Guaranteed lifetime income in the form of annuity payouts with options for both single and joint life coverage, and return of premium option
National Pension System (NPS) subscribers will be eligible to buy this product from their NPS proceeds
Corporate and Public Sector Enterprises can purchase the plan as a group annuity product to meet their employees’ retirement needs
Max Life Insurance Company Ltd. (“Max Life” / “Company”),has announced the launch of the ‘Max Life Smart Guaranteed Pension Plan’ (UIN No: 104N122V01), a non-linked, non-participating Single Premium Individual / Group General Annuity Plan. The new product offering will guarantee the annuitant a regular income stream, ensuring their future financial security.
Aligned with Max Life’s growing focus within the annuities space, 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. Offering attractive annuity rates and unique benefits, National Pension System (NPS) subscribers will also be eligible to buy the product utilizing their NPS proceeds. Furthermore, the product will be available to direct customers in the business-to-consumer (B2C) segment through the Company’s direct channel.
Prashant Tripathy, MD & CEO, Max Life said, “We aspire to be a strong player in the Indian retirement ecosystem. 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’
- Guaranteed Lifelong income catering to customers’ varied financial needs
- Return of premium (ROP) option that returns the complete purchase price to the nominee/legal heir(s) after the demise of the annuitant(s)
- 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
- Unlimited Top-Up feature that helps beat inflation and improve one’s Annuity income
- No medical underwriting is required for issuing this plan
Offering an enhanced sales and service experience, this annuity product allows the convenience of submitting the living certificate only once-in-five years for the ROP variant. Alongside, customers can request for nomination and address change/update, amongst other services, via easily accessible virtual helpdesks and Max Life’s wide network of branches.
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 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.