Max Life launches life insurance plan with enhanced financial benefits – Check details

Max Life Insurance today announced the launch of the ‘Max Life Smart Secure Plus Plan’ a comprehensive life insurance plan that offers enhanced financial benefits personalized to the needs of the new-age customers.

It 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 also offers policyholders to choose from ‘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, policyholders 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 can choose the claims pay-out mode, the claims stage among lump-sum, monthly income, part lump-sum, and part monthly income.

Separately, upon selecting the ‘Return of Premium’ variant, 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 policyholders 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 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.

Aalok Bhan, Director and Chief Marketing Officer, Max Life says, “The ‘Max Life Smart Secure Plus Plan’ addresses 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 plan enables the freedom to design a protection plan in alignment with individual financial needs.”

Key features of Max Life Smart Secure Plus Plan

1. Premium Break option, Special Exit Value Option, Nominee choice of claims payout mode

2. Terminal Illness benefit, limited pay Accident Cover, Voluntary Sum Assured Top Up

3. Long-term coverage, option to pay premiums as per convenience, Return of Premium variant

4. Max Life Waiver of Premium Plus Rider, Max Life Critical Illness and Disability Rider

Source: Financial Express