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Max Life Insurance Forever Young Pension Plan

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

The entry age can be between 30 and 65 years, while vesting age can be between 50 and 75 years

 

PRODUCT FEATURES:

It is a unit-linked pension plan. The entry age can between 30 and 65 years while the vesting age (retirement age) can be between 50 to 75 years. The minimum policy term is 10 years. One can choose single pay or regular pay option with a minimum premium of Rs 25,000 and Rs 1 lakh, respectively.


INVESTMENT OPTIONS:

There are two fund options -the pension maximiser option allows maximum investment of up to 60 per cent in equity, while the pension preserver option allows maximum investment in equity up to 35 per cent. The fund options chosen at the inception cannot be changed during the policy term.


MATURITY BENEFIT & DEATH BENEFIT:

If you choose the pension maximiser option, you will receive the higher amount between the fund value and 101 per cent of cumulative premiums at maturity. If you choose the pension preserver option, you will receive the higher amount between the fund value and 110 per cent of cu mulative premiums at maturity. In case the insured dies, the nominee get the higher amount be105 tween the fund value and per cent of the cumulative premiums paid.


GUARANTEED LOYALTY ADDITION:

is equal to 0.5 per cent of the fund value and it shall be added to the fund starting from the 11th year. These will rise by 0.02 per cent every year CHARGES: The premium allocation charge up to the 10th year is 2 per cent per annum for the annual mode and 1.25 per cent per annum for non-annual modes in the case of regular premium plan. The fund management charge is 1.25 per cent. An additional charge of 0.2 and 0.4 per cent would apply for the preserver and maximiser options, respectively, for offering guaranteed benefits. In case of a regular premium policy, the policy administration charge would be 0.36 per cent per month for annual premium up to the fifth year and 0.46 per cent of the annual premium per month, increasing at 5 per cent per annum starting the seventh year.

First, the policy has high charges.

The second disadvantage of getting into a pension plan is that new regulations do not allow you to surrender the policy and get the surrender value in case of an emergency.

As per the new regulations, in case you surrender, you can start annuity for the full amount or take one third of the fund value and use the remaining proceeds to purchase an immediate annuity from the same insurer.

Another option given is to utilise entire proceeds to purchase a single premium pension plan from the same insurer. Why settle for less when a public provident fund is offering you a tax-free return of 8.7 per cent? Besides, annuity proceeds are taxable in a pension plan

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

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OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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Download Tax Saving Mutual Fund Application Forms from all AMCs

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