Max Life Insurance Company has introduced the Smart Total Elite Protection Plan, a comprehensive term life insurance policy designed to align with contemporary lifestyles. This plan offers extensive coverage customized to meet evolving consumer preferences. Max Life Smart Total Elite Protection Term Plan (STEP) is a non-linked, non-participating, individual pure-risk premium life insurance plan. It comes with several enhanced benefits for policyholders, including instant payment on claim intimation, cover continuance benefit and special exit value. With a focus on bolstering financial security in today’s dynamic landscape, this plan addresses the modern consumer’s demand for heightened protection through increased coverage solutions.

As India witnesses a surge in aspirations and a noticeable shift in consumer preferences towards premium products and services, a Max Life IPQ 5.0 survey reveals that three out of five Indians harbour concerns about sustaining their current lifestyle and expenses. This changing trend is evident in the increasing demand for higher coverage solutions among consumers who seek to secure the well-being of their families. 

For instance, this year, more than one-third of Max Life’s customers opted for a term plan with a coverage of 2 crores, compared to one-fourth in the previous year. Against this backdrop, the Smart Total Elite Protection Plan (STEP) emerges as a crucial solution. The offering is inherently designed to provide enhanced coverage of 2 crores, aligning with the growing financial needs of consumers. Additionally, it introduces flexibility options, such as enabling policyholders to take a premium break every five years as part of its cover continuance benefit.

Prashant Tripathy, Managing Director & CEO, Max Life, said, “In an era marked by a growing desire for flexibility and personalized protection coupled with the changing financial landscape globally, Max Life STEP plan emerges as a forward-looking solution. With an increasing need for adaptable and comprehensive coverage, this plan propels us into a future where flexible and higher coverage plans are instrumental for enhanced financial security. Max Life envisions a future where everyone can shape the financial security of their families on the long-term horizon and this plan is a significant step in that direction.”

Subject to the terms and conditions outlined in the policy, the key features of the plan will encompass:

Cover continuance benefit: This feature empowers the policyholder to postpone the due premium for a duration of up to 12 months from the due date of the first unpaid premium while retaining the full risk cover under the base plan and any attached riders, if applicable. This benefit can be utilized multiple times with a gap of five policy years.

Special exit value: The plan offers the option to receive a refund of all premiums paid in any policy year starting from the 30th policy year, without incurring any additional costs.

Insta-payment on claim intimation: This entails an accelerated benefit of 2 Lacs from the Guaranteed Death Benefit, payable immediately from the claim registration date, provided that all mandatory documents are submitted. The subsequent payout will be processed upon claim approval. If the claim is not approved, the claimant will be required to return the disbursed amount.

Max Life’s groundbreaking product arrives at a juncture when a substantial portion of customers is expressing a preference for adaptable, tailor-made financial protection. The Max Life STEP term plan not only tackles present challenges but also foresees a future where financial security transcends being a mere necessity, becoming a dynamic instrument for individuals to safeguard their loved ones. Through this plan, Max Life maintains its legacy of introducing pioneering solutions that adapt to the constantly evolving needs of the contemporary consumer.

Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less

Published: 12 Dec 2023, 09:13 AM IST