Max Life Insurance has unveiled its new Max Life Online Term Plan, as part of its strategy to expand its customer base and a move that marks its foray into e-commerce.

The new plan offers complete protection through three different death benefit options, the tax-free level or increasing monthly income in addition to one-time sum assured and the traditional option of one-time tax-free sum assured, IANS reported.

In order to cater added benefits in case of sad demise or on dismemberment of the insured due to an accident, the plan also provides a ‘comprehensive accident benefit’ rider.

Max Life Insurance CEO Rajesh Sud was quoted by the news agency as saying, "E-commerce will help us in reaching customers whom we were not able to efficiently connect with through our existing channels."

"The company plans to introduce a bouquet of long-term savings and protection solutions over the next two years," Sud added.

At present, the e-commerce space in India is estimated at approximately INR600bn ($9.5bn) and the online life insurance space is estimated at over INR2bn ($318.4m).