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Max Life insurance coverage Firm (Max Life) has launched a customisable annuity product designed to deal with the retirement wants of city Indians.
Known as Good Wealth Annuity Assured Pension Plan – SWAG Pension Plan, the brand new providing is a non-linked, non-participating particular person/group normal annuity financial savings plan.
On this context, Max Life cited its India Retirement Index Examine 3.0 that highlighted vital worries amongst city Indians, with practically 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 revenue based on their particular wants.
Max Life mentioned the plan presents an array of annuity choices together with fast annuity with the flexibility 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 fee for as much as 12 years.
Max Life is a three way partnership between Max Monetary Providers and Axis Financial institution.
Max Life managing director and CEO Prashant Tripathy mentioned: “With appreciable demographic modifications on the horizon, getting financially prepared for retirement is changing into essential for a overwhelming majority of the India’s workforce.
“Good Wealth Annuity Assured Pension Plan – SWAG Pension Plan stands as a testomony to our dedication to ship modern options that resonate with the evolving wants of our clients.
“By way of its customisable options and distinctive variants, this plan empowers people to proactively form their retirement journey and allows them to understand their aspirations with a robust sense of monetary empowerment.”
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