Max Life Forays into Group Annuity Solutions

15 Mar, 2022 16:26 IST|Sakshi Post

Guaranteed lifetime income in the form of annuity payouts with options for both single and joint life coverage and a 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.

New Delhi: 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 or 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 by utilising 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 realise their life goals post-retirement."

Key features of the "Max Life Smart Guaranteed Pension Plan"

Guaranteed lifelong income caters to customers’ varied financial needs.

The Return of premium (ROP) option, returns the entire purchase price to the nominee/legal heir(s) after the annuitant(s) dies.

The advance annuity option is a 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.

It has an 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 every 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 authorised by the Pension Fund Regulatory and Development Authority (PFRDA) to set up a subsidiary for Pension Fund Management. This move to establish a new subsidiary company is well-aligned with the life insurer’s broader fund management strategy and strengthens its position within the retirement space.

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