Max Life Insurance announced the launch of its new Max Life Saral Pension plan, which will be non-linked, single premium and an individual immediate annuity plan. It will allow the policy holder to receive fixed payments at regular intervals against a one-time purchase payment of the plan.
According to the insurance company, the new plan is an immediate annuity product which guarantees the holder a regular stream of income after retirement. The plan offers the policy holder the chance to maintain their lifestyle pre and post retirement with the added benefit of guaranteed income for the rest of their lives.
Max Life’s recent survey, ‘India Protection Quotient 3.0’, revealed that in the backdrop on the deadly COVID pandemic, around 52% of urban India is more inclined to saving up for retirement and old age security. The present inclination of the general populace towards securing future financial stability is sure to have a big impact on the product’s launch.
Eligibility And Policy Options
Max Life Saral Pension plan will be available to customers between 40-80 years with the option to go for single-life or joint-life annuity. Under single-life annuity, the annuitant will receive a fixed income guaranteed at the policy’s inception throughout their life. Upon the annuitant’s death, the income payments will cease and the purchase price in its full amount shall be returned to the nominee.
The joint-life annuity provides for the payment of a fixed income as long as one of the annuitants is alive. Similar to the single-life option, payment will stop upon the death of the last surviving annuitant and the purchase price returned to the nominee in its entirety.
Policy holders will also be provided with the flexibility to choose from four payout modes – monthly, quarterly, half-yearly or yearly, as per the individual’s needs and requirements.
The plan also has an additional ‘Surrender Benefit’ option which provides the annuitant with a way out in case he or she is diagnosed with a critical illness. If the annuitant chooses to activate this clause, 95% of the purchase price (Single Premium) will be returned to them.
Commenting on the policy, Prashant Tripathy, MD & CEO Max Life Insurance, said that the product would offer the individual with a standardized annuity product for their post-retirement 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,” he concluded.