Max Life and Policybazaar come together to launch ‘Smart Fixed-return Digital Plan, a short-term online LI savings plan for Millennials
- Offers guaranteed1 tax-free returns while ensuring life cover via simplified online on-boarding
Chennai, June 21, 2022: 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