Max Life Insurance fortifies partnership with Royal Challengers

 Max Life Insurance fortifies partnership with Royal Challengers Bangalore
for 14^th edition of the Indian Premier League; becomes team's
official life insurance partner for the third consecutive year

Max Life Insurance Company Ltd. ("Max Life" / "Company") today announced its partnership with Royal Challengers Bangalore (RCB) for the upcoming season of the Indian Premier League (IPL) 2021. Fortifying the partnership for the third consecutive year, Max Life will serve as the official life insurance partner of the Royal Challengers Bangalore (RCB) with a logo presence on the non-leading trouser leg. The latest edition of the Indian Premier League is scheduled to begin in Chennai from 9^th April, 2021.

Through the means of this partnership, Max Life Insurance seeks not only to motivate the RCB cricketers to play with 'Protection on the Front Foot' but also encourage its larger fan base to protect themselves with term life insurance financially. The association reinforces the Company's belief 'You Are the Difference' which reaffirms that as an individual, it is 'You' who brings a difference to the lives of your loved ones and must therefore secure their financial well-being by investing in a robust term life insurance plan. 

Remarking on the partnership, Aalok Bhan, Director and Chief Marketing Officer, Max Life, said, "It's true that consumer sentiments remained largely affected due to Covid -19, but with the nation binding event that cricket and especially Indian Premier League is, one can look forward to a positive spin. We are thrilled to partner with Royal Challengers Bangalore for the third consecutive year as their official life insurance partner. Through the means of this partnership, we aim to reach out to the team's diverse and dynamic audience base with the message that they are the difference in the lives of their loved ones. Also, in these financially challenging times brought by the pandemic, it remains crucial to consider life insurance for securing one's financial future, especially with term insurance plans, that offer income benefits, at the time that it is needed the most."

As per Max Life's recent India Protection Quotient 3.0 survey conducted in partnership with Kantar, it was found that during COVID-19, only 57% urban Indian millennials feel financially secure under current circumstances. The survey also revealed that only 28% millennials owned term insurance in the backdrop of COVID-19. Given the uncertainties around us, it is important to consider a term insurance to ensure comprehensive financial protection for loved ones.

Commenting on the partnership, Rajesh V Menon, Vice President & Head of Royal Challengers Bangalore, said, "We are pleased to associate with Max Life Insurance as our official life insurance partner for the third year in a row.  Our partnership gives us the opportunity to create awareness about financial protection and its importance in life. While the protection of players on the field is taken care of in many ways, it is imperative to gear up well in life too, by calculating risks and leading with financial protection. Thus, becoming a very meaningful proposition to engage with our fans."

Covid-19 Compels Urban Indians To Be More Proactive About

 Covid-19 Compels Urban Indians To Be More Proactive About Health And Fitness; Inclination Towards Health Apps Increases: Max Life’s IPQ 3.0 Survey

• More urban Indians now are aware that health and fitness directly impacts the premium amount of term insurance
• Urban Indians indulged in a variety of activities to keep themselves mentally and physically fit
• Premium discounts for improving health and physical fitness desired by urban Indians
• Realization of Critical Illness (CI) occurrence increases but CI rider adoption yet to see a wider uptake

 

Reinforcing its commitment towards ensuring greater financial protection for the country, Max Life Insurance Company Ltd. (“Max Life”/ “Company”) has unveiled the findings of the third edition of its flagship survey ‘Max Life India Protection Quotient 3.0 (“IPQ 3.0”)’ in partnership with KANTAR. With the Covid-19 pandemic having medical implications, IPQ 3.0 found urban Indians becoming more proactive about health and fitness. As per IPQ 3.0 , the number of people considering having an application for tracking their health was also significant during this time, as urban Indians said they’d be interested in using an app that enables discounts on premiums in response to maintaining certain health and wellness patterns.

On the back of heightened medical emergencies, a notable 72% of respondents said that they actively look for products that will improve immunity and 71% say that they pay attention to health and fitness regimes. In terms of looking after their health and fitness, urban Indians also indulged in a variety of activities to keep themselves mentally and physically fit – while 75% consumed healthy, home-cooked food, 54% regularly exercised (walking, gym, yoga), 47% went for regular health check-up and 30% adopted the use of fitness bands, health monitoring device, etc. – reflecting significant shifts in attitude towards health and fitness, in the backdrop of Covid-19.

Reflecting on the findings, Aalok Bhan, Director and Chief Marketing Officer, Max Life Insurance said “Apart from reshaping the world we knew, the Covid-19 pandemic has brought about a sea shift in people’s approach to health, wellness, and overall wellbeing. Increased awareness of the value of protecting loved ones has led individuals to take charge of their physical and mental health and adopt healthier life choices and preference for connected wellness services. In light of this pronounced push towards health and fitness, there remains a massive opportunity for life insurers to impact customers. At Max Life, we aim to assume an active role in promoting wellness among our policyholders and offer products aligned with their evolving attitudes towards fitness. Our IPQ 3.0 survey is a testimony to that very commitment.”

In December 2020, Max Life announced the launch of ‘Max Life Critical Illness and Disability Rider’ (UIN: 104B033V01), a Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider (‘Rider’), and with it, as part of wellness benefit, the launch of ‘Max Fit’, a comprehensive wellness app designed to lead customers on a path of protection through holistic fitness and wellness. Available exclusively with the Rider, ‘Max Fit’ app offers other features such as a wellness assessment score, medicine reminder, daily health tips, and a wellness calculator for illnesses alongside discount (of up to 10%) on Rider premium at the time of renewal as a wellness benefit (as per rider terms and conditions), for maintaining healthy lifestyle patterns

The following findings reveal detailed insights pertinent to urban India’s attitude towards health and wellness in the backdrop of Covid-19:

• In the backdrop of Covid-19, urban India inclined towards using health app, consideration highest among metros

 

While the Covid-19 pandemic created several health challenges, it has also led to an increased interest in nurturing health and wellness. Consequently, the survey revealed urban India’s inclination towards considering health apps that would enable discounts on premiums in response to maintaining certain health and wellness patterns. This consideration was highest among metros where 66% were inclined towards health app, followed by tier 1 and tier 2 cities where 59% and 47% of respondents respectively showed consideration for it.

 

• More urban Indians now aware that health and fitness directly impact the premium amount of term insurance

 

Further, in the wake of the pandemic, the survey witnessed an increase in India’s levels of life and term insurance awareness. With it, a higher proportion of urban Indians were found to be aware that the health and fitness of the individual directly impact the premium amount of term insurance. At 76%, tier 1 cities respondents were found to be most aware of the impact of health and fitness on policy premiums. The awareness stood at 74% in metros, followed by 60% in Tier 2 cities.

 

• Reduction in premium amount for improving health and physical fitness would be welcome

 

The survey also revealed significant changes in urban India’s attitudes towards premium discount as a reward for maintaining health and fitness. At 73%, urban Delhi was most inclined towards buying life insurance if it offered a reduction in premium amount for improving their health and fitness. 53% in urban Kolkata and 40% in urban Mumbai were disposed towards this health and fitness incentive. While innovative life insurance companies across the globe increasingly developing products that encourage healthy behavior and offer premium discounts to customers, IPQ 3.0 survey findings further point towards a similar opportunity back home. 

 

• Realization of Critical Illness (CI) occurrence increases but CI rider adoption yet to see a wider uptake

 

On the back of heightened medical emergencies, the survey revealed an increase in the realization of critical illnesses across urban India. 25% of respondents, as opposed to earlier 19% respondents (in previous IPQ 2.0 survey), had the realization that critical illnesses could prey on them. As a result, compared to pre-Covid-19 where only 11% or 1 in 10 Indians brought a critical illness rider on their term insurance (per previous IPQ 2.0 survey), as per IPQ 3.0, now 26% respondents or 1 in 4 bought a critical illness rider with their term insurance policy.

 

While this is a marked improvement in relative terms, wider uptake of critical illness rider is yet to take place. In wake of Covid-19, 31% of metro respondents purchased critical illness with their term plans, followed by 24% in tier 2 and 23% respondents in tier 1 cities.

Young India’s Key Trigger to Buying Term Insurance

Concern for Children’s Financial Future, Young India’s Key Trigger to Buying Term Insurance

Families with children have the highest term insurance uptake and feel most protected

Millennials with kids far more prudent, 79% save for their kid’s education, reveals ‘India Protection Quotient’ Survey by Max Life Insurance

 Max Life Insurance Company Ltd. (“Max Life” / “Company”) revealed that while young India feels grossly underprepared to face the financial instability caused by eventualities of life, their children’s financial future is the foremost concern that influences them to purchase term insurance.

As per the ‘India Protection Quotient’ survey conducted by Max Life in association with Kantar IMRB, while ‘getting lump sum at a future date for my child’s education’ was a term buying trigger for about 44% urban Indians, at 48% it was the biggest trigger for millennials with kids. 

Aalok Bhan, Director and Chief Marketing Officer, Max Life said: “There are several key milestones in parents’ life that they go through which children’s are growing, right from nurturing values, to a good quality education in the early days and then to supporting their higher education and matrimonial plans. To achieve such milestones without any hassles, it is important to undertake financial planning judiciously. It is reassuring to see that young India understands the need for owning term insurance to secure their family’s future. Birth of child is the biggest trigger for millennials to buy term insurance, which confirms that children continues to be the fulcrum of financial planning for Indian households.”

As compared to the national average of 47%, awareness of term products is a comparatively higher at 50% among millennials with kids. The same is an indicator that the younger generation, who have young kids, have higher awareness of benefits arising from ownership of term insurance and are investing in it to ensure that their children’s aspirations are not compromised even in case of any eventuality.

Millennials with kids prioritize saving for children’s education and marriage over retirement planning

While nearly half of urban Indian millennials in the age group of 25 – 35 years believe in spending more on travel/ luxury and are not even thinking about financially protecting their families, millennials with kids are far more conscious of creating corpus to support life stage goals related to their children. A significant 79% millennials with kids save for their kid’s education while 55% save for their kids’ marriage.

So committed are millennial parents to safeguarding the financial future of their kids, that their retirement planning too takes a backseat. While almost 54% India saves for old age security and retirement, millennials with kids prioritize savings for goals related to their children over their own selves with 50% of them saving for old age security.

Families with children consider term insurance their first preference

The fact that 36% families with children consider term insurance as their first choice when it comes to buying life insurance indicates that millennial parents understand the risks of life and the need to protect against those risks by buying term plan.

At 52%, term insurance awareness among families with children is almost twice as compared to the awareness levels of 29%, among families without children. Consequently, families with children have a higher term insurance ownership of 24%, while only 12% families without children own term insurance. 

Max Life Insurance showcases the belief ‘You Are The Difference’ in its new brand campaign

The campaign urges consumers to embrace their ‘Real Value’ while buying life insurance cover

 Max Life Insurance Company Ltd. (“Max Life” / “Company”) today launched its new brand thought that introduces the belief ‘YOU ARE THE DIFFERENCE’ in the lives of your loved ones. This new brand thought is in line with Max Life’s focus on encouraging consumers to realize and embrace their ‘Real Life Value’ when buying life insurance. This thought stems from the Company’s value of ‘Customer Obsession’ that means that every business decision be taken with customer at the core.

Culturally, our concept of ‘Self’ is often subsume by a collective unit, be it a family or a team. As part of traditional Indian ethos, we tend to undermine the individual self and give precedence to collective self. Having grown up with quotes like “always be humble”, “cut your coat according to your cloth”, “less is more”, we end undervaluing our own self in every walk of life. While we rejoice in the value our loved ones bring to our life and celebrate even their smallest of achievements, we tend to undermine the value we bring to the lives of our loved ones. This habit of undervaluing ‘Self’ also manifests itself in the sum assured we opt for while buying life insurance and end up buying sub-optimal sum assured which may not be sufficient to support dreams and aspirations of your loved ones in your absence.

Commenting on the brand campaign, Aalok Bhan, Director & Chief Marketing Officer, Max Life said, “People tend to make the mistake of assessing their real value basis only their current financial status, thus often ignoring their future financial potential and underplaying the value of ‘Self’. Through real life events, our campaign will bring alive the value consumers bring to their families. We are confident that these situations will resonate with our target audience and will nudge them to relook at the value of ‘Self’. Max Life has also created an easy to use tool to calculate ‘Real Value’ which takes into consideration current and potential financial contribution assumptions as well as the value of aspirations of the loved ones. We believe that if consumers understand their ‘Real Value’, they will automatically work towards protecting it, to ensure that their family does not have to live a life of compromise in any circumstances.”

The integrated campaign, which goes live on 9^th September 2019, iterates that as an individual, it is You, who brings a difference to the lives of your loved ones, both financially and emotionally. Hence, it is the responsibility of every bread earner not to undervalue Self, because, for your family YOU ARE THE DIFFERENCE. The advertising film pivots through a series of heartwarming events in the life of the breadwinner to trace the value he holds, albeit unknowingly, in the lives of their loved ones. From uplifting his wife’s hidden aspirations as a yoga teacher by secretly building a website to her surprise, to cheering the loudest for his son who is disheartened to be the second runners-up and his litter gestures of love and support are what make the real difference to his family. The way in the emotional situations, he is their pillar of support, he is the one to fall back on in time of any support including financial needs. The campaign urges the audience to embrace that ‘YOU ARE THE DIFFERENCE’ spirit by knowing the ‘Real Value’ of self and thus taking a step towards becoming a constant support to their loved ones.

Adding to the launch of the campaign, Ritu Sharda, Chief Creative Officer, Ogilvy North said, “Most times, we don’t realize how big a difference we made in the lives of other people. In going about our duties and responsibilities, we tend to undervalue ourselves. Subconsciously, this reflects in the way we take our life insurance. YOU ARE THE DIFFERENCE is a great platform to wake people up to their true value and enable them to take the right decision towards an insurance value that will really make a difference.”

Max Life Insurance has launched the ‘Real Value Tool’ that will help people identify their real value and bridge the gap between Real Value and the current life insurance cover. The Company aims to reach and help 5 million people realize their real value through this ‘Real Value Tool’ in just next two months. 

The 360-degree campaign will run across print, television, digital and social media platforms starting September 9^th, 2019.

The 360-degree campaign will run across print, television, digital and social media platforms starting September 9^th, 2019.

TVC Duration: 60 seconds

Creative Agency: Ogilvy

Creative: https://www.youtube.com/watch?v=47euAU3LUCU&feature=youtu.be

Production House: Magic Box

Director: Prashant Madan

Media Agency: Madison