Max Life Insurance has launched a new insurance plan that combines the benefits of health and life insurance under a single policy. Named Secure Earnings And Wellness Advantage Plan (SEWA), it integrates health, protection, savings and wellness benefits for the insured and offers a comprehensive plan that covers hospitalisation, intensive care unit (ICU) charges, surgeries, critical illness, disability, along with life cover.
Max Life Insurance said in a press statement that the plan also offers customers with access to the Max Fit wellness digital app, which incentivises them for a leading a disciplined and healthier lifestyle, by providing enhanced maturity benefits.
“Customers can unlock a 5 per cent discount on the first year premium by registering on the app. They can record their healthy habits on the app and earn wellness boosters. These accrued wellness boosters will be paid along with the maturity benefit,” Max Life Insurance said in the press statement.
The policy also provides a discount of 5 per cent in first year premium to women and transgender customers.
The plan is available in two variants – Elite and Lite. The Elite variant allows for a limited premium paying term. For the Lite variant, the premium paying term is either 20 or 30 years.
The Elite variant offers a death benefit of at least 12 times the annualised premium from first day till end of the policy term. There is also a fixed benefit on hospitalisation or upon undergoing surgeries which require hospitalisation for more than 24 hours during the premium paying term. There is also a guaranteed lump sum on survival at the end of the policy term. Lastly, policyholders have an option to make partial withdrawals up to 20 per cent of the accrued benefits under the healthcare benefit option after the end of the premium paying term.
In the Lite variant, the policy will get a death benefit of at least 12 times the annualised premium. There is also a fixed benefit on hospitalisation or for undergoing surgeries which require hospitalisation for more than 24 hours. Besides these, the policy offers a guaranteed 105 per cent of the premiums paid back on survival at the end of the policy term.
According to Max Life Insurance, the health component of the SEWA plan offers return on premiums. There is also partial withdrawal allowed through a traditional guaranteed plan. The guaranteed returns are payable as a lump sum at maturity, irrespective of health claims paid during the term. This will, however, be applicable when all due premiums are paid, and the policy is in force, Max Life Insurance said.
The policy also comes with an in-built health cover over and above the existing health insurance plan. There is also an option to take loan against policy to help customers in case of financial emergencies. In addition, the plan provide the option of multiple boosters to increase maturity benefit
“SEWA offers fixed benefits upon defined event, over and above existing medical insurance, thereby helping customers meet the incidental expenses that are not covered otherwise, any loss of income during the recuperation period,” Max Life said in the press statement.
Prashant Tripathy, managing director and CEO, Max Life Insurance, said: “Good health and financial security have become increasingly critical for an enhanced quality of life. SEWA is a unique product that combines the benefit of health, security and financial stability. This is an innovative product that is based on deep consumer insights, and is a testament to our dedication to contribute towards a healthier, financially secure India.”
“In a landscape where healthcare costs often lead to financial stress, SEWA sets itself apart as a comprehensive solution that encompasses coverage against health issues, disability, diseases, and death,” he added.
