Maxlife Covid Rider

Max Life Covid-19 Rider

The COVID-19 pandemic has grappled the whole world in its clutches. While the vaccine can be seen as a silver lining, the virus still has us cornered. The government is trying all possible steps to make sure that people stay safe, however, the onus lies on the citizens as well. 

As this infectious disease continues to spread, having COVID-19 specific health insurance seems to be indispensable. In such a time, more and more people are understanding how the right insurance plan can help them physically as well as financially. Keeping in mind the high-cost treatment, many insurance companies have come forward to help their customers. One such endeavour has been made by Max Life Insurance Company, which has launched the Max Life COVID-19 Rider.

About Max Life Insurance

Max Life Insurance Company Limited is a collaboration between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Limited. Over the last 2 decades,  the company has issued millions of policies. With its customer-centric insurance plans and products, the company has established itself as one of the most prominent insurance companies in the country.

Max Life Covid-19 Rider

Max Life Covid-19 Rider is a new rider introduced by the company that offers a payout in case of diagnosis and also death due to COVID-19. As it is a Rider, you can opt for it over and above your life insurance policy by paying an extra premium. The benefits that you can receive under this rider would also be payable over and above the benefits of your base policy. Bear in mind that this rider does not offer any hospital benefits. 

Key Features

  1. This is an add-on/ rider that you can opt for with your life insurance policy
  2. It is a very affordable option to deal with the high-cost treatment of COVID-19
  3. The rider comes with a waiting period of 15 days from the date of its inception
  4. When the insured is diagnosed with COVID-19, 20% of the sum assured is paid out as a lump sum amount
  5. If the insured member passes away due to COVID-19, during the term of the rider, 100% of the sum assured is paid out as a lump sum to the appointed nominee
  6. The Rider is valid for the period of 1 year
  7. The premium paid towards the rider may entitle you to some tax benefits
  8. The company offers you a free-look period of 15 days to review the terms and conditions of the plan

Max Life COVID-19 Rider - Plan Details

Type of the RiderNon-Linked, non-participating individual pure risk premium Life Insurance RIder
Tenure1 year
Premium Payment TermSingle premium 
Entry Age (Age on Last Birthday) 

Minimum: 18 years

Maximum: 65 years

Sum Assured

Minimum: INR 1 lakh

Maximum: 10 lakhs per insured member (Sum Assured cannot be higher than  Guaranteed Death Benefit or Sum Assured at inception)

Single Premium 

Minimum: INR 271 (excluding all taxes and cess)

Maximum: INR 2710 (excluding all taxes and cess)

The premium of this Rider will not exceed 30% of the premium under the base plan

Max Life COVID-19 Rider - Exclusions

The company would not be liable to pay any benefit in the following scenarios:

  1. An illness or sickness apart from COVID-19
  2. Living with a known/ quarantined COVID-19 person
  3. Diagnosis or treatment is taken at an unauthorised healthcare centre
  4. The diagnosis is made outside of India
  5. Already infected with COVID-19, before the risk commencement date
  6. Individual who is already in quarantine because of COVID-19

List of Base Products with which the Rider can be Attached

Max Life COVID-19 Rider is a Rider that can be attached only to non-linked insurance products. Given below is the list of plans with which you can opt for the Max Life COVID19 Rider: 

  1. Max Life Assured Wealth Plan
    This is a non-linked, non-participating individual life insurance plan. You have the freedom to select a premium paying term and the policy term option as per your financial needs.  The plan offers a lump sum benefit in case of death of the policyholder. Depending on the sum assured selected by you, you will receive the benefit of the Max Life COVID-19 Rider.
  2. Max Life Monthly Income Advantage Plan
    The Monthly Income Advantage Plan by Max Life will help you deal with all your future commitments. Even in your absence, you can ensure that your family would be financially secure. With the Max Life COVID-19 Rider, you get a sense of security against COVID-19. The rider offers cover for both diagnosis and death.
  3. Max Life Super Term Plan
    Beat inflation and meet your family’s growing requirements with this life insurance plan. The life cover increases by 5% every year till the policy ends, however, the premium amount remains the same. Along with Max Life COVID-19 Rider, you will be eligible for an extra amount to deal with the pandemic.
  4. Max Life Guaranteed Income Plan
    This savings plan provides a guaranteed flow of cash in the form of monthly income. The Payout Period of 10 years can be very helpful in the future.  In the last five years of the payout period, the income will double. The plan also offers flexibility to choose a lump sum payout in case you are in need of money and do not want a monthly income.
  5. Max Life Savings Advantage Plan
    The Savings Advantage Plan enhances the growth and helps in creating a corpus out of your small and systematic savings. While addressing your future needs the plans also offer insurance cover, so that your loved ones are looked after even in your absence. Adding Max Life COVID-19 Rider to your plan will help you get financial assurance against the risk of COVID-19.
  6. Max Life Cancer Insurance Plan 
    With the Max Life Cancer Insurance Plan, you can protect yourself from the sky-high cost of cancer treatment. The plan allows for immediate payouts when cancer is detected. There is a 10% increase in the first 5 claim-free policy years. Today, when the pandemic is still on the rise, Max Life COVID-19 Rider will greatly help you in dealing with the uncertainties of life.
  7. Max Life Life Perfect Partner Super Plan
    The Perfect Partner Super Plan is a non-participating individual life insurance savings plan that can help you stay assured that even if something happens to you, your partner would be financially protected. The plan offers 212.5% of the guaranteed sum assured which makes it an ideal retirement plan. An additional lump sum amount in case of COVID-19 diagnosis and/or death due to coronavirus.
  8. Max Life Whole Life Super Plan 
    The Whole Life Super Plan is a non-linked, participating individual life insurance saving plan that covers you till the age of 100 years. Along with guaranteed payouts you also receive company bonuses at the time of policy maturity. To meet a financial commitment you also have the option of making a withdrawal. You can further enhance the coverage of this plan by adding the Max Life COVID-19 Rider.
  9. Max Life Future Genius Education Plan 
    With the Future Genius Education Plan, you can ensure that even if something happens to you, your child’s future would still be safe and secure. You can fulfil the requirements of your child’s aspirations. Be it their education or their wedding, this plan can help you in achieving your dreams. During a COVID-19 emergency, the Max Life COVID-19 Rider will act as a security blanket.
  10. Max Life Online Term Plan Plus 
    Max Life Online Term Plan Plus is a term insurance plan by max Life that is available online. With this plan, you can secure the future of your loved ones. In the event of your death during the policy term, the death benefit received by your family would help manage their finances even in your absence. You can add the Max Life COVID-19 Rider to this policy and ensure that even if the pandemic strikes you, you and your family would be able to deal with the financial setback.
  11. Max Life Smart Term Plan
    As the name suggests the Max Life Smart Term Plan is a smart and flexible plan that helps you in catering to your insurance needs. You can choose the desired benefits and customise the plan as per your requirements. There are 7 different death benefit options available. When you add the Max Life COVID-19 Rider to your policy you can further enhance its coverage. The rider will cover you for diagnosis and death.
  12. Max Life Smart Wealth Plan
    To meet the different milestones in life, you can opt for the Max Life Smart Wealth Plan, which offers you a very comprehensive cover. Designed to help secure your financial future the plan offers guaranteed returns and maturity benefits on your savings. The plan offers various options making it quite flexible. With the addition of the Max Life COVID-19 Rider to this policy, you will receive the specified sum assured at the time of diagnosis and death.

How does the Max Life COVID-19 One Year Term Rider Work for You?

To understand how this Rider works, let us take a look at this example. 

Mr Vijay is a 45-year college professor, who is married and has two children. He has a Max Life Insurance Policy with INR 50 lakhs as the sum assured and a policy term of 25 years. A few months ago, he included the Max Life COVID-19 Rider, with a sum assured of INR 5 lakhs, in his insurance policy. His wife Mrs Neha is the nominee. 

Now let us look at the following scenarios:

ScenariosBenefits Received from RiderBenefits Received from Base Policy

Scenario 1: 

Mr Vijay is diagnosed with COVID-19

Soon after the diagnosis, Mr Vijay would receive 20% of the Rider Sum Assured, which would be INR 1 lakhNo benefit is payable

Scenario 2: 

Mr Vijay is diagnosed with COVID-19 and he passes away during the term of the Rider

After his diagnosis, Mr Kumar would receive the Rider Sum Assured worth INR 5 lakhs.

When Mr Vijay passes away, his wife Mrs Neha who is the nominee will receive the Death Benefit due to the Rider, which would be a lump sum amount of INR 5 lakhs

The total benefit received under Max Life COVID-19 Rider would be INR 6 lakhs.

Mrs Neha would receive the death benefit of INR 50 lakhs, once the claim is approved

Max Life COVID-19 Rider - Review

The right health insurance plan can play a crucial role in getting the right kind of treatment. In today’s world when the medical cost, as well as the tendency of falling prey to the virus, is so high an addition in your base health insurance policy is compelling. Max Life COVID-19 Rider is a very affordable option and it can help in creating a safety-net around you and your loved ones. Without worrying about the cost of the treatment, you can get the finest treatment in a leading hospital. 

The importance of having a trusted health insurance policy can not be negated, and thus, opting for Max LIfe COVID-19 Rider is indeed the right thing to do to protect yourself and your loved ones. 

Max Life Insurance - Contact Details

Official Websitehttps://www.maxlifeinsurance.com/ 
Phone Number01881-462000
Helpline Number1860 120 5577  
Timing: Monday to Saturday, 9:00 AM - 6:00 PM (except National holidays)
Registered Office

Max Life Insurance Company Limited 419, 

Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, 

District Nawanshahr, Punjab - 144 533

Max Life Insurance FAQs

  • 1. Under what circumstances would the Max Life COVID-19 Rider be terminated?

    The rider would terminate if:

    1. The policyholder puts in a cancellation request
    2. The policyholder/ insured member passes away
    3. The term of the rider is over
    4. The dues are paid as per Suicide Exclusion

  • 2. Under the Max Life COVID-19 Rider, what is the non-forfeiture option?

    In case of the base policy lapses or enters the non-forfeiture mode, the Max Life COVID-19 Rider would also lapse and no benefits would be available.

  • 3. What is the maximum maturity age under the Max Life COVID-19 Rider?

    Under this rider, 66 years, at last, birthday, is the maximum maturity age.
     

  • 4. How does the free-look period work under the Max Life COVID-19 Rider?

    When you purchase the Max Life COVID-19 Rider, you get a 15-day free-look period (30 days if the policy was purchased through Distance Marketing) to review the terms and conditions of the Rider. In case you are not satisfied you can state your objection and return the plan. The amount paid would be refunded after a deduction of the proportionate risk premium and any other expense made by the company. 
     

  • 5. If the insured member commits suicide, would any benefit be payable under the Max Life COVID-19 Rider?

    In case a policyholder dies by suicide with one year of the date of commencement of risk, and within the term of the policy, the nominee would be paid the total amount paid as a premium till the death. 
     

  • 6. Is there a waiting period applicable with the Max Life COVID-19 Rider?

    The waiting period is applicable as follows:

    1. A 15-day waiting period from the date of purchase
    2. If you are traveling abroad, the waiting period will be applicable again from the date the travel ends
    3. If the event happens during the waiting period, no benefit would be payable. However, in such a scenario, the rider would be terminated and the premium paid would be refunded
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