 "Max Life ties up with Toyota Financial Services")
Private life insurer Max Life Insurance 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. '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.