Max Life Insurance Company Limited has received the Commencement of Business (COB) Certificate for its wholly owned subsidiary, Max Life Pension Fund Management Limited 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.
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 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.
