Max New York launches new pension scheme
Max New York Life Insurance Ltd, a joint venture of New York Life International and Max India Ltd, on Tuesday launched its new product 'SMART Invest Pension' here.
By PTI |
COIMBATORE: Max New York Life Insurance Ltd, a joint venture of New York Life International and Max India Ltd, on Tuesday launched its new product 'SMART Invest Pension' here.
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, its Zonal Vice President (South) A P S Bhalla told reporters here.
He said the company has launched customised unit-linked product to meet the 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 five per cent (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, 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, Bhalla added.
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, its Zonal Vice President (South) A P S Bhalla told reporters here.
He said the company has launched customised unit-linked product to meet the 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 five per cent (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, 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, Bhalla added.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
