Max Life Pension Plans Overview-max-life-pension-plans

Max Life currently offers a range of three types of pension plans which are mentioned in details below with a detailed list of their features and benefits. Let us take a look: Max Life Forever Young Pension Plan A unit linked pension plan which offers market linked growths to build a considerable corpus for the policyholder. The premiums under the plan can be paid for the entire tenure under the Regular Pay option of in one lump sum at the inception of the plan under the Single Pay option of premium payment. The premium net of charges is invested in a choice of two funds namely – Pension Preserver Fund and Pension Maximizer Fund. Guaranteed Additions are paid under the plan @ 0.50% of the fund value which also increases by 0.02% every year The maturity value depends on the pension fund chosen for investment. Under the Pension Preserver Fund, higher of the fund value or 101% of total premiums paid is payable on maturity and under the Pension Maximizer Fund, higher of the fund value or 110% of total premiums paid is payable on maturity. Commutation of 1/3rd of the proceeds is available but the remaining portion has to be used to receive annuity. The policyholder can buy annuity from the total proceeds instead of commutation. A deferred annuity plan can also be purchased where a single payment is required or the vesting can be postponed if the age is below 55 years On death before the vesting period, higher of the fund value or 105% of premiums paid till the date of death is paid to the nominee who can either avail the death benefit in lump sum or avail annuity from it. Top-ups are allowed under the plan to increase the fund value with a minimum value of Rs.1000 The top-up premiums paid are invested under the `Save for Tomorrow feature wherein the amount can be increased by 5% every year to a maximum of 150% of the annual premium. Max Life Partner Care Rider is available under the plan for increased protection.