Max Life extends term cover for independent housewives from spouse’s insurance

Presently, plans offering term cover to housewives usually do so as an add-on to the cover of their earning spouse. Introduced on Policybazaar, the ‘Max Life Smart Secure Plus Plan’ will help secure the lives of women housewives separately from the lives of their spouses. Insurance cover, the insurer said in its statement. Max Life said, “Max Life and PolicyBazaar are partnering to address critical challenges of this customer base and improve penetration in the largely untapped segment.”

“As a housewife the contribution of a woman is essential and irreplaceable. They take care of the well being of the family, provide emotional support and ensure the financial balance of the household. Max Life’s Smart Secure Plus plan is a step towards enabling greater financial inclusion by empowering Indian women for homemakers and providing protection in challenging times,” said V. Vishwanand, Deputy Managing Director, Max Life.

‘Max Life Smart Secure Plus Plan’ will be available for those consumers where household income is minimum 5 lakh per annum. Different variants of the plan, with mortality rates and all rider benefits, will be available to housewives in the age group of 18 to 50 years.

“PolicyBazaar has a leading position in the online life insurance market in the savings and protection categories. In the current sales mix of the online security category, however, the Housewives segment remains an untouched opportunity. In the Indian context, this segment is and will remain a large pool. Sarabvir Singh, CEO, Policybazaar.com said, “We are delighted to partner with Max Life Insurance to improve access to protection and accelerate growth for homemakers.

Max Life said that addressing the above group presents significant challenges in terms of mortality risk, travel friction and capital requirements, therefore a well-calibrated approach has been initiated and based on the results of this approach, such More favorable offers will be offered.