Max Life Insurance has said it has entered into a partnership with PhonePe to launch its ‘Max Life Smart Secure Plus Plan’, a comprehensive life insurance, on the payments app. With this partnership, PhonePe customers above 18 years of age can apply for the ‘Max Life Smart Secure Plus Plan’ directly on the PhonePe app. Furthermore, the customers will have the flexibility to choose a sum assured up to Rs 10 crore and can have their policies renewed on the PhonePe app.
With this, millions of PhonePe customers can now shield their families from life’s uncertainties and avail comprehensive financial coverage with premiums starting as low as Rs 4,426 annually, the insurance company said in a statement.
The term plan can be purchased on the PhonePe app without any hassle or excessive paperwork, the statement said.
Max Life Deputy managing director V Viswanand said, “We are committed to simplifying the entire customer life journey from buying life insurance to settling a claim seamlessly in the digital era. With this partnership with PhonePe, we are confident of creating a robust distribution channel for digitally-savvy customers and expanding the uptake of term plans and financial protection.”
PhonePe, one of India’s leading digital payments platforms, has been granted a direct broking licence by the Insurance Regulatory and Development Authority of India (Irdai) which allows the selling of insurance on their app.
Under the life insurance category, Max Life will offer PhonePe customers the Max Life Smart Secure Plus Plan with inbuilt Terminal Illness Benefit and Special Exit Option. To be operated under the DIY (do-it-yourself) journey for the customers enabled with the tech model, the partnership is another step by Max Life to reach the millennial audiences at touchpoints of their choice.
What is Max Life Smart Secure Plus Plan?
It is a comprehensive life insurance plan that offers financial benefits personalised to the needs of new-age customers. Launched in April 2021, it is a non-linked, non-participating, individual pure-risk premium life insurance plan that offers policyholders multiple new benefits like the ‘premium break option’, ‘special exit value’, choice of claims payout for the nominee.
The plan offers customers an option to choose ‘special exit value’, under which they may choose to exit at a specified point to receive all premiums paid back for the base protection benefit.
Furthermore, customers can opt to take a break from paying the premium and still stay covered, twice during the premium payment term by choosing the ‘premium break’ option. The nominee has now been empowered by the choice of claims pay-out mode, at the claims stage among lump-sum, monthly income, part lump-sum, and part monthly income.
The product by Max Life comes at a time when a large section of customers is showing an inclination towards flexible, customizable financial protection.
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