Max Life Insurance launches ‘Max Life COVID-19 One Year Term Rider’ (COVID-19) with death benefits and overall diagnosis for the customers. Max Life COVID-19 Rider starts at a profitable average premium of ₹ 271 for a sum assured of ₹1,00,000. The newly introduced rider can be linked up to 12 of Max Life’s existing products ranging from term plans, savings, and income plans to retirement plans.
Due to COVID-19, this rider support in financial protection in the areas of diagnosis and death. Customers with the age group from 18 to 65 years will be availing this benefit. This rider will not cover COVID-19 cause in the first 15 days and will be valid for about one year. The diagnosis has been kept very simple. They view the COVID-19 report from authorized laboratories. Medical bills and proof of home quarantine is not required. The diagnosis benefit offers a fixed round sum amount that is 20% of the rider sum assured which provides financial protection to the family. Under the death cover, if the certified life yields to COVID-19, the rider will provide a round sum amount (100% of the rider sum assured) to the nominee along with the diagnosis additional benefit of 20 % of the rider sum assured if it is not benefited. Besides, the benefits under the rider will be payable over and above the base policy features.
According to the research in a recent survey titled ‘Max Life India Protection Quotient- Express’ in collaboration with KANTAR, due to the increase in COVID-19 spread it was declared that 41 percent of respondents said they would purchase term plans. Maintaining these insights in mind, the COVID-19 rider by Max Life helps customers to protect their financial worries and secure future by enabling them to continue investing in life goals by attaching the one-year rider to their base plan.
V Viswanand, Deputy Managing Director, Max Life Insurance mentioned that the current widespread cause has brought about multiple financial disturbances in people’s lives. While the pandemic ends in the future, life goes on beyond it. Through the launch of COVID-19 rider, they want a partnership with customers in helping them to progress over immediate COVID-19 related financial worries to acquire a secure future for themselves and their loved ones.
