Press release from Business Wire India
Source: Max New York Life Insurance
Tuesday, September 15, 2009 01:30 PM IST (08:00 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst
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Max New York Life Launches SMART InvestT Pension Plus
A Unit Linked Pension Plan, to Step up Your Retirement Savings
New Delhi, Delhi, India, Tuesday, September 15, 2009 -- (Business Wire India) -- Max New York Life Insurance Co. Ltd, one of India's leading insurance companies today announced the launch of its unique retirement solution - The SMART InvestT Pension Plus plan. A unit linked pension plan, that offers accelerated accumulation option through limited pay and no allocation charges from the 1st year onwards and all subsequent years. The plan also gives upto 300% of the premium as maturity bonus depending upon the term of the Plan.
Speaking at the launch Debashis Sarkar , Sr. Director & CMO, Max New York Life Insurance Company said, "With increasing life expectancy, we believe that retirement planning is of utmost importance for Indian consumers. With this launch, we now have further enhanced our retirement solution offerings to meet the post- retirement needs of our existing and potential customers. This further strengthens our comprehensive Unit Linked portfolio for customers with different financial risk profiles.
Through this product we have also introduced an industry first feature of the limited pay options to help people plan for their retirement at an accelerated pace even at a later stage in their life. Our trained and certified agent advisors, through their quality of advice, will ensure that the customers understand the need for retirement planning. ", he further added.
Product features
Limited pay option
SMART Invest Pension PlusTM plan offers the customer a choice of limited pay option. This feature entitles the customer to a 5-pay term of a minimum of Rs. 50,000 enabling people to plan for retirement in a quicker and more efficient manner even at a later stage of their lives. This feature is also beneficial for younger people who could channelise their lumpsum income such as bonus towards retirement planning.
No allocation Charges from the 1st year and in all subsequent years
Smart Invest Pension Plus offers a high growth potential, as from 1st policy year itself, there is no charge towards premium allocation and 100% of premium is allocated into the funds of customer's choice.
Maturity bonus of upto 300% of the first year premium
Depending on the policy term Smart Invest Pension Plus offers maturity bonuses at end of the policy term to customers who have been persistent.
Unlimited switch and redirection
There are no charges for switching and re-directing ones funds. The customer can enjoy complete freedom of investment under Smart Invest Pension Plus.
Dynamic Fund Allocation with Auto rebalancing of Funds
SMART InvestTM Pension Plus plan provides customers with unique features of Dynamic Fund Allocation having Auto Rebalancing of Funds both of which enable a systematic investment approach based on the risk appetite and life stage.
In Dynamic Fund allocation the premium paid by the customers is dynamically allocated in debt and equity at a pre-determined percentage in the pre-determined funds based on the years remaining for retirement. This helps strike a right balance between risk and return throughout the policy tenure.
In Automatic Rebalancing of funds, if the predetermined percentages in the specified funds of the customer's account which are changed due to differential growth in fund performances, the funds will automatically balance its proportion in the total corpus.
Increasing Premium Option
Smart Invest Pension Plus allows a unique premium indexation feature. It enables the customer to enter the plan at a lower premium and subsequently keep increasing the premium by 5% (of the initial premium) every year over the policy term. This ensures that the customer is able to start retirement planning early and reach retirement goals in a smoother way based on life stages and income. In case the customer decides to change to level or fixed premium, he has the flexibility to do so after the policy completes 3 years, by informing the company and can continue payment of fixed premium every year.
About Max New York Life Insurance Co. Ltd. (www.maxnewyorklife.com)
Max New York Life Insurance Company Ltd. is a joint venture between Max India Ltd., one of India's leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India's leading private life insurance companies. The company offers both individual and group life insurance solutions. It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life Insurance is creating a partnership for life with its customers in India to facilitate them to achieve more.
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Debashis Sarkar
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CONTACT DETAILS
Arpan Basu, Max New York Life Insurance Company Ltd., +91 9818083556, arpan.basu@maxnewyorklife.com
Priya Badshah, Max New York Life Insurance Company Ltd., +91 9820248172, priya.badshah@maxnewyorklife.com
Aparna Sankaran, IPAN Hill & Knowlton, +91 9899957559, aparna.sankaran@ipan.com
Garima Arora, IPAN Hill & Knowlton, +91 9891221255, garima.arora@ipan.com
KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst
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