Max Life Insurance will offer protection to Indian homemakers by extending its Max Life Smart Secure Plus Plan, a Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan, as an independent term insurance cover to them.
Currently, homemakers in India are typically allowed term cover only as an add-on to their earning spouse’s cover. The smart secure plus plan offered on Policybazaar will help secure female homemakers’ lives independent of their spouse’s life insurance cover. The company claims Max Life and Policybazaar are partnering to address critical challenges of this customer base and improve penetration in the largely untapped segment.
To make financial protection more accessible, the secure plus plan will be available to people where household income is a minimum of Rs 5 Lakhs per annum. Different variants of the plan, with mortality and all rider benefits, will be available to homemakers in the age group of 18 to 50 years.
V. Viswanand, Deputy Managing Director, Max Life says, “A woman’s contribution as the homemaker is essential and irreplaceable. They take care of the family’s well-being, offer emotional support and ensure the financial balance of the household. Max Life’s Smart Secure Plus Plan for homemakers is a step towards empowering Indian women and enabling greater financial inclusion by protecting in challenging times.”
Sarbvir Singh, CEO, Policybazaar.com says, “In the current sales mix of the online protection category, the housewives segment remains an untouched opportunity. In the Indian context, this segment is and will continue to be a large pool.”
This term plan offers two death benefits. Policyholders also get inbuilt benefits such as cover for terminal illness and a special exit value. Along with that, the secure plus plan also offers various optional benefits such as joint life cover, premium breaks, additional payout on accidental death and more. Having said that, as a policy buyer keeps in mind, it is best to understand how a policy works to be more aware of your financial decisions.