Max Life Insurance launches customizable ‘Max Life Smart Term Plan’

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Bhubaneswar: Max Life Insurance Co. Ltd (“Max Life”/ “Company”), one of country’s leading life insurance companies, today 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, child birth 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 atprice suiting the 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.”
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.
Under the “Life Stage Add On Sum 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 willalso 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 additional premium.

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