Max Life launches its flagship health and savings offering – Secured Earnings & Wellness Advantage Plan – SEWA – introduces Max Fit Wellness App for customers to encourage mindful living

September 20, 2023 adhigo

Marks the entry of the Company in health and wellness space.
First of its kind comprehensive solution combining life insurance, savings, health and wellness benefits.
Introduces wellness app Max Fit exclusively for SEWA customers to reward healthy lifestyles.
Additional benefits for women and transgender customers.

NEW DELHI, Sept. 20, 2023 /PRNewswire/ — Max Life Insurance Company Ltd. (“Max Life / “Company”) makes its foray into the health and wellness category with the launch of a flagship offering – Secure Earnings & Wellness Advantage Plan (UIN: 104N136V01) (“SEWA”). It is the first of its kind offering in the industry that integrates health, protection, savings and holistic wellness benefits to cater to the evolving needs of the modern consumer. It offers a comprehensive plan that covers hospitalisation, ICU, surgeries, critical illness, disability besides life cover. With the aim to drive insurance adoption amongst women and transgender customers for financial inclusion, it provides a discount of 5% in the first year premium to these customer segments.

Additionally, the offering provides customers with access to Max Fit wellness digital app, which incentivises them for leading a disciplined and healthier lifestyle, by providing enhanced maturity benefits. Customers can unlock a 5% 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

As per Max Life’s latest research on retirement (India Retirement Index Study), 59% of Indians prioritize health while planning for retirement, reflecting a growing consciousness about holistic well-being. Keeping in mind the evolving preferences of the consumer, SEWA aims to provide a unique blend of financial security and health benefits.

Prashant Tripathy, Managing Director & CEO, Max Life, said, “We believe in offering our customers holistic life insurance solutions. As good health and financial security become increasing critical for an enhanced quality of life, Max Life recognises the need for customised products. SEWA is a unique product that combines the benefit of health, security and financial stability. A product of innovation based on deep consumer insights, SEWA is a testament to Max Life’s 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.

What makes SEWA attractive
A wide range of industry firsts: One comprehensive plan that covers hospitalisation, ICU, surgeries, critical illnesses, disability and death Health Plan with a return on Premiums Partial Withdrawals on traditional guaranteed plan (applicable if all due premiums paid) Wellness boosters that reward a healthy lifestyle in the form of monetary benefits at Maturity Other Key Features of the offering include: In-built health cover for your financial security (over and above existing health insurance plans) Guaranteed returns payable as a lump sum at maturity, irrespective of health claims paid during the term (applicable when all due premiums are paid and policy is in force) Option of taking loan against policy to help customers in case of financial emergencies Multiple boosters to increase maturity benefit Wellness program to reward healthy lifestyles 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 etc. The plan offers two innovative variants catering to distinct financial and healthcare preferences and aspirations:
Elite Variant	Lite Variant
Pay premium for a limited period (PPT) Get the following benefits: A death benefit of at least 12 times of the Annualized Premium from first day till end of the policy term A fixed benefit on hospitalization or undergoing surgeries which require hospitalization for more than 24 hours (During PPT) A guaranteed lump sum on survival at the end of the chosen period (Policy Term) Option to make partial withdrawals up to 20% of accrued benefits post PPT, under the health care benefit option	Pay premiums for a regular period (20 or 30 years) Get the following benefits: A death benefit of at least 12 times of the Annualized Premium A fixed benefit on hospitalization or undergoing surgeries which require hospitalization for more than 24 hours Guaranteed 105% of your premiums paid back on survival at the end of the chosen period (Policy Term)

SEWA promises to be a game-changer in the realm of life, health and wellness insurance, addressing critical needs while providing financial security and peace of mind.

About Max Life Insurance

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.

For more information, please visit the Company’s website at www.maxlifeinsurance.com

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