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Max Life Insurance Retirement Plans

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Max Life Insurance Company is a private life insurer based in India. It is a joint venture between Max India and Mitsui Sumitomo Insurance Company. It is one of the fastest growing private insurers in India and boasts the fourth largest market share among private insurers. Max Life pension plans are meant to provide a secure future to seniors who have retired from professional capacities. These plans generally provide a fixed stream of income for the policy-holder on retirement from active duty.

Types of Max Life Pension Plans

Max life retirement plans are currently available under three types – Max Life Forever Young Pension Plan, Max Life Guaranteed Lifetime Income Plan, and Max Life Perfect Partner Super.

Max Life Forever Young Pension Plan

This plan provides two investment options – Pension Maximiser Fund and Pension Preserver Fund. In the former, a higher ratio of funds is invested in equity-based instruments (capital appreciation), as opposed to an emphasis on debt-based instruments in case of the latter (fixed income). Both the funds provide sufficient security against market downturns. The minimum entry age is 30 years and the maximum is 65 years. The minimum vesting age is 50 years (55 years for policies sourced under QROPS) and the maximum is 75 years.

Primary benefits of this plan include maturity and death benefits, apart from Guaranteed Loyalty Additions, a scheme under which 0.5% of the fund value is added each year after 10th policy year. 0.02% absolute fund appreciation is also provided from 11th year onwards.

Max Life Guaranteed Lifetime Income Plan

This is a non-linked traditional annuity plan available in four variations – Single Life Annuity for Life (without death benefits), Single Life Annuity for Life with return of premium (ROP) payable on death, Joint Life Annuity for Life (without death benefits), and Joint Life Annuity for Life with ROP. The ROP plans pay the purchase amount (one-time lump sum payment) paid when buying the policy, excluding service taxes.

As the names suggest, the Single Life plans are meant for individual policy-takers while the Joint Life plans are meant for couples. Death benefits are only paid out in case of the ROP plans. Applicants within 50 to 80 years of age can apply for Max Life Guaranteed Income Plan.

Max Life Perfect Partner Super

This is a comprehensive life insurance and a retirement plan with death, maturity, and annuity benefits. With this plan, customers stand to receive lump sum maturity benefits as denoted in the policy document, as well as 7.5% of the sum assured every year from the age of 61 years up to 75 years. Apart from these, any nominee of the insured will receive the guaranteed death benefit plus terminal bonus and accrued interests.

The plan further provides terminal illness benefit, wherein if the insured suffers from a terminal illness with foreseen mortality of less than 6 months, then the insurer will provide a maximum of Rs.10 lakhs as lump sum to the insured. Also, any bonus or accrued interest can be used to offset future premium payment, increase the sum assured, or can be claimed in cash on a yearly basis. Minimum entry age is 91 days while maximum age varies between 45 years and 55 years according to chosen policy tenure.

Why Choose Max Life Retirement Plans?

Max Life pension plans are available in three types as discussed above. The policies come with further intrinsic options that give you more flexibility while choosing a product.

  • Flexible tenure, premium, and choice of investment funds.
  • Death and maturity benefits as per plan type.
  • Lifetime annuity payments as per plan type.
  • Branches located throughout the country.
  • Easy and hassle-free processing of applications.
  • Greater benefits than comparable products.
  • More options to choose from.

Tips and example

The best way to approach a retirement plan is to map out your requirements beforehand, and then choose premiums or funds so as to meet that end. For instance, if you are more interested in a safe traditional annuity plan without additional benefits, then you could go for debt instruments based fund options that will provide you with fixed income once you retire. Suppose you have chosen Max Life Perfect Partner Plan. You buy the policy at 35 years of age, with a policy tenure of 20 years, and a premium of Rs.60,000 p.a. In this case, the guaranteed income becomes Rs.8, 81,704. So, when you turn 61, you will start receiving Rs.66,128 p.a. till you turn 75. You will stand to receive Rs8, 81,704 as and guaranteed maturity and Rs.15, 62,076 as maturity benefit at 4% interest p.a. Also, death benefits will be paid out, with the amount increasing as your age increases.

Max Life pension plans are among the most sought-after plans owing to their amazing features and a wide range of options. You can start building your retirement corpus today with a great plan from Max Life .

Other Max Life Insurance Plans

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

Max life Pension Plans Reviews

Page 1 of 26 1 2 3 4 5
  • Max Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken my money policy 2 years ago. I have selected the MAX because of the agent who explained me about the policy details. I pay the premium amount of Rs. 50000 per annum. I don't remember about the sum assured amount. This is the tax benefit policy. I pay the premium through cash in their branch office.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 03, 2018
  • Max Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with Max Life and it was taken through an agent. This is a necessary for me and it was taken for tax benefits. The customer service is good. The policy coverage and plan benefits are fine, it could have been better. I make annual premium of around 30K.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Dissatisfied"
    0.5 1.0/5 "Really Bad"
    Its a fix guaranteed, I Have invested but I could take the capital amount if I cancel that policy. MY bank forced me but its not recommend from my end. The policy which I took its very disappointed, the customer service is good in one call they updated my KYC details. But the policy terms is not good I get my amount on retired age.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have 2 life insurance policies with Max Life Insurance and am using the service for last 10 months. My friend is working in the company so I have taken the policy with them. I am paying the premium yearly 53K plus 24K through online. The policy is good.
    Was this review helpful? 0
    , chandigarh
    Reviewed on Nov 29, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with Max life insurance, it has been a month only, and they have charged me premium amount up to 50,000 it was nominal for me and it was based on yearly basis , there agent had explain me policy related norms clearly, overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 21, 2018
  • Max Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have taken the life insurance policy with the MAX LIFE INSURANCE since from past 2010 where the tenuity period of this policy is for 20 years also the policy coverage is for self as well as the nominee. The customer service is very good and supportive.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 19, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Necessary policy for any human being"
    0.5 4.0/5 "Great!"
    I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
    Was this review helpful? 1
    , faridabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my Life insurance with Max life insurance , they have many service center near and the process was smooth and there premium they have charge is nominal , i do payment through on line or off line and there agent are very friendly in nature.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 14, 2018
  • Max Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken a personal loan from one bank they have offered me with the MAX LIFE insurance. I ma holding it from past five years where i pay the premium for yearly once through online. The maturity period of this policy is for 15 years and the coverage is for self.
    Was this review helpful? 1
    , bhubaneshwar
    Reviewed on Nov 07, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the TERM POLICY with the MAX LIFE INSURANCE the documentation for taking the policy is easy and good. I have been using from last three years the maturity period of this policy is for 25 years. The premium i pay yearly once also the service is good.
    Was this review helpful? 0
    , noida
    Reviewed on Nov 03, 2018
  • Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I am having a Max Life insurance policy from the last 11 years, it is a pension policy where i get good benefits and returns. Maturity period for this policy is 11 years but it can go up to 20 years. I pay my premium every month through ECS and i am convenient with the payment options.
    Was this review helpful? 1
    , kochi
    Reviewed on Oct 11, 2018
  • Max Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have taken life insurance from the Max life as it has good returns i make the payment through online banking annually . This policy covers accidental and critical illness benefits with the tenure period of 15 years . Overall am satisfied with my policy .
    Was this review helpful? 1
    , pune
    Reviewed on Oct 03, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    This is a term plan which i have purchased it through MAX LIFE INSURANCE. The tenuity period is for 8 years and premium i pay yearly through auto debit from account. Documentation done physically also it provides the self coverage along with the accidental benefits is. I am using from last 2 years.
    Was this review helpful? 2
    , mumbai
    Reviewed on Oct 03, 2018
  • Max Life Insurance
    "Average Service"
    0.5 3.0/5 "Satisfactory"
    I've a life insurance policy with the Max Life. I am paying a premium of 35K per year, they all provide massive offerings in order to convince the customers but once the customer has taken the policy; the service part becomes pathetic. They need to be more helpful and beneficial form the customer point of view.
    Was this review helpful? 4
    , hyderabad
    Reviewed on Sep 15, 2018
  • Max Life Insurance
    "Good services overall"
    0.5 4.5/5 "Excellent!"
    Max Life Insurance was pretty quick in the response for the term plan. The plan riders come up with good set of critical illness. The insurance procedure was quiet well described and executed. Just wish to add one point for the medical test center guys, please try to maintain cleanliness of the instruments because it will help in creating a hygienic impression of the process.
    Was this review helpful? 4
    , ahmedabad
    Reviewed on Sep 10, 2018
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I had taken this Insurance Policy a long time back, it has been a good policy. I had been making the payments online and i had been making the payments offline and there has not been any hassle in making the payments. Their customer support and their staff responses had been good as well.
    Was this review helpful? 1
    , bangalore
    Reviewed on Sep 03, 2018
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy almost 5-6 months back. I had been making the payments online and the payment methods had been simple and easy. The premium which has been paying had been good. There has not been any hassle faced with them so far.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 27, 2018
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