Max Life Insurance Company said on Thursday it clocked a compound annual growth rate (CAGR) of 33 per cent in individual sum assured over the past five financial years.
Sum assured or guaranteed death benefit is a guaranteed amount that the beneficiary of a life insurance policyholder will receive in case of untimely demise and is an important parameter that reflects the human life value an individual attaches to his life.
During FY21, Max Life crossed an important milestone of securing Rs two lakh crore in individual sum assured for the first time since its inception.
The average sum assured of individual pure protection policies grew by 10 per cent year-on-year to Rs 81 lakh. In the fiscal, Max Life also recorded a 13 per cent year-on-year growth in average sum assured that stood at Rs 35 lakh.
This allowed the company to record a market share of 16 per cent in terms of individual sum assured among the top 10 private life insurers in FY21.
V Viswanand, Deputy Managing Director of Max Life, said the ongoing pandemic has highlighted that the future belongs to those who plan and prepare well.
"Hence it becomes necessary to understand the concept of sum assured to make a sound financial decision regarding your life insurance policy. Sum assured is the single most important parameter that can affect the accomplishment of the life goals of your loved ones in your absence."
( With inputs from ANI )
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