Max Life Pension Plans

Max Life Insurance Company Limited is a joint venture between Max India Limited, a leading multi-business corporate and Mitsui Suimoto Insurance Company Limited which is member of MS & AD Insurance Group, a leader in the general insurance sector across the world. The rich experience of both the companies has made Max Life one of the leaders in the Indian Insurance Industry. As in the year 2013 – 14, Max Life Insurance Company Limited has been ranked among the top 4 life insurers in India with a market share of 10.30%. The company is counted amongst the fastest growing life insurance businesses with the Gross Written Premium of Rs.7279 crores and declaring a shareholder’s profit of Rs.436 crores post taxation. The range of products offered by Max Life Insurance Company include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

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 1/3^rd 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.

Eligibility Details

Max Life Guaranteed Lifetime Income Plan

It is an immediate annuity plan which is opposite of the deferred plan discussed above.

• Annuity payments will begin after the premium is paid in lump sum
• The annuity can be taken on a single life of the policyholder or on joint life of that of the policyholder and his spouse.
• The annuity promises multiple annuity options like:
• Life annuity
• Lifetime Annuity with Return of 100% of Purchase Price on annuitant’s death
• Joint Life Annuity for life
• Joint Life Annuity for life and Return of 100% of Purchase Price on death of the last survivor
• There is no requirement of undergoing a medical examination to buy the plan.

Eligibility Details

Max Life Perfect Partner Super Plan

A traditional money back plan providing periodic money-back benefits in the older ages to take care of expenses post retirement. The features and benefits of the plan are as follows:

• The plan participates in the profits of the company by way of earning bonuses and premiums under the plan are required to be paid for a limited tenure.
• Bonuses under the plan start to accrue from the end of the 2^nd policy year and the bonus can be availed in 3 different options called Purchase Paid-up Additions, Paid in Cash and Premium Offset.
• Under the first bonus option called Purchase Paid-up Additions, the bonus can be used to increase the Sum Assured. The increased Sum Assured will also be eligible to earn future bonuses.
• Under the Paid in Cash option, the bonus which accrues is paid to the policyholder in cash every year
• Under the third option of Premium Offset, the earned bonus can be used to adjust against subsequent premiums.
• Survival benefits under the plan start to accrue once the insured attains 61 years of age @7.5% of the Guaranteed Maturity Sum Assured and continues for 15 years thereafter.
• On maturity, the Guaranteed Maturity Sum Assured including the accrued Paid-up Additions and any Terminal Bonus is paid to the policyholder.
• If the insured dies during the tenure of the plan, the Guaranteed Death Benefit along with the accrued Paid-up Additions and any Terminal Bonus is paid to the nominee
• In case the insured is diagnosed with any terminal illness, an immediate payment equivalent to 50% of the Guaranteed Maturity Sum Assured is paid to him and the plan continues. The amount paid is later adjusted from any maturity or death benefit payable.
• The Guaranteed Death Benefit is defined as higher of 11 times the annual premium or 105% of the total premiums paid till the date of death or the Guaranteed Maturity Sum Assured chosen at the time of inception of the plan.
• The plan can be customized by availing Max Life Payor Rider with enhanced protection features.

Eligibility Details

Applying for a Pension Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Pension Plans through PolicyBazaar

1. On the PolicyBazaar homepage, click on Retirement under the Personal tab.
2. Click New Quotes to compare and choose from top insurance providers.
3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
8. This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

What is an Annuity Plan?

An annuity plan is a kind of insurance policy that pays out a regular income to the policyholder after his retirement. The money that is paid (also known as the purchase price) during the annuity phase, is accumulated by the policyholder (also known as the annuitant) himself in the years leading to the retirement. An annuity plan works in two phases, the accumulation phase and the annuity phase. During the accumulation phase, the policyholder has to pay the premiums. He has the option of paying it in one go, but commonly the premium is divided and paid throughout the years. Once he retires and finishes paying the premiums, his annuity phase starts and he receives the monthly payments.

I have no liabilities but I want to go on a world tour. How much annuity do I need?

Some people like to travel and do things which they could not do during their employment years. If you too want to do so but don’t want your savings to dip, you can go for a high annuity plan. You can then plan the finances and divide the annuity in such a way that even after getting your tickets, you will have enough money to pay all the bills.

I retired as the chairman of my company. How much annuity do I need?

As the chairman of a company, you surely had a high social standing and your family was used to a lavish lifestyle. So keep this in mind when deciding upon the annuity coverage. You need an annuity large enough to help your family and yourself maintain that lifestyle for a longer period of time. Therefore, lifestyle is a determinant factor here.

I have a lot of savings and received an inheritance as well. How much annuity do I need?

An annuity plan ensures that your monthly incomes continue after your retirement as well and this in turn assures that you are never left in a financial crisis. However, if you already have the required funds to take care of your bills and expenses, you need not opt for an additional annuity. If you plan your finances well and invest your savings in an intelligent manner, it may sustain you for your life. However, since death is beyond our control and we cannot predict it, it would be advisable for you to go for a low life annuity cover. A life annuity plan would pay annuities till the last day of your life. So if you happen to live for a long time and your savings run out by then, you will have an additional source of income and won't have to depend on anyone else to take care of you.

Max Life Pension Plans - FAQ

1. How to pay a premium? What are the modes of payment available?

The Max Life Insurance company Ltd. offers 6 modes of premium payment namely:

• Cash payment at the branch
• Online Payment
• ECS
• NEFT/RTGS
• IVR
• Credit card Instructions
• Direct Debit
• EBPP
• Payment at Axis Bank Branch
• Payment at Axis Bank ATM
• Your bank branch
• Sky pack Drop boxes

For the online payment mode, the policyholder can pay via;

• Credit Card,
• Debit Card
• Net banking

2. How can I check policy status for Max Life pension plans?

Registered users can check policy status online. Login with your username and password on the LOGIN tab give on the company’s home page

3. What is the policy renewal process for Max Life pension plans?

For policy renewal online follow these 3 easy steps

Step1: Enter your Client ID and Date of Birth to login into e-portal

Step2: Enter the policy details and payment method (Debit/Credit Card or Net Banking)

Step3: Save/print premium deposit receipt on successful payment intimation

Alterantively, you can pay via cash/cheque at any of the nearest branch.

4. What is the company’s process to settle claim for Max Life pension plans?

For claim settlement the nominee can visit the nearest branch with all the policy documents and the revlant claims form. The claims are settled within 10 working days from collection of all necessary documents for claim settlement.

5. What is the policy cancellation process for Max Life pension plans?

For cancellation you need to visit the nearest branch in person with policy documents and surrender form. Upon successful proceedings, the refund will be directly apid in your bank account.