Max Life Insurance Company Ltd., has announced the receipt of the Commencement of Business (COB) Certificate for its wholly owned subsidiary, Max Life Pension Fund Management Limited.
The Pension Fund will manage pension assets for private sector subscribers and government sector subscribers excluding the “default scheme”, aiming to scale AUM to ~Rs 1L Cr over the next 10 years.
Max Life MD & CEO Prashant Tripathy said, “Max Life Pension Fund Management Limited strengthens our presence in the retirement segment. We are committed to financially protecting Indians in their golden years. We will leverage our competitive fund management capabilities and the distribution strength of Max Life, including our corporate business teams, individual advisors, and our direct sales teams, to spread awareness about NPS and drive value for our customers“.
With this development, the Company and Pension Fund will now cater to all product categories including pension products, annuities, and pension fund management to help customers plan their retirement. Pension Fund is also in process of applying for a point of presence (POP) registration to Pension Fund Regulatory and Development Authority (PFRDA) to offer services that will help subscribers open new NPS accounts.
