Max Life Insurance today announced the launch of ‘Max Life Saral Pension’, a non-linked, non-participating single premium, individual immediate annuity plan.
This immediate annuity plan guarantees a regular stream of income in one’s golden years and offers individuals 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 per cent of urban India is saving for 'retirement/old age security.'
Prashant Tripathy, MD and CEO Max Life Insurance says, “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. This much needed and impactful product will help Indians achieve financial independence, and enjoy a comfortable lifestyle during their retirement years.”
Key features of Max Life Saral Pension plan consist of the following features:
Guaranteed Income to cater to your needs as long as you live. - Option to receive life-long income under single life or a joint-life annuity. - Receive Return of Premium on death – after the death of the annuitant in case of single life and last survivor in case of joint life, the single premium of the policy is returned to the nominee/legal heirs. - Option to choose the mode of payout –yearly, half-yearly, quarterly or monthly in arrears, as per the individual’s needs and requirement. - Option to surrender on the diagnosis of Critical Illness.