New Delhi:

Max Life Insurance Company today announced the launch ofits“Max Life COVID-19 One Year Term Rider (Covid -19 Rider)(A Non-Linked Non-Participating Individual pure risk premium life insurance rider.

Starting at anaffordable annualized premium of Rs 271 for a sum assured of Rs ,00,000 the COVID-19 rider will be available to customers looking to protect themselves against the ongoing pandemic.The newly launched ridercan be attached to 12 of Max Life's existing products ranging from term plans, savingsand income plans to retirement plans.The current pandemic has created a need for people to protect themselves and their dependents from financial difficulties brought on by diagnosis or untimely death due to the corona virus. 

Commenting on the launch of the COVID-19 Rider, V Viswanand, Deputy Managing Director,Max Life Insurance said, “The ongoing pandemic has brought about multiple financial disruptions in our lives. While the pandemic may end in the near future, life goes on beyond it. Through the launch of our COVID-19 rider we want to partner with customers in helping them tide over immediate COVID-19 related financial worries to build a secure future for themselves and their loved ones. The rider aims to protect customers over the period of a year as an attachment to a base plan of their choice ranging from term plans, to savings plans,thereby enabling them to protect their present,while planningfor a brighter future."

Max Life COVID-19 Rider providescustomers with diagnosis benef it in addition toa death cover.

It will be available to customers between the age of 18 to 65 years. The diagnosis benefit offers a fixed lump sum amount (20% of rider sum assured) which will provide financial protection to the family. Under the death cover, if the life insured succumbs to COVID-19, the rider will provide a lump sum amount (100% of rider sum assured) to the nominee along with the diagnosis benefitof additional 20% of rider sum assured if not already availed. Further, the benefits under the rider will bepayable over and above the base policybenefits.

According to thefindings of a recent survey titled ‘Max Life India Protection Quotient- Express’in association with KANTAR, it was revealed that 41% respondents said they would purchase term plans due to an increase in COVID-19 spread.

Additionally, the survey also highlighted that when confronted by the thought thatCOVID-19could prey on the individual and/or family, 31% respondents in metros and 20% in Tier 1 cities said they bought a life insurance with COVID-19/ critical illness rider. Keeping these insights in mind, the COVID19 riderby Max Life seeks to help customers protect their financial future by enabling them to continue investing in life goals while also protecting their immediate future by attaching the one-yearrider to their base plan.