Max Life and Policybazaar Come together to Launch ‘Smart Fixed-return Digital Plan, a Short-term Online LI Savings Plan for Millennials
Max Life Insurance Company Ltd. (“Max Life” / “Company”), has launched the ‘Max Life Smart Fixed-return Digital Plan’+ (UIN: 104N123V01), a non-linked, non-participating, individual life insurance savings plan. The novel offering developed basis a consumer insight study helps the customers meet short-term financial goals with a minimum policy tenure of five years. The plan offers guaranteed tax-free returns up to 6.14%2 along with life cover protection at monthly premiums as low as Rs. 3000/-* and is also available to purchase on Max Life’s website and Policybazaar.com.
The Smart Fixed-return Digital Plan targets the digitally-savvy millennials who prefer quick and hassle-free online onboarding. Offering higher returns as compared to traditional savings instruments, this product innovation combines guaranteed, tax-free offering and protection cover of life insurance, allowing young consumers to enjoy the dual benefits of savings and protection within a single product proposition.
V Viswanand, Deputy Managing Director, Max Life said, “Developing products to respond to customers’ needs has always been Max Life’s focus, and we are committed to introducing innovative, digitally-enabled flexible life insurance products in the marketplace. The Smart Fixed-return Digital Plan is designed for a generation that wants a short-term guaranteed product with tax-free returns topped with life insurance. The combination of easy liquidity and agile onboarding makes this new-age product a valuable fit in the millennials’ savings journey.”
Sarbvir Singh, CEO, Policybazaar.com commented, “Our consumer insights reveal that most millennials prefer short-term savings products with high returns, thereby indicating an apparent demand for such a product. The launch of this plan, which is a short-term offering with guaranteed tax-free returns and life insurance cover, would certainly address the needs of this segment. We are excited to work with Max Life in making this innovative savings-cum-protection instrument accessible to millennials who need quick and easy investment solutions.”
Key features of ‘Max Life Smart Fixed-return Digital Plan’:
Simplified on-boarding process along with instant confirmation of issuance after journey completion3
Fully guaranteed returns payable as a lump sum at maturity
Flexibility to pay premiums monthly or annually for just five years
Flexibility to choose between different variants, tailored to meet different financial security needs
Higher benefits offered for higher premiums paid, as per the chosen goals
Special benefits for women customers: 0.25% additional maturity benefit for five years’ policy term; 0.5% for ten years’ policy term
Option of taking a loan against policy to help in case of financial emergencies
Tax benefits on premiums paid and tax-free maturity benefits, depending on the chosen variant, as per prevailing tax laws4
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners.
Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per public disclosures and annual audited financials for FY2021-22, Max Life has achieved a gross written premium of INR 22,414 crore. As of 31st March 2022, the Company had INR 1,07,510 crore of assets under management (AUM) and a Sum Assured in Force of INR 1,174,515 crore.
For more information, please visit the Company’s website at www.maxlifeinsurance.com.
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Corporate Office: 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) -122 002. You can call us on our Customer Helpline No. 1860 120 5577.
Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co. Ltd.
About Policybazaar (www.policybazaar.com)
Policybazaar.com is one of India’s largest insurance marketplaces. It is the flagship platform of PB Fintech, that owns fintech brand, Paisabazaar.com, and lending & insurance marketplace in the UAE region, Policybazaar.ae. The Policybazaar.com Group has backing from a host of investors including the likes of PE funds and other family offices. Policybazaar.com started with a purpose to educate people on insurance products and with its offerings has addressed the large and highly underpenetrated online insurance markets.
+ This Life Insurance product is offered and underwritten by Max Life Insurance Co. Ltd. The Life Insurance Contract is between the proposer and Max Life Insurance Co. Ltd.
* For all customer cohorts
1 Provided all due premiums have been paid and the policy is in force
2 Offered under Titanium variant opted by 18 years old female for payment term of 5 years, and policy term of 5 years
3 Applicable for customers meeting the eligibility criteria and underwriting guidelines
4 Subject to applicable tax laws which are subject to change from time to time, please consult your tax advisor