Max Life Pension Fund Management Limited is going to foray into the pension fund management business.
The company has got permission to start business for this (PFRDA).
Max Life will offer a range of pension products to the customers along with managing the pension fund.
New Delhi. Max Life Pension Fund Management Limited, a wholly owned subsidiary of Max Life Insurance Company, is going to foray into the pension fund management business. The company has got permission from the Pension Fund and Regulatory and Development Authority (PFRDA) to start business for this.
Max Life Pension Fund Management Limited on Friday said it will manage the pension fund with investment options under the National Pension Scheme. The company will manage the pension fund for private and government sector customers except pension fund ‘default scheme’.
Fund management plus more services
Max Life will offer a range of pension products to the customers, along with managing the pension funds, so that the customers can plan their retirement plans in a better way. Apart from this, the company has already applied for Point of Presence (POP) registration with pension fund regulator PFRDA, so that customers can open NPS accounts as well.
Also read – Money will continue to be available till the age of 100, this life insurance policy is very special, check details
Will start in October with Rs 50 crore capital
Prashant Tripathi, MD & CEO, Max Life, said, “Max Life Pension Fund Management Limited strengthens our presence in the retirement segment. We are committed to protect Indians financially in their golden years. He told news agency PTI that the fund manager company established with an initial capital of Rs 50 crore can start its business in October. The CEO for the Pension Fund branch has already been appointed and other key posts will be recruited soon.
Max Life Pension Fund aims at maximizing returns while mitigating risk on a consistent and long-term basis for its clients adhering to the guidelines of PFRDA. Let us tell you that Max Life Insurance Company is a joint venture of Max Financial Services and Axis Bank.
Tags: Life Insurance, NPS, pension fund, pension scheme
FIRST PUBLISHED : August 26, 2022, 18:40 IST