- 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 benefits 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 Covid 19 life insurance.
Under the death cover, if the life insured succumbs to Covid-19, the rider will provide a lump sum amount (100% of the rider sum assured) to the nominee along
with the diagnosis benefit of an additional 20% of the rider sum assured if not already availed. Further, the benefits under the rider will be payable over and above the base, policy benefits COVID 19 life insurance.
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.