Max Life Insurance Company said it launched the Smart Wealth Annuity Guaranteed Pension Plan, shortly SWAG Pension Plan, which is aimed to cater to the customized needs of the customers, also with the option of increasing annuity up to 6% per annum to weather the rising inflation.
This the company defines to be a non-linked, non-participating individual/group general annuity savings plan. To tailor it to the specific needs of new-age consumers, SWAG Pension Plan redefines the retirement planning landscape, by integrating flexibility, security, and personalization for individuals and groups alike.
Based on Max Life’s India Retirement Index Study 3.0, three in five Indians express apprehensions of their savings evaporating within hardly a decade of retirement. The company said this pension plan is to address such concerns of consumers, by aligning with their lifestyles and family.
The insurance firm said this scheme enables customers to tailor their policies, while also possessing the freedom to select from a range of Return of Premium options, providing them to choose their plans to meet specific financial objectives.
Prashant Tripathy, 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 India’s workforce.”
In December, the India-based company launched the Smart Total Elite Protection Plan (STEP), a life insurance term plan aimed to enhance the financial security of consumers in the modern world.
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