Max Life Insurance Company announced on Friday that its subsidiary has received a Commencement of Business (COB) certificate from the Pension Fund Regulatory & Development Authority (PFRDA).
The pension assets under the National Pension Scheme will be managed by Max Life Pension Fund Management Limited, a subsidiary of the life insurance company.
The fund manager, which was established with an initial capital of Rs 50 crore, is expected to begin operations in October, according to Max Life managing director and CEO Prashant Tripathy.
He also stated that the CEO of the pension fund arm had been appointed and that other key personnel would be in place soon.
With the exception of the “default scheme,” the Pension Fund will manage pension assets with the aim of growing assets under management (AUM) to Rs 1 lakh crore over the following ten years, he said.
With this development, the business and pension fund will now provide services for all product categories, including annuities, pension products, and pension fund management, to help clients prepare for retirement.
According to him, the Pension Fund is also in the process of applying for a point of presence (POP) registration with pension fund regulator PFRDA in order to provide services that will assist subscribers in opening new NPS accounts.
“Max Life Pension Fund Management Limited expands our presence in the retirement market. We will use our competitive fund management capabilities and Max Life’s distribution strength, including our corporate business teams, to raise awareness about NPS and drive value for our customers “he stated.
The pension fund seeks to maximise risk-adjusted returns for its subscribers on a consistent and long-term basis while adhering to PFRDA guidelines.
