Max New York Life Insurance today launched Max New York Life Guaranteed Monthly Income Plan that provides investors with a regular quantum of payout indexed to benchmark Government Securities rate. The plan is aimed to provide a dual benefit of regular income flow as well as protection against any exigencies through a protection component.

Speaking on the launch, Rajesh Sud, CEO and MD, Max New York Life Insurance said, “At Max New York Life Insurance, we design products keeping in the mind the future needs of our customers. The rising cost of living and securing ones future is clearly a concern. Guaranteed monthly income plan has been designed with an objective of filling in this gap of extra income and securing ones future in the years when household needs are at its peak.”

According to the company, the plan has been developed after researching how consumers choose and purchase life insurance policies. The research revealed that consumers are averse to taking risk and prefer guaranteed returns while planning for the long-term and hence the product.

Private life insurer, IDBI Federal Life Insurance, has launched a unit-linked insurance product that offers, among other benefits, lump-sum cash of up to Rs 20 lakh to be paid upon diagnosis of any of the 17 specified major diseases.

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