Max Life Pension Plans

Max Life Insurance, established in 2001, is a leading private life insurer in India. Max Life is a joint venture between Max Financial Services and Axis Bank, two prominent financial institutions in India. They offer a wide range of life insurance products to meet various financial goals, from wealth creation to retirement planning and legacy building.

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What are Pension Plans?

Pension plans are financial products designed to provide individuals with a steady income stream during retirement. These plans require individuals to make regular contributions during their working years, which are then invested by the plan provider. Upon retirement, the accumulated funds are used to provide the individual with a regular income, either as a lump sum or in periodic payments, to support their living expenses when they are no longer earning a salary. Pension plans help individuals secure their financial future and maintain their standard of living after retirement.

Max Life Pension Plans

Max Life offers retirement planning with a variety of pension plans. There's a plan to suit your needs, providing financial security and peace of mind throughout your golden years. Below are the plans offered by Max Life with their features, benefits and eligibility criteria. 

Max Life Forever Young Pension Plan

Max Life Forever Young Pension Plan is a Unit-Linked, Non-Participating Individual Pension Plan that offers a guaranteed minimum return. This means it has the potential for higher returns than a traditional pension plan, but also comes with some risk. The plan also offers optional benefits to financially protect your family in case of unexpected events.

Features and Benefits of the plan:

  • Build a Substantial Corpus:  Regularly invest and watch your retirement savings grow. This plan helps you accumulate a significant amount of money to fulfill your retirement dreams.

  • Market Volatility Protection:  Market fluctuations can be nerve-wracking. This plan offers two investment options: Pension Maximizer and Pension Preserver. You can choose the option that aligns with your risk appetite. The Pension Preserver option offers a guaranteed benefit that protects your savings from market downturns.

  • Spousal Financial Security:  Life can be unpredictable. With the optional Max Life Partner Care Rider, you can ensure your spouse's financial security even in your absence. The rider guarantees a retirement income for your spouse.

  • Guaranteed Benefits:  The plan offers a guaranteed benefit at policy vesting. This benefit is the higher of the accumulated fund value or a guaranteed percentage of your total premiums paid (including top-up premiums). This percentage is 101% for the Pension Maximizer option and 110% for the Pension Preserver option.

  • Flexible Vesting Age:  Choose a vesting age that aligns with your retirement plans. You have the flexibility to decide when you want to start receiving your pension income.

  • Loyalty Additions Boost:  The plan rewards your commitment with guaranteed loyalty additions starting from the 11th year. These additions are added to your fund value, further growing your retirement corpus.

  • Increase Your Savings Later:  Life circumstances can change. This plan allows you to enhance your retirement savings through top-up premiums in the later years. This feature, called Save More Tomorrow, lets you adjust your contributions as your income grows.

Eligibility Details of Max Life Forever Young Pension Plan

  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

Max Life Saral Pension Plan 

Max Life Saral Pension is a retirement plan designed to provide you with a guaranteed source of income after you retire. It's a Non-Linked, Non-Participating Single Premium Individual Immediate Annuity Plan. In simpler terms, you make a one-time investment (single premium) and in return, receive regular payouts (annuity) throughout your retirement.

Features and Benefits of the plan:

  • Guaranteed Income for Life: Receive regular income payments for as long as you live, ensuring your financial needs are met throughout your retirement.

  • Option for Life-Long Payments for You and Your Spouse: Choose the Joint Life Annuity option to ensure your spouse continues receiving the same annuity income even after your demise.

  • Security for Your Loved Ones: In case of your unfortunate passing (for Single Life Annuity) or the passing of the last surviving spouse (for Joint Life Annuity), a Death Benefit is paid to your nominee, providing them with financial support.

  • Flexibility in Receiving Your Income: Select the payout mode that best suits your needs. Choose from yearly, half-yearly, quarterly, or monthly installments.

Eligibility Details of Max Life Saral Pension Plan

Entry Age Minimum: 40 years (age as on last birthday)
Maximum: 80 years (age as on last birthday)
Annuity Amount Minimum: ₹12,000 per annum, ₹6,000 per half year,  ₹3,000 per quarter or ₹1,000 per month Maximum: No Limit
Minimum and Maximum Premium (Single Premium) Minimum: ₹1,000 per month or ₹3,000 per quarter or ₹6,000 per half year or ₹12,000 per annum  In case the annuity payout is less than ₹1,000 per month or ₹3,000 per quarter or ₹6,000 per half year or ₹12,000 per annum, the purchase price shall be refunded to the Policyholder.
Maximum Single Premium: No limit
Annuity Payment Modes Annually; Half-yearly; Quarterly; Monthly
Annuity / Policy Term and Premium Payment Mode Single Life Immediate Annuity for Life (with return of purchase price) -
Till the death of the primary Annuitant
Joint Life Immediate Annuity for Life (with return of purchase price) -
Till the death of the last survivor (Annuitants)
Premium Payment mode – Single Pay only

Max Life Savings Advantage Plan

Max Life Savings Advantage Plan is a life insurance policy designed to address both your savings goals and provide protection for your loved ones. It's a non-linked participating individual plan, which means the returns are not tied to the stock market but you can benefit from company profits through bonuses. This plan helps you build a corpus through systematic saving to meet your future needs like education or retirement, while also offering life insurance coverage. In case of an unfortunate event, the death benefit will help secure your family's financial well-being.

Features and Benefits of the plan: 

  • Flexible Payment and Policy Terms: Choose a premium payment term and policy term that aligns with your financial goals. This allows you to decide how long you want to save and when you'll need the funds for life events like education or retirement.

  • Guaranteed Additions Booster: Get a guaranteed 5.5% of the sum assured added to your policy every year for the first five years. This guaranteed growth helps your savings accumulate faster.

  • Death Benefit:

    • In case of the life insured's death within 10 years, your beneficiary receives the guaranteed death benefit, along with any accrued guaranteed additions, paid-up additions (if any), and terminal bonus (if any).

    • If death occurs after 10 policy years, the benefit increases to 110% of the guaranteed death benefit, along with accrued additions and bonuses.

  • Lump Sum or Income Option: Upon policy maturity, receive 110% of the guaranteed sum assured, along with accrued guaranteed additions, paid-up additions (if any), and terminal bonus (if any). You or your nominee can choose to receive this as a lump sum or convert it into a regular income stream (monthly or annually) for 10 years.

  • Tax Benefits: You may be eligible for tax deductions under sections 80(C) and 10(10D) of the Income Tax Act, 1961, on premiums paid and benefits received, subject to prevailing tax laws. It's recommended to consult a tax advisor for personalized guidance.

Eligibility Details of Max Life Savings Advantage Plan

Age of the Life Insured at Entry (age as on last birthday) Minimum -  Single Pay: 8 years  Limited / Regular Pay: 0 years (91 days at the time of applying for the plan)
Maximum -  Single Pay: 65 years  Limited Pay: 60 years (If Entry age of Life insured is > = 56 years, then Entry age of Life Insured + Premium Payment Term will be < = 65 years)  Regular Pay: 45 years
Maturity Age of the Life Insured (age as on last birthday) Minimum - 18 years Maximum - Single Premium Payment Term: 75 years
Limited Premium Payment Term: 80 years  Regular Premium Payment Term: 65 years
Premium Payment Term (PPT) Single Pay | Limited Pay: 5 to 12 years | Regular Pay
Premium Payment Modes  Annual, Semi-Annual, Quarterly and Monthly
Guaranteed Sum Assured on Maturity Minimum - Single Pay: ₹78,738 | Limited Pay & Regular Pay: Policy Term less than 15 years: ₹1,69,379 | Policy Term greater than and/or equal to 15 years: ₹24,425
Maximum - No limit

Invest More Get More
Invest ₹10K/Month YOU GET ₹1.5 LAKHS* MONTHLY PENSION View Plans
Invest ₹7K/Month YOU GET ₹1 LAKHS* MONTHLY PENSION View Plans
Invest ₹5K/Month YOU GET ₹75 THOUSAND* MONTHLY PENSION View Plans
standard T&C Apply *

Max Life Monthly Income Advantage Plan

Max Life Monthly Income Advantage Plan is a non-linked participating individual life insurance savings plan designed to provide you with a guaranteed monthly income alongside a lump sum benefit at maturity. This plan caters to your need for financial security throughout your life stages.

Features and Benefits of Max Life Monthly Income Advantage Plan

Guaranteed Monthly Income:

  • This plan provides a guaranteed monthly income for a chosen period of 10, 20, or 30 years.

  • The income starts after the completion of your chosen premium payment term and continues for the chosen income period.

  • The monthly income is equivalent to one-twelfth (1/12th) of 10% of the Sum Assured.

Death Benefit: In case of the policyholder's death, the nominee receives a lump sum benefit. This benefit is the higher of:

  • 11 times the annualized premium plus any extra underwriting charges.

  • 105% of the total premiums paid including extra underwriting charges and loadings.

  • Sum Assured on maturity (which is zero in this plan as all benefits are paid as monthly income).

  • The chosen Sum Assured amount.

Policy Continuation Benefit:

  • If the policyholder dies during the policy term, all future premiums are waived off.

  • The policy continues, and the guaranteed monthly income and maturity benefit will be paid to the beneficiary as per the chosen terms.

  • The policy continues to participate in future bonuses declared by the company.

Maturity Benefit: Upon surviving the policy term, the policyholder receives a lump sum amount comprising:

Accrued compound reversionary bonuses (declared annually starting from the second year).

Terminal bonus (paid only at maturity).

Flexibility: The plan offers you the flexibility to choose your premium payment term (6, 8, 10, 12, or 15 years) and the monthly income payout period (10, 20, or 30 years).

Eligibility Details of Max Life Monthly Income Advantage Plan

Entry Ages
(Age as on Last Birthday)
Minimum entry age: 18 years
Maximum entry age: 45-50 years
Maximum Maturity Age
(Age as on Last Birthday)
66-90 years
Premium Payment Term 6 years, 8 years, 10 years, 12 years, or 15 years
Policy Term Policy Term is equal to the Premium Payment Term + 10/20/30 years, depending upon the combination chosen
Sum Assured Minimum: 6-Pay-16 variant - Rs. 1,62,000
6-Pay-26 variant - Rs. 81,000
6-Pay-36 variant - Rs. 54,000
8-Pay-18 variant - Rs. 2,16,000
8-Pay-28 variant - Rs. 1,08,000
8-Pay-38 variant - Rs. 72,000
10-Pay-20 variant - Rs. 2,72,500
10-Pay-30 variant - Rs. 1,35,000
10-Pay-40 variant - Rs. 90,000
12-Pay-22 variant - Rs. 3,24,000
12-Pay-32 variant - Rs. 1,62,000
12-Pay-42 variant - Rs. 1,08,000
15-Pay-25 variant - Rs. 4,05,000
15-Pay-35 variant - Rs. 2,02,500
15-Pay-45 variant - Rs. 1,35,000
Maximum: No limit
Premium Payment Modes Annual, Semi-Annual, Quarterly and Monthly
Minimum / Maximum Annual Premium Minimum: Rs. 25,000 excluding underwriting extra premium, modal extra, all applicable taxes, cesses and levies, if any as imposed by the Government
Maximum: No limit

Max Life Whole Life Super

Max Life Whole Life Super is a non-linked participating individual life insurance savings plan. It is designed to help you build a legacy for your loved ones. The plan offers the flexibility to withdraw money for unexpected needs without surrendering the entire policy.

Features and Benefits of the plan:

Guaranteed Lifetime Protection:

  • This plan offers guaranteed life insurance coverage up to the age of 100.

  • The death benefit amount grows with bonuses declared by the company.

  • Upon reaching 100 years old, you or your beneficiary will receive 100% of the guaranteed sum assured at maturity, along with any accrued paid-up additions and terminal bonus.

Flexible Premium Payment Terms: Choose a premium payment term that fits your financial situation. You can opt for 10, 15, or 20 years, depending on your goals.

Flexible Bonus Options: Select a bonus option that aligns with your needs:

  • Paid in Cash: Receive the declared bonus directly in cash.

  • Premium Offset: Use the bonus to reduce your future premiums.

  • Paid-Up Additions: Reinvest the bonus to purchase the additional sum assured, increasing your maturity benefit through compounding.

Access Your Money Through Paid-Up Additions Withdrawal: If you've chosen the paid-up additions bonus option, you have the flexibility to withdraw the accumulated cash value if needed.

Customize Your Policy with Riders: Enhance your coverage with additional rider options available to suit your specific needs.

Eligibility Details of Max Life Whole Life Super

Premium Payment Term 10 years 15 years 20 years
Maximum Age at Entry
(Age at Last Birthday)
60 years 55 years 50 years
Minimum Age at Entry
(Age at Last Birthday)
  18 years 18 years 18 years
Policy Term Up to age 100 years of Life Insured
Policy Term = 100 less age at entry of Life Insured
Premium Payment Terms 10/15/20 years
Premium Payment Modes Annual, Semi-Annual, Quarterly and Monthly
Annualised Premium* Limits Minimum - Rs. 8,500 p.a
Maximum - No limit (subject to underwriting)
Guaranteed Sum Assured on Maturity Minimum - Rs. 50,000 (subject to minimum premium limits)
Maximum - No limit (subject to underwriting)

Max Life Assured Wealth Plan

Max Life Assured Wealth Plan is a non-linked, non-participating individual life insurance savings plan. It's designed to guarantee returns and grow your wealth over a set period.

Features and Benefits of Max Life Assured Wealth Plan:

  • Guaranteed Maturity Benefit: You receive a guaranteed lump sum payout at the policy's end to achieve your savings goals.

  • Flexible Payment Options: The plan offers various policies and premium payment terms to suit your savings style.

  • Life Cover: There's a death benefit paid to your nominee throughout the policy term, providing financial security for your loved ones if something happens to you.

  • Tax Benefits: You may get tax deductions on premiums paid and benefits received under current tax laws.

Eligibility Criteria for Max Life Assured Wealth Plan

Minimum Entry Age 91 days
Maximum Entry Age  60 years
Maximum Maturity Age of
the Life Insured
(age as on last birthday)
70 years
Policy Term For PPT 5: 10, 15, 20 years
For PPT 8: 16 years
For PPT 10: 15, 20 years
Premium Payment Term 5, 8 & 10 years
Premium Payment Mode Annual and Monthly
Minimum Premium Annual: ₹24,000
Monthly: ₹2,000
Maximum Premium Subject to limits determined as per the board-approved underwriting policy of the Company.
Guaranteed Sum Assured
on Maturity
Minimum: ₹1,61,225
Maximum: Subject to limits determined as per the Board approved underwriting policy of the Company. 

Applying for a Pension Plan From the Company

  1. Online

    The company offers retirement plans, which are available online only. The customer only needs to log into the company’s website, choose the required Max Life retirement 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.

  2. Intermediaries

    Some Max Pension Plans may not be available for online application. In such cases, you can opt to apply through intermediaries like:

    • Agents: Licensed agents can guide you through the application process, answer your questions, and help you choose the right plan.

    • Brokers: Brokers work with various insurance companies, including Max, and can offer you a wider range of plan options.

Why Should You Invest in Pension or Retirement Plans?

  • Secure your future income: Retirement plans provide a steady stream of income after you stop working, ensuring financial security in your golden years.

  • Plan for inflation: Retirement plans help you build a corpus that considers inflation. This ensures your retirement savings maintain their purchasing power.

  • Peace of mind: Knowing you have a set retirement income reduces financial stress and allows you to enjoy your retirement years.

  • Disciplined saving: Regular contributions to a retirement plan enforce a savings habit, making it easier to accumulate a sizable corpus.

  • Tax benefits: Many retirement plans offer tax advantages on contributions and withdrawals, allowing you to save more effectively.

FAQs

  • What documents do I need to apply for a Max Pension Plan?

    The documents required may vary depending on the specific plan, but generally, you'll need:
    • Proof of Identity (PAN Card, Aadhaar Card)

    • Address Proof (Utility Bills, Passport)

    • Income Proof (Salary Slips, Bank Statements)

    • Age Proof (Birth Certificate)

    • Medical Reports (if required by the plan)

  • What are the different payout options available with Max Life Pension Plans?

    Max Retirement Plans offer a variety of payout options to suit your needs. Here are some common options:
    • Life Annuity: This provides a regular income stream for your entire lifetime.

    • Joint Life Annuity with Spouse: This offers income throughout the lives of both spouses.

    • Limited Period Annuity: Income is paid for a fixed period chosen at the time of purchase.

    • Return of Purchase Price: This option ensures that if the annuitant dies before the purchase price is exhausted, the remaining amount is paid to the nominee.

    • Lump Sum Payment: A portion of the accumulated corpus can be withdrawn as a lump sum, with the remaining amount used to generate income.

  • Can I withdraw funds from my Max Life Pension Plan before retirement?

    Some Max Life Insurance Pension Plans offer partial withdrawal facilities after a specific lock-in period. This allows you to access funds for emergencies without surrendering the entire policy. However, early withdrawals may reduce your total retirement corpus and may come with tax implications.
  • What happens to my Pension Plan Max Life if I die before retirement?

    Most Max Life Pension Plans offer a death benefit that is paid to your nominee. This benefit amount can vary depending on the plan type and the premiums paid. In some cases, the nominee may have the option to continue the plan or receive the accumulated corpus as a lump sum.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Max Life Pension Plans Reviews & Ratings

4.1 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Harsh
Fatehgarh, October 17, 2016
Retirement plan
Now i have no tension for my future security because i have got pension insurance plan which i buy from max life insurance policy. Service is fast and policy coverage is high. Claiming is so simple, online renewal option of the insurance plan is easy because of online portal.
Aman
Kurukshetra, August 24, 2016
Good
Max life insurance company is very good one and it provided more benefits in less premiums. Service of the company is best including online renewals. Policy coverage and claims are high. Claiming procedure is very simple and easy to sanction the amount.
Yashu
Deoli, July 26, 2016
Good policy
Got pension plan by max life insurance. Policy is good and service is nice provided by the company members. Updates of the plan can be seen on webpage and renewal is easy on online portal service. Good coverage and claims are easy to sanctioned.
Prem
Haveli, July 11, 2016
Pension Policy
The future of mine and my family is very much safe with my pension plans. The premium of my policy is less but the returns are very big. Maximum coverage is given by the insurance policy each month after the maturity period. The service if fantastic including online service.
Bhasker
Alwar, June 29, 2016
Nice Plan
My pension plan is very good insurance policy which gives me lot of benefits during and after maturation of the policy. Service is quick and documentation is simple/hassle free. Policy coverage is high and claims are good.
Chetan
Sonipat, April 20, 2016
Best Policy Plan
I buy pension policy which has 95% policy coverage. Premium is low but the claim is high. Around Rs.45 K is the investment amount and the returning amount is Rs.29 L. Service is good and fast too. The response from executives and staff members is very nice.
Nakul
Mumbai, April 20, 2016
Tax Saver
I invest my money for my future with max life insurance. I have pension policy plan which has low premiums. Policy coverage is 89% and claims are around Rs.28 L. Service is good and executives behave well. Good future investment which save taxes too. Nice policy plan.
Amit
Lonavla, April 20, 2016
Good Plan
Max life pension plan i buy in very low premiums and the returns are high. Policy coverage are 92% and the claims are ~Rs.34 K per month. Service is fast and with nice behaviour by staff members. Good policy plan, i like it.
Uttam
Vaishali, April 20, 2016
Low Premiums
My pension policy plan is suggestion of the friend, So i took it from max life insurance. Staff members and executives provide good and quick services. Policy coverage is good approx. 90% but the premiums are normal. Good terms in compare with other companies. Good future investment with tax saving.
Anurag
Haveli, April 20, 2016
Good Coverage
I got pension plan from max life insurance from last few year. The policy coverage is ~88%. No doubt the service is good. The claiming experience i don't have yet. Good future investment with low premiums. The behaviour of executives and staff members are really very nice. Good work.
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