Max Life Insurance Company Ltd, a private life insurer has forayed into Group Annuity Solutions space with the launch of the ‘Max Life Smart Guaranteed Pension Plan’.

This move is aligned with the company’s growing focus within the annuities space and in tune with its aspiration to be a strong player in the Indian retirement ecosystem.

This new product offering, which will also be available for individuals, will guarantee the annuitant, a regular income stream, ensuring their future financial security. It is a non-linked, non-participating single premium individual/group general annuity plan. 

Corporates and public sector enterprises can directly purchase this plan as a group annuity product to meet the employees’ retirement needs. National Pension System (NPS) subscribers will also be eligible to buy the product utilizing their NPS proceeds. Furthermore, the product will be available to direct customers in the business-to-consumer (B2C) segment through its direct channel. No medical underwriting is required for this plan.

Prashant Tripathy, MD & CEO, Max Life said, “With the Max Life Smart Guaranteed Pension Plan, we offer a comprehensive solution that ensures lifelong financial protection through an additional income stream. The product combines the strength of financial protection, assured pension, and reliability into a single solution allowing customers to realise their life goals post retirement”.

Max Life has recently been authorised by the Pension Fund Regulatory and Development Authority (PFRDA) for setting up a subsidiary for Pension Fund Management. The move to establish a new subsidiary is well-aligned with the life insurer’s broader fund management strategy and strengthens its position within the retirement space.

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