Robinhood Insurance Broker Private Limited

Product Info

UIN

104L075V01

Status

Active

Launch Date

05/07/2013

Withdrawn Date

Product Overview

This plan provides the benefits of equity participation to build a large retirement corpus. It also offers a guarantee to protect your savings from market downturns. It also offers additional benefits to safeguard your family against unforeseen eventualities so that you and your loved ones live life on your own terms. There is an option to choose the vesting age as per your requirement.

Product Description

  • Pension (A Unit Linked Pension Plan)
  • Option to choose the vesting age as per your requirement
  • Guaranteed Loyalty Additions added to the fund, starting 11th year
  • Option to Save More Tomorrow to enhance your retirement corpus, through Top-up premiums in the later years

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Unique Features

  • Max Life Forever Young Pension Plan is a unit-linked pension plan.
  • The plan provides "Guaranteed Loyalty Additions" from the 10th year @0.50% of the Fund Value which increase by 0.02% (absolute) each year from 12th policy year.
  • An additional rider-"Max Life Partner Care Rider" can be opted which ensures lumpsum payout of all the future premium payable in case of death of the life assured.

Eligibility Criteria

Eligibility Criteria
Available issue ages Minimum: 30 years
Maximum: 65 years
Vesting Age Minimum: 50 years
Maximum: 75 years
Premium Payment
Modes
Regular Pay - Annual, Semi Annual, Quarterly & Monthly modes are offered
Single Pay 
Minimum Premium For Single Pay -Rs 100,000
For Regular Pay - Rs 25,000 per annum 
Maximum per annum Premium: No limit
Policy Term Maximum allowed policy term is 75 years, less entry age
Minimum policy term is 10 years

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Product Benefit

  • Maturity Benefit:
  1. In case you opt for the Pension Maximiser Option – 101% of total premiums paid (including Top-up premium, if any) , exclusive of rider charge, if any
  2. In case you opt for the Pension Preserver Option – 110% of total premiums paid (including Top-up premium, if any) , exclusive of rider charge, if any
  • Survival Benefit:  NA
  • Death Benefit
  1. Higher of the Fund Value as on date of death or 105% of the cumulative premiums paid 
  2. Rider charge is excluded from the guarantee available on the death benefit.

Other Policy Features

Feature Description
DISCONTINUANCE OF PREMIUM
Discontinuance of Premium within first five policy years Revive the policy by paying the due premiums
Completely withdraw (surrender) from the policy. In this case, conditions relating to surrender within first five years shall be applicable.
Discontinuance of Premium after first five policy years Revive the policy by paying the due premiums
Completely withdraw (surrender) from the policy. In this case, conditions relating to surrender post first five years shall be applicable
Convert the policy into a paid up policy, in which case the policy will continue without any further premiums payable. However, the coverage under the rider
Top-up premiums Top-up premium can only be paid once all the due premiums have been paid
A maximum of twelve Top-ups are allowed in any policy year
Total Top-up premium in any policy year cannot be more than 150% of the Regular Premium 
The minimum amount for Top-up premium is ` 1,000
Top up premium shall be invested in the same fund as the base premium
Options available on vesting Immediate Annuity for the full amount
 Commute up to 1/3rd of the Fund Value (as per the prevailing tax laws) and use the
remaining proceeds to purchase an Immediate Annuity from Max Life
 Utilize the entire proceeds to purchase a Single Premium Pension Plan from Max Life
Extension of accumulation period 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 maturity of the policy.
Surrender:  In case you decide to surrender the policy due to any reason, you may do so by giving us a prior written request any time during the course of the policy.
Surrender within five years of the inception of the policy
The Pension Discontinuance Policy Fund shall be a unit fund with the following asset categories.
Surrender after five years of the inception of the policy To utilize the balance amount to purchase an Immediate Annuity from the Company at the then prevailing annuity rates,
To utilize the entire proceeds to purchase a single premium deferred pension accumulation plan
from the Company
Guaranteed Loyalty Additions 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.
Guaranteed Loyalty Additions shall be payable both in case of Regular Pay and Single Pay variants.
Investment Options
Available
Pension Maximiser Option- In case you opt for the Pension Maximiser Option, 100% of your premiumsshall 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  shall be invested in the Pension  Preserver Fund (SFIN: ULIF01815/02/13PENSPRESER104).
 
CHOICE OF INVESTMENT OPTIONS:
Fund Name and Objective Pension Maximiser Fund: Pension Preserver Fund
Government Securities & Corporate Bonds 40% - 80%  60% - 90%
Money Market & Cash Instrument 0% - 40%  0% - 40%
Equity & Equity related securities 20% - 60% 10% - 35% 
Potential Risk/Reward Medium Low
 
FLEXIBILITIES OFFERED:
Extension of the accumulation period You can opt to extend the accumulation period up to
3 months prior to the maturity of the policy, subject to your age being less than 55 years.

Add-ons

Max Life Partner Care Rider:- If the Policyholder dies, sum of all the future contractual Premiums payable under the Base Policy till the Vesting/Maturity Date chosen at the inception of the Base Policy shall be paid by the Company in lump sum.

Charges

Charges
Premium Allocation Charge (as a % of Annual Premium or Single Premium)
Year Premium Allocation Charge
Single Pay (as a % of
Single Premium) 
0%
Regular Pay (as a % of Annual Premium) Year 1 to 10 - 2% p.a. for annual mode
Year 1 to 10 - 1.25% p.a. for non annual modes
Year 11onwards - Nil for all modes
 
Fund Management Charge Fund Management Charge is 1.25% for the Pension Maximiser Fund and the Pension Preserver Fund.
An additional charge for offering guaranteed benefits will apply to the Pension Preserver Fund and the Pension Maximiser Fund at 0.20% p.a. and 0.40% p.a. respectively.
 
Charges Explanation
Policy Administration
Charge
Single Pay - y: 0.08% of the Single Premium per month increasing @ 4% p.a.
starting year 2,
The charge will not exceed Rs. 400 p.m. in any year.
Regular Pay - Year 1 to 5 - 0.36% of the Annual Premium per month
Year 6 onwards 0.46% of the Annual Premium per month increasing @ 5%
p.a. starting year 7 i.e. 0.483% of the Annual Premium per month in year 7.
 
Mortality Charge
Male Age Mortality Charge  Rs
30 1.17
35 1.39
40 2.05
45 3.11
Other Charges
Max Life Partner Care Rider Charge
Age Rider charge 
30 1.17
35 1.39
40 2.05
45 3.11
 
Miscellaneous Charges The charge will be deducted for any alternations made to the policy such as change in vesting age. A fee of Rs. 250 per transaction will be applicable.

Exclusions

If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.

Tax Benefits

Service Tax and education cess will be charged extra as per applicable rates

Claim Process

Know Claim Process of Max Forever Young Pension Plan

Claim Process

Company Overview

Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world.

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