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NEW DELHI: Max Life Insurance launched a critical illness and disability secure rider and strengthened its current riders, such as accidental death and dismemberment rider and waiver of premium plus rider. These enhanced riders are aimed to offer all-encompassing financial protection against unforeseen situations of death, disease, and disability.

As a result of the covid-19 pandemic, awareness about the need for financial protection against critical illnesses has increased. As per Max Life’s ‘India Protection Quotient 3.0’ survey in association with Kantar, 26% of term insurance owners, i.e. 1 out of 4 bought a critical illness rider with their term insurance policy.

“With this critical insight, Max Life launched a ‘Critical Illness and Disability Rider’ last year to provide adequate cover to customers against up to 64 critical illnesses, but the rider was available only under non-linked plans at the time. With evolving customer needs, the Company has now launched the Critical Illness & Disability Secure Rider that can be attached to unit-linked policies as well," a statement issued by the insurer said.

V Viswanand, deputy managing director, Max Life Insurance said, “Comprehensive protection against the risks of Death, Disease, and Disability is an essential need brought to the forefront with the ongoing pandemic. With the strengthened variety of riders, we want to offer our customers wholesome financial protection."

Under the critical illness & disability secure rider, one has the option to choose from five distinct variants, each covering different critical illnesses: Total & Permanent Disability variant (TPD), Gold variant (22 CIs), Gold Plus variant (22 CI plus TPD), Platinum variant (64 CIs), all in one comprehensive Platinum Plus variant (64 CI plus TPD). 

The rider further lets one opt for limited pay or regular pay option as per the base plan for the rider cover and comes with Max Fit, a holistic wellness benefit app that helps customers maintain good health. 

As an incentive, customers can get discounts up to 10% of the renewal rider premium on an accumulation of a certain number of “healthy weeks" as per rider terms and conditions.

Furthermore, with the new version of accidental death and dismemberment rider, the insurer introduces limited pay options, in line with customers increasing preference for limited pay plans (plans where customers pay premiums for a limited period and continue with the policy for a longer term). This specific rider ensures that customers are adequately protected against the risk of accidental death or disability.

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