Max Life Insurance: Covid-19 Coverage And Benefits

The COVID-19 pandemic has brought about multiple financial disruptions and concerns about health and safety. Max Life Insurance has launched the 'Max Life COVID-19 One Year Term Rider' to help its customers deal with the financial burden of the pandemic. This rider is an optional cover that can be attached to 12 of Max Life's existing products, including term, retirement, savings, and income plans. It provides financial protection in the form of diagnosis and death benefits for those between the ages of 18 and 65. The rider starts at an affordable annual premium of ₹271 for a sum assured of ₹1,00,000, with the benefits payable over and above the base policy benefits.

Max Life Covid-19 Rider: an optional cover with a diagnosis and death benefit

Max Life Insurance has launched an optional cover, the Max Life COVID-19 One-Year Term Rider, which can be added to any of the company's 12 existing insurance products, including term, retirement, savings, and income plans. This rider provides financial protection in the form of a diagnosis benefit and a death benefit for those who contract COVID-19.

The diagnosis benefit provides a fixed lump sum amount, which is 20% of the rider sum assured, to help ease the financial burden on the policyholder and their family. In the unfortunate event that the policyholder passes away due to COVID-19, the death benefit provides a lump sum amount, which is 100% of the rider sum assured, to the nominee. This is in addition to the diagnosis benefit of 20% of the rider sum assured, if it hasn't been availed already.

The Max Life COVID-19 Rider is available to customers aged 18 to 65 years and starts at an affordable annualized premium of ₹271 for a sum assured of ₹1,00,000. The benefits under the rider are payable over and above the base policy benefits.

V Viswanand, Deputy Managing Director of Max Life Insurance, stated that the COVID-19 rider aims to help customers protect their financial future and enable them to continue investing in their life goals while also providing protection during the ongoing pandemic.

Covid-19 insurance cover: the costs and benefits of this type of insurance

The Covid-19 pandemic has brought about a new era of health and financial concerns, with many people seeking insurance to protect themselves and their families. Covid-19 insurance covers are now being offered by many insurance companies, including Max Life Insurance, to provide financial protection against the virus.

Costs of Covid-19 Insurance

The cost of Covid-19 insurance varies depending on the insurance company and the individual's circumstances. Max Life Insurance, for example, offers a Covid-19 One-year Term Rider, which is an optional cover that can be attached to existing insurance products. This cover is available for a nominal premium, making it an affordable option for individuals.

However, it is important to note that insurance premiums are determined by assessing an individual's current health condition and past medical history. Additionally, Covid-19 insurance policies may have different terms and conditions, so it is advisable to read the policy documents carefully to understand the inclusions and exclusions.

Benefits of Covid-19 Insurance

One of the main benefits of Covid-19 insurance is the financial protection it offers in the event of an unfortunate diagnosis or death due to the virus. This type of insurance provides a sense of security and peace of mind, knowing that your loved ones will be taken care of financially.

For example, Max Life Insurance's Covid-19 rider provides customers with a diagnosis benefit, enabling them to secure their financial future and continue investing in life objectives. Additionally, this type of insurance can help individuals and their families avoid financial uncertainty and plan for a brighter future, even after the pandemic ends.

Another benefit of Covid-19 insurance is the quick claim settlement process offered by many insurance companies. Max Life Insurance, for instance, has a claim settlement ratio of 99.65%, indicating efficient and timely settlements.

While the costs and benefits of Covid-19 insurance vary depending on the insurance company and individual circumstances, this type of insurance can provide valuable financial protection and peace of mind during the pandemic. It is essential to carefully review the terms and conditions of Covid-19 insurance policies to make an informed decision about the coverage that best suits your needs.

Max Life Term Insurance Plan: the monthly cost of this plan

Max Life Insurance offers a range of term insurance plans with different features and benefits. The monthly cost of these plans will depend on various factors, including the age, gender, health condition, smoking habits, and lifestyle of the insured individual. Here is an overview of some popular Max Life Term Insurance plans and their features:

• Max Life Smart Secure Plus Plan: This plan offers financial security to the family of the insured individual in the event of their untimely demise. It provides a joint life cover, premium breaks, additional payout on accidental death, and critical illness cover for 40 major or minor listed critical illnesses. The minimum entry age for this plan is 18 years, while the maximum entry age is 65 years. The premiums for this plan start at ₹615 per month for a ₹1 crore life cover.
• Max Life Term Plan with Return of Premium (TROP): TROP is a pure term plan that provides a death benefit to the nominee in case of the insured individual's demise. It also includes a return on premium benefit, where the total amount of annualized premiums paid is returned if the insured individual survives the policy term. The premiums for this plan are higher than a basic term plan, but the premiums paid are returned as maturity benefits and are tax-exempted. The minimum entry age for TROP is 18 years, and the maximum is 65 years.
• Max Life Critical Illness Term Plan: This plan provides comprehensive health coverage against major and minor critical illnesses, including heart attack, cancer, and brain stroke. It offers coverage for over 64 critical illnesses, depending on the variant chosen. The policyholder can also add this comprehensive critical illness cover as a rider to the basic term plan. The minimum entry age for this plan is 18 years, and the coverage can be extended up to 85 years for two variants.
• Max Life Saral Jeevan Bima: Saral Jeevan Bima is a pure term insurance plan that provides ample life coverage against a fixed premium. There are no maturity or survival benefits included in this plan. The minimum sum assured amount is ₹5 lakh, and the maximum is ₹25 lakh. The minimum entry age is 18 years, the maximum entry age is 65 years, and the maturity age is 70 years. The policy term can range from 5 to 40 years.
• Max Life COVID-19 One-year Term Rider: This optional cover can be added to the basic policy by paying a nominal premium. It provides financial security during the global COVID-19 pandemic and is accessible to all policyholders. The rider is available to individuals aged between 18 and 65 years.

The monthly cost of these Max Life Term Insurance plans will vary depending on the specific plan chosen, the coverage amount selected, and the individual factors of the insured, such as age, gender, and health condition. It is recommended to use the term insurance calculator available on the Max Life Insurance website to estimate the monthly cost of the desired plan based on personalized criteria.

Covid-19 insurance coverage: what to consider when buying this insurance

Covid-19 insurance coverage is an important consideration in the current global health crisis. Here are some key factors to think about when buying this type of insurance:

Claim Settlement Process

It is important to choose an insurance company with a smooth and fast claim settlement process. A high claim settlement ratio is advisable, as it indicates the company's efficiency in approving claims. IRDAI reports and customer reviews can provide insights into the settlement track record of a particular insurer.

Network Hospitals

Ensure that your chosen insurance company has a large network of hospitals, preferably including some near your residence. These network hospitals should have the capacity to treat Covid-19 patients. Treatment at a network hospital is essential to avail of cashless treatment covered by your insurance.

Waiting Period Clause

All insurance plans have a waiting period before coverage begins. Opt for a Covid-19 insurance plan with the shortest waiting period to ensure quicker access to benefits.

Co-payment Clause

Review the policy for any co-payment clause, which would require you to pay a portion of the medical expenses. Choose a plan without a co-payment clause if you seek full coverage for Covid-19 treatment.

Hospitalisation Requirements

Covid-19 hospitalisation can be expensive, especially due to high room rent costs. Select an insurance provider that covers a significant portion, if not all, of the room rent expenses. Additionally, review the policy to understand the coverage for other hospital expenses, such as ventilator expenses, intensive care unit coverage, medicines, surgical supplies, and operation theatre expenses.

Daily Expenses and Quarantine Period Coverage

Some insurance plans offer daily expense coverage for items like gloves, masks, and syringes, which can be crucial when accompanying a Covid-19 patient. Additionally, check if the policy covers expenses during the quarantine period, which typically lasts for 14 days after hospital discharge.

Tax Benefits

When purchasing Covid-19 insurance, ensure that the plan provides tax benefits. For example, under Section 80D of the Income Tax Act, you may be eligible for tax rebates on health insurance premiums.

Optional Riders

Some insurance companies offer optional riders that can be attached to your basic policy for additional coverage. For instance, Max Life Insurance offers a Covid-19 One-Year Term Rider, which can be added to existing insurance products like term, retirement, savings, and income plans.

Sum Assured and Premium

When considering Covid-19 insurance, opt for a plan with a high sum assured to adequately cover your family's needs in case of any eventuality. Additionally, review the premium amount and ensure it fits within your budget.

Existing Coverage

If you already have a term insurance policy, review it to understand if it covers Covid-19-related risks. Contact your insurer to clarify their Covid-19 coverage and how it applies to your specific policy.

By considering these factors, you can make an informed decision when purchasing Covid-19 insurance coverage to protect yourself and your loved ones during this pandemic.

Covid-19 insurance claims: the process of claiming insurance

Max Life Insurance has a claim settlement/paid ratio of 99.65% (as of FY 2023-2024), which indicates that almost all claims received are settled by the company. The company has also digitised its claims management process, allowing customers to submit claims through WhatsApp, e-mail, or self-service options like the website, digital bots, and AI-driven interactive voice response.

• Check your policy documents: Before filing a claim, carefully read through your policy documents to understand the inclusions and exclusions of your insurance plan.
• Collect necessary documents: In the case of a Covid-19 claim, you will need to provide proof of a positive Covid-19 test, hospitalisation records, and other medical documents.
• Fill out the claim form: You can find the required claim form on the insurer's website or at their branch office.
• Submit the claim form and supporting documents: Submit the completed claim form and all the required documents to the special claim care team of Max Life Insurance.
• Claim assessment: The insurance company will assess and review the validity of your claim and the supporting documents.
• Claim approval: If your claim is approved, the insurer will inform you and initiate the process of releasing the benefits as specified in your policy.
• Receive the payout: Depending on your policy, the nominee will receive the payout as a lump sum or monthly regular income.

It is important to note that the specific process and requirements may vary depending on your insurance provider and your particular insurance plan. It is always best to review your policy documents and contact your insurance company for detailed information on the claims process.

Frequently asked questions