PhonePe insurance starts at Rs 4,426 per year: Premium break, special exit, other features

Max Life Insurance has said that it has partnered with phonepe Comprehensive life insurance ‘Max Life Smart Secure Plus Plan’ is going to be launched on the payments app. With this partnership, PhonePe customers above 18 years of age can apply for ‘Max Life Smart Secure Plus Plan’ directly on the PhonePe app. In addition, customers will have the facility to choose a sum assured of up to Rs 10 crore and can renew their policies on the PhonePe app.

With this, lakhs of PhonePe customers can now protect their families from the uncertainties of life and avail comprehensive financial coverage with premiums as low as Rs 4,426 per annum, the insurance company said in a statement.

Term plans can be purchased on the PhonePe app without any hassle or excessive paperwork, the statement said.

V Vishwanand, Deputy Managing Director, Max Life, said, “We are committed to simplify the entire customer life journey from buying life insurance to seamless claim settlement in the digital age. With this partnership with PhonePe, we are confident of creating a strong distribution channel for digitally-savvy customers and expanding term plans and financial security.”

PhonePe, one of India’s leading digital payment platforms, has been granted a direct broking license by the Insurance Regulatory and Development Authority of India (Irdai), allowing the sale of insurance on their app.

Under the life insurance category, Max Life will offer PhonePe customers the Max Life Smart Secure Plus plan with inbuilt terminal illness benefit and special exit option. With the tech model to be driven under the DIY (Do-It-Yourself) journey for capable customers, the partnership is yet another step by Max Life to reach out to the Millennial audience at their touchpoints of choice.

What is Max Life Smart Secure Plus Plan?

It is a comprehensive life insurance plan that provides individualized financial benefits for the needs of the new age customers. Launched in April 2021, it is a non-linked, non-participating, individual net-risk premium life insurance plan that offers policyholders the option to pay multiple claims like ‘Premium Break Option’, ‘Special Exit Value’, and more. Provides new benefits. nominated person.

The plan offers customers the option to choose a ‘Special Exit Value’, under which they can opt to exit at a specified point in order to receive all the premiums paid for the Aadhaar protection benefit.

In addition, customers can opt to take a break from paying premium twice during the premium paying term and still stay covered by opting for ‘Premium Break’ option. The nominee is now empowered by the choice of payment mode of claims between lump sum, monthly income, partial lump sum and partial monthly income.

Max Life’s product comes at a time when a large segment of customers is turning towards flexible, customizable financial security.

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