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Max Life Insurance Retirement Plans

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

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Max life Pension Plans Reviews

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  • Max Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    MAX LIFE INSURANCE is the insurance provider where i am holding the TERM PLAN with this policy, and using it since from last 6 years. The policy has the maturity period of this policy is for 70 years of the age. The premium paying for monthly once.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 23, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    Max life is also good and the premium is reasonable for the life insurance. I took a short term plan and the tenure is 10 years. The customer services are good. I make the premium through ECS, it was around 70,000 rupees per annum for two policies.
    Was this review helpful? 0
    , kolkata
    Reviewed on Apr 23, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I hold my life insurance with Max life for a long time, They have given me good benefits, and the agent had clearly explain me about the plan and policy coverage, Their customer care service is quite average, i pay premium on yearly basis ,it use to get deducted annually from my account.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 13, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    The Axis bank is tie up with Max insurance company, so they have recommended me this life insurance,The agent had properly explain me about the plan benefits and policy coverage , Even they have given me hard copy as well, I use to pay premium on yearly basis, It use to get auto debited from my account.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Apr 10, 2019
  • Max Life Insurance
    "Need improvement on the maturity amount"
    0.5 4.0/5 "Great!"
    Yearly I pay Rs. 26,125 to the Max life policy, it has the tenure period of 10 years, then I get the maturity benefits around Rs. 2.9 lakhs + 50,000 bonus amount. The service is proactive, they send the timely reminder. But I feel the benefits are very average, I have activated for ecs payment. It has the tax benefits, however premium should be reduced and the maturity should be higher.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 10, 2019
  • Max Life Insurance
    "Good claim settlement process"
    0.5 4.0/5 "Great!"
    For a Sum assured Rs 1 crore , I taken a policy from MAX life insurance . Max has a very good settlement ratio . So I need not to worry about settlement for my family . It covers every types of risk benefit . while getting the policy , Max life executive helped me a lot in understanding the policy .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Apr 09, 2019
  • Max Life Insurance
    "App can be improved"
    0.5 4.0/5 "Great!"
    Recently I have started my policy with Max Life Insurance before 4 months back. I have tried the online comparisons and found MAX is good with reasonable premium. It was applied through online and the tenure is 15 years. The maturity amount is good depends on the market as well. They don't have direct login online facility but still I can view the statement through the site.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 28, 2019
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have been holding the life insurance policy with the MAX LIFE INSURANCE and i am using it from last 20 years, the documentation process was simple and the customer support is good with this policy. It is the long term policy also the policy has good features.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 19, 2019
  • Max Life Insurance
    "Communication should be clear"
    0.5 3.5/5 "Pretty good"
    When I was taking this Max life insurance, they told I need to pay upto 60 years . Monthly I make Rs. 500, before the policy gets maturate if some thing happen to me, the nominees get the sum lump, if I live after 60 years, there is no benefits. They need to give at least partial amount to insured person. I am not aware of complete benefits before availing it.
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 16, 2019
  • Max Life Insurance
    "good service "
    0.5 5.0/5 "Blown Away!"
    I have taken a Max Insurance from Bajaj Insurance company .This is a combine policy both Health and Term policy.The coverage was Rs. 15,00,000. Term policy can coverage was Rs. 1000000 and medical coverage Rs. 500000.I am getting Tax benefits for this policy to claim Tax.I am paying yearly Rs. 12000 premium.In medical still there is no claim so i have some no claim bonus .During renewal time i use to get call for renewal at that time i can re assist my coverage value also its good .I am holding this policy since 1 year customer service is good.
    Was this review helpful? 0
    , kochi
    Reviewed on Mar 14, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my life insurance policy with Max life insurance, Their service is good,The agent had clearly explain me about the policy and benefits, and they have charged me nominal premium amount, and on yearly basis i pay premium through on line.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 13, 2019
  • Max Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have taken my life insurance policy with Max life insurance, Their service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.but now i have closed this insurance ,as there was no return.
    Was this review helpful? 1
    , lucknow
    Reviewed on Mar 03, 2019
  • Max Life Insurance
    "Not satisfied"
    0.5 1.0/5 "Really Bad"
    I have taken my life insurance policy with Max life insurance. Their service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.i have pay up to 40,000,but i did not felt any kind of benefit,so i have closed this insurance,on year bases i was paying premium up to 20,000,for 2 installment i paid then i have closed it.
    Was this review helpful? 1
    , mumbai
    Reviewed on Feb 26, 2019
  • Max Life Insurance
    "Good Policy to protect the family with Max Life"
    0.5 5.0/5 "Blown Away!"
    I have term plan with Max Life, the claim ratio is really good. I do make the premium around Rs. 28k per annum until 60 years of my age , it laps the age of 82 days, there is a premium terminal for the disability, critical illness. On some certain demise my nominees will get Rs. 1 crore lump sum and also they will be getting monthly Rs. 40,000 for next 10 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 21, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Max life insurance , and their service is good. the agent had clearly explain me about the policy and coverage benefits. and the premium amount i use to pay on yearly basis. and i use to pay premium amount through on line.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 14, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with MAX life, and the agent had clearly explained me about the policy coverage and benefits,i have taken this policy for my kids like after 12 years,they will be getting the coverage amount ,and the premium amount they have charged me on yearly basis, and i pay my premium through on line.Till now their service is good.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Feb 11, 2019
  • Max Life Insurance
    "Good saving plan"
    0.5 4.0/5 "Great!"
    I have taken a saving plan from MAX LIFE and the tenure period is 18 years. It was purchased through online. Its a children plan and am paying per month 5K through online option via credit card. I have received the insurance paper. I will lump some amount once and there is bonus on every month.
    Was this review helpful? 2
    , bangalore
    Reviewed on Feb 08, 2019
  • Max Life Insurance
    "Good for saving"
    0.5 4.5/5 "Excellent!"
    I pay about Rs. 15000 for one year plan in Max Life, it has the term of 8 years again the period of 7 years I got some policy covered after maturity period, they tax benefits and life cover is good for any certain demise they have payment mode like online , cash.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Feb 07, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with MAX life, and i have applied through on line, and the premium amount they have charged me on yearly basis, and i pay my premium through on line. I have been got the hard copy of the policy , and till now my experience with this insurance company was good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 30, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with MAX life, and the agent had clearly explained me about the policy coverage and benefits, and the premium amount they have charged me on monthly basis, and i pay my premium through on line.Till now their service is good.
    Was this review helpful? 1
    , kochi
    Reviewed on Jan 27, 2019
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