The Max Life’s Saral Jeevan Bima plan offers a minimum sum assured of Rs 5 lakhs and a maximum sum assured of up to Rs 25 lakhs for a policy term ranging between 5 - 40 years.
The term life insurance policy is designed to offer financial protection to customers alongside simple, easy to understand policy features.
Max Life Insurance today announced the launch of their ‘Max Life Saral Jeevan Bima’, a standard term life insurance plan. The term life insurance policy is designed to offer financial protection to customers alongside simple, easy to understand policy features. The same is a non-linked, non-participating, individual pure-risk premium life insurance plan.
The policy is available to customers in the age group of 18 to 65 years. The Max Life’s Saral Jeevan Bima plan offers a minimum sum assured of Rs 5 lakhs and a maximum sum assured of up to Rs 25 lakhs for a policy term ranging between 5 – 40 years. The policy also offers customers the flexibility to choose between premium payment term options of regular pay, single pay and limited pay (with 5 and 10-year pay options); and multiple premium payment mode options i.e. annual, semi-annual or monthly payment.
According to the findings of Max Life’s recent survey ‘India Protection Quotient 3.0’ in association with KANTAR, it was revealed that 33 per cent of non-term plan owners across urban India were unaware of term plan availability and believed high premiums have to be paid for it, which served as a barrier in their term plan purchase. The company says the new ‘Max Life Saral Jeevan Bima’ will offer simplified financial protection to customers.
Prashant Tripathy, MD and CEO Max Life Insurance says, “In today’s day and age, where there are plenty of term insurance plans and policies to choose from, it is also important to provide a simple product that allows an average customer to make an informed choice. In line with the IRDAI’s Guidelines on Standard Individual Term Life Insurance Product; and as a commitment to increase the penetration of life insurance in the country, ‘Max Life Saral Jeevan Bima’ seeks to address key financial protection requirements of customers in a simple and standard manner.”
He further adds, “We hope that this standard product will help Indians, especially first-time buyers, to protect their loved ones by encouraging them to invest in a term insurance policy.”