Max Life and Policybazaar partner to launch ‘Smart Fixed-return Digital Plan’, an online short-term LI savings plan for millennials

New Delhi [India]June 23 (ANI/NewsView): Max Life Insurance Company Ltd. (“Max Life”https://www.business-standard.com/”Company”), launched the “Max Life Smart Fixed-return Digital Plan” + (UIN: 104N123V01), a savings-insurance- individual life unbound and without participation.

The new offer developed on the basis of consumer research helps customers achieve their short-term financial goals with a minimum policy term of five years.

The plan offers guaranteed tax-free returns of up to 6.14%2 as well as life insurance coverage at monthly premiums as low as Rs 3000/-* and is also available for purchase on the Max Life website and at Policybazaar.com.

The fixed-return smart digital plan targets digital-savvy millennials who prefer a quick and hassle-free online onboarding. Offering higher returns compared to traditional savings instruments, this product innovation combines a guaranteed and tax-exempt offer and life insurance protection coverage, allowing young consumers to benefit from the double advantage of savings and protection within the same product proposal.

V Viswanand, Deputy Managing Director of Max Life, said, “Developing products to meet customer needs has always been Max Life’s goal, and we are committed to bringing life insurance products to the market. innovative and digital hoses. return Digital Plan is designed for a generation that wants a guaranteed short-term product with tax-free returns and life insurance. The combination of easy liquidity and agile integration makes this new-era product a valuable part of the millennial savings journey.”

Sarbvir Singh, CEO of Policybazaar.com, commented, “Our consumer insights reveal that most millennials prefer short-term savings products with high yields, indicating an apparent demand for such a product. The launch of this plan, which is a short-term plan offers with tax-free guaranteed returns and life insurance coverage, would certainly meet the needs of this segment. We are excited to work with Max Life to make this innovative savings and protection instrument accessible to millennials who need quick and easy investment solutions. “

Key Features of “Max Life Smart Fixed Return Digital Plan”:

Streamlined boarding process with instant confirmation of issuance after trip completion3

Fully guaranteed returns payable in lump sum at maturity

Flexibility to pay premiums monthly or annually for only five years

Flexibility to choose between different variants, tailored to meet different financial security needs

Higher benefits offered for higher bonuses paid, depending on goals chosen

Special advantages for customers: 0.25% additional maturity indemnity for an insurance period of five years; 0.5% for an insurance period of ten years

Possibility of taking out a loan against the policy to help in the event of a financial emergency

Tax benefits on premiums paid and tax-exempt maturity benefits, depending on the variant chosen, in accordance with applicable tax laws4

Max Life Insurance Company Limited is a joint venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is part of the Max Group, an Indian multi-company company. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agencies and third-party distribution partners.

Max Life has built its operations over two decades through a needs-based sales process, a customer-centric approach to engagement and service delivery, and trained human capital. According to public disclosures and audited annual financial statements for the financial year 2021-22, Max Life earned a gross written premium of INR 22,414 crore. As of March 31, 2022, the company had INR 1,07,510 Crore Assets Under Management (AUM) and an In Force Sum Insured 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. Head Office: 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) -122 002. You can call us on customer support number 1860 120 5577.

The trade logo displayed belongs respectively to Max Financial Services Ltd. and Axis Bank Ltd. and with their consent, is used by Max Life Insurance Co. Ltd.

Policybazaar.com is one of the largest insurance marketplaces in India. It is the flagship platform of PB Fintech, owner of the fintech brand, Paisabazaar.com, and the loan and insurance marketplace in the UAE region, Policybazaar.ae.

The Policybazaar.com group enjoys the support of a multitude of investors, including private equity funds and other family offices. Policybazaar.com began with the goal of educating people about insurance products and with its offerings has reached out to the vast, highly under-tapped online insurance markets.

+ This life insurance product is offered and underwritten by Max Life Insurance Co. Ltd. The life insurance contract is entered into between the applicant and Max Life Insurance Co. Ltd.

* For all client cohorts

1 Provided all premiums due have been paid and the policy is in force

2 Offered in the Titanium variant chosen by an 18-year-old woman for a payment term of 5 years and a policy term of 5 years

3 Applicable to customers meeting eligibility criteria and underwriting guidelines

4 Subject to applicable tax laws which may change from time to time, please consult your tax advisor

This story is provided by NewsSee. ANI will not be responsible for the content of this article. (ANI/NewsSee)

DISCLAIMER

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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