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Max Life Insurance forays into e-commerce

Max Life launches first ever online term plan with monthly income in addition to sum assured

November 20, 2013 2:15 IST | India Infoline News Service
Max Life Insurance today announced its foray into the E-Commerce space. As the first step in its E-Commerce journey, the company announced the launch of the ‘Max Life Online Term Plan’.

The plan is uniquely designed to provide comprehensive protection through three different death benefit options – the tax free ‘level’ or ‘increasing’ monthly income in addition to one time sum assured and the traditional option of onetime tax free sum assured. The plan also offers a ‘Comprehensive Accident Benefit’ rider, which provides added benefits not only for death but also on dismemberment due to an accident.

Speaking about the E-Commerce foray, Mr. Rajesh Sud, CEO & Managing Director, Max Life Insurance, said,“The Max Life Online Term Plan is born out of customer insights, focuses on ease of purchase, and provides adviceat every step of the purchase process. This plan with unique offerings is only the start and an attempt to bridge the existing gaps in the online term plan offerings in the market and enter the vast and yet under explored territory of E-Commerce.”

The E-Commerce space in India is currently valued at ~Rs. 60,000 croreand has been growing at an estimated 30% CAGR. The online life insurance space today is over Rs. 200 crore, and Max Life Insurance’s foray into this territory is an endeavour to leverage this very opportunity of the growing market.

“At Max Life Insurance, E-Commerce is a new distribution channel that will offer a comprehensive range of ‘Over-The-Counter’ life insurance solutions to those who are internet savvy and will help increase the width of our distribution capabilities. E-Commerce will help us in reaching customers whom we were not able to efficiently connect with, through our existing channels..The company plans to introduce a bouquet of Long Term Savings and Protection solutions over the next two years,” he further added.

In a proprietary study conducted by Max Life Insurance, revealed an unaddressed consumer need regarding inappropriate utilization of lump sum death benefits. As per the study, 62% respondents felt that planning for financial protection against unforeseen circumstances is complete only if the product offers lump sum death benefit along with a regular income to meet daily expenses after the loss of the breadwinner. Through theMax Life Online Term Plan, the Company has tried to address this need by introducing featuresof three different death benefit options, including increasing monthly income in addition to sum assured.

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