Offers ‘Group Credit Life Secure’ Plan for the customers of Toyota Financial Services India
New Delhi, 11th March 2014: Max Life Insurance, one of the leading life insurance companies in India has joined hands with Toyota Financial Services India Ltd. (TFSIN), a non-banking financial set-up which provides auto finance solely to Toyota customers in India. This alliance has been formed to provide insurance cover for car loan customers of Toyota Financial Services under a Max Life group product called “Max Life Group Credit Life Secure”.
As per this agreement, Max Life Insurance will issue a Group Credit Life Secure policy, where Toyota Financial Services India will be the master (group) policyholder and hence their customers can enroll themselves as members within the policy to cover their financial liability pertaining to their car loans. The policy is a single premium insurance plan that provides risk cover to secure the car loan against eventuality of death of the customer. The sum insured for the customer at any point throughout the policy would be equivalent to the outstanding principle amount as per the loan schedule Commenting on this association, Rajesh Sud, CEO & Managing Director, Max Life Insurance said, “It is necessary to cover risk of uncertainty, so that one’s family is not left with any financial burden in case of the death of bread winner. We are confident this product will benefit Toyota customers.”
He further added. “In today’s time, almost every working individual avails the facility of loans to meet those need that require large financial commitment and car loan is amongst the most common. At an extremely nominal cost, the “Max Life Group Credit Life Secure Plan” will help ease out the stress related to outstanding loan amounts in case of any eventuality and thus facilitate peace of mind for the family.”
Mr. Kazuki Ogura MD and CEO of Toyota Financial Service India said, “We are glad to announce the launch of yet another value added product for our esteemed customers, I am sure they will benefit from this Group insurance policy offering from Max Life Insurance. Our dedicated finance executives at the dealership will inform Toyota customers about the benefits of this product and guide them through the application process.”
“Max Life Group Credit Life secure” will be available at all Toyota dealers with TFSIN’s presence and will be offered along with its bundled loan product. Toyota Financial Services is present in 34 countries. Its recent success in India is testimony to the innovative services and attractive products that have been offered to its customers. With an industry best 8 hour loan decision, easy documentation process now clubbed with value added products like Max Life Group Credit Life secure, TFSIN continues to increase its efforts in exceeding customers’ expectations.
Features of the ‘Max Life Group Credit Life’ policy:
i) Financial Security for Loved Ones: Coverage is directly linked to the outstanding principle loan amount, hence ruling out car loan liability in the event of borrower’s death.
ii) Affordable and Hassle Free Premium Rates: Since the risk is shared by a common pool by virtue of the plan being a group policy, the premium rates being offered are extremely competitive and the special single premium payment option make it convenient eliminating the hassle of regular annual premium payments.
iii) Simplified Medical Underwriting: Medical examination is required only when risk cover is high or the age of the customer exceeds non-medical limits. All such cases would be attended to and assisted by Max Life.
iv) Ease of Enrolment: Simple and hassle free application cum health declaration form has been made available to avail the advantages of this policy.
Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection. It has a country-wide diversified distribution model, including the country's leading agent advisors, exclusive corporate agency arrangements with Axis Bank and several other partners. Max Life Insurance is a quality business, focused on delivering excellence to customers through advice-based sale process, customer-centric approach to business, financial stability and investment expertise, and strong human capital.