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21 May, 2022
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The Partnership of Max Term Life Insurance and PhonePe: Max Life Smart Secure Plus Plan

The ‘Max Life Smart Secure Plus Plan’ launched by Max Term Life Insurance is about to set in motion by PhonePe, which is the most effective and mass-oriented digital payment platform these days. Customers will now be able to select an amount assured of up to Rs 10 crore and renew their policies through this distinct PhonePe app.

Max Life Insurance has announced a joint venture with PhonePe to bring its ‘Max Life Smart Secure Plus Plan’. It is a comprehensive life cover on the payments app. Customers over the age of 18 can apply for this insurance plan just on the PhonePe app. Thanks to this successful initiative, consumers can now have the option of selecting a sum assured with the highest ceiling up to Rs 10 crore and renew their policies through the payment app.

According to the Max Insurance officials, the Max Life Insurance Term Plan can be acquired through the PhonePe app without any hassles or costly paperwork. Millions of PhonePe consumers may now protect their families from potential life risks by purchasing complete financial coverage for as little as Rs 4,426 annually.

Max Life’s deputy managing director V Viswanand has said in a press release that his organization is devoted to simplifying the complete customer life cycle from acquiring life insurance to settling a claim easily in the digital world. He is optimistic that by partnering with PhonePe, the company has got a fresh impetus to build a strong distribution channel for digitally savvy customers while also increasing the acceptance of term plans linked to financial protection.

The IRDAI (Insurance Regulatory and Development Authority of India) has awarded PhonePe, one of India’s biggest digital payment systems, a direct broking license. It has enabled the digital app owners to sell insurance through their app.

What is the Smart Secure Plus Plan from Max Life?

Max Life will offer PhonePe clients the Max Life Smart Secure Plus Plan with inbuilt Terminal Illness Benefit and Special Exit Option within the life insurance classification. The agreement, which will be handled under the DIY (Do-It-Yourself) experience for clients driven with the tech model, is another attempt by Max Life to reach out to younger audiences at their preferred touchpoints. 

It’s a complete life insurance policy with financial benefits tailored to the needs of millennials. It is a non-participating as well as non-linked, individual genuine premium life insurance scheme. The scheme was initially launched in April 2021. It gives policyholders several additional features such as the “special exit value”, “premium break option,” and a unique “choice of claims prompt claim settlement for the nominee.”

Customers can select a ‘special exit value,’ which allows them to depart at a particular juncture and receive a refund of all premiums paid against the base protection value. Policyholders can also use the ‘premium break’ option to take an optional break from premium payment and still be covered twice throughout the premium payment period. The nominee has the option of choosing between monthly income, part monthly income, lump-sum, and part lump-sum as a claim pay-out mode during the claims process.

Conclusion

Max Life’s solution arrives at a time when a huge number of clients are expressing an interest in financial protection that is flexible and adjustable. So, why not avail of the opportunity in keeping with the present pandemic situation?

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