The plan offers guaranteed tax-free returns up to 6.14% along with life cover protection at monthly premiums as low as ₹3000 and is also available to purchase on Max Life’s website and Policybazaar.com, said the firm.
V Viswanand, deputy managing director, Max Life said, “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."
The Smart Fixed-return Digital Plan targets the digitally-savvy millennials who prefer quick and hassle-free online onboarding. Offering higher returns as compared to traditional savings instruments, this product innovation combines guaranteed, tax-free offering and protection cover of life insurance, allowing young consumers to enjoy the dual benefits of savings and protection within a single product proposition, said the firm.
Key features of ‘Max Life Smart Fixed-return Digital Plan’ stated by the firm are:
-Simplified on-boarding process along with instant confirmation of issuance after journey completion
-Fully guaranteed returns payable as a lump sum at maturity
-Flexibility to pay premiums monthly or annually for just five years
-Flexibility to choose between different variants, tailored to meet different financial security needs
-Higher benefits offered for higher premiums paid, as per the chosen goals
-Special benefits for women customers: 0.25% additional maturity benefit for five years’ policy term; 0.5% for ten years’ policy term
-Option of taking a loan against policy to help 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.
Sarbvir Singh, CEO, 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."
