Designed to provide protection to customers alongside easy-to-understand policy features
New Delhi, March 10, 2021: Max Life Insurance Company Ltd. (“Max Life/Company”), today announced the launch of ‘Max Life Saral Jeevan Bima’, a standard term life insurance plan, designed to provide financial protection to customers alongside simple, easy to understand policy features. The same is a non-linked, non-participating, individual pure-risk premium life insurance plan.
Available to customers in the age group of 18 to 65 years, Max Life’s Saral Jeevan Bima plan offers a minimum sum assured of 5 lakhs and maximum sum assured of up to 25 lakhs for a policy term ranging between 5 years and 40 years. ‘Max Life Saral Jeevan Bima’ further offers customers flexibility to choose between premium payment term options of regular pay, single pay and limited pay (with 5 and 10 year pay options); and multiple premium payment mode options i.e. annual, semi-annual or monthly payment.
The Max Life Saral Jeevan Bima comes with the Company’s steadfast commitment towards customers, with which it has achieved a Claims Paid Ratio of 99.22% during FY 2019-20. As a continued promise of trust, Max Life has paid off 15,342* claims received in FY 2019-20. This demonstrates the Company's commitment to being there at the ultimate moment of truth that defines a life insurer’s relationship with its customers.
According to the findings of Max Life’s recent survey ‘India Protection Quotient 3.0’ in association with KANTAR, it was revealed that 33% non-term plan owners across urban India were unaware of term plan availability and believed ‘high premiums have to be paid’ for it, which served as a barrier in their term plan purchase. The new ‘Max Life Saral Jeevan Bima’ will offer simplified financial protection to customers.
Commenting on the launch of the product, Prashant Tripathy, MD & CEO Max Life Insurance said, “In today’s day and age, where there are plenty of term insurance plans and policies to choose from, it is also important to provide a simple product that allows an average customer to make an informed choice. In line with the IRDAI’s Guidelines on Standard Individual Term Life Insurance Product; and as a commitment to increase the penetration of life insurance in the country, ‘Max Life Saral Jeevan Bima’ seeks to address key financial protection requirements of customers in a simple and standard manner. We hope that this standard product will help Indians, especially first-time buyers, to protect their loved ones by encouraging them to invest in a term insurance policy.”
*Basis IRDAI Annual Report 2019-20
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 life insurance 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