Max New York launches new pension plan

COIMBATORE: New York Life Insurance, a joint venture of New York Life International and Max India, has SMART Invest Pension. The company has designed the product considering twin risks faced by consumers of longevity and inflation in the retirement years as simple saving instruments are not enough to deal with such risks, zonal vice president (south) A P S Bhalla told reporters here.

He said the company has launched customised unit-linked product to meet post-retirement needs of existing and potential customers. The scheme would enable customers to enter the plan at a low premium and subsequently keep increasing it by 5% (of the initial premium) every year over the policy term.

This ensures the customer to start the retirement planning early and reach retirement goals in a smoother way based on life stages and income, Mr Bhalla said. In case the customer decides to change “to level or fixed premium”, he has the flexibility to do so after the policy completes three years and continue making payment of fixed premium every year, he added.