Having an income under Rs 3 lakh per annum? This affordable term insurance is a must-see for you; no medical test required

In a bid to provide affordable term insurance to people and boost financial inclusion in India, personal finance website IndianMoney has linked up with Max Life Insurance to offer a tailored group term insurance plan named Max Life Group Term Life Platinum Assurance. This term insurance plan comes with a myriad of benefits including paperless transactions, one-time premium, requiring no medical test for prospects with an income of less than Rs 3 lakh.

Speaking on the announcement CS Sudheer, Founder at IndianMoney Group said, “The reach of insurance in India is low owing to the dearth of financial literacy. Affordability is key which has to be addressed at the time of bringing the uninsured within the purview of financial inclusion. With IndianMoney launching this Max Life group term plan, we will bring a majority of the population within the ambit of financial inclusion.”

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Speaking on the partnership, V Viswanand, Deputy Managing Director at Max Life said, “There is a tremendous scope to increase the life insurance penetration in India. Through this partnership we aim to make formal financial services and specifically life insurance more accessible to a larger segment of the population, thereby increasing the financial protection of the country.”

In association with Max Life, IndianMoney.com will be offering group term insurance to its existing customer base of more than 5 million on a voluntary basis. The cover would range from Rs 10 lakh to Rs 20 lakh. The term of the cover for members will be of one year from the effective date of coverage as mentioned in the Certificate of Insurance. People between the ages of 18 and 45 will be covered under this policy. Other benefits will be as per the policy terms and conditions.

“This policy is live for all the customers of IndianMoney Group,” added Sudheer.

The IndianMoney Group has undertaken various initiatives with the aim to increase the reach of insurance in India and has hired 1,000 employees for their digital sales of insurance.