Max New York launches group superannuation plan

Chennai, Mar 19 (UNI) Max New York Life today launched a group superannuation plan which, it claims, is a 'feature-rich' unit-linked investment plan (ULIP).

The product was a complete workplace solution helping employees and their loved ones live happily even when their earning capability was challenged, a company release said here today.

Company CEO Gary Bennet said "according to the 2001 census, by 2026, 173 million Indians will be above the age of 60 years. The population among this age group in urban areas will touch 55 million.

"The group superannuation plan with its customised service offerings and wide-ranging investment option will be a tax effective option for responsible organisations to systematically plan for the increasingly crucial post retirement stage of employees.

"The new scheme will also provide financial protection and create long term wealth to employees after their retirement," he said adding "the objective is to build a sizeable corpus for an employee as they approach retirement, a part of which can be transferred and the remaining amount used to purchase an annuity." "This plan offers a complete financial solution to the employee and the employer," the release added.

UNI