Max New York launches pension plan

Max New York Life has launched its unit-linked pension plan, Smart Invest Pension.

With this, the company aims to corner a 10 percent market share in the life insurance business by 2010.

Rajender Sud, west-south zonal vice-president, Max New York Life, said, the company had been growing at a rate of 100 per cent for last three years and expected the same growth rate in future too.

The pension plan is aimed at the middle-class and lower middle-class, who need to save money for their post-retirement period.

The plan invests in various types of funds and allows investors to increase the premium amount by five per cent annually.

"This is the first fund that allows investor to increase the premium every year and allocates money to growth as well as secured funds according to the age of the investor," he said.