MAX LIFES ONLINE TERM PLAN
Max Lifes offering gives three (3) options: onetime payment of the entire
sum assured, lump sum payment plus disbursal in equal installments over a
period of time & lump sum along with
increasing payouts every year.
The key benefit in both these cases is that the monthly payouts will be
tax-free.
According to Max Life, a study conducted by the firm revealed its
customers were concerned about the possible under-utilisation of the lump sum
claim settlement.
As per the study, 62% respondents felt planning for financial protection
against unforeseen circumstances is complete only if the product offers lump
sum death benefit along with a regular income to meet daily expenses after the
loss of the breadwinner, says Mr. Anisha Motwani,Chief Marketing Officer, Max
Life.That is perhaps the reason why the company decided to offer various payment
options to its customers. The entire death benefit, whether in lump sum, lump
sum plus monthly income or / increasing monthly income, is tax free. If one
were to invest the traditional option of onetime tax-free sum assured
elsewhere, the proceeds of that would be taxable, adds Mr. Motwani.
The extra benefits, however, come at an additional cost. For instance, the premium under Max Lifes new
online term plan for a 30-year-old non-smoker female buying a cover of Rs.1
crore for 20 years amounts to Rs. 6,000 per annum,without service tax.
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