Max Life Insurance Company has announced the receipt of the Commencement of Business (COB) Certificate for its wholly owned subsidiary, Max Life Pension Fund Management (Pension Fund) on 23 August 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 "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.