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(A Unit-linked Non-Participating Individual Pension Plan)

UIN: 104L075V03

With Max Life Forever Young Pension Plan, get a retirement plan that guarantees lifetime income for you and your partner while safeguarding your partner against unforeseen eventualities.

key attractions

Secured Retirement Corpus

Guaranteed** Retirement Income for you and your wife for Life

Retirement Benefit for your spouse

Guaranteed** Retirement Income for your wife even in your absence

Shield your savings from Market downturns

Benefit of Equity combined with a minimum guarantee of returns

Eligibility

  • Entry Age:

    • Minimum: 30 years

    • Maximum: 65 years

  • Vesting Age:

    • Minimum: 50 years

    • Maximum: 75 years

  • Policy Term: Vesting age less entry age, subject to following conditions:

    • Minimum policy term is 10 years

    • Maximum allowed policy term is 75 years, less entry age

Benefits

Death Benefit:

  • In case of unfortunate event of death, Higher of Fund Value or 105% of the cumulative premiums paid including top up premiums, (excluding rider charges, if any) would be paid

  • The nominee shall have the option to utilise the death benefit in one of the following ways:

    • Utilise the entire proceeds of the policy or part thereof for purchasing an Immediate or Deferred annuity at the then prevailing rate of the Insurance Company.However, the claimant shall be given an option to purchase annuity from any other insurer at the then prevailing annuity rate to the extent of percentage, stipulated by the IRDAI, currently 50%, of the entire proceeds of the policy net of commutation or

    • Withdraw the entire proceeds of the policy; Settlement option will not be provided. In case the proceeds of the policy are not sufficient to purchase minimum annuity as required by IRDAI from time to time, the proceeds of the policy may be paid as lumpsum to the claimant

 

Vesting Benefit:

The age at which you choose to start receiving the pension or the payouts.

You will receive higher of the Fund Value or Guaranteed** Vesting Benefit, where the Guaranteed** Vesting Benefit is defined as follows:

  • Pension Maximiser Option – 101% of total premiums paid (including Top-Up premiums paid, if any), exclusive of rider charge if any

  • Pension Preserver Option – 110% of total premiums paid (including Top-Up premiums paid, if any), exclusive of rider charge if any

  • Conditions applicable on Maturity Guarantee** - Conditions with respect to the choice of investment option and respective maturity guarantee** are as follows:

    • The policyholder shall have the option to choose from the following two investment options: Pension Maximiser Option and Pension Preserver Option. This option shall only be available at the inception of the policy and cannot be changed during the policy term

    • The guarantee** maturity benefit will be payable only upon maturity of the policy. No guarantee** maturity benefit shall be payable in case where the policy has been surrendered/terminated prior to the maturity /vesting date irrespective of the same being premium paying or not. Guarantee** charge shall continue to apply during the policy term

    • This guarantee** is also applicable on all top-ups paid by the policyholder under ‘Save More Tomorrow’ option or otherwise

Fund Name and Objective

Government Securities & Corporate Bonds

Money Market & Cash Instruments

Equity & Equity related securities

Potential Risk / Reward

Pension Maximiser Fund: (SFIN: ULIF01715/02/13PENSMAXIMI104)

40% - 80%

0% - 40%

20% - 60%

Medium

Pension Preserver Fund: (SFIN: ULIF01815/02/13PENSPRESER104)

60% - 90%

0% - 40%

10% - 35%

Low

Options Available on Vesting:

  • To commute up to 60% of the fund value and to utilize the balance amount to purchase an immediate annuity or Deferred Annuity from Max Life, at the then prevailing annuity rates of the Company, or from another insurer(to the extent of 50% of the entire proceeds of the policy net of commutation as stipulated by IRDAI time to time) or

  • You can extend the accumulation period or deferment period within the same policy with same terms & conditions as the original policy subject to the age of the Life Insured being less than 55 years (last birthday), or

  • Utilize the entire proceeds to purchase an immediate annuity or deferred annuity from the company at the then prevailing annuity rate or from other insurer (to the extent of 50% of the entire proceeds of the policy net of commutation as stipulated by IRDAI time to time)

 

Tax Benefits:

  • You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. Please note that 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 change in tax laws. It is advisable to seek an independent tax advice

 

Riders:

  • Max Life Partner Care Rider (UIN:104A023V02 ) - The rider provides an optional additional benefit in the unfortunate event of death of Life Insured

For more details on Riders, please refer to the respective Rider Prospectus.

 

Corpus Enhancement Option : Save More Tomorrow:

  • You can choose to save more by progressively paying 5% (simple) additional Top up premium every year till the end of the policy term

  • The maximum Top up allowed in any policy year under the Save More Tomorrow option will be 150% of regular premium

Payment Options

Flexible Premium Payment Options:

  • Premium Payment Term:

    • Single Pay

    • Regular Pay

How Does It Work?

Scenarion 1:

 

 

Scenarion 2:

 

 

Illustration Disclaimer:

*At prevailing Annuity rates which may change in future as per interest rate scenario

^He chooses to invest the entire corpus in Max Life Guaranteed Lifetime Income Plan with Joint Life with Return of Purchase Price (ROP) option. Please note all additional applicable taxes, cesses and levies as imposed by Government will be applicable as per prevailing rates on purchase of Max Life Guaranteed Lifetime Income Plan

#Please note that the above is only an example and does not create any rights and/ or obligations. The assumed rates of return of 4% and 8%, mentioned above relate to assumed investment returns at different rates and may vary depending on market conditions. The Fund option assumed to be chosen in the above scenario is Max Life Pension Preserver Fund(SFIN: ULIF01815/02/13PENSPRESER104 )

These are not guaranteed and they are not the upper or lower limits of returns of the Funds selected in your policy, as the performance of the Funds is dependent on a number of factors including future investment performance scenario.

^Annualised Premium: means Premium amount payable during a Policy Year chosen by Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any

Disclaimers

THE LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST 5 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 5th YEAR. ALL APPLICABLE TAXES, CESSES AND LEVIES AS IMPOSED BY THE GOVERNMENT TO TIME WILL BE DEDUCTED FROM THE PREMIUM RECEIVED.

 

**The Guaranteed and Non-Guaranteed benefits are applicable only if all due premiums are paid.

 

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. Applicable taxes , cesses and levies as imposed by the government from time to time will be deducted from the premiums received or from the funds , as applicable.

YES Bank is a registered Corporate Agent of Max Life Insurance Company Limited under the Corporate Agency License no. CA0125. The Life Insurance Products are offered and underwritten by Max Life Insurance Company Limited having IRDAI Registration No:104, CIN: U74899PB2000PLC045626 having its corporate office at 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) -122 002 .

Max Life Forever Young Pension Plan, A unit linked Non-Participating Individual Pension Plan UIN- 104L075V03 are obligations only of Max Life Insurance Company Limited. They are not Bank deposits or obligations of or guaranteed by YES Bank Limited. All claims under the policy will be solely decided upon by Max Life Insurance Company Limited.

The purchase of any insurance product by YES Bank Customers is purely voluntary and is not linked to availment of any other facility from YES Bank. For more details on risk factors, benefits, waiting period, exclusions, coverage, terms and conditions please read the sales brochure carefully before concluding the sale.

Tax benefits on the Insurance Product are subject to the conditions and limits mentioned in the Income Tax Act 1961 as amended from time to time. Customer is advised to take an independent view from tax consultant.

All guaranteed benefits are payable only when applicable as per the product premiums are paid when due.

Investment risk in the investment portfolio is borne by the Policy Holder. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associate with capital markets and the NAVs of the units may go up or down based on the performance of the fund and factors influencing the capital market and the insured is responsible for his or her decision. Max Life Insurance Company Limited is only the name of the Insurance Company and the funds offered are only the names of the funds and does not in any way indicate the quality of the contract, its future prospects or returns

Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document issued by the insurance company. 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 or returns. Past performance is not necessarily indicative of future performance

LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT. THIS LIFE INSURANCE PRODUCT IS OFFERED AND UNDERWRITTEN BY MAX LIFE INSURANCE CO. LTD. THE LIFE INSURANCE CONTRACT IS BETWEEN THE PROPOSER AND MAX LIFE INSURANCE CO LTD.

Max Life Insurance Co. Ltd. is a joint venture between Max Financial Services Limited and Axis Bank Ltd. Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co. Ltd. Customer Helpline number 1860 120 5577, Website- https://www.maxlifeinsurance.com/ , SMS 'LIFE' to 5616188.

Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Policy holders are advised to consult tax expert for better clarification /interpretation.

ARN: Max Life/YES Bank /AURAA/FYPP/Leaflet/June 2021

IRDAI Regn No: 104 I CA Regn. No. CA0125

For any queries with respect to Insurance Policies bought through YES Bank, kindly contact us at our Toll Free No:18001200, Email ID: yestouch@yesbank.in, Website: www.yesbank.in

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.

  • Public receiving such phone calls are requested to lodge a police complaint.

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Documents Required

  • MaxLife Forever Young Pension Plan - Joint Life Premium Table
  • Commission Disclosure
  • Rider Prospectus (UIN - 104A023V02)
  • MaxLife Forever Young Pension Plan - Leaflet
  • MaxLife Forever Young Pension Plan - Product Prospectus
  • MaxLife Forever Young Pension Plan - Standard Disclaimer