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Max Life Insurance has tied up with Toyota Financial Services India Ltd to provide insurance cover to car loan customers.
"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," the companies said in a joint statement.
As per the agreement, Max Life Insurance will issue a Group Credit Life Secure policy, where Toyota Financial Services India will be the master (group) policyholder.
"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," Max Life Insurance CEO & Managing Director Rajesh Sud said.
Toyota Financial Services India is the subsidiary of Toyota Financial Services Corporation (TFSC) which is a wholly-owned subsidiary of Japan's Toyota Motor Corporation.
