A unit-linked retirement solution that offers accumulation option through limited pay
The SMART Invest Pension Plus plan. Max New York Life Insurance has launched its retirement solution, India-based insurance company.
The plan also gives up to 300% of the premium as maturity bonus depending upon the term of the Plan. It is a unit-linked pension plan that offers increase option through limited pay.
This feature is also beneficial for younger people who could channel’s their bulge sum income, such as bonus towards retirement planning. SMART Invest Pension Plus plan intends to offer the customer a choice of limited pay option. This feature entitles the customer to a five-pay term of a minimum of INR50, 000, enabling them to plan for retirement plan in an efficient manner.
Smart Invest Pension Plus offers maturity bonuses at end of the policy term to customers who have been determined. The company claims that the plan offers a growth potential, as from 1st policy year itself, 100% of premium is allocated into the funds of customer’s pick. Depending on the policy term..
Smart Invest Pension Plus also allows a premium indexation feature. In case the customer decides to change to level or fixed premium, he will be able to do so after the policy completes 3 years, by informing the company and can continue payment of fixed premium every year. This ensures that the customer is able to start retirement planning early. It enables the customer to enter the plan at a lower premium and then keep increasing the premium by 5% (of the initial premium) every year over the policy term.
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