Axis Max Life extends term plan to students, offers cover up to ₹2 crore
Axis Max Life Insurance has extended its Smart Term Plan Plus to students, offering life coverage up to ₹2 crore for young adults in higher education. The initiative shifts the typical insurance entry age from 35 to 18, addressing protection gaps for non-earning individuals through innovative underwriting processes. The plan includes optional riders for accidental death and critical illness, with a digital-first enrollment process using parental income records and video-based medical examinations.
*this image is generated using AI for illustrative purposes only.
Axis Max Life Insurance has made a strategic move to capture younger demographics by extending its Smart Term Plan Plus to students, enabling young adults pursuing higher education to secure substantial life insurance coverage despite having no verifiable income.
Coverage Details and Target Market
The insurance plan offers comprehensive coverage with specific features tailored for the student segment:
| Parameter: | Details |
|---|---|
| Maximum Coverage: | ₹2 crore |
| Target Age Group: | Students (starting from 18 years) |
| Traditional Entry Age: | 35 years |
| Target Segment: | Non-earning individuals in higher education |
This initiative directly addresses a significant protection gap in the insurance market, where students and young adults previously faced barriers in obtaining life insurance due to the absence of regular income documentation.
Strategic Benefits and Market Positioning
The early entry approach provides multiple advantages for both the insurer and policyholders. Students can secure lower premiums by starting coverage at a younger age, while Axis Max Life expands its customer base to an underserved demographic. Vaibhav Kumar, Senior Vice President and Head of Product Management and E-Commerce Channel at Axis Max Life, emphasized the company's commitment to "expand the protection net to evolving segments" as part of achieving "Insurance for All by 2047."
The plan incorporates innovative underwriting processes specifically designed to evaluate non-earning individuals, enabling young adults to gain financial protection without traditional income verification requirements.
Additional Coverage Options
The Smart Term Plan Plus includes optional riders that enhance the basic coverage:
- Accidental Death & Dismemberment (UIN: 104B027V05)
- Critical Illness and Disability (UIN: 104B033V02)
These riders provide additional benefits including health check-ups and mental health support, creating a comprehensive protection package for young policyholders.
Digital-First Enrollment Process
Axis Max Life has implemented a streamlined, technology-driven onboarding process to accommodate the unique circumstances of student applicants. The digital-first approach leverages parental income tax records as supporting documentation and utilizes video-based medical examinations to complete the underwriting process.
This innovative enrollment methodology not only simplifies the application process but also promotes financial awareness and discipline among students, introducing them to insurance concepts at an early stage of their financial journey.
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