Axis Max Life Forever Young Pension Plan

Key Features

• It is a non-participating Unit Linked plan with Regular and Single Pay premium payment option
• Guaranteed Additions are added from the end of the 10^th year and it increases every subsequent year
• There are 2 investment options of Pension Preserver and Pension Maximiser
• The following 2 funds are available for investment:
  • Pension Maximiser Fund
  • Pension Preserver Fund

Benefits

• Guaranteed Additions accrue @ 0.50% of the Fund Value and then increase by 0.02% each year subsequently
• On Maturity, higher of the accumulated Fund Value or 101% of total premiums paid including top-up premiums if any is payable under the Pension Preserver Option
• Under the Pension Maximiser Option, higher of Fund Value or 110% of total premiums paid including top-up premiums paid if any is payable on maturity
• On Vesting, the benefit can be used to:
• Purchase an Immediate Annuity form the entire amount
• Purchase a Single Premium Pension Plan from the company with the entire amount
• Extend the vesting date if age is lower than 55 years
• Commute 1/3^rd of the corpus and purchase an Immediate Annuity with the remaining 2/3^rd part from the company
  • On death, higher of the Fund Value or 105% of total premiums paid including top-up premiums is payable to the nominee.
  • The nominee can withdraw the entire amount or use it entirely or partly to purchase an immediate annuity or to purchase a Single Premium Pension Plan from the company
  • Income tax benefit on the premium paid as per Section 80CCC and on the commuted part as per Section 10(10A) of the Income Tax Act. Death Benefit is exempted under Section 10(10D) of the Income Tax Act

Product Specification:

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Details about Premium

Policy Details

• Grace Period: 15 days grace period is allowed in monthly mode and 30 days in other modes.
• Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Pension Discontinuance Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges. The Surrender Value should be used to commute 1/3^rd part of the corpus and buy an Immediate Annuity form the remaining part or to buy a Single Premium Deferred Annuity with the entire amount 
• Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Exclusions

• The fund value is paid in case of suicide within one year of policy commencement or revival

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Additional Features or Riders

• Axis Max Life Partner Care Rider is available under the plan which guarantees retirement benefits for the spouse in case of the policyholder’s death
• Top-ups are allowed to increase the investments with a minimum of Rs.1000
• Top-up premiums are invested under the ‘Save for Tomorrow’ feature where the policyholder is allowed to increase the amount of top-ups by 5% p.a. subject to a maximum of 150% of the regular premium

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents.