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Max Life Forever Young Pension Plan

Max Life Forever Young Pension Plan

Max Life Forever Young Pension Plan– A retirement plan that guarantees lifetime income for you and your partner

(A Non Participating Unit Linked Pension; UIN: 104L075V02)

LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT. IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.


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.

Key Features:

  • Vesting Benefit: Higher of the Fund Value or Guaranteed Vesting Benefit, where the Guaranteed Vesting Benefit is defined as follows:

  • In case you opt for the Pension Maximiser Option – 101% of total premiums paid (including Top-Up premiums paid, if any), exclusive of rider charge, if any

  • In case you opt for the Pension Preserver Option – 110% of total premiums paid (including Top-Up premiums paid, if any), exclusive of rider charge, if any

  • Death Benefit: Death during premium payment phase

  • Higher of 105% of all premiums paid (including Top-Up premiums paid, if any) or Fund Value: On choosing Max Life Partner Care Rider ( UIN: 104A023V01), A Non-Participating Unit Linked rider – All future premiums till the entire Policy Term subject to a maximum age of 60 years along with an amount equal to higher of 105% of all premiums paid or Fund Value will be paid by the Company to the nominee

  • Loyalty Benefit: Guaranteed Loyalty Additions at 0.50% of Fund Value added to the fund, from the end of 10th policy year. These additions increase by 0.02% (absolute) every year, from the end of 11th policy year

  • Options Available on Vesting: Commute to the extent allowed under the Income Tax Act and to utilize the balance amount to purchase an immediate annuity from Max Life Insurance, which shall be guaranteed for life, at the then prevailing annuity rates of the Company, or Extend the accumulation period subject to the age of the Life Insured being less than 55 years (last birthday), or Utilize the entire proceeds to purchase a single premium pension accumulation plan from Max Life Insurance.

  • Options Available on Death of Policyholder: The nominee shall have the option to utilize the Death Benefit in one or more of the following ways:

  • Utilize the entire proceeds of the policy or part thereof for purchasing an Immediate Annuity at the then prevailing rate of the Company or

  • Withdraw the entire proceeds of the policy; or

  • Utilize the entire proceeds of the policy or part thereof for purchasing a Single Premium Pension Plan, which will enable the nominee to purchase an Immediate Annuity at a chosen date in the future. In such cases, the Company shall not refund more than the extent allowed under the Income Tax Act from the policy proceeds of the Single Premium accumulation plan.

Disclaimers

The 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 Company Limited is a Joint Venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd.11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram - 122002 (Haryana). IRDAI Registration No. – 104. For more details on risk factors, Terms and Conditions, please read the Prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note 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 changes in tax laws. Trade logos displayed belong to Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd. respectively and are used by Max Life Insurance Co. Ltd. under a license.   Insurance is the subject matter of solicitation. For more details on the rider and the various terms and conditions, please refer to the Rider Prospectus(s) available at www.maxlifeinsurance.com.  For further details, call Toll free number – 1800 200 5577

YES BANK Limited is the Corporate Agent of Max Life Insurance Co. Ltd.  Registered Office: YES BANK Limited, Nehru Centre, 9th Floor, Discovery of India, Dr. A.B. Road, Worli, Mumbai – 400 018. IRDAI Certificate Regn. No. CA0125 The purchase of a Max Life Insurance product by YES BANK’s customer is purely on a voluntary basis. As YES BANK is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products.

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 Forever Young Pension Plan is only the name of the 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. For more details on risk factors, terms and Conditions please read Prospectus carefully before concluding a sale. Past performance of the funds does not indicate the future performance of the funds.  

ARN: Max Life/YBL/Website/FYPP/ Jan 2018 

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS
IRDAI clarifies to public that

  • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.

  • IRDAI does not announce any bonus.

  • Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

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