New Delhi, Nov 20 (IANS): Max Life Insurance has forayed into e-commerce, launching Max Life Online Term Plan Wednesday, a company statement here said.

The plan is designed to provide comprehensive 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.

The plan also offers a "comprehensive accident benefit" rider, which provides added benefits not only for death but also on dismemberment due to an accident.

"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," Rajesh Sud, chief executive officer of Max Life Insurance, said.

The e-commerce space in India is currently valued at around Rs.60,000 crore and the online life insurance space is estimated at over Rs.200 crore.