NEW DELHI: With many sections of the population unlikely to command enough economic heft to be able to invest in flexible life insurance policies during the pandemic, life insurer Max Life has launched its Group Saral Suraksha Plan—a Micro Insurance product for a group of people which offers flexibility of in terms of tenure and payment options.
According to the company, the new plan is designed to provide financial protection to both members and borrowers of micro-finance institutions, cooperatives, small finance banks, and other affinity groups.
The plan offers options to enhance the protection of the group members by providing cover against the risk of total and permanent disability (TPD) caused due to accidents. This option, when triggered, will provide the sum assured payable under the plan. Making the plan relevant to the current situation, death claims on account of COVID-19 will also be covered, subject to the policy terms and conditions.
“Group micro insurance products are ideal for members and borrowers of groups that wish to avail an insurance plan but may not have an optimum credit record to avail individual cover. With the new plan, we aim to provide financial support and protection to members of these groups, in case of unfortunate events such as death or total and permanent disability,” Aalok Bhan, Director and Chief Marketing Officer, Max Life said.
The plan offers flexible policy terms, from as low as one month up to a period of 120 months and offers options to avail cover for a single life, joint life--for spouses, children and parents including in-laws--and co-borrower/co-applicants (in case of loans only) for enhanced protection.
Additionally, the plan provides policyholders the option to choose from two types of cover: a level cover, where the sum assured remains constant throughout the term; and reducing cover, (available under single premium variant only) where cover will be as per the chosen loan schedule, with the option to reduce the cover on a monthly or annual basis.