Max Life Insurance Company Ltd. (“Max Life” / “Company”),has announced the launch of ‘Max Life Group Saral Suraksha Plan (Micro Insurance Product)’, a non-linked non participating group pure risk premium life insurance product that offers supreme flexibility of policy term and payment options. The plan offers one of a kind, flexible policy term for as low as 1 month up to a period of 120 months. The plan further offers options to avail cover for single life, joint life – for spouse, kids and parents including in-laws, and co-borrower/co-applicant (in case of loans only) for enhanced protection.
This plan provides the option to choose from two types of cover: – level cover where the sum assured remains constant throughout the term; and reducing cover (available under single premium variant only) where the cover will be as per the chosen loan schedule, with the option to reduce the cover on a monthly or an annual basis.
The plan offers varied payment terms, which include:
- Single premium offering term cover for periods ranging from 1 month to 120 months for the level cover option and from 3 months to 120 months for the reducing cover option
- Regular premium offering term cover for periods ranging from 1 year to 10 years
The Max Life Group Saral Suraksha Plan is designed to provide financial protection to both members and borrowers of micro-finance institutions, cooperatives, small finance banks, and other affinity groups against the uncertainties of life.
Max Life Group Saral Suraksha Plan also offers options to enhance the protection of the group members by covering against the risk of Total & Permanent Disability (TPD) caused due to accident, which when triggered will provide sum assured payable under the plan. Also, making it relevant to the current situations, death claims on account of COVID-19 will be covered subject to the policy terms and conditions, which ensures that the family of the breadwinner is insulated against any financial hardship arising due to the global pandemic.
Commenting on the product, Aalok Bhan, Director and Chief Marketing Officer, Max Life said, “Group micro insurance products are ideal for members and borrowers of groups that wish to avail an insurance plan but may not have an optimum credit record to avail individual cover. With the Max Life Group Saral Suraksha Plan, we aim to provide financial support and protection to members of these groups, in case of unfortunate events such as death or total and permanent disability due to accident.
Launched in an endeavour to enhance the protection quotient of lower-income groups of the society, we are happy to offer our product at a time when greater economic reforms are being implemented to provide impetus to the nation’s micro-income sector, especially catering to the daily wagers and small scale businesses. With this plan, our aim remains to help the nation’s under-resourced groups to avail inclusive protection and move towards greater financial independence. This ties back to Max Life’s commitment towards increasing insurance penetration and support financial inclusion in the country”.
Covering against the risk of uncertainties and loan liabilities, the Max Life Group Saral Suraksha Plan is a step towards a protected financial future. This plan ensures financial viability for the lower income groups where the death or disability of the breadwinner at times transcends into a financial catastrophe for the family.
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Co. Ltd. (“Max Life”) is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max group, an Indian multi business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group.
Max Life offers comprehensive protection and long-term savings solutions, through its multichannel distribution including agency and third distribution partners. Max Life has built its operations over almost two decades through need-based sales process, a customer-centric approach to engagement and service delivery, and trained human capital.
As per public disclosures, during the financial year 2019-20, Max Life achieved gross written premium of Rs. 16,184 crore. As on 31st March 2020, the Company had Rs. 68,471 crore of assets under management (AUM) and a Sum Assured in Force of Rs. 913,660 crore.
For more information, please visit the company’s website at www.maxlifeinsurance.com