Max Life Insurance Company Ltd. (“Max Life/Company”), today announced the launch of the ‘Max Life Smart Secure Plus Plan’ (UIN: 104N118V01), a comprehensive life insurance plan that offers enhanced financial benefits personalized to the needs of the new-age customers. This is a non-linked, non-participating, individual pure-risk premium life insurance plan that offers policyholders multiple new and enhanced benefits like the ‘Premium Break Option’, ‘Special Exit Value’, choice of Claims Payout for the nominee.
The plan offers customers an option to choose ‘Special Exit Value’ under which they may choose to exit at a specified point to receive all premiums paid back for the base protection benefit. Furthermore, customers can opt to take a break from paying the premium and still stay covered, twice during the premium payment term by choosing the ‘Premium Break’ option. The nominee has now been empowered by the choice of claims pay-out mode, at the claims stage among lump-sum, monthly income, part lump-sum, and part monthly income.
Separately, upon selecting the ‘Return of Premium’ variant, ‘Max Life Smart Secure Plus Plan’ would allow the return of total premiums paid for the base benefit at the end of the policy term upon life insured surviving through the policy term. Available to customers in the age group of 18 to 65 years, the plan also offers coverage against the diagnosis of terminal illness with accelerated pay-out from the base life cover of up to Rs. 1 crore. Other enhanced and improved features include the limited pay, accident death cover, an increase in the policy term from 50 to 67 for customers not opting return of premium, amongst others.
Commenting on the launch of the product, Aalok Bhan, Director and Chief Marketing Officer, Max Life said, “We are delighted to launch the ‘Max Life Smart Secure Plus Plan’ that is created to address customers’ evolving preferences for personalization and customized benefits in the new protection era. Allowing customers to pay only for the benefits that suit their requirements, the ‘Max Life Smart Secure Plus Plan’ enables the freedom to design a protection plan in alignment with individual financial needs. Attuned to the rapidly evolving needs of our customers, we will remain committed to delivering the most relevant product experience for the customers.
The innovative product by Max Life comes at a time when a large section of customers is showing an inclination towards flexible, customizable financial protection. According to the findings of Max Life’s recent survey ‘India Protection Quotient 3.0’ in association with KANTAR, it was revealed that 58% of urban Indians want cost flexible life insurance and customizable policies, and 75% prefer term plans with ‘Return of Premium’ benefit.