Max Life launches 'Smart Wealth Annuity Guaranteed Pension Plan': Redefining Retirement with Unmatched Flexibility

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Max Life Insurance

29 Jan, 2024, 11:00 IST

  •  Equipped with multiple new features, the offering enables customers to personalise their retirement plan basis their unique needs
  •  Option to boost income annually up to 6% with Increasing Annuity Variant
  • Flexibility to choose from a range of Return of Premium options to align with one's larger financial goals

NEW DELHI, Jan. 29, 2024 /PRNewswire/ -- Max Life Insurance Company Ltd. ("Max Life" / "Company"), has launched Smart Wealth Annuity Guaranteed Pension Plan - SWAG Pension Plan (UIN – 104N137V02) – A Non-Linked, Non-Participating Individual/Group General Annuity Savings Plan. Keeping in line with new-age consumers' needs for solutions tailored to their specific needs, SWAG Pension Plan redefines the landscape of retirement planning, combining flexibility, security, and personalisation for individuals and groups alike.

Max Life's India Retirement Index Study 3.0 reveals a significant worry among urban Indians, with almost three in five expressing apprehensions about their savings depleting within a mere ten years of retirement. SWAG Pension Plan draws from this insight and offers a robust solution to ensure lifetime income aligned with the customers' lifestyles, securing not only their future but also that of their loved ones. This unique offering empowers customers to tailor their own policies, choosing from a diverse array of annuity options, all while keeping up with growing inflation* and enjoying the flexibility of personalised income timing. Further, the customers have the freedom to select from a range of Return of Premium options, enabling them to choose their plans to meet specific financial objectives.

Prashant Tripathy, Managing Director & CEO of Max Life, said, "With considerable demographic changes on the horizon, getting financially ready for retirement is becoming crucial for a vast majority of the India's workforce. Smart Wealth Annuity Guaranteed Pension Plan - SWAG Pension Plan stands as a testament to our commitment to deliver innovative solutions that resonate with the evolving needs of our customers. Through its customisable features and distinctive variants, this plan empowers individuals to proactively shape their retirement journey and enables them to realise their aspirations with a strong sense of financial empowerment."

Subject to Policy Terms and Conditions, the key features of SWAG Pension Plan include:

•  Wide range of annuity variants to suit the customers' retirement needs

•  Immediate annuity with flexibility to decide return of chosen proportion of premiums paid to the surviving annuitant or nominee

•  Increasing annuity up to 6% per annum ensuring readiness for the rising inflation

•  Early Return of Premium on attaining milestone age which varies from 70 years to 85 years (in blocks of 5 years)

•  Provides option to surviving annuitant to withdraw chosen proportion of annuity in advance on death of first annuitant

•  Customers can plan early and get higher annuity on retirement by deferring first annuity from the first month itself up to 12 years.

SWAG Pension Plan is meticulously crafted to address the concerns of today's customers, providing a unique blend of annuity options and customisable features. The introduction of this plan reaffirms Max Life Insurance's commitment to delivering innovative solutions that cater to the diverse and evolving requirements of the company's valued customers.

*Available in Increasing Immediate Annuity Variant only.

About Max Life Insurance

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.

For more information, please visit the Company's website at www.maxlifeinsurance.com

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