Bangalore, August 26, 2022: Max Life Insurance Company Ltd. (“Max Life”/ “Company”), has announced the receipt of the Commencement of Business (COB) Certificate for its wholly owned subsidiary, Max Life Pension Fund Management Limited (“Pension Fund”) on August 23, 2022. This subsidiary will manage the pension assets with investment choices under the National Pension Scheme.
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. 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.
Prashant Tripathy, MD & CEO, Max Life said, “Max Life Pension Fund Management Limited strengthens our presence in the retirement segment. We are committed towards 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. “
Establishing the pension fund management subsidiary is a critical lever of Max Life’s growth strategy of becoming a dominant player in the retirement space. Pension Fund aims to maximize risk-adjusted returns for its subscribers on a consistent and long-term basis while adhering to PFRDA guidelines. The Company’s investment choices will draw from the expertise of the highly accomplished leadership and will focus on profitable investment strategy and fund management capabilities to create attractive investment returns for its subscribers while adhering to the regulatory limits as prescribed by the PFRDA.