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What All You Should Know About Max Life’s Newly Launched Smart Fixed-Return Digital Plan

Opportunity India Desk
Opportunity India Desk Jun 24 2022 - 2 min read
What All You Should Know About Max Life’s Newly Launched Smart Fixed-Return Digital Plan
According to the Maxlife, this product combines guaranteed, tax-free offering and protection cover of life insurance; It allows young customers to enjoy the dual benefits of savings and protection within a single product proposition.

Max Life Insurance Company Limited announced the launch of a non-linked, individual life insurance plan. The plan, named ‘Max Life Smart Fixed-return Digital Plan’ offers customers to meet short-term financial goals with a minimum policy tenure of five years. Additionally, it offers guaranteed tax-free returns up to 6.14 per cent along with life cover protection at monthly premiums. 

Max Life Insurance Company Limited, is a joint venture of Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is an Indian multi-business corporation under the Max Group. Max Life offers life insurance solutions through its distribution partners. The ‘Max Life Smart Fixed-return Digital Plan’ can also be purchased on Max Life’s website as well as on Policybazaar.com. 

The Smart Fixed-return Digital Plan targets millennials, inclined toward technology and digital finance, allowing them quick and hassle-free online onboarding. According to Maxlife, this product combines guaranteed, tax-free offering and protection cover of life insurance. It allows young customers to enjoy the dual benefits of savings and protection within a single product proposition.

Deputy Managing Director of Max Life, V Viswanand said, “Developing products to respond to customers’ needs has always been Max Life’s focus, and we are committed to introducing innovative, digitally-enabled flexible life insurance products in the marketplace. 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.” 

Sarbvir Singh, CEO of 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. We are excited to work with Max Life in making this innovative savings-cum-protection instrument accessible to millennials who need quick and easy investment solutions." 

Key features of ‘Max Life Smart Fixed-return Digital Plan’:

  • Hassle-free onboarding process and instant confirmation of issuance after journey completion.
  • Guaranteed returns as a lump sum at maturity.
  • The flexibility of paying monthly or annually for five years and a number of variants to choose from.
  • Special benefits for women customers: 0.25 per cent additional maturity benefit for five years policy term; 0.5 per cent for ten years policy term.
  • Customers can take a loan against the policy in case of financial emergencies.
  • Tax benefits on premiums paid and tax-free maturity benefits, depending on the chosen variant, as per prevailing tax laws. 
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