Max Life Insurance today announced the launch of ‘Max Life Saral Pension’, a non-linked, non-participating single premium, person quick annuity program. This quick annuity solution guarantees a normal stream of revenue in one’s golden years and gives people a opportunity to retain their life-style pre and post-retirement with the assurance of assured revenue as lengthy as the policyholder lives.
According to the findings of Max Life’s current survey ‘India Protection Quotient 3.0’ in association with KANTAR, in the backdrop of Covid-19, about 52 per cent of urban India is saving for ‘retirement/old age security.’ The firm claims that the solution has been launched at a time when a significant section of the society is displaying an inclination towards securing their future economic 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 program is also applicable for clients who program for early retirement. The program is out there to clients in the entry age group of 40 to 80 years. There are two selections out there below the policy – single life and joint-life annuity. ‘Max Life Saral Pension’ additional gives clients the flexibility to decide on from any of the 4 annuity payout modes out there – month-to-month, quarterly, half-yearly or yearly. The solution also gives a ‘Surrender Benefit’ – an choice 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 important illnesses as specified (below the program), then the annuitant will have an choice to withdraw 95 per cent of the obtain value (single premium) as surrender advantage.
Under single life annuity, a fixed revenue assured at the policy inception will be paid to the annuitant all through life. Income payment will cease on the annuitant’s death, and one hundred per cent of the obtain value shall be paid to the nominee on the death of the annuitant. Under the joint-life choice, a fixed revenue assured at the policy inception will be paid as lengthy as at least one of the annuitants is alive. Income payment will cease on the death of the last survivor and death advantage, one hundred per cent of the obtain value shall be paid to the nominee on death of the last survivor (annuitants).
Key capabilities of Max Life Saral Pension program:
1. Guaranteed Income to cater to your requires as lengthy as you live.
2. Option to acquire life-lengthy revenue below single life or a joint-life annuity.
3. Receive Return of Premium on death – right 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 decide on the mode of payout –yearly, half-yearly, quarterly or month-to-month in arrears, as per the individual’s requires and requirement.
5. Option to surrender on the diagnosis of Critical Illness