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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 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?

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 .

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 insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in MAX LIFE INSURANCE on 6 years before. The policy is for 50 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It covers up to myself.
    Was this review helpful? 0
    , jaipur
    Reviewed on Oct 03, 2019
  • Max
    Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The reason for selecting Max life is I felt, the benefits are good and convenient for me. The customer service is better. I have taken a 5years policy and the premium was 50K per year. In the 10th year, I will be getting sum assured of 6L which is double the amount what I have paid.
    Was this review helpful? 0
    , kakinada
    Reviewed on Sep 27, 2019
  • Max Life Insurance
    "Good policy for future"
    0.5 4.0/5 "Great!"
    I had chosen my term insurance from Max Life. Since my friend has recommended about the policy i have taken it. I am paying the premium amount of Rs. 6000 every year. They have given me a coverage value of Rs. 50 lakhs. They do provide cover for partial disability cover also.
    Was this review helpful? 0
    , tirunelveli
    Reviewed on Sep 24, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in MAX LIFE INSURANCE on 1 year before. The policy is for life term. I am paying premium in the yearly package for 50 thousands. While getting a policy my agent has given an information about the policy details. I visit to office directly to pay the premium amount.
    Was this review helpful? 0
    , anantapur
    Reviewed on Sep 22, 2019
  • Max Life Insurance
    "Good claim settlement ratio and very good service"
    0.5 4.0/5 "Great!"
    I have life insurance with MAX because of the claim settlement ratio around 98.9% . Yearly I make Rs. 52,000 it has the maturity period of 25 years, its a traditional plan, I get around Rs. 22 lakhs overall and it has life coverage if there is no any demise my nominee get the life cover. I do have flexi pay option.
    Was this review helpful? 0
    , sonipat
    Reviewed on Sep 19, 2019
  • Max Life Insurance
    "Need improvement on the benefits"
    0.5 4.0/5 "Great!"
    AXIS bank have recommended Max life insurance comes along with ULIP. I need to invest upto 7 years but the ULIP has the locking period of 12 years, the premium is economical as per the policy. They do have good life cover for the financial security for unforeseen events. It has tax saving under 80c section, I have online credential for max life to check my insurance details and every day I get sms as well. I make the premium on yearly basis through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 19, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The payment mode is online and making the premium through debit card or credit card. I have taken short term life policy with MAX LIFE. The benefits are good. They have provided me a life cover of 12L with the locking period of 5 years. I have not gone through the documents so cannot tell about this policy much. Their claim settlement rate is good and giving 98.8%.
    Was this review helpful? 0
    , new delhi
    Reviewed on Sep 16, 2019
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through Max Life agent .This policy tenure is for 20 years.I am paying the premium through citi bank credit card .The agent gave all the information about the insurance policy .I have received the policy documents on time .This policy is really useful and it is still active .
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 05, 2019
  • Max Life Insurance
    "Moderate"
    0.5 3.0/5 "Satisfactory"
    I have taken a term plan from MAX LIFE because am employee of Axis Bank and that time have take a term plan of 75L. There is no benefits, just am paying the premium. If any demise happens the family will be getting the benefit. The customer service is average. I am doing online payment and its 7K per year.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 03, 2019
  • Max Life Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance with MAX LIFE INSURANCE on 2 years before. The policy is for 15 years and it is gain plan policy. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details. I use to pay for 2500 rupees.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 28, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have chosen MAX LIFE for a life insurance. It is for future savings and life insured cover. I am doing yearly premium of Rs.52,000, it will be automatically debited from my account. I receive a statements from them. The sum assured is 5Lakhs.
    Was this review helpful? 0
    , kolkata
    Reviewed on Aug 26, 2019
  • Max Life Insurance
    "Good for the family protection"
    0.5 4.0/5 "Great!"
    I have one term plan with Max life for the sum assured of Rs. 70 lakhs, yearly I paid Rs. 22,000 for the term of 16 years and the life cover upto 70 years of age. I have option to add only nominee however the claim settlement is good for this insurance company.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 24, 2019
  • Max Life Insurance
    "Good Investment"
    0.5 4.0/5 "Great!"
    I am having MAX LIFE which was suggested by their staff, the premium is economical. I used to pay Rs. 50,000 per annum it has the term of 19 years, after the maturity I get the lump sum amount along with the monthly bonus. I got the policy bond from the insurance company.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 23, 2019
  • Max Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I have purchased a term plan with MAX LIFE because their claim settlement ratio is high compared to other insurance company and also premium is affordable. Their executive is regularly calling me and helpful too. The payment mode is online.
    Was this review helpful? 0
    , jaipur
    Reviewed on Aug 21, 2019
  • Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Taken my life insurance policy from Max life. I am paying the premium amount of Rs. 50000. I did the ECS facility hence the amount will be automatically deducted from my account. I need to pay the premium for 10 years and after 10 years the bonus will get added. Total sum assured amount of the policy is 6 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 20, 2019
  • Max Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I took a life insurance from Max life because the premium is affordable. I have not used the customer service but heard they are doing good. I am paying 35K yearly through online. The payment mode is convenient and am getting notifications immediately. I took it for savings plan.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 19, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance with MAX LIFE INSURANCE on 6 months before. The policy is for 38 years. I use to do payment through an online. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details.
    Was this review helpful? 0
    , pune
    Reviewed on Aug 16, 2019
  • Max Life Insurance
    "Fast and quick policy"
    0.5 4.0/5 "Great!"
    I have just booked the policy through online and i have got my insurance documents within a day to my mail id. They have sent the documents after 10 days. Axis bank had a tie up with Max life thats the reason i opted this policy. I'm satisfied with the coverage value.No medical examination is required.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 16, 2019
  • Max Life Insurance
    "Excellent card"
    0.5 4.0/5 "Great!"
    I have purchased a life insurance policy from Max Life through online. I am paying premium of Rs.700 monthly through cash and sometimes online. The customer service is good. The policy coverage is 32L. I need to pay the premium upto age of 60K.
    Was this review helpful? 0
    , bikaner
    Reviewed on Aug 12, 2019
  • Max Life Insurance
    "Good for the family protection"
    0.5 4.0/5 "Great!"
    Reason to select Max life, I found the claim settlement ratio is good around 98% this year. They also providing critical illness waiver, waiver on disability. The customer care is very prompt they shared terms and condition before availing the plan. It has the life cover upto 80 years and premium 60 years. I paid the premium around Rs. 850 per month, I sum assured of Rs. 1 crore, I have option to add nominees, I avoided half of the lum sum amount and they give monthly payment.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 11, 2019
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