New Delhi: Max Life Insurance Company Ltd., has launched Smart Wealth Annuity Guaranteed Pension Plan – SWAG Pension Plan– A Non-Linked, Non-Participating Individual/Group General Annuity Savings Plan. Keeping in line with new-age consumers’ needs for solutions tailored to their specific needs, SWAG Pension Plan redefines the landscape of retirement planning, combining flexibility, security, and personalisation for individuals and groups alike.
Prashant Tripathy, Managing Director & CEO of Max Life, said, “With considerable demographic changes on the horizon, getting financially ready for retirement is becoming crucial for a vast majority of India’s workforce. Smart Wealth Annuity Guaranteed Pension Plan – SWAG Pension Plan stands as a testament to our commitment to deliver innovative solutions that resonate with the evolving needs of our customers. Through its customisable features and distinctive variants, this plan empowers individuals to proactively shape their retirement journey and enables them to realise their aspirations with a strong sense of financial empowerment.”
Key features of SWAG Pension Plan
1)Wide range of annuity variants to suit the customers’ retirement needs
2)Immediate annuity with flexibility to decide the return of a chosen proportion of premiums paid to the surviving annuitant or nominee
3)Increasing annuity up to 6% per annum ensuring readiness for the rising inflation
4)Early Return of Premium on attaining milestone age which varies from 70 years to 85 years (in blocks of 5 years)
5)Provides the option to the surviving annuitant to withdraw the chosen proportion of annuity in advance on the death of the first annuitant
6)Customers can plan early and get a higher annuity on retirement by deferring the first annuity from the first month itself up to 12 years.
This unique offering empowers customers to tailor their policies, choosing from a diverse array of annuity options, all while keeping up with growing inflation* and enjoying the flexibility of personalised income timing. Further, the customers have the freedom to select from a range of Return of Premium options, enabling them to choose their plans to meet specific financial objectives.
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Published: 23 Jan 2024, 02:20 PM IST