Max Financial Services surges after its JV unveils enhanced variant of ‘Guaranteed Lifetime Income Plan’

Max Financial Services is currently trading at Rs. 714.00, up by 0.75 points or 0.11% from its previous closing of Rs. 713.25 on the BSE.

Max Financial Services
Max Financial Services

The scrip opened at Rs. 716.40 and has touched a high and low of Rs. 734.05 and Rs. 706.50 respectively. So far 381722 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 1081.00 on 11-Jan-2022 and a 52 week low of Rs. 664.95 on 14-Oct-2022.

Last one week high and low of the scrip stood at Rs. 770.75 and Rs. 664.95 respectively. The current market cap of the company is Rs. 24655.00 crore.

The promoters holding in the company stood at 14.72%, while Institutions and Non-Institutions held 77.04% and 8.24% respectively.

Max Life Insurance Company, a joint venture (JV) between Max Financial Services and Axis Bank, has unveiled an enhanced variant of ‘Max Life Guaranteed Lifetime Income Plan’, designed to ensure a steady post-retirement income stream.

With this plan, customers will now have the option of regular systematic investment to plan early for retirement and lock the annuity amount for life at the time of purchase.

The minimum purchase price of the Plan is subject to a minimum annuity payout being at least Rs. 1,000 per month or Rs. 12,000 per annum, while there is no maximum premium limit.

The Max Life Guaranteed Lifetime Income Plan offers customers the option to choose between immediate and deferred annuity.

They also have the option of selecting a joint life option to ensure the same amount of lifelong annuity to their loved ones even after one’s death.

Under deferred annuity, the customer can lock the annuity amount at the time of purchase only either by paying a lump sum amount in one go or investing regularly in a systematic way as per his/her convenience.

This plan provides the flexibility to choose the annuity amount one wants to receive post-retirement with the option to invest for different premium payment terms.

Max Financial Services is a part of the Max group, an Indian multi business corporation.

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