PremiumThe plan is a combination of Max Life’s Smart Secure Plus Plan that aims at providing financial protection with an accidental cover option and Max Life Critical Illness and Disability Health Rider, which also offers protection in case of critical illnesses, disability
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NEW DELHI: Max Life Insurance Company Ltd has launched Max Life Smart Secure Easy Solution, a three-in-one protection solution offering benefits of life, critical illness and disability and accidental cover.
Aimed primarily towards self-employed individuals, the solution is available for multiple customer cohorts, including salaried and other professionals to comprehensively guard against life’s uncertainties.
The solution is a combination of Max Life’s Smart Secure Plus Plan that aims at providing financial protection in case of any uncertainties in life with an accidental cover option and Max Life Critical Illness and Disability Health Rider, which offers an added layer of financial protection in case of critical illnesses, total and permanent disability and provides extra coverage against death due to accident.
The plan caters primarily to self-employed individuals as it offers flexibility to this segment in terms of frictionless onboarding with easy issuance, including only video medical examination and relaxed financial documentation. With this solution, Max Life also offers coverage against 64 listed critical illnesses, including five minor and 59 major illnesses, and covers total and permanent disability.
Prashant Tripathy, MD and CEO, Max Life, said, “With Smart Secure Easy Solution, we want to offer critical life insurance solutions to the self-employed segment as well, which is also more vulnerable to economic fluctuations. Currently underserved, we look forward to catering to this segment and supporting their financial protection needs with quick and hassle-free onboarding."
The policy also comes with return of premium option wherein at maturity upon survival, the policyholder will be paid back all the base premium.
As part of this term insurance solution, a lump sum benefit will be paid in case of diagnosis of a critical illness or a terminal illness. In the unfortunate event of the demise of the life insured (normal or accidental), the death benefit will be paid to the nominee.
The accidental cover option ensures that the nominee gets the death benefit in addition to the base coverage to help the insured’s family cope with financial burdens.
The critical illness and disability rider creates a financial shield against 64 listed critical illnesses, including life-threatening diseases such as cancer, heart attack, and stroke, among others, as per the rider terms. This rider ensures that the life insured gets a lump-sum payment if diagnosed with a critical illness.