Max Life Insurance launches Smart Guaranteed Pension Plan. key features

According to a Max Life press release, “The new product offering will guarantee the annuitant a regular income stream, thereby ensuring their future financial security.”

In line with Max Life’s growing focus in the annuity space, the Smart Guaranteed Pension Plan marks the company’s foray into the group annuity solutions space. Corporate and public sector enterprises can directly buy this plan as a group annuity product to meet the retirement needs of the employees. Offering attractive annuity rates and unparalleled benefits, National Pension System (NPS) subscribers will also be eligible to purchase the product using their NPS income. In addition, the product will be available in the business-to-consumer (B2C) segment directly to the customers through the company’s direct channel.

Prashant Tripathi, MD & CEO, Max Life, said, “We aspire to be a strong player in the Indian retirement ecosystem. With Max Life Smart Guaranteed Pension Plan, we offer a comprehensive solution that ensures lifelong financial security through an additional income stream. The product combines financial security, assured pension and reliability in a single solution to enable customers to realize their life goals after retirement.”

Key Features of ‘Max Life Smart Guaranteed Pension Plan’

1. Guaranteed lifetime income to meet the diverse financial needs of the clients

2. Return of Premium (ROP) option which returns the full purchase price to the nominee/legal heir after the death of the annuitant(s)

3. Advance Annuity Option Facility which helps in enhancing the financial liquidity of the customers. This facility is available with Joint Life Immediate Annuity only with ROP variant. With this facility, after the death of the first annuitant, the surviving annuitant can withdraw the present value of the annuity payable over the next five years in advance as a lump sum.

4. Unlimited top-up facility which helps in beating inflation and improving one’s annuity income

5. As per the press release, no medical underwriting is required for release of this scheme.

Offering superior sales and service experience, this annuity product allows submission of survival certificate only once in five years for ROP variant. Also, customers can request for enrollment and change/update of address, among other services, through an easily accessible virtual helpdesk and Max Life’s wide network of branches.

Max Life has recently been authorized by the Pension Fund Regulatory and Development Authority (PFRDA) to set up a subsidiary for Pension Fund Management. According to the press release, this move of setting up a new subsidiary aligns well with the life insurer’s comprehensive fund management strategy and solidifies its position within the retirement space.