Wednesday , 6 December 2023
Home Press Release Max Life Insurance launches ‘Max Life Saral Jeevan Bima’
Press Release

Max Life Insurance launches ‘Max Life Saral Jeevan Bima’

Max Life Insurance Company Ltd. (“Max Life/Company”), today announced the launch of ‘Max Life Saral Jeevan Bima’, a standard term life insurance plan, designed to provide 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.

Available to customers in the age group of 18 to 65 years, Max Life’s Saral Jeevan Bima plan offers a minimum sum assured of 5 lakhs and maximum sum assured of up to 25 lakhs for a policy term ranging between 5 years and 40 years. ‘Max Life Saral Jeevan Bima’ further offers customers 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.

The Max Life Saral Jeevan Bima comes with the Company’s steadfast commitment towards customers, with which it has achieved a Claims Paid Ratio of 99.22% during FY 2019-20. As a continued promise of trust, Max Life has paid off 15,342* claims received in FY 2019-20. This demonstrates the Company’s commitment to being there at the ultimate moment of truth that defines a life insurer’s relationship with its customers.

According to the findings of Max Life’s recent survey ‘India Protection Quotient 3.0’ in association with KANTAR, it was revealed that 33% 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 new ‘Max Life Saral Jeevan Bima’ will offer simplified financial protection to customers.

Commenting on the launch of the product, Prashant Tripathy, MD & CEO Max Life Insurance said, “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. 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.”

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