from another insurer (to the extent of 50% of the entire proceeds of the policy net of commutation as stipulated by the authority); or
- To utilize the entire proceeds to purchase an immediate annuity or Deferred Annuity from Max Life at the then prevailing annuity rate or from another insurer (to the extent of 50% of the entire proceeds of the policy net of commutation as stipulated by the authority)
| Downloads | Actions | |
| Prospectus |  | |
| Leaflet | | |
| Policy Contract | | |
| Customer Information Sheet | |
Additional Benefits Through Riders
Axis Max Life Smart Ultra Protect Rider (UIN: 104A049V02)
This rider provides following rider benefit variants:
- Rider benefit variant 1 - Term Booster with Accelerated Terminal Illness: provides additional lump sum benefit in the case of death or diagnosis of Terminal Illness of the Life Insured, whichever is earlier.
- Rider benefit variant 2 - Accidental Death Benefit: provides additional lump sum benefit in the case of death due of accident of the Life Insured.
- Rider benefit variant 3 - Accidental Total and Permanent Disability: provides additional lump sum benefit in the case of occurrence of total and permanent disability to the Life Insured due to accident.
- Rider benefit variant 4 - Payor Benefit: provides funding of all future outstanding base premiums and waiver of all the future premiums under all attached riders in the case of death or diagnosis of Terminal Illness of the policyholder whichever is earlier.
Please note the following:
- The rider policy term and rider premium payment term would be equal to the corresponding outstanding base policy term and premium payment term, subject to the maximum term and PPT available under the rider i.e. rider will not be offered if the term of the rider exceeds outstanding term under the base policy.
- The premium pertaining to health related or critical illness riders shall not exceed 100% of premium under the base product
- Any benefit arising under each of the above mentioned riders shall not exceed the sum assured under the base product except for Accidental death benefit riders where the rider sum assured is limited to a maximum of three times of base sum assured.
- The rider can be attached any time during the premium payment term of the base plan, subject to minimum applicable premium payment term and policy term of the rider.
(For further details, please refer to the Axis Max Life Smart Ultra Protect Rider, UIN: 104A049V02, prospectus)
Downloads
Why Choose Max Life?
99.65% Claims Paid Percentage
304 Offices
₹1,779,409 Cr. Sum Assured
₹150,836 Cr. Assets Managed
THE LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR
Unit Linked Insurance products are different from the traditional insurance products and are subject to the risk factors. The Premium paid in Unit Linked Insurance policies are 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 Insurance Company and Max Life Online Savings Plan is only the name of the Non Participating Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or 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. Past performance of the funds does not indicate the future performance of the funds.
All Applicable Taxes, Cesses, and Levies as imposed by the Government will be deducted from the premiums received.
ARN: PDP/FYPP/311224
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