New Delhi, May 17 (IANS): Max Life Insurance Company on Monday announced the launch of 'Max Life Saral Pension', a Non-Linked, Non-Participating Single Premium, Individual Immediate Annuity Plan.

The plan guarantees a regular stream of income in one's golden years, offering customers a chance to maintain their lifestyle pre and post retirement with the assurance of guaranteed income as long as the policyholder lives.

The product has been launched at a time when a large section of the society is showing an inclination towards securing their future financial stability. According to the findings of Max Life's recent survey 'India Protection Quotient 3.0' in association with KANTAR, it was revealed that in the backdrop of Covid-19, around 52 per cent of urban India is saving for 'retirement/old age security.'

Commenting on the launch of the product, Prashant Tripathy, MD & CEO Max Life Insurance said, "Our latest offering, 'Max Life Saral Pension' plan is in line with IRDAI's vision for insurers to introduce a simple, immediate annuity product that can offer apt and standardized features for an individual's post-retirement financial convenience. We hope that this much needed and impactful product will help Indians achieve financial independence, and enjoy a comfortable lifestyle during their retirement years."

Available to customers in the entry age group of 40 to 80 years, there are two options available under the policy. i.e. single life and joint life annuity. 'Max Life Saral Pension' further offers customers the flexibility to choose from any of the four annuity payout modes available - monthly, quarterly, half yearly or yearly. The product also offers a 'Surrender Benefit' - an option to surrender on diagnosis of Critical Illness - if the annuitant or spouse or any of the children of the annuitant is diagnosed with any of the covered critical illnesses as specified (under the plan), then the annuitant will have an option to withdraw 95% of the purchase price (Single Premium) as surrender benefit.

Under single life annuity, a fixed income guaranteed at the policy inception will be paid to the annuitant throughout life; income payment will cease on the death of the annuitant and 100 per cent of the purchase price shall be paid to the nominee on death of the annuitant.

Under the joint life option, a fixed income guaranteed at the policy inception will be paid as long as at least one of the annuitants is alive. Income payment will cease on death of the last survivor and death benefit, 100 per cent of the purchase price shall be paid to the nominee on death of the last survivor (annuitants).