Product also applicable for customers who plan for early retirement
New Delhi, May 17, 2021: Max Life Insurance Company Ltd. (“Max Life/Company”), today announced the launch of ‘Max Life Saral Pension’ (UIN: 104N119V01), a Non-Linked, Non-Participating Single Premium, Individual Immediate Annuity Plan. A simple, immediate annuity product guaranteeing a regular stream of income in one’s golden years, this plan offers customers a chance to maintain their lifestyle pre and post retirement with the assurance of guaranteed income as long as the policyholder lives.
The product has been launched at a time when a large section of the society is showing an inclination towards securing their future financial stability. According to the findings of Max Life’s recent survey ‘India Protection Quotient 3.0’* in association with KANTAR, it was revealed that in the backdrop of Covid-19, around 52% of urban India is saving for ‘retirement/old age security.’
Commenting on the launch of the product, Prashant Tripathy, MD & CEO Max Life Insurance said, “Our latest offering, ‘Max Life Saral Pension’ plan is in line with IRDAI’s vision for insurers to introduce a simple, immediate annuity product that can offer apt and standardized features for an individual’s post-retirement financial convenience. We hope that this much needed and impactful product will help Indians achieve financial independence, and enjoy a comfortable lifestyle during their retirement years.”
Available to customers in the entry age group of 40 to 80 years, there are two options available under the policy. i.e. single life and joint life annuity. ‘Max Life Saral Pension’ further offers customers the flexibility to choose from any of the four annuity payout modes available - monthly, quarterly, half yearly or yearly. The product also offers a ‘Surrender Benefit’ – an option to surrender on diagnosis of Critical Illness - if the annuitant or spouse or any of the children of the annuitant is diagnosed with any of the covered critical illnesses as specified (under the plan), then the annuitant will have an option to withdraw 95% of the purchase price (Single Premium*) as surrender benefit.
Under single life annuity, a fixed income guaranteed at the policy inception will be paid to the annuitant throughout life; income payment will cease on the death of the annuitant and 100% of the purchase price shall be paid to the nominee on death of the annuitant. Under the joint life option, a fixed income guaranteed at the policy inception will be paid as long as at least one of the annuitants is alive. Income payment will cease on death of the last survivor and death benefit, 100% of the purchase price shall be paid to the nominee on death of the last survivor (annuitants).
**“Premium” here refers to “Purchase Price” or “Single Premium” which is defined as the lump sum premium amount paid by the policyholder at the inception of the policy excluding the taxes if any
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi business corporation.
Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including agency and third party distribution partners. Max Life has built its operations over almost two decades through need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.
As per public disclosures, during the financial year 2019-20, Max Life achieved gross written premium of Rs. 16,184 crore. As on 31st March 2020, the Company had Rs. 68,471 crore of assets under management (AUM) and a Sum Assured in Force of Rs. 913,660 crore.
For more information, please visit the Company's website at www.maxlifeinsurance.com
- The IPQ 3.0 study is conducted in top 25 urban metro, Tier 1 and Tier 2 cities; hence, its findings are representative of metro, Tier 1 and Tier 2 cities of urban India only.
- Metro – Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Mumbai
- Tier 1 – Ludhiana, Jaipur, Lucknow, Patna, Bhubaneshwar, Vizag, Ahmedabad, Bhopal, Pune
- Tier 2 – Dehradun, Moradabad, Guwahati, Bokaro, Kolhapur, Jamnagar, Raipur, Ujjain, Hubli-Dharwad, Tiruchirappalli
- IPQ 2.0 Vs IPQ 3.0 data comparison is amongst 25 markets only [6 metros, 9 Tier 1 markets and 10 Tier 2 markets]
- The minimum sample to conclude any findings of the study is 270 with an error margin of +-5.964%.