Axis Max Life Opens ₹2 Crore Cover to Students, Lowering Entry Age

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AuthorAarav Shah|Published at:
Axis Max Life Opens ₹2 Crore Cover to Students, Lowering Entry Age
Overview

Axis Max Life Insurance is expanding its Smart Term Plan Plus to include students aged 18 and above, offering life cover up to ₹2 crore. This initiative aims to capture younger customers, allowing them to secure lower premiums early and address a protection gap for non-earning individuals through innovative underwriting and digital onboarding.

Axis Max Life Insurance, formerly Max Life Insurance Company Limited, has extended its Smart Term Plan Plus to students as young as 18. This move allows young adults pursuing higher education to secure life cover of up to ₹2 crore.

Bridging the Protection Gap

The insurer aims to shift the typical entry point for life insurance from around age 35 to 18. This addresses a critical protection gap for non-earning individuals who previously faced challenges obtaining coverage due to a lack of income proof. Early access also allows students to secure significantly lower premiums.

Strategic Expansion

Vaibhav Kumar, Senior Vice President at Axis Max Life, stated the company seeks to "expand the protection net to evolving segments." He views student-centric life cover as integral to its broader goal of achieving "Insurance for All by 2047." Innovative underwriting processes facilitate financial protection even without verifiable income.

Enhanced Rider Benefits

The plan includes optional riders for Accidental Death & Dismemberment and Critical Illness & Disability. These riders provide additional benefits, including supplementary health check-ups and mental health support, enhancing the overall policy value for students.

Digital-First Enrollment

Axis Max Life has designed a digital-first onboarding process. This leverages parental income tax records and video-based medical examinations to simplify enrollment. The strategy aims to promote financial awareness and discipline among students while ensuring ease of access.

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