The newly launched Covid-19 rider can be attached to 12 of Max Life's existing products ranging from term plans, savings and income plans to retirement plans.
If you are looking to buy a life insurance policy along with a protection plan against COVID-19, here is an option available to you. Max Life Insurance Company has launched ‘Max Life COVID-19 One Year Term Rider’ or the Covid-19 Rider. A rider is basically an optional cover that a policyholder may attach to one’s basic policy by paying an additional premium. The newly launched Covid-19 rider can be attached to 12 of Max Life’s existing products ranging from term plans, savings and income plans to retirement plans.
Starting at an annualized premium of Rs 271 for a sum assured of Rs 1,00,000 the COVID-19 Rider will be available to policyholders looking to protect themselves against the ongoing pandemic.
Max Life COVID-19 Rider provides 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. 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.
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.
As per the company, according to the findings of a recent survey titled ‘Max Life India Protection Quotient- 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.
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 a 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, V Viswanand, Deputy Managing Director, Max Life Insurance said, “The ongoing pandemic has brought about multiple financial disruptions in our 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.”