| Available issue ages (Age at last birthday) |
- Minimum: 30 years
- Maximum: 65 years
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| Vesting Age |
- Minimum: 50 years (55 years for policies sourced under Qualifying Recognized Overseas Pension Scheme (QROPS), as per prevailing Her Majesty’s Revenue & Customs (HMRC) regulations )
- Maximum : 75 years
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| Premium Payment Modes |
- Regular Pay - Annual, Semi Annual, Quarterly & Monthly modes are offered
- Single Pay
For monthly mode policies, the Company may accept two months premiums in advance only on the date of commencement of policy. |
| Minimum and Maximum Premium |
- Minimum per annum
- For Single Pay - ₹100,000
(However, in case the Single Pay variant is purchased through the corpus received on death or surrender of the Regular Pay variant (of the same product), there is no minimum premium limit to purchase the Single Pay variant)
- For Regular Pay - ₹25,000 per annum
- Maximum per annum Premium: No limit
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| Policy Term
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Vesting age less entry age, subject to following conditions:
- Maximum allowed policy term is 75 years, less entry age
- Minimum policy term is 10 years
The insured has the option to opt for any vesting age as long as the vesting age is at least 50 years (55 years for policies sourced under QROPS). Please note that one has the option to extend the policy term (i.e. vesting age) subject to the Maximum Vesting Age.
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| Rider Available
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Under this plan the following Rider is available:
- Max Life Partner Care Rider : The rider provides an optional additional benefit in the unfortunate event of death of Life Insured. The rider can be opted between ages 21 to 55 years and expires once the life insured attains the age of 60 years. The rider can only be opted for with the regular pay variant of the plan. Please note that rider premium will not exceed 15% of the base policy premium.
For further details please refer to the Max Life Partner Care Rider brochure. |
| Death Benefit |
The benefit payable is Higher of the Fund Value or 105% of the cumulative premiums paid (including top up premiums, if any). Rider charge is excluded from the guarantee available on the death benefit.
The nominee shall have the option to utilize the death benefit in one or more of the following ways:
- Utilize the entire proceeds of the policy or part thereof for purchasing an Immediate Annuity at the then prevailing rate of the Company or
- Withdraw the entire proceeds of the policy; or
- Utilize the entire proceeds of the policy or part thereof for purchasing a Single Premium Pension Plan, which will enable the nominee to purchase an Immediate Annuity at a chosen date in the future.
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Investment Options Available |
The insured has the option to choose from any one of the below mentioned investment options.
- Pension Maximiser Option – In this case, 100% of your premiums (including top up premiums, if any) shall be invested in the Pension Maximiser Fund (SFIN:ULIF01715/02/13PENSMAXIMI104).
- Pension Preserver Option – In case you opt for the Pension Preserver Option, 100% of your premiums (including top up premiums, if any) shall be invested in the Pension Preserver (SFIN: ULIF01815/02/13PENSPRESER104).
Please note that you can only choose the option at inception and no change in the option is allowed during the policy term.
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Guaranteed Loyalty Additions |
The loyalty additions are payable only if the life insured is alive and all due premiums have been paid. 0.50% of the Fund Value shall be added to the fund by creation of additional units, at the end of every policy year starting end of 10th policy year. The Guaranteed Loyalty Additions increase by 0.02% (absolute) each year from 11th policy year.
These Guaranteed Loyalty Additions shall be subject to the following:
- Guaranteed Loyalty Additions will be payable only on premium paying policies.
- Guaranteed Loyalty Additions shall be payable both in case of Regular Pay and Single Pay variants.
- In case of revival of policies, the Guaranteed Loyalty Additions for previous years will be added based on the Fund Value prevailing at the revival date.
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| Vesting Benefit |
Higher of the Fund Value or guaranteed vesting benefit, where the guaranteed vesting benefit is defined as follows:
- In case one opts for the Pension Maximiser Option – 101% of total premiums paid (including Top-up premium, if any) , exclusive of rider charge, if any.
- In case one opts for the Pension Preserver Option – 110% of total premiums paid (including Top-up premium, if any) , exclusive of rider charge, if any.
Following options are available on vesting of policy:
- To commute to the extent allowed under the Income Tax Act and to utilize the balance amount to purchase an immediate annuity from Max Life, which shall be guaranteed for life, at the then prevailing annuity rates of the Company, or
- To extend the accumulation period subject to the age of the Life Insured being less than 55 years (last birthday), or
- To utilize the entire proceeds to purchase a single premium pension accumulation plan from Max Life.
The above options are applicable for both Regular Pay & Single Pay variants.
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| Extension of Accumulation Period |
Subject to your age being less than 55 years, you can opt to extend the accumulation period, by giving us a notice up to 3 months prior to the vesting of the policy. |
| Loans |
Loans are not allowed for this product. |
