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Max Life insurance coverage Firm (Max Life) has launched a customisable annuity product designed to deal with the retirement wants of city Indians.
Referred to as Sensible Wealth Annuity Assured Pension Plan – SWAG Pension Plan, the brand new providing is a non-linked, non-participating particular person/group common annuity financial savings plan.
On this context, Max Life cited its India Retirement Index Research 3.0 that highlighted important worries amongst city Indians, with practically three out of 5 fearing their financial savings may not final past ten years post-retirement.
The SWAG Pension Plan goals to mitigate these considerations by permitting prospects to tailor their retirement revenue in keeping with their particular wants.
Max Life stated the plan presents an array of annuity choices together with rapid annuity with the power to determine the return of a selected proportion of premiums paid.
It additionally options an growing annuity of as much as 6% every year and the choice for early return of premium on reaching a milestone age.
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The SWAG Pension Plan additionally permits the surviving annuitant or nominee to withdraw a selected proportion of the annuity prematurely within the occasion of the primary annuitant’s loss of life.
Furthermore, prospects can plan early and safe the next annuity by deferring the primary annuity fee for as much as 12 years.
Max Life is a three way partnership between Max Monetary Providers and Axis Financial institution.
Max Life managing director and CEO Prashant Tripathy stated: “With appreciable demographic modifications on the horizon, getting financially prepared for retirement is turning into essential for a overwhelming majority of the India’s workforce.
“Sensible Wealth Annuity Assured Pension Plan – SWAG Pension Plan stands as a testomony to our dedication to ship revolutionary options that resonate with the evolving wants of our prospects.
“By its customisable options and distinctive variants, this plan empowers people to proactively form their retirement journey and allows them to grasp their aspirations with a robust sense of economic empowerment.”
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