Life insurance savings scheme to be launched by Max Life and Policy Bazaar
The plan provides assured tax-free returns of up to 6.14 percent, as well as life insurance protection, for monthly premiums as low as $3000, according to Max Life. It is also available for purchase on the company’s website and Policybazaar.com.
The ‘Max Life Smart Fixed-return Digital Plan,’ a non-linked, non-participating individual life insurance savings plan, has been established by Max Life Insurance Company Ltd. With a minimum policy lifespan of five years, the new service developed based on a consumer insight study assists consumers in meeting short-term financial goals. The plan provides assured tax-free returns of up to 6.14 percent, as well as life insurance protection, for monthly premiums as low as $3000, according to Max Life. It is also available for purchase on the company’s website and Policybazaar.com.
Before choosing such a plan, you should carefully examine the policy’s terms and conditions.
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 is aimed at digitally aware millennials who seek a simple and painless online onboarding process. This product innovation, which offers better returns than typical savings instruments, combines a guaranteed, tax-free offering with life insurance protection, allowing young consumers to enjoy the combined benefits of savings and protection in a single product proposition, according to the company.
According to the firm, the following are key aspects of the ‘Max Life Smart Fixed-return Digital Plan’:
- Simplified onboarding, with rapid confirmation of issue upon the end of the trip.
- Returns are fully guaranteed and paid out in one single sum at maturity.
- Premiums can be paid monthly or annually for a period of up to five years.
- The ability to choose from a variety of options, each suited to satisfy distinct financial security requirements.
- According to the goals selected, better benefits are offered for higher premiums paid.
- Women’s benefits include a 0.25 percent additional maturity benefit for policies with a five-year term and a 0.5 percent additional maturity benefit for policies with a ten-year term.
- In the event of a financial emergency, you have the option of taking out a loan against your policy.
- Depending on the chosen version and current tax rules, tax benefits on premiums paid and tax-free maturity benefits are available.
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.”