This immediate annuity product 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.
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 product 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.
According to the findings of Max Life’s recent survey ‘India Protection Quotient 3.0’ in association with KANTAR, in the backdrop of Covid-19, around 52 per cent of urban India is saving for ‘retirement/old age security.’ The company claims that 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.
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.”
This plan is also applicable for customers who plan for early retirement. The plan is available to customers in the entry age group of 40 to 80 years. There are two options available under the policy – 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 the 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 per cent 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 annuitant’s death, and 100 per cent of the purchase price shall be paid to the nominee on the 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 the death of the last survivor and death benefit, 100 per cent of the purchase price shall be paid to the nominee on death of the last survivor (annuitants).
Key features of Max Life Saral Pension plan:
1. Guaranteed Income to cater to your needs as long as you live.
2. Option to receive life-long income under single life or a joint-life annuity.
3. 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.
4. Option to choose the mode of payout –yearly, half-yearly, quarterly or monthly in arrears, as per the individual’s needs and requirement.
5. Option to surrender on the diagnosis of Critical Illness