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Thread: Want to know about Max Life Insurance (Pension Plan)??

  1. #1
    NewBie
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    Default Want to know about Max Life Insurance (Pension Plan)??

    Hi I am from Kolkata and I'm 32 years old. Today I heard about pension plan from Max Life Insurance. That scheme is just Rs.1,000 per month and that will be continued to till 10 years long. After I pay total amount i.e. Rs.1,20,000 after 10 years I will get some money from them every year basis. I'm sorry to say that particular name of that plan but I'm sure Agents can get it easily. So my question is:

    1. Is Max Life Insurance Genuine Company for my future investment??
    2. Is Max Life Insurance is IRDA Approved??
    3. Is my plan will be perfect for my future??
    4. Most important part is that how many amount I will get after maturity??


    Any expert who read my thread kindly reply me and give me a right decision so that I will benefited at my future. Thanks for any helpful reply in advance.



  2. #2
    Moderator Matrix's Avatar
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    Quote Originally Posted by mainak18 View Post
    1. Is Max Life Insurance Genuine Company for my future investment??
    Why you are thinking it is not Genuine? Read More - http://www.policywala.com/how-safe-i...rance-company/

    2. Is Max Life Insurance is IRDA Approved??
    Yes

    3. Is my plan will be perfect for my future??
    You have not mentioned the name of the plan you wanted to buy.

    Max Life has three pension plans:
    1- Max Life Forever Young Pension Plan - Minimum Premium is Regular Pay - Rs. 25,000 per annum; so it does not fit in your example (Rs. 12000 per annum) above.
    2- Max Life Guaranteed Lifetime Income Plan - Entry Age (Age at last birthday)Minimum: 50 years; so you are not eligible (Age 32)
    3- Max Life Life Perfect Partner Super - Minimum Premium is Rs. 20,000 per annum; so it does not fit in your example (Rs. 12000 per annum) above.

    So none of the above looks like the plan you discussed with your agent.

    4. Most important part is that how many amount I will get after maturity??
    Without the plan name we can't answer this.

  3. #3
    NewBie
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    At first I'm very thankful to you(Matrix) for your valuable information. Today I'm talking with my Agent again and he told me that plan name is "Max Life Life Perfect Partner Super". As per his(agent) information I'm describe it properly. At the 1st Year when I'm starting my plan I will give Rs.12,000 at a time and no more pay within one year. But from the second year I will give Rs. 1,000 per month (Rs.12,000 pa) and not given it at a time I can pay month by month. It will be continued to next 9 years (Total payment years 10). After 10 years I will get 7.5% - 10% return per year on my deposit amount i.e. Rs. 1,20,000. This will be continued till my death. As per your information this particular plan is Rs.25,000 pa. So my question is:

    1. This plan (Rs.12,000 pa) being verified for "Max Life Life Perfect Partner Super"?
    2. If not kindly refer me a suitable plan for my future so that I will get good amount of money in my future. It's not necessary that will be a pension plan.

    I'm waiting for your valuable information. So it's request kindly reply me ASAP.

    Thanks in advance...

  4. #4
    Super Moderator PolicyWala's Avatar
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    Small correction @Matrix

    In "Max Life Life Perfect Partner Super", the minumium premium (Rs. 20,000 per annum), you have mentioned is for 7 year premium paying term. For others - 10, 15 & 20 Years it's Rs. 8,500/- per annum.

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    Moderator Matrix's Avatar
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    Quote Originally Posted by PolicyWala View Post
    Small correction @Matrix

    In "Max Life Life Perfect Partner Super", the minimum premium (Rs. 20,000 per annum), you have mentioned is for 7 year premium paying term. For others - 10, 15 & 20 Years it's Rs. 8,500/- per annum.
    Thanks @policywala, just checked, I overlooked this info.

  6. #6
    Moderator Matrix's Avatar
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    Quote Originally Posted by mainak18 View Post
    At first I'm very thankful to you(Matrix) for your valuable information. Today I'm talking with my Agent again and he told me that plan name is "Max Life Life Perfect Partner Super". As per his(agent) information I'm describe it properly. At the 1st Year when I'm starting my plan I will give Rs.12,000 at a time and no more pay within one year. But from the second year I will give Rs. 1,000 per month (Rs.12,000 pa) and not given it at a time I can pay month by month. It will be continued to next 9 years (Total payment years 10). After 10 years I will get 7.5% - 10% return per year on my deposit amount i.e. Rs. 1,20,000. This will be continued till my death. As per your information this particular plan is Rs.25,000 pa. So my question is:

    1. This plan (Rs.12,000 pa) being verified for "Max Life Life Perfect Partner Super"?
    As told by @policywala in the thread above, I was wrong and the plan as told by your agent is available.

    1- Max Life Partner Plus Plan is an endowment plan providing retirement benefits.
    2- Every year from 61 years to 75 years, 7.5% of the Sum Assured is paid out as Guaranteed Payment while the Life Cover continues till the end of the Policy Term at 75 years of age.
    3- At the end of the Policy Term, i.e. when the Life Insured is 75 years of age, the person receives 100% of the Sum Assured + Paid Up Additions (if any).
    4- Returns expected : Less than Fixed Deposit

    2. If not kindly refer me a suitable plan for my future so that I will get good amount of money in my future. It's not necessary that will be a pension plan.

    I'm waiting for your valuable information. So it's request kindly reply me ASAP.

    Thanks in advance...
    It you are looking for pension plan. I would avoid that from any insurance company. Instead of that I buy term insurance plan and invest remaining amount in long term equity mutual fund.

  7. #7
    NewBie
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    Quote Originally Posted by Matrix View Post
    It you are looking for pension plan. I would avoid that from any insurance company. Instead of that I buy term insurance plan and invest remaining amount in long term equity mutual fund.
    Thanks for your valuable information but for your kind information I'm already in the Stock Market so I can invest here by myself that is why invest in the mutual fund is not necessary to me. I would like to know any other insurance you can suggest for my best future plan that may be LIC, MAX Life Insurance, Aviva or anything.


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