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Max Life’s Smart Wealth Annuity Guaranteed Pension Plan: All You Need To Know

Max Life Insurance launched a new guaranteed pension plan for retirement planning with the option for policyholders to customise the product according to their needs.

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Outlook Money
January 27, 2024
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Max Life Insurance Company Ltd launched the Smart Wealth Annuity Guaranteed Pension Plan (SWAG) this week, making the celebrations for India’s Republic Day on January 26 more special for retirement planners. The plan launched on January 23 comes after Max Life’s annual India Retirement Index Study 3.0 revealed some sobering facts and numbers regarding retirement planning and depleting savings as a major concern for most people in India. Three out of five respondents in the survey expect savings to run out within 10 years of retirement.

Max Life’s SWAG Pension Plan, a non-linked and non-participating individual or group annuity plan, could be an option for retirement planners to consider, which is designed to meet various individual needs. Subscribers can customize the plan as per their specific requirements.

It has flexibility, as policyholders can choose different plan options for lifetime cash flow as per their lifestyle. Besides, it provides coverage for the policyholders and their family members.

Also read: Pravasi Pension Scheme For NRIs: All You Need To Know

Highlighting the plan’s key features, Prashant Tripathy, managing director & CEO of Max Life, in a press release, said: Through its customizable features and distinctive variants, this plan empowers individuals to proactively shape their retirement journey and enables them to realize their aspirations with a strong sense of financial empowerment.”

He also drew attention to the fact that why people should not ignore retirement planning. Tripathy added,“With considerable demographic changes on the horizon, getting financially ready for retirement is crucial for a vast majority of India’s workforce. The SWAG Pension Plan resonates with the evolving needs of our customers.”

Subscribers can choose from different annuity options according to their financial objectives, like when to start receiving a pension, inflation-adjusted income, etc. However, the inflation-related annuity option is available only in certain variants of the plan. 

In conclusion, the plan offers buyers the flexibility to customize it as per their requirements.

Here are some key features of the SWAG Pension Plan: 

Annuity Variants: The plan offers different annuity options for policyholders to select from, offering them the flexibility to buy a product that suits their requirements. 

Immediate Annuity: In this option, buyers can decide the return of premiums paid to the nominee or the surviving annuitant. 

Return Of Premium: This plan pays pension after a certain age defined in the plan. It offers an option of early return of premium varying from 70 to 85 years of age in blocks of five years. 

Annuity Deferment: The policyholder can defer the withdrawal for up to 12 years. They can do so by deferring from the first month itself to receive a higher annuity at retirement.

Annuity Withdrawal: In case of the death of the first annuitant, the surviving annuitant has the option to withdraw the chosen proportion of the annuity in advance.  

Inflation Adjustment: To keep up with the rising inflation, the plan offers an increasing annuity option per annum for up to 6 per cent.

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