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Retirement is a time when you would like to do the things, which you could not do due to lack of time and your busy life prior to your retirement. This is actually the time when you can truly live your dream such as enjoying a completely relaxed life with your near and dear ones, traveling to exotic vacation destinations, buying a lavish home or a luxurious car, etc. However, to fulfill all these dreams you need sufficient savings or finance.
Catering to the diverse set of needs of various customers looking for retirement planning, Max New York Life offers some splendid retirement plans, which would suit their budget and lifestyle. Max New York Life's Easy Life™ Retirement Plan Regular Premium/Single Premium (Participating) Policy is designed to help you save money for your retirement. It also provides you with an opportunity to take home a regular retirement income (i.e. pension).
- On the chosen retirement date: Sum Assured plus additional insurance coverage purchased in way of bonuses.
- On death of life insured: Refund of accumulated premiums plus cash value of additional pure endowments purchased from bonuses
- Choice of Annuity
- Tax Benefit –
1. Your premiums are eligible for deduction u/s 80C up to Rs.1,50,000/- every year.
2. 1/3rd of the corpus can be commuted at vesting age the amount commuted are eligible for tax exemption u/s 10A
| Criteria |
Eligibility |
| Entry Age |
20 - 60 years |
| Premium Payment Period |
10 - 40 years |
Sum Assured Limits
*Chosen Retirement Age: the age on which your annuity vests. |
Minimum= Rs. 1,00,000
Maximum= Rs. 10 Crore |
| Chosen Retirement |
50 - 70 years |
Deferment Period
(Subject to min. vesting age) |
10 - 40 years |
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You have the flexibility to direct your investments in any one or more of the following five unit linked investment funds of the Company: SECURE, CONSERVATIVE, BALANCED, GROWTH and GROWTH SUPER. These funds invest in Fixed Income and equity assets as follows
| Fund |
Secure fund |
Conservative fund |
Balanced fund |
Growth fund |
Growth super
Fund |
| Investment type |
| Government Securities |
50-100% |
50 - 80% |
20 - 50% |
0 - 30% |
0-20% |
| Corporate Bonds (investment grade) |
0-50% |
0 - 50% |
20 - 40% |
0 - 30% |
0-20% |
| Money Market Instruments / Cash |
0-20% |
0 - 20% |
0 - 20% |
0 - 20% |
0 - 20% |
| Equities |
NIL |
0 – 10% |
10 - 40% |
10 - 70% |
70-100% |
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Flexibilities |
Switching: This plan allows you to switch between funds and allows you to change your risk return profile of your existing investments, safeguarding/increasing your investments for your child. 6 Free switches are available to you in a Policy Year.
Premium Re-direction: This plan allows you to re-direct your future premiums. You can invest your future premiums in a fund different from your earlier fund, or to multiple funds in a ratio different from your earlier ratio. 3 free re-directions are available to you in a policy year.
Partial Withdrawal: You can make lump-sum partial withdrawals from your funds at any time after the completion of five policy years and within the policy term chosen, provided the minimum amount of partial withdrawal is Rs.10,000.
Surrenders: You may by giving us a prior written request, surrender this policy, at any time after the completion of first policy anniversary, provided an amount equal to one ATP has been paid by you. However, the surrender value if any shall be paid only after the completion of third policy anniversary. |
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