MNYL launches Smart Invest PensionMNYL launches ULIP for retirement called the 'Smart Invest Pension'. The product takes care of the accumulation phase and the maturity value can be used to buy annuity.
Apnainsurance.com Research Bureau
12 Sep 2007
Max New York Life (MNYL) Insurance Company Ltd. launches Unit Linked Insurance Product (ULIP) for retirement called the Smart Invest Pension.
For retirement planning life insurance needs, tax planning, investments done, inflation rate, health insurance and risk profile plays a crucial role post retirement. The product is designed in such a way that all of the above needs will taken care of.
The product takes care of the accumulation phase and the maturity value can be used to buy annuity from the same insurer or with any other approved by Insurance Regulatory Development Authority (IRDA).
It allows 6 free switches in a year. The minimum entry age is 18 years and 60 years is the maximum. Deferment tenure is 10 years to 52 years.
For selecting the vesting age the options available are 50 years to 70 years. The options for vesting age are between 50 to 70 years. For an individual who opts for regular premium payment it would be Rs 10,000 per annum and for a single payment option it will be Rs. 1, 50,000.