Max New York Life Insurance, one of the leading private insurers, has announced the launch of Smart Invest Pension Plus plan- a unit linked pension plan in the domestic market.

The company stated in a communiqué that the new policy will offer accelerated accumulation option through limited pay and no allocation charges from the first year onwards and all subsequent years. The feature entitles the customer to a 5-pay term of a minimum of Rs. 50,000 enabling people to plan for retirement in a quicker and more efficient manner even at a later stage of their lives.

In addition, the feature is considered beneficial for younger people who could channelize their lump sum income such as bonus towards retirement planning.

Further, the plan also provide its customers with unique features of Dynamic Fund Allocation having Auto Rebalancing of Funds both of which enable a systematic investment approach based on the risk appetite and life stage.

The company claims that Smart Invest Pension Plus will offer a high growth potential, as from 1st policy year itself, there is no charge towards premium allocation and 100% of premium is allocated into the funds of customer's choice.