Tuesday, 8 December 2020

Max Life Insurance Launches ‘Max Life Critical Illness and Disability Rider

 Max Life Insurance Launches ‘Max Life Critical Illness and Disability Rider’ for its customers; introduces wellness programme ‘Max Fit’ to encourage healthy living

 Max Fit is a unique wellness app available exclusively to customers of the new ‘Max Life Critical Illness & Disability Rider’

  • ‘Max Life Critical Illness and Disability Rider’ offers customers protection from a wide range of illnesses and uncertainties
  • New offering to promote healthy living amongst customers by rewarding them for staying fit and healthy

 Max Life Insurance Company Ltd. (“Max Life” / “Company”), today announced the launch of ‘Max Life Critical Illness and Disability Rider’ and with it, the launch of ‘Max Fit’, a comprehensive wellness programme. Max Fit is a wellness app designed to lead customers on a path of protection through holistic fitness and wellness. In line with the company’s brand philosophy of “#YouAreTheDifference”, the app promises to provide patrons with a unique and exciting opportunity to work towards a healthier lifestyle with the ultimate aim of helping them realize that their health is their biggest asset.

 Max Life’s newly launched ‘Max Life Critical Illness and Disability Rider’ provides comprehensive financial protection against a range of critical illnesses and disability. With many critical illnesses linked to lifestyle related habits, Max Life wants customers to stay fit, active and maximize their personal health and wellbeing. Together, ‘Max Fit’ program and ‘Max Life Critical Illness and Disability Rider’ – will address customers’ holistic health coverage needs to ensure they continue to ‘Be Fit, Be Protected, Be Happy’.

 Speaking on the launch of the offerings, Prashant Tripathy, Managing Director & CEO, Max Life said, “At Max Life, we believe in offering customers holistic financial protection. This includes an emphasis on encouraging them to take care of their health, as a healthy mind and body lead to stronger immunity and better quality of life. With the launch of Max Life Critical Illness and Disability Rider, we aim to offer customers protection from any untoward circumstances, while rewarding them for taking care of their personal wellbeing. The accompanying Max Fit marks a great milestone in our digitization journey to deliver superior customer experience. It’s a win-win situation for customers where they are protected from uncertainties and rewarded for playing an active role in staying committed to their overall health.” 

Max Life Critical Illness and Disability Rider’ offers customers protection from upto 64 critical illnesses, and has a cover under which one can protect themselves or their loved ones. It also comes with a flexible payment option wherein one can opt for limited pay or regular pay option as per the base plan. The rider can be attached to 11 of Max Life's existing products ranging from term plans and saving plans to monthly income plans, and more.

 Available exclusively with the rider, ‘Max Fit Program’ is a wellness app with features such as a wellness assessment score, medicine reminder, daily health tips, digitized access to all health reports and a wellness calculator for illnesses such as diabetes, heart diseases, stress, anxiety, etc. Recording a minimum of 50,000 steps on the app can accumulate one Healthy Week in a week*[1] and depending on the number of Healthy Weeks accumulated, the life insured is eligible for a discount (upto 10%) on rider premium at the time of renewal.

 Celebrated tennis player Mahesh Bhupathi whom Max Life has engaged to drive home the message of leading a healthy lifestyle, added, “Leading a fit and healthy lifestyle has moved from a style statement to an essential. It is the new normal. By catering to the health and wellness needs of an evolving customer base, Max Life is redefining the landscape of new age life insurance solutions. I’m happy to associate with the futuristic vision of the firm and look forward to our journey as we encourage Indians to adopt a physically sound approach to life.”

*Annexures – ‘Max Life Critical Illness and Disability Rider’

 The rider has 5 distinct variants to choose from– Gold, Gold Plus, Platinum, Platinum Plus and Total and Permanent Disability (TPD) variant – with each covering a suite of pre-listed critical illnesses (minimum 22 and maximum 64 critical illnesses covered). It also offers cover for as long as 67 years (up to age 85). The rider has flexible payment options and can be attached to 11 of Max Life's existing products*[2].

Events


Minor CI

Major CI/TPD

Variant 1 & 3: Diagnosis of listed Critical Illness

Lower of 25% of Rider Sum Assured or Rs. 5 Lacs is payable on diagnosis of any of the covered minor CI conditions

100% of Rider SA minus minor CI claims paid, if any is payable on the diagnosis of any of the covered major CI conditions.

Variant 2 & 4: Diagnosis of listed Critical Illness or occurrence of TPD

Lower of 25% of Rider SA or Rs. 5 Lacs is payable on diagnosis of any of the covered minor CI conditions

100% of Rider SA minus minor CI claims paid, if any is payable on the diagnosis of any of the covered major CI conditions or occurrence of TPD, whichever is earlier

Variant 5: Occurrence of Total and Permanent Disability (TPD)

NA

Total and Permanent Disability, due to an accident or an illness, would be covered.

The Rider SA is payable on a valid TPD claim during the Rider Coverage Term, subject to rider benefit being in-force.

Following benefit variants are available under the rider to choose from -

  1. Gold variant: a suite of 22 critical illnesses is covered (one minor, 21 major)
  2. Gold Plus Variant: In addition to a suite of 22 critical illnesses (one minor, 21 major), TPD is also covered
  3. Platinum variant: a suite of 64 critical illness is covered (five minor, 59 major)
  4. Platinum Plus variant: In addition to a suite of 64 critical illnesses (five minor, 59 major), TPD is also covered
  5. Total and Permanent Disability (TPD) Variant: TPD shall mean the occurrence of any of the conditions as mentioned in the rider as a result of accidental bodily injury, sickness, or disease

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