Private sector Max Life Insurance today launched pension plans Forever Young and Guaranteed Life Time Income Plan.
This solution ensures a carefree and financially-secured retirement for an individual and the spouse, Max Life Insurance said in a statement.
"At a yield of 8 per cent in the accumulation phase and our current annuity rates in the pension payout phase, a 35-year old individual, who invests in this guaranteed plan and pays around Rs 5,000 per month for 25 years, is likely to get an income of Rs 20,000 per month as lifelong pension, Rajesh Sud, CEO & Managing Director, Max Life Insurance said.
This pension will continue up to the time the customer or his/her spouse are alive.
Forever Young Pension Plan is a unit-linked plan with a minimum guaranteed return of premiums that helps in accumulating a retirement corpus, he said.