Max Life Insurance on Tuesday launched ‘Max Life COVID-19 One Year Term Rider’ (COVID-19 Term rider) a COVID-19-specific rider on life insurance policies, starting at an affordable rate of annual premium Rs.271 for a that will provide up to Rs 10 lakh fixed benefit over and above the base policy benefits if death happens due to coronavirus infection. The rider will come at a premium of Rs 271-2710 excluding taxes for rider sum assured ranging between Rs 1 lakh and 10 lakh. the rider can also be attached to Max Life’s 12 existing products that range from term plans, savings and income plans to retirement plans. Moreover, if a policyholder is diagnosed with COVID-19, they will receive 20 per cent of the rider sum insured as a fixed benefit, whether death happens or not. It will be available to customers between the age of 18 and 65 years and irrespective of the age, the rider cover will depend on the amount of cover meaning that, the higher the rider cover, the higher will be the premium.
“It’s an industry first rider in the life insurance space which has diagnosis and death benefit both due to COVID-19. For the diagnosis benefit, you don’t require medical bills of the insured life. It is a lumpsum amount provided only on the basis of authorised lab report confirming COVID-19 positive result. Upon the death of the insured life, 100 per cent of the rider sum assured will be paid,” said V Viswanand, Deputy Managing Director, Max LifeInsurance, according to Business Today.
“There is no hospital benefit available under this rider. You can add Max Life COVID19 One Year Term Rider to your life insurance policy to provide additional protection benefits in case you are diagnosed with COVID-19. The benefits under this rider are payable over and above the base plan benefits,” he added.
A survey titled ‘Max Life India Protection Quotient- Express in association with KANTAR launched by Max Life Insurance revealed key findings that when confronted by the thought that COVID-19 could prey on the individual and/or family, 31 per cent respondents in metros and 20 per cent in Tier 1 cities said they bought life insurance with COVID-19/ critical illness rider.