As a 22 year old, most of my adult life has been on a fast-paced, ‘you only live once’ track. It’s no secret that the millennial generation is all for the present. As I approach independence and the inexorable need to organise my life, I realise that as daunting as it is, being insured is not really a matter of choice.
After perusing through multiple plans, one particular brand stuck with me – Max Life Insurance. Particularly, the Online Term Plan. Being part of the millennial generation, the internet, quite literally, runs my life. Reading about medical health insurance is a morbid task as is. Couple that with tedious paperwork and you will find yourself pulling your hair out. The convenience of being able to insure myself online, in the comfort of my home, makes the experience far less stressful.
As an economics student, I am no stranger to the hassle of assumptions that are impractical in the real world. One of the classic assumptions in economic theory is that all people involved in a transaction are rational. It is only when you pluck this statement out of your textbook and place it in the setting of the real world that you realise how mind-boggling such an assumption could be. What is rational? Is your idea of rational different from mine? Could a third person have an entirely new perception of rationality? Is one definition of rational better than the other?
This is where the term really impressed me. Max Life has accounted for the diversity that exists in every society. More importantly, it realises that one standard solution or definition may not be ideal for every person. Consequently, the firm has put out a term plan, with different death benefit options, each of which meets the needs of a different people across the country.
To diversify your product and ensure that it meets the needs of people is definitely not the convenient path to tread on. Thus, it is natural to question how much of this claim materialises into real numbers. I read that as of last month, 1648 crores has been paid out in claims by Max Life. As comforting as that figure is, you still wonder if these claims have been carried out seamlessly or not. Once again, I was not disappointed. 99.68% of claims have been carried out within the promised 10-day claim settlement. To add to that, as of last month, Max Life has paid 96.23% of all individual death claims. This number is the highest among private insurers in the Indian market. It is these little things that build trust and confidence. When I read that their mission is to be “committed to doing what is right”, I believe it.
There is no easy way to plan for an incident that you wish would never come.
It does not matter if you’re a 22 year old, or a parent or even a grandparent. Regardless of which point you are at in your life, you have someone to live for. It is for these very people, that you take the extra step to ensure they are always taken care of.
At the end of the day, there is nothing inviting about thinking about the future of your family in the event that you’re not around. With its undoubted consideration, convenience and credibility, Max Life makes the process far less unpleasant. As for myself, taking the step to be insured at 22 has started to seem less daunting and more appealing.
Featured Image Credits: Shelby Canterbury via Flickr