Chandigarh: Max Life Insurance Co. Ltd announced the launch of its customizable ‘Max Life Smart Term Plan’, that will offer customers the flexibility to customize their own protection solution by selecting from a wide range of benefits and features.
Under the Max Life Smart Term Plan, comprehensive benefits like options of choosing from multiple premium payment term (Single payment, payment for limited term of 5, 10, 12, 15 years, Pay till 60 and the standard regular mode of premium payment)to suit every budget, ‘Life Stage Add-on Sum Assured Benefit’ for major life’s milestones like marriage, childbirth or home loan, seven distinct death benefit options, Accelerated Critical Illness Benefit, and ‘Premium Back’ option, and most importantly the longer life cover till 85 years will enable greater personalization at price suiting their budgets. The plan also provides additional protection via add-on riders.
Speaking at the launch of the product, Aalok Bhan, Director and Chief Marketing Officer, Max Life, said, “Term insurance, despite being the economical and most fundamental form of financial protection, continues to witness low uptake in India. In a recent study called the ‘India Protection Quotient’ that we conducted in association with Kantar IMRB, it was observed that majority of Indian consumers, even those who own life insurance, feel financially under protected. While a reasonable 65% of the urban population of the country owns life insurance, term insurance owners only make an abysmal 21% of urban India. Taking the endeavour to increase the level of financial protection in the country, we have launched ‘Max Life Smart Term Plan’, with the aim to promote greater adoption of term insurance by iterating that one only pays for benefits that one avails as per one’s requirements. Addressing the vast variety of protection needs of our customers, the plan is designed to empower customers by helping them to personalize their protection needs and giving them the freedom to decide what works best for them and their loved ones. ‘Max Life Smart Term Plan’ offers the flexibility to cater to the varied needs of every unique customer. Through the launch of this product, we believe to have inched closer to our long-term objective of ensuring large scale financial protection of Indian consumers.”
For consumers who do not prefer to continue paying premiums throughout the policy term, Max Life Smart Term Plan under ‘single /limited premium Payment option’ provides a range of premium payment terms options such as Single premium payment, premium payment for a limited term of 5 , 10, 12and 15 years in addition to the ‘pay till 60’ and regular pay options.
The product offers seven types of death benefits, to choose from to suit various customer needs, which will be a combination of lump sum and family income monthly income. The seven varied death benefit options provide the customers the option to choose what suits their protection needs like
i. Life cover with lumpsum death benefit
ii. Income protector with fixed level monthly income
iii. Income inflation protector with increasing monthly income
iv. life cover plus monthly income with Lumpsum Life Cover with a fixed level monthly income
v. Life cover plus increasing monthly income with an increasing monthly income
vi. Life Cover with increasing sum assured; and
vii. Life cover with decreasing sum assured.
Under the “Life Stage Add OnSum Assured Benefit”, customers can enhance their sum assured to match life stage events such as marriage, child birth or the taking of a home loan, thus increasing their financial protection at every milestone of life.
Under the “Increasing cover and reducing cover”death benefit option, customers have an option to choose, at the time of taking the policy, to increase or decrease sum assured basis their requirements such as increasing sum assured to match protection cover with increasing annual income or overcome inflation and decreasing sum assured for reducing liabilities like mortgage or loans.
This plan will also provide an option for ‘Increasing Accelerated Critical Illness’ benefit, which gives an option to increase the critical illness sum assured. Max Life Smart Term Plan also covers a total of 40 critical illnesses under accelerated critical illness benefit.
Under the ‘accident cover option’, additional financial protection against the accidental death may be availed by paying an additional premium.
This term insurance plan will be offering a ‘Premium Back Option’ on a term product till the age of 85 for the consumers who are looking for some return upon survival of the life insured throughout the policy term.
To further add to its flexible design, Max Life Smart Term Plan also comes with add on Max Life Waiver of Premium Plus Rider which provides waiver for all future premiums under the policy This comprehensive offering will help create a customised protection solution for each customer.