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Home / Money / Personal Finance /  Max Life, Policybazaar launch life insurance
savings plan


MAX LIFE, POLICYBAZAAR LAUNCH LIFE INSURANCE SAVINGS PLAN

Premium Before, opting such plan you should carefully read the terms and
conditions of the policy. Photo: iStock 2 min read . Updated: 21 Jun 2022, 11:52
AM IST Livemint

 * The plan offers guaranteed tax-free returns up to 6.14% along with life cover
   protection at monthly premiums as low as ₹3000 and is also available to
   purchase on Max Life’s website and Policybazaar.com, said the firm.



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Max Life Insurance Company Ltd has launched the ‘Max Life Smart Fixed-return
Digital Plan’, a non-linked, non-participating, individual life insurance
savings plan. The offer helps 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% along with life cover
protection at monthly premiums as low as ₹3000 and is also available to purchase
on Max Life’s website and Policybazaar.com, said the firm.

V Viswanand, deputy managing director, Max Life said, “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."



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, said the firm.

Key features of ‘Max Life Smart Fixed-return Digital Plan’ stated by the firm
are:

-Simplified on-boarding process along with instant confirmation of issuance
after journey completion

-Fully guaranteed returns payable as a lump sum at maturity

-Flexibility to pay premiums monthly or annually for just five years

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-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 laws.

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."


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