Max Life insurance coverage Firm (Max Life) has launched a customisable annuity product designed to handle the retirement wants of city Indians.
Referred to as Sensible Wealth Annuity Assured Pension Plan – SWAG Pension Plan, the brand new providing is a non-linked, non-participating particular person/group basic annuity financial savings plan.
On this context, Max Life cited its India Retirement Index Research 3.0 that highlighted vital worries amongst city Indians, with almost three out of 5 fearing their financial savings may not final past ten years post-retirement.
The SWAG Pension Plan goals to mitigate these considerations by permitting clients to tailor their retirement earnings in keeping with their particular wants.
Max Life stated the plan gives an array of annuity choices together with rapid annuity with the power to resolve the return of a selected proportion of premiums paid.
It additionally options an rising annuity of as much as 6% each year and the choice for early return of premium on reaching a milestone age.
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The SWAG Pension Plan additionally permits the surviving annuitant or nominee to withdraw a selected proportion of the annuity upfront within the occasion of the primary annuitant’s dying.
Furthermore, clients can plan early and safe the next annuity by deferring the primary annuity cost for as much as 12 years.
Max Life is a three way partnership between Max Monetary Companies and Axis Financial institution.
Max Life managing director and CEO Prashant Tripathy stated: “With appreciable demographic adjustments on the horizon, getting financially prepared for retirement is turning into essential for a overwhelming majority of the India’s workforce.
“Sensible Wealth Annuity Assured Pension Plan – SWAG Pension Plan stands as a testomony to our dedication to ship revolutionary options that resonate with the evolving wants of our clients.
“By means of its customisable options and distinctive variants, this plan empowers people to proactively form their retirement journey and permits them to understand their aspirations with a powerful sense of economic empowerment.”
