Max Life launches Max Life Smart Guaranteed Pension Plan – Check features – The Financial Express
The new product offering will guarantee the annuitant a regular income stream, ensuring the policyholder’s future financial security.
Max Life Insurance Company has launched the ‘Max Life Smart Guaranteed Pension Plan’, a non-linked, non-participating single premium individual/group general annuity plan.
The company claims the new product offering will guarantee the annuitant a regular income stream, ensuring the policyholder’s future financial security.
The Smart Guaranteed Pension Plan marks the Company’s entry into the group annuity solutions space. Corporates and public sector enterprises can directly purchase this plan as a group annuity product to meet the employees’ retirement needs. Furthermore, the product will also be available to direct customers.
The company says, offering attractive annuity rates and unique benefits, National Pension System (NPS) subscribers will also be eligible to buy the product utilizing their NPS proceeds.
Prashant Tripathy, MD and CEO, Max Life says, “With the Max Life Smart Guaranteed Pension Plan, we offer a comprehensive solution that ensures lifelong financial protection through an additional income stream. The product combines the strength of financial protection, assured pension, and reliability into a single solution allowing customers to realize their life goals post-retirement.”
Key features of Max Life Smart Guaranteed Pension Plan;
1. Guaranteed Lifelong income catering to policyholder’s varied financial needs
2. Return of premium (ROP) option that returns the complete purchase price to the nominee/legal heir(s) after the demise of the annuitant.
3. Advance annuity option feature that helps enhance the financial liquidity of the customers. This feature is available with Joint Life Immediate Annuity with the ROP variant only. With this feature, after the death of the 1st Annuitant, the surviving annuitant can withdraw the present value of annuities payable in the next five years in advance as a lump sum
4. Unlimited Top-Up feature that helps beat inflation and improve one’s Annuity income.
5. No medical underwriting is required for issuing this plan
The insurance company says this annuity product allows the convenience of submitting the living certificate only once in five years for the ROP variant. Alongside, policyholders can request for nomination and address change/update, amongst other services.
Max Life has recently been authorized by the Pension Fund Regulatory and Development Authority (PFRDA) for setting up a subsidiary for Pension Fund Management. This move, the company claims of establishing a new subsidiary company is well-aligned with the life insurer’s broader fund management strategy and strengthens its position within the retirement space.
