Tata AIG Life Insurance has announced the launch of Apex Pension Plans — 4 unit-linked pension plans that come with the ‘Guaranteed Maturity Unit Price’ (GMUP) characteristic, which enables the policyholders to earn income based on the highest NAV per unit achieved on the reorganize dates.
The policyholder’s premium is allocated in the individual ‘Investment Fund’ from where the money is transitioned to the relevant Return Lock-in Fund on the instant next reset date. According to the official release, while the investment fund’s objective is to provide capital defense through investment in quality short-term debt, the latter aims to invest in a diversified equity portfolio of large-cap companies to generate capital approval, and use debt instruments to lock in the same.
The NAV per unit of this fund will be noted at every reset date for calculating the GMUP. The policyholders can, depending upon their age,retirement plan age and financial requirement, choose from 4 plans — Apex Pen-sion, Apex Pension 10, Apex Pension 15 and Apex Pension 20. For all these variants, the minimum annualized premium is Rs 48,000.
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