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    Dealing with the COVID-19 pandemic has brought several financial concerns to the forefront for many of us. As the new variants of this deadly virus continue to emerge, it becomes vital to buy a covid insurance policy. The last two years have helped us comprehend that insurance is a financial tool that comes in handy in case of unprecedented struggles. In that sense, covid insurance is similar to other types of insurance which provide financial protection; however, it is specifically designed to prove to be more helpful during a health crisis such as this one....Read More

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    Rohit Ghosh

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    Rohit Ghosh has authored and reviewed several informative articles on Life and Term Insurance during his experience working with top Life Insurance brands. During his experience in the Life Insurance sector he has been responsible for formulation of several integrated marketing communication strategies. In his current role with Max Life Insurance he is responsible for website content and experience enhancement

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    Bhaskar Sinha

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    8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.

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    The COVID-19 pandemic has forced people all across the world to adjust to a new reality. The economic and social order have been restructured in front of our eyes. Prior to the pandemic, most Indians thought of insurance as a ‘investment’ or a tax-saving tool, but the last year has made us recognize the need for financial protection.

    There has been a noticeable shift in terms of insurance awareness and advantages. In addition, customers’ perceptions of life insurance have shifted as a result of their concern about what the future holds. As a result of these uncertainties, insurance firms have had to adapt their policies.

    With this in mind, more individuals are willing to learn more about COVID insurance and how it may help them and their families. It is critical to protect your family financially from potentially terrible life events by purchasing a COVID 19 insurance policy.

    What is COVID Insurance?

    COVID 19 insurance, like many other life insurance products, provides financial protection against the most terrifying human life event: death. Although human life cannot be measured in monetary terms, a precise sum assured aids the deceased’s family in dealing with financial matters in case of the insured person’s untimely demise.

    The relevance of COVID insurance plan cannot be overstated, given the global disaster caused by the virus. COVID-19, a deadly virus, has claimed the lives of millions of people around the world and left innumerable people’s lives in disarray. The cases are still on the rise after over a year of dealing with the virus.

    In light of this, people are becoming increasingly concerned about the costs of treatment as a result of Covid-19. The Insurance Regulatory Development Authority of India (IRDAI) has authorised two basic Covid-19 Health Insurance policies, Corona Kavach and Corona Rakshak, to help consumers protect themselves from the financial burden of Covid-19 medical bills. Both corona health insurance policies are designed to cover you against the expense of Covid-19 treatment at a low cost.

    Let’s discuss how this COVID insurance works:

    1.Corona Kavach Insurance

    It is a typical indemnity-based insurance policy. Only hospital/medical expenditures up to the sum covered amount will be repaid, subject to policy terms and limitations. It is a short-term covid insurance plan having a minimum and maximum sum insured of Rs. 50,000 and Rs. 5 lakhs, respectively, with a tenure of 3.5 months, 6.5 months, and 9.5 months.

    2.Corona Rakshak Insurance

    Corona Rakshak is a standard benefit-based policy. If you are hospitalised for a minimum of 72 hours after testing Covid-19 positive at any government-approved testing centre, the insurance company will pay a lump sum payment equal to the sum insured under this covid 19 insurance policy. It is a regular fixed benefit plan in which you will receive 100% of the sum insured amount, according to the corona insurance policy’s terms and conditions.

    COVID Insurance
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    Why Do You Need COVID Insurance?

    Given the rapid spread of Covid-19 across the country and the economic effects of the lockdown, many people have faced devastating effects of the disease and financial hardship. When you combine this with India’s low insurance penetration, you have a void that insurers are trying to fill with specialty health solutions.

    But, as a policy buyer, you may wonder, do I really need a COVID 19 insurance policy?

    The answer is yes. We are currently living in the most insecure of times. With so many people contracting the virus and suffering tremendously, you never know what may happen next. COVID insurance advantages can be obtained by purchasing a proper insurance plan and securing your family’s future in this difficult time.

    Now is the moment to plan how you will create a safety net for your family in case the worst happens. The premiums for corona health insurance are nominal to ensure that each individual can protect their loved ones against unforeseeable circumstances. Not to mention, the benefits of COVID insurance plans are undeniably valuable.

    We, at Max Life Insurance, offer comprehensive policies that provide insurance for eventualities related to COVID-19. Opting for a suitable corona insurance policy will allow you to bring your emergency funds in order and prepare for uncertainties efficiently.

    Benefits of COVID Insurance

    Purchasing COVID-19 insurance policy ensures that your loved ones have a financial safety net in case something unforeseen occurs to you. The earlier you purchase this sort of life insurance, the better the coverage and the lower the premium. It would be beneficial if you researched about the various types of coronavirus insurance policies available in the market and then purchased a life insurance policy as part of your financial planning. Also, before making a selection, you should thoroughly examine the benefits of COVID insurance. Here are some of them discussed in detail:

    Benefits of Covid InsuranceBenefits of Covid Insurance

    1. Financial Protection to Your Loved Ones

    One of the key advantages of COVID health insurance is that it provides financial stability to your family in the event of your untimely death.

    It means that if you contract coronavirus and do not survive as a result, your dependents will receive the entire sum assured. When you are not with your family, the money might be very useful in allowing them to maintain their lifestyle without interruption.

    2. Insurance at Affordable Premium Rates

    With a corona insurance policy, you can get coverage for your life at nominal premium rates. Furthermore, by offering the guaranteed death benefit, the corona insurance policy provides security for your loved ones in the event of your untimely death. Your dependents are free to use the insurance money as they see fit.

    You can be confident that purchasing corona insurance plans is a wise move because you will be able to keep your family and loved ones financially secure even if you are unable to look after them. Rather than regretting not spending a small sum in a covid insurance policy, you and your family can remain protected during medical emergencies with the benefits of COVID insurance.

    While you may not be able to prevent unpleasant occurrences from occurring, you can certainly construct a safety net for your loved ones. As a result, if you are not present, your dependents are entitled to the sum insured. Most people designate their family members as covid health insurance nominees.

    Given the current bleak climate of risk and uncertainty, COVID insurance policy benefits serve as a beacon of hope throughout this pandemic.

    3. Uncomplicated Claim Settlement Procedure

    Quick claim settlement is of the main advantages of COVID insurance plan. It will help you stay safe and get your claims handled as quickly as possible. One of the COVID insurance perks that adheres to social distancing norms is that the insurers offer a cashless/online settlement option, which eliminates the need to speak with the insurance agents directly. It will assist you in maintaining social distance and will expedite the resolution of your claims.

    4. Inflation-Proof Your Financial Planning

    The expense of healthcare has risen tremendously, and it is even more noticeable during the pandemic. As a result, in the event of a medical emergency, people are forced to spend their money, jeopardising their future goals. Most people rely on their funds to deal with medical emergencies without a corona insurance policy.

    However, you do not have to be concerned about growing inflation with COVID insurance benefits on your side. Your family will be able to keep their lifestyle with the benefits of COVID insurance plan that they would receive after you pass away.

    Who Needs COVID Insurance?

    The simple answer to this question is anyone who wishes to secure their loved ones against financial distress can opt for COVID insurance policy. With a suitable coronavirus insurance policy, you can rest assured in times of uncertainty that your family will continue to live a comfortable life, in case you are not around anymore.

    Having the financial support of a COVID insurance policy can make a significant difference in your loved ones’ life in a time of difficulty. Hence, make sure you evaluate your financial planning carefully to purchase the best corona insurance for them.

    Furthermore, if you have a history of health issues which can make you more susceptible to contracting the virus, or if you are present in high-risk environments frequently, then corona insurance can be a favourable choice. It will be a wise decision to include a covid insurance policy in your financial plan in such a scenario.

    Although you cannot prevent the mishaps of the future, you can keep your finances in order to support those who are left behind.

    How to Buy COVID Insurance?

    Firstly, it is crucial to decide the type of COVID insurance policy that is best to support your family’s requirements. For this purpose, you must assess your current financial status, health condition, future requirements according to life goals, inflation, etc. These personal factors will help you choose the corona insurance policy with the suitable benefits. So, in case of an unfortunate event, your family has adequate funds to rely on.

    Once you have mapped your requirements, compare the corona insurance plans thoroughly to determine the one that aligns best with your family’s needs. Buying covid insurance online is quick and hassle-free today, considering the urgent need for the financial protection in these unprecedented times.

    In a few simple clicks, you can get a death cover against covid-19.. Here are the steps you should follow:

    1. Visit the online portal of the insurance provider and find the COVID death insurance policy.

    2. Proceed with the process of buying the COVID insurance policy by filling personal details such as name, age, occupation.

    3. Select the sum-assured that works best for you.

    4. Once you have completed the formalities, pay the premium for corona insurance online.

    5. You will receive the life insurance policy document shortly.

    Remember to check the corona insurance policy exclusions and details carefully before making the purchase. This will help you avoid any confusion or disappointment in the future regarding the benefits of the COVID insurance plan.

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    Covid-19 FAQs

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    Yes, most insurance providers offer corona insurance online to make the process hassle-free and uncomplicated for policy buyers. You can find relevant information online regarding the COVID-19 insurance policy and compare various policies to buy the most suitable one by filling personal details and paying the premium in a few easy steps.
    The corona Kavach insurance policy allows policy buyers to opt for a sum insured between Rs. 50,000 – Rs. 5,00,000. On the other hand, the corona Rakshak insurance policy offers a range of Rs. 50,000 – Rs. 2,50,000 for sum insured.
    Yes, both Covid insurance plans have a 15-day waiting period. During this time, you will be unable to file any claims.
    Yes, the corona insurance policy is available as a rider that can be added to an existing insurance policy.
    There are different benefits and features offered by multiple corona insurance policies. You may get coverage for your family and yourself, depending on the specific policy terms and conditions. Be sure to get your queries addressed before making the purchase.

    ARN NO: PCP/C19I/200223

    *Subject to policy terms and conditions. Issuance of policy subject to underwriting guidelines.

    Sources:

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      *Life insurance coverage is available in this product. For more details on risk factors, Terms and Conditions please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co.

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      THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.

      Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and Max Life Online Savings Plan (UIN: 104L098V05) is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.

      Max Life Online Savings Plan is a Unit Linked Non Participating Individual Life Insurance Plan (UIN104L098V05)

      *#Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.

      ^*Disclaimer: Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy female of 18 years old paying Rs.3,60,000/- annually (exclusive of all applicable taxes)

       

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      ^*All claims that qualify for InstaClaim™ will be paid within 1 working day from date of submission of all mandatory documents else Max Life will pay interest at Bank Rate as on beginning of financial year in which claim has been received (4.65 % p.a. for FY’20) for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at beginning of the financial year in which death claim has been received.

      Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day.Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification.Mandatory Documents :> Original policy document > Original/attested copy of death certificate issued by local municipal authority > Death claim application form (Form A) > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

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      5Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition

      4InstaClaim TM is available for all versions of (UIN:104N118V05). Mandatory Documents : • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

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      Tax conditions :

      Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime ~# Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.

      3The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

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      MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium.

      >Extended cover of up to 85 years is available with gold and platinum variant only

      @ 64 critical illnesses covered in platinum and platinum plus variant on payment

      22 critical illnesses covered in gold and gold plus variant

      6 The life insurer is eligible for a discount on renewal premium under regular pay variant by accumulating Healthy Weeks as per terms and conditions of the rider

      *^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.

       ~ Conditions for premium break : Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years

      ~1 Conditions for Special exit value:

      Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.

      ~2 Voluntary Top-up Sum assured:

      Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

      ^^*^^Free look period conditions:

      The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

      ^Individual Death Claims Paid Ratio as per IRDAI Annual Report FY 2021-2022

      8https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html

      2Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

      3The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid

      4Tax benefits as per prevailing tax laws, subject to change

      Terms and conditions for availing 5% employee discount:

      <Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

      1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount

      9

      The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V05)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

      ~*Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

      ARN - ARN/Web/01/21042021

      Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

      The premium shall be adjusted on the due date even if it has been received in advance.

      For Total Installment Premium -**Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

      For Return of Premium -~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

      For Riders -#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

      For Additional Benefits -##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

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      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

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      Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

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      With “Save the date”, you can choose to take your annual income to any special date in a year.

      ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

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      Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

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      Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

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      Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

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      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      **

      Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

      *

      Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

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      Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

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      Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V03). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 50 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 75 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 1.5 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 2 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 5 Cr.

      **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.