While launching a unit-linked pension plan, Max New York Life Insurance disclosed plans to invest INR 24 billion (USD 609 million) in the country over the next four years. They have reportedly drawn up a blueprint to invest INR 24 billion in expanding their base and network across the country over the next four years. The new scheme follows the company’s success with selling over 1.9 million policies across the country through its 29,000 agents, with more than INR 54 billion in sum assured. Smart Invest Pension is structured to plan and meet up with retirement needs of the evolving Indian consumer, who is faced with the twin risks of longevity and inflation after retirement, when simple saving instruments do not suffice to meet one’s needs. In case the customer decides to change to level or fixed premium, he has the flexibility to do so after the policy completes three years, by informing the company and can continue payment of fixed premium every year. The minimum annual premium allowed in the policy is INR 10,000 under regular pay and INR 150,000 under single pay. There are multiple premium bands and, as the customer decides to pay a higher premium, the allocation charge reduces. To help customers better understand and manage their needs, the company has developed a special training programme for its agent advisors and employees.

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