Max Life insurance Company (Max Life) has introduced a customisable annuity product designed to address the retirement needs of urban Indians.
Called Smart Wealth Annuity Guaranteed Pension Plan – SWAG Pension Plan, the new offering is a non-linked, non-participating individual/group general annuity savings plan.
In this context, Max Life cited its India Retirement Index Study 3.0 that highlighted significant worries among urban Indians, with nearly three out of five fearing their savings might not last beyond ten years post-retirement.
The SWAG Pension Plan aims to mitigate these concerns by allowing customers to tailor their retirement income according to their specific needs.
Max Life said the plan offers an array of annuity options including immediate annuity with the ability to decide the return of a chosen proportion of premiums paid.
It also features an increasing annuity of up to 6% per annum and the option for early return of premium on reaching a milestone age.
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The SWAG Pension Plan also allows the surviving annuitant or nominee to withdraw a chosen proportion of the annuity in advance in the event of the first annuitant’s death.
Moreover, customers can plan early and secure a higher annuity by deferring the first annuity payment for up to 12 years.
Max Life is a joint venture between Max Financial Services and Axis Bank.
Max Life managing director and CEO Prashant Tripathy 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.”