Max Life Pension Plan Calculator

Max life pension calculator is an online tool to calculate the retirement wealth or pension. One may require a pension amount to lead a comfortable post-retirement life. This can be calculated by considering several factors.

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It includes current monthly expenses, expected inflation rate based on the current trend, percentage of expenses that will continue even after post-retirement, current savings and possible investment for post-retirement years, and expected rate of returns.

Why Use Max Life Pension Plan Calculator?

Using a Max Life Pension Plan Calculator, we can plan our investments starting now to accumulate the required post-retirement corpus. 

Max Life Pension Plan Calculator will serve two major purposes:

  • To calculate the required amount for maintaining the current lifestyle even after retirement
  • Monthly investment needed to achieve the necessary post-retirement corpus

The Max Life Pension calculator works on the principle of monthly compounding that will give you both the future accumulation value and the monthly investment needed to achieve it. The only assumptions are the inflation rate (generally 6% -8%) and the expected rate of interest that may change in the future.

Instead of spending a considerable amount of time doing manual calculations with errors, it is better to use Max Life Pension Plan Calculator. With some inputs, it will give instant, accurate results that will guide one to make intelligent decisions on investing in a retirement plan and secure your future post-retirement.  

How to Use Max Life Pension Plan Calculator?

There are very simple inputs that have to be entered in the online Max Life Pension Plan Calculator provided on the official website of Max Life Insurance company. Please follow the below steps to calculate:

  • Visit the official website of Insurance Scroll down the page, find the Tools & Calculator section, and click on the 'Insurance Calculators’ option. 
  • Scroll down and look for ‘Retirement Plan Calculator’. Click on ‘Calculate Now’. It will direct you to the entry page. 
  • Enter your ‘current age’ and ‘retirement age’ (For Ex: Current age:26years, Retirement age:60years). Now click ‘Proceed’. It will redirect to the next page.
  • Enter your current monthly expenses. Try to enter the value by making rough calculations on your regular monthly expenses, excluding sudden expenses which do not generally occur every month (Ex: Rs 20,000)
  • Enter the percentage of monthly expenses that you wish to continue even after retirement. Make a calculated and realistic guess. Exclude education loan and home loan monthly EMI.   (Ex: 70%)
  • Enter the expected Inflation rate. Generally, 6% to 78% is ideal. (Ex: 87%) 
  • Enter the current savings and an approximate investment for retirement years. Keep it as realistic as possible (Ex: Rs 8000)
  • Enter the percentage expected return on your savings. Generally, these investment plans fetch more than FD and regular EPF pension. Hence, 10 % to 12% is reasonable. (Ex 10%). 
  • Now press 'Calculate.'
  • A few important results will be highlighted. They are:
    • First, the amount you will need for a comfortable post-retirement life with the same lifestyle you are enjoying now (Ex: Rs 3.83 crore).
    • Based on current savings, you will acquire a certain amount at the time of your retirement (Ex: Rs 2.04 lakh).
    • The difference amount is needed additionally to achieve the desired retirement wealth (Ex: Rs 3.81cr).
    • The final result is the required investment that you have to make per month starting from now to reach the required post-retirement corpus (Ex result: Rs 11,131 per month).

Advantages of Max Life Pension Plan Calculator

There are a lot of advantages to using the Max Life Pension Plan Calculator. Some of the benefits are listed below:

  • The entry fields in the calculator are mentioned, and hence no confusion regarding the input entries.
  • It is completely free to use.
  • It is online and hence can be done from anywhere in the world.
  • The results are accurate and displayed in an instant.
  • It can be used countless times with no restrictions.
  • Prior knowledge about finance and accountancy is not required. Any ordinary person can use this calculator.
  • Dropdown options for inflation rates and interest rates reduce unrealistic entries.

Information Required

To use the Max Life Pension Plan Calculator, there is no deep research and analysis necessary. Any individual without finance and accountancy can use this online tool and get accurate results. 

Some of the basic information needed to be noted down before using the Max Life Pension Plan Calculator are:

  • Correct website address and the steps to find the first entry page of the calculator 
  • Current age and retirement age (it is usually 60 in India)
  • Current monthly expenses (Average monthly expenses is also acceptable)
  • Percentage of monthly expenses that will continue even after retirement excluding home loan and education loan as they will not incur after retirement 
  • Expected inflation rate. Generally, 6% to 8% is feasible.
  • Current average savings and your monthly investment for the retirement pension plan (Be realistic based on your earning potential)
  • Expected return on your savings. Generally, 10% to 12% is practical.

Benefits of Buying Max Life Pension Plan

  • One gets guaranteed income that one can use for leading a comfortable life post-retirement
  • The nominee will get the benefits in case of the insured’s untimely death. This will provide financial security to one's family with assured returns or death benefits. 
  • The premium payments are flexible for one’s retirement plans as the premium payment depends on one’s financial goals.  
  • One can customise one’s retirement plans to help them and their family members with additional protection.
  • These pension and retirement plans are qualified for tax deduction under section 80CCC of the Income Tax act 1961. The tax deduction is up to Rs. 1.5lakhs.

Factors Affecting Max Life Pension Plan Premiums

Choosing the right pension plan suitable for your financial goals after retirement is crucial. The following factors will affect the premium rates. 

  • Type of Plan – There are different plans in Max Life Pension Plans. They have different interest rates as per plan specifications.
  • Age- The minimum and the maximum age of the policyholder depends on the choice of the pension plan. The range is 30-65. 
  • Income: There is no upper limit for investment, but different premium rates are applicable for different plans. As we have to pay the premium yearly, we have to make sure there is regular income to pay the premium to get the full benefits of the pension plans. 
  • Expenses: One has to look at their current expenses to ensure that the pension plan chosen is affordable and not a burden. Paying regular premium is very crucial for the pension plan's success

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Written By: PolicyBazaar - Updated: 27 July 2021
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