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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C ApplyMax 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:
A unit linked pension plan which offers market linked growths to build a considerable corpus for the policyholder.
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
30 years |
65 years |
Vesting Age |
50 years |
75 years |
Policy Term |
10 years |
Vesting age – 75 years |
Annual Premium amount |
Regular Pay - Rs.25, 000 Single Pay – Rs.1 lakh |
No limit |
Premium Payment Term |
Equal to the policy term or Single Pay |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
It is an immediate annuity plan which is opposite of the deferred plan discussed above.
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
50 years |
80 years |
Annual Annuity amount |
Depends on the purchase price and age |
|
Purchase Price |
Rs.1 lakh |
|
Annuity Payout Frequency |
Yearly, half-yearly, quarterly or monthly |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
91 days |
55 years |
Maturity Age |
- |
75 years |
Policy Term |
(75 – age at entry) years |
|
Premium amount |
Rs.8500 |
No limit |
Sum Assured |
Rs.50, 000 |
No limit |
Premium Payment Term |
7, 10, 15 or 20 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
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.
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.
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.
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.
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.
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For the online payment mode, the policyholder can pay via;
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.
Please check Best Retirement Plans India