Axis Max Life Forever Young Pension Plan
The Forever Young Pension Plan offered by Axis Max Life Insurance is a unit-linked, non-participating individual pension plan. This plan is designed with the aim of helping the policyholder build a retirement corpus by investing in a mix of funds, including equity.
Features of Axis Max Life Forever Young Pension Plan:
The Axis Max Life Forever Young Pension Plan comes with a lot of attractive features which include:
- This is a unit linked life insurance plan ULIP.
- You can choose from a variety of investment options such as Pension Maximizer Option and Pension Preserver Option. The Pension Maximizer Option will enable you to invest 100% of your premiums in Pension Maximizer Fund. With the Pension Preserver Option, you can invest 100% of your premiums in the Pension Preserver Fund.
- The maximum term of the policy is 75 years.
- The minimum policy term is 10 year.
- The policy accepts a minimum premium Rs. 1, 00000 for a Single Pay policy is and Rs. 25,000 for a Regular Pay Policy.
- There is no limit for the maximum premium amount payable.
- The plan offers immediate annuity option for full amounts.
- You can extend the accumulation period of your policy, provided you age is less than 55 years. This is applicable for both Single and Regular Pay polices.
- The plan enables you to commute up to 1/3 of your fund value and use the remaining amount to buy Immediate Annuity offered by .
- The policy offers a free look period of 15 days for policies bought manually and 30 days for policies bought online.
- A 30 day grace period is offered by the policy.
- The plan does not allow switching.
- Premium allocation is also not allowed under this plan.
- It does not include the provision for partial withdrawal of funds.
- The policy can be revived by the policyholder.
- You can surrender the policy at any time.
Benefits of the Axis Max Life Forever Young Pension Plan:
The beneits of the Axis Max Life Forever Young Pension Plan are as listed below:
- Options in type of investment: This plan offers five different types of investment funds to choose from. You can opt for an investment based on your risk appetite and investment strategy.
- Flexible retirement age: You can choose the age between 40 years and 80 years, at which you wish to start receiving your pension.
- Partial Withdrawals: This plan allows partial withdrawals of up to 25% of the fund value after completing 5 policy years.
- Loyalty additions: With this plan you get guaranteed loyalty additions to the fund, starting from the 11th policy year. This can help boost your retirement corpus.
- Death Benefit: In case of an unfortunate event with the policyholder, the nominee receives a death benefit, which is the higher of the fund value or 105% of the total premiums paid. This ensures financial security for your family.
- Maturity Benefit: On vesting, the policyholder receives a benefit equal to the fund value. The guaranteed retirement benefit varies depending on the investment chosen.
- Tax benefits: You will receive tax benefits on the premiums paid for this policy as per the existing tax laws. However, tax benefits are subject to change as per changes in tax law.
Eligibility Conditions of Axis Max Life Forever Young Pension Plan:
The eligibility condition for the Axis Max Life Forever Young Pension Plan include:
Entry Age | Investing Age |
Minimum: 30 years Maximum: 65 years | Minimum : 50 years Maximum: 75 years |
The eligibility criteria for availing the rider benefits offered by the policy include:
Issuing age. | Minimum – 21 years Maximum - 55 years |
Maximum Maturity Age | 60 years |
Investment of Funds in Axis Max Life Forever Young Pension Plan:
The Axis Max Life Forever Young Pension plan offers two investment funds which you can invest in the following fields:
Name of funds | Government Securities | Corporate Bonds | Money Market & Cash Instruments | Equity & Equity related securities | Potential Risk/Reward |
Axis Max Life UL Pension Growth Super Fund(SFIN: ULIF01213/08/07PENSGRWSUP104) | Up to 20% | Up to 20% | Up to 30% | 70% - 100% | High |
Axis Max Life Pension Life Growth Fund (SFIN: ULIF00525/11/05PENSGROWTH104) | Up to 30% | Up to 30% | Up to 40% | 20% - 70% | High |
Axis Max Life Pension Life Balanced Fund (SFIN: ULIF00625/11/05PENSBALANC104) | 20% to 50% | 20% to 40% | Up to 40% | 10% to 40% | Medium |
Axis Max Life Pension Life Conservative Fund (SFIN: ULIF00725/11/05PENSCONSER104) | 50% to 80% | Up to 50% | Up to 40% | Up to 15% | Low |
Axis Max Life Pension Life Secured Fund (SFIN: ULIF00825/11/05PENSSECURE104) | 50% to 100% | Up to 50% | Up to 40% | Nil | Low |
Charges Involved in the Plan:
The policy charges the following charges:
Premium allocation charges | Single Pay policy: 0% Regular Pay and Limited Pay: 2% p.a. for annual mode and 1.25% p.a. for non-annual modes Allocation Charge on Top-up Premium: 1% of Top Up Premium |
Fund management charges |
|
Rider Charge | Nil |
Axis Max Life Partner Care Rider charges |
|
Discontinuation charges | The plan charges different charges discontinuations charges for Single Pay and Regular Pay policies. |
Miscellaneous charges | A fee of Rs. 250 per transaction is charged for any change/ alterations made to the policy. |
Fund Switching Charges | The policyholder can switch funds by paying a minimal fee of Rs. 500. Do note that there is no limit to the number of switches, and no charges apply. |
Premium Discontinuation:
If you fail to pay your policy premiums on time, you will get a grace period of 15 days to clear your pending premiums. The 15 days grace period is applicable for monthly mode policies. If you still fail to pay your premiums within the allotted grace period, your policy will lapse or become inactive. In that case, you can revive the policy by paying all pending dues and making a written request or completely withdraw the policy. If you don’t revive or surrender the policy within the revival policy, the policy will be considered as surrendered.
The Axis Max Life Forever Young Pension plan is ideal for you to plan your retirement. The plan not only offers you comprehensive insurance solutions, it also helps you earn double returns on returns on your savings by enabling you to invest in different funds.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
FAQs on Axis Max Life Forever Young Pension Plan
- Does the Axis Max Forever Young Pension plan come with a free look period?
Yes, the Axis Max Forever Young Pension plan comes with a free look period of 30 days.
- Are partial withdrawals allowed on this plan?
Yes, partial withdrawals are allowed up to 25% of the fund value after 5 years.
- How much is the minimum and maximum entry age for this plan?
The minimum and maximum entry ages for this plan are 18 years up to 70 years.
- Can I get tax benefits with this plan?
Yes, you can get tax benefits with this plan as per the existing tax laws.
- Is switching between fund types allowed in this plan?
Yes, switching between fund types is allowed in this plan by paying a nominal fee of Rs. 500.
- What is the maximum retirement age with this plan?
The maximum retirement age with this plan is 80 years.
- Does this plan come with a death benefit option?
Yes, this plan comes with a death benefit option.
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