On December 9, 2020 Max Life Insurance Company Limited launched ‘Max Life Critical Illness and Disability Rider’ is a health insurance rider that offers customers protection from upto 64 critical illnesses. The company also launched ‘Max Fit’ , a comprehensive wellness programme(app).
Purpose of Launch
The health insurance rider and the wellness app has been launched to address the health coverage needs of the policyholders to ensure that they continue to be fit, protected and happy.
About ‘Max Life Critical Illness and Disability Rider’
The rider has 5 variants namely:
Gold variant– A Total of 22 critical illnesses is covered (one minor, 21 major).
Gold Plus Variant– In addition to the critical illness covered in gold variant Total and Permanent Disability (TPD) is also covered.
Platinum variant– A total of 64 critical illnesses is covered (five minor, 59 major).
Platinum Plus variant-In addition to the critical illness covered in platinum variant, TPD is also covered
TPDVariant– TPD refers to the occurrence of any of the conditions as mentioned in the rider caused due to accidental bodily injury, sickness, or disease.
Flexible Payment Options
- It has flexible payment options, where one can choose for limited pay or regular pay option as per the base plan.
- It can be attached to 11 of the existing products of Max Life ranging from term plans and saving plans to monthly income plans, etc.,
The minimum age is 18 and maximum is 65 to get this rider. The maximum maturity age differs from one variant to another.
The customer will get the benefits under this rider along with the base life insurance policy benefits.
About Max Fit:
i.It has features like wellness assessment score, medicine reminder, daily health tips, digitized access to all health reports.
ii.In addition to this, a wellness calculator is also available for illnesses such as diabetes, heart diseases, stress, anxiety, etc.
Discount Available based on number of healthy weeks accumulated
i.If a person records a minimum of 50,000 steps on the app, he/she can accumulate ‘one Healthy Week’ in a week (subject to maximum 15,000 steps per day ).
ii.On the basis of the number of healthy weeks accumulated, the life insured at the time of renewal, is eligible for a discount (up to 10%) on rider premium.
iii.The app is in line with Max Life’s brand philosophy of “#YouAreTheDifference”.
Points to be Noted
i.It is a Joint Venture(JV) between Max Financial Services Ltd(MFSL) and Mitsui Sumitomo Insurance (MSI) Company Ltd
ii.Presently MFSL holds 72.5% stake in Max Life and MSI owns 25.5% stake.
iii.Recently, the Department of Economic Affairs(DEA), Ministry of Finance(MoF) gave approval for a swap of 20.57% stake by MSI Company Ltd that it holds in Max Life with a 21.87% stake in MFSL.
Recent Related News:
On October 19, 2020 Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance Company Limited launched, ‘Invest 4G’ a Unit Linked Individual Life Insurance Savings Plan. It is an individual life insurance savings plan that can be customized according to the individuals’ goals and changing requirements.
About Max Life Insurance Company Ltd:
It was formerly known as Max New York Life Insurance Company Limited
MD & CEO– Prashant Tripathy
Joint Venture– Max Financial Services and Mitsui Sumitomo Insurance Company.
Headquarters– New Delhi, India