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Policybazaar, one of India's largest online marketplace for insurance, has collaborated with Max Life Insurance, to empower homemakers with an option get term insurance independent of their spouse’s term insurance policy.
Currently, homemakers in India are typically allowed term cover only as an add-on to their earning spouse’s cover. In this parlance, the ‘Max Life Smart Secure Plus Plan’ offered on Policybazaar will help secure female homemakers’ lives independent of their spouse’s life insurance cover. Max Life and Policybazaar are partnering to address critical challenges of this customer base and improve penetration in the largely untapped segment.
To make financial protection more accessible, the ‘Max Life Smart Secure Plus Plan’ will be available to consumers where household income is a minimum of Rs. 5 Lakhs per annum. Different variants of the plan, with mortality and all rider benefits, will be available to homemakers in the age group of 18 to 50 years.
V. Viswanand, Deputy Managing Director, Max Life said, “A woman’s contribution as the homemaker is essential and irreplaceable. They take care of the family's well-being, offer emotional support and ensure the financial balance of the household. Max Life’s Smart Secure Plus Plan for homemakers is a step towards empowering Indian women and enabling greater financial inclusion by providing protection in challenging times.”
Sarbvir Singh, CEO, Policybazaar.com said, “Policybazaar has a leadership positioning in the online life insurance market across savings and protection categories. In the current sales mix of the online protection category, however, the housewives segment remains an untouched opportunity. In the Indian context, this segment is and will continue to be a large pool. We are happy to partner with Max Life Insurance in their crucial endeavor to improve protection penetration and accelerate growth for homemakers.”
Addressing the above cohort presents significant challenges in terms of mortality risk, journey frictions, and capital requirements, hence a well-calibrated approach has been undertaken. Based on the outcomes of this approach, more such favourable proposals will be introduced.
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