Leading life insurance firm Max Life Insurance Company Ltd has introduced the ‘Max Life Smart Fixed-return Digital Plan’ under which policyholders will be able to meet short-time financial goals. The scheme is a non-linked, non-participating, individual life insurance savings plan, and has a minimum policy tenure of five years. Policyholders will be able to invest a monthly premium of as low as Rs 3,000 to get the benefits of the Max Life Smart Fixed-return Digital Plan. The company has collaborated with Policybazaar.com, where this insurance scheme will also be available.
“The novel offering developed basis a consumer insight study helps the customers meet short-term financial goals with a minimum policy tenure of five years. The plan offers guaranteed tax-free returns up to 6.14 per cent along with life cover protection at monthly premiums as low as Rs. 3000 and is also available to purchase on Max Life’s website and Policybazaar.com,” Max Life Insurance said in a statement dated June 21, Tuesday.
The Smart Fixed-return Digital Plan targets the digitally-savvy millennials who prefer quick and hassle-free online onboarding. “Offering higher returns as compared to traditional savings instruments, this product innovation combines guaranteed, tax-free offering and protection cover of life insurance, allowing young consumers to enjoy the dual benefits of savings and protection within a single product proposition,” the company said in its statement.
Features of Max Life Smart Fixed-return Digital Plan
The Max Life Smart Fixed-return Digital Plan offers an array of benefits, some of which are listed here:
– Simplified on-boarding process along with instant confirmation of issuance after journey completion
– Fully guaranteed returns payable as a lump sum at maturity
– Flexibility to pay premiums monthly or annually for just five years
– Flexibility to choose between different variants, tailored to meet different financial security needs
– Higher benefits offered for higher premiums paid, as per the chosen goals
Talking about the plan, V Viswanand, deputy managing director of Max Life said, “Developing products to respond to customers’ needs has always been Max Life’s focus, and we are committed to introducing innovative, digitally-enabled flexible life insurance products in the marketplace. The Smart Fixed-return Digital Plan is designed for a generation that wants a short-term guaranteed product with tax-free returns topped with life insurance. The combination of easy liquidity and agile onboarding makes this new-age product a valuable fit in the millennials’ savings journey.”
Sarbvir Singh, CEO at Policybazaar.com said that the Max Life Smart Fixed-return Digital plan will cater to the needs of millennials. “Our consumer insights reveal that most millennials prefer short-term savings products with high returns, thereby indicating an apparent demand for such a product. The launch of this plan, which is a short-term offering with guaranteed tax-free returns and life insurance cover, would certainly address the needs of this segment. We are excited to work with Max Life in making this innovative savings-cum-protection instrument accessible to millennials who need quick and easy investment solutions,” he said.