Premium break, special exit, other features

Max Life Insurance has announced that it has partnered with PhonePe to launch its “Max Life Smart Secure Plus Plan”, comprehensive life insurance, on the payment app. Thanks to this partnership, PhonePe customers over the age of 18 can apply for the “Max Life Smart Secure Plus Plan” directly on the PhonePe application. Additionally, customers will have the option to choose sum assured up to Rs 10 crore and will be able to have their policies renewed on the PhonePe app.

Thanks to this, millions of PhonePe customers can now shield their families from life’s uncertainties and enjoy full financial coverage with premiums starting from Rs 4,426 per year, the insurance company said in a statement. .

The term plan can be purchased on the PhonePe app without hassle or excessive paperwork, the statement said.

Max Life’s Deputy Managing Director, V Viswanand, said, “We are committed to simplifying the entire customer life journey, from purchasing life insurance to settling a claim seamlessly at the digital age. Through this partnership with PhonePe, we are confident to create a strong distribution channel for digitally savvy customers and expand the adoption of term plans and financial protection.”

PhonePe, one of India’s leading digital payment platforms, has obtained a direct brokerage license from the Insurance Regulatory and Development Authority of India (Irdai), which allows insurance to be sold on their app.

In the life insurance category, Max Life will offer PhonePe customers the Max Life Smart Secure Plus plan with an integrated terminal illness benefit and a special exit option. To be leveraged as part of the do-it-yourself journey for customers enabled with the technology model, the partnership is another step by Max Life to reach millennial audiences at the touchpoints of their choosing. .

What is the Max Life Smart Secure Plus plan?

It is a comprehensive life insurance plan that provides financial benefits tailored to the needs of new era customers. Launched in April 2021, it is a pure risk, unlinked, non-participating, individual premium life insurance plan that offers policyholders several new benefits such as the “premium break option” , the “special exit value”, the choice of claim payment for the candidate.

The plan offers customers the option of choosing a “special exit value,” under which they can choose to exit at a specific time to receive all premiums refunded for the basic protection benefit.

In addition, customers can choose to take a premium payment break while still being covered, twice during the premium payment term by choosing the “premium break” option. The candidate has now been empowered by the choice of how to pay claims, at the claims stage, among lump sum, monthly income, partial lump sum and partial monthly income.

Max Life’s product comes at a time when a large portion of customers show an inclination for flexible and customizable financial protection.

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