Max Life Insurance Company Ltd. (“Max Life/Company”), today announced the launch of ‘Max Life Saral Pension’ (UIN: 104N119V01), a Non-Linked, Non-Participating Single Premium, Individual Immediate Annuity Plan. A simple, immediate annuity product guaranteeing a regular stream of income in one’s golden years, this plan offers customers a chance to maintain their lifestyle pre and post retirement with the assurance of guaranteed income as long as the policyholder lives.
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. According to the findings of Max Life’s recent survey ‘India Protection Quotient 3.0’* in association with KANTAR, it was revealed that in the backdrop of Covid-19, around 52% of urban India is saving for ‘retirement/old age security.’
Commenting on the launch of the product, Prashant Tripathy, MD & CEO Max Life Insurance said, “Our latest offering, ‘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. We hope that this much needed and impactful product will help Indians achieve financial independence, and enjoy a comfortable lifestyle during their retirement years.”