- This rider provides financial protection in case of diagnosis and death due to COVID-19
- Upon COVID-19 diagnosis, 20% of rider sum assured is provided
- Upon death after being diagnosed with COVID-19, 100% of rider sum assured will be paid to nominee in addition to the diagnosis benefit, if not already paid.
Chennai, NFAPost: Max Life Insurance Company Ltd announced the launch of its “Max Life COVID-19 One Year Term Rider (Covid -19 Rider) (A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Rider (UIN- 104B048V01).
Starting at an affordable annualized premium of Rs 271 for a sum assured of INR 1,00,000 the Covid-19 Rider will be available to customers looking to protect themselves against the ongoing pandemic. The newly launched rider can be attached to 12 of Max Life’s existing products ranging from term plans, savings and income plans to retirement plans.
The current pandemic has created a need for people to protect themselves and their dependents from financial difficulties brought on by diagnosis or untimely death due to the corona virus. According to the findings of a recent survey titled ‘Max Life India Protection Quotient- Express’ (“IPQ/IPQ Express”) in association with KANTAR, it was revealed that 41% respondents said they would purchase term plans due to an increase in Covid-19 spread.
Invest in life
Additionally, the survey also highlighted that when confronted by the thought that Covid-19 could prey on the individual and/or family, 31% respondents in metros and 20% in Tier 1 cities said they bought life insurance with COVID-19/ critical illness rider. Keeping these insights in mind, the Covid-19 rider by Max Life seeks to help customers protect their financial future by enabling them to continue investing in life goals while also protecting their immediate future by attaching the one-year rider to their base plan.
Commenting on the launch of the Covid-19 Rider, Max Life Insurance Deputy Managing Director V Viswanand said the ongoing pandemic has brought about multiple financial disruptions in peoples lives.
“While the pandemic may end in the near future, life goes on beyond it. Through the launch of our COVID-19 rider we want to partner with customers in helping them tide over immediate Covid-19 related financial worries to build a secure future for themselves and their loved ones. The rider aims to protect customers over the period of a year as an attachment to a base plan of their choice ranging from term plans, to savings plans, thereby enabling them to protect their present, while planning for a brighter future,” said Max Life Insurance Deputy Managing Director V Viswanand .
Max Life COVID-19 Riderprovides customers with diagnosis benefit in addition to a death cover. It will be available to customers between the age of 18 to 65 years. The diagnosis benefit offers a fixed lump sum amount (20% of rider sum assured) which will provide financial protection to the family.
Diagnosis benefit
Under the death cover, if the life insured succumbs to Covid-19, the rider will provide a lump sum amount (100% of rider sum assured) to the nominee along with the diagnosis benefit of additional 20% of rider sum assured if not already availed. Further, the benefits under the rider will be payable over and above the base policy benefits.
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.
