Max Life launches add-on insurance cover for Covid191 min read . Updated: 09 Sep 2020, 10:29 AM IST
- This rider provides financial protection in case of diagnosis and death due to COVID-19
- Max Life Covid-19 Rider starts at an affordable annualized premium of ₹271 for a sum assured of ₹1,00,000
Max Life Insurance has launched 'Max Life Covid -19 One Year Term Rider' (Covid -19 Rider) with comprehensive diagnosis and death benefit for its customers. Max Life Covid-19 Rider starts at an affordable annualized premium of ₹271 for a sum assured of ₹1,00,000. The newly launched rider can be attached to 12 of Max Life's existing products ranging from term plans, savings and income plans to retirement plans.
This rider provides financial protection in case of diagnosis and death due to Covid -19. It will be available to customers between the age of 18 to 65 years. The diagnosis benefit offers a fixed lump sum amount (20% of rider sum assured) which will provide financial protection to the family. Under the death cover, if the life insured succumbs to Covid-19, the rider will provide a lump sum amount (100% of rider sum assured) to the nominee along with the diagnosis benefit of additional 20% of rider sum assured if not already availed. Further, the benefits under the rider will be payable over and above the base policy benefits.
“The ongoing pandemic has brought about multiple financial disruptions in our lives. While the pandemic may end in the near future, life goes on beyond it. Through the launch of our COVID-19 rider we want to partner with customers in helping them tide over immediate COVID-19 related financial worries to build a secure future for themselves and their loved ones. The rider aims to protect customers over the period of a year as an attachment to a base plan of their choice ranging from term plans, to savings plans, thereby enabling them to protect their present, while planning for a brighter future," said V Viswanand, Deputy Managing Director, Max Life Insurance.