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Insurance Companies 3330 views July 22, 2019
Table of Contents
|Name||Max Life Insurance Company Limited|
|Company Tagline||Karo Jyada ka Iraada|
|Managing Director & CEO||Prashant Tripathy|
|Owner||Joint Venture between Max Financial Services (68%) and Mitsui Sumitomo Insurance Company (26%)|
|Total No of Employees||9000+|
A trusted name in the investment sector, Max Life Insurance combines the expertise of Max India Ltd and Mitsui Sumitomo Insurance Company Ltd. As the two financial giants came together, the result was a conglomerate that functioned to ensure long-term financial solutions to its customers including guaranteed savings plans, insurance options, and retirement solutions. The group has managed to carve a huge market share for itself with the aid of its multi-channel distribution partners and efficient agency distribution.
Not even two decades since his inception, Max Life Insurance Company already enjoys the reputation of being among the best private insurance companies in India. For those new to this company’s profile and working, Max Life Insurance Company is the outcome of a joint venture between the Indian business conglomerate Max India Ltd and Mitsui Sumitomo Insurance Group Holdings, Inc., a reputed general insurance company in Japan.
Max Life realizes the need for a lump sum amount of corpus for a family in the event of the sudden demise of its breadwinner. Those who view their lives from a long-term perspective are inclined to buy a term insurance plan as a necessary measure of ensuring financial security to their loved ones. Max Life Insurance Company’s range of term insurance plans includes:-
This plan takes into account not only your loved ones’ financial needs in case some untoward event cuts short your life but also the fact that rising inflation rate may necessitate a greater amount of sum assured to meet daily needs in future. This plan allows you to avail the benefit of the increase in life cover by 5 percent each year throughout the entire policy period sans any rise in premium rates. This means that your loved ones will receive death benefits that would be enough to beat the effect of inflation.
Key Features of Max Life Super Term Plan
This is a term insurance plan like no other as this plan not only ensures a lump sum amount of sum assured to meet the expenses of the family that is insured, but also an increasing amount of monthly income that would help your nominee(s) beat the burden of inflation. The lump sum amount can be used to meet bigger responsibilities like children’s education, daughter’s marriage or paying off home loans. The increasing amount of disbursed as monthly payment can be used to meet daily expenses.
Key features of Max Life Online Term Plan Plus
‘Pay Till 60′ Option – This is a unique option that frees the insured from paying throughout the entire policy period. Instead, policyholders can choose to pay until they turn 60 years, i.e., till their retirement age, while continuing to remain covered until the age of 85 years. Choosing this option relieves off the burden of premium payment post-retirement as most people do not have access to earnings after retirement;
Death benefits available as a combination of lump sum assured plus monthly income – In the event of the demise of the policyholder, the nominee will be handed over the lump sum amount of the entire sum assured. In addition, the nominee will be given an increasing rate of monthly income for the next decade wherein the monthly income during the first year shall be 0.4 percent of the total amount of sum assured;
Zero Maturity Benefits – Consider that this plan does not entail any maturity or surrender benefits, it is much cheaper than most other plans available in the market;
Tax Benefits – Buying this plan will lend you dual tax benefits. The total amount of premiums paid each year (annual premium amount) is included as deductibles under Section 80(C), while the death benefits received by your nominee are eligible under Section 10(10D) of the Income Tax Act;
Accelerated Critical Illness (CI) Benefit – Being a critical illness can rob you of your earnings as treatment expenses continue to rise. Keeping this in mind, this term insurance plan offered by Max Life avails its policyholders a lump sum amount up to 50 percent of the sum assured on detection of any chronic disorder specified in the list of 40 critical illnesses. Post payment of the CI benefits, the balance sum assured corresponding to reduced future premium payments will be carried forward and paid on the death of the policyholder;
Increasing Life Cover Facility – Unlike other term insurance plans, where the life cover is determined and fixed while buying the policy, policyholders buying this plan can choose to increase their life cover if they wish to leave behind an amount that is in tune with the inflation rate.
Additional Rider Benefits – Sudden accidents or bout of critical illnesses can impede the cycle of life. To tackle the same, policyholders are given the option to choose among rider benefits including Max Life Comprehensive Accident Benefit Rider (CAB) and Max Life Waiver of Premium Plus Rider (WOP).
This plan from Max Life entails both death benefits and survival benefits as opposed to most other term insurance plans that pay the sum assured only on the death of the policyholder during the policy period. This plan is pursuant to the observation that most people refrain from buying term insurance plans as the payout is available only as death benefits, which means that if the policyholder survives beyond the policy period, there is no benefit of sum assured. However, this plan serves a dual purpose. In case of the sudden death of the policyholder during the policy period, the nominee(s) is entitled to death benefits, whereas if the policyholder would be entitled to survival benefits if he or she continues to survive during the policy period.
Key Features of Max Life Premium Return Protection Plan
This life insurance policy is actually a non-participating Unit Linked Insurance Plan that ensures financial security to your loved ones. In addition to the much-needed security promised by every life insurance policy, paying for this plan ensures that you achieve your long-term goals too. This is made possible by the policyholders who benefit from market-linked returns by investing in any of the six fund options allowed by the insurance company. Moreover, the policyholders earn additional loyalty rewards for continuing to pay for this plan.
More than a life insurance policy, this plan serves to build wealth in the long run. More than the sum assured promised under the policy, this plan that policyholders witness growth on the savings they had accumulated over the entire policy period. This is possible through market-linked returns and loyalty additions that act to boost wealth in the long run. The flexibility to choose between premium payment term and policy term means that policyholders can continue to earn returns even after having paid premiums for a limited period.
The golden years of your life post-retirement must not be fraught with financial insecurities. Opting for this retirement plan ensures that you and your loved ones are ensured a regular monthly income till the end. This plan invests a portion of your savings in equities, thus, enabling you market-linked returns. However, the plan is structured in a manner that retirement savings are intact and secure from the undulating movement of the stock market. The insurance company promises a yearly annuity plan to the policyholders and their nominees that goes a long way in safeguarding their monetary interests during the retirement period.
The plan is a non-participating ULIP that the customers may opt for either by paying a single premium or through regular premium payments. The insurance company guarantees additions after the 10th year to the existing amount paid. Moreover, the policyholders get the option of investing in any of the two funds including the Pension Preserver Fund and the Pension Maximiser Fund.
Customers looking for regular income even after retirement opt for this plan. A non-participating ULIP that ensures a regular income every year after retirement. This income available till death takes care of the daily cash expenses of the policyholders and their nominees. The policyholders do not have to undergo any medical tests before buying this plan and continue to enjoy tax benefits on the premiums paid under Section 80C of the Income Tax Act.
This plan has been designed to make your post-retirement years comfortable. The key benefits of paying for this plan include:-
As evident from its name, this plan ensures security to the policyholders till the age of 100 years. Max Life whole life super is a participating whole life insurance plan that guarantees protection till the policyholder turns 100 years old in addition to bonus additions. Moreover, the option to pay premiums for limited premium charges and pay for additional riders ensures a good extent of risk cover.
Nothing in life is certain, which further explains why many customers look for guaranteed plans that promise income and benefits to their loved ones in the event of their sudden death. This is essentially a savings plan with guaranteed payout benefits for the next 10 years after the policy period. The payouts are then doubled during the last five years of your policy payout period.
A participating plan that allows scope for limited premium payments. The insurance company declares bonuses that can be availed from the second year of the policy period that can be availed in three different ways including:-
The death benefit guaranteed is higher of 11times the yearly premiums paid or 105 percent of the total premium charges paid towards the policy. Provision of terminal illness coupled with tax benefits is also available.
A comprehensive savings and investment plan that guarantees monthly income for 10 years after the completion of the policy period and a lump sum benefit amount to cater to your major financial goals. In addition, the insurance company waives off the premium charges and ensures that the benefits are added over to the nominee(s) in the event of the sudden death of the policyholder. Tax benefits on both the premiums paid and the death benefits are in according to the prevailing Income Tax laws.
The insurance company assures wealth to the policyholders under this life insurance policy. A non-linked, non-participating plan in structure, this life insurance plan involves payment of limited premiums while guaranteeing a lump sum maturity benefit to meet the savings plan of the policyholder concerned. Moreover, the death benefit is handed over to the nominee(s) in the event of the policyholder’s sudden death, thus, ensuring the much-needed protection.
As opposed to most other life insurance policies, this is a single premium plan. The plan is not linked to market movements which means that the savings are secured against the ups and downs of market movements while ensuring an additional risk cover. The minimum policy term cannot be less than a year while there are no minimum or maximum limits on the premium charges that the policyholder wishes to pay.
Securing a child’s future is the ultimate goal of every parent. This plan adheres to those policyholders’ needs who are looking to save for their children’s education, marriage, and other life goals. The policyholders may make their choice of premium paying terms, policy periods and the timings of their money backs depending on the purpose for they wish to save.
Market-linked returns are deemed beneficial for those looking to earn returns. Since the costs of higher education and associated expenses are high, parents can choose to pay for this market-linked policy. Structured as a ULIP, this plan ensures adequate returns by accumulating the savings and returns earned on them while also guaranteeing life insurance benefits. Policyholders can choose from the following fund options including:-
There are multiple benefits to choosing Max Life insurance plans over others. Some of them are listed below:-
It is not enough to buy a life insurance policy. Checking the policy status regularly and keeping track of the fund value is important. The online process makes it easy to check the policy details. One has to just log on to the company’s website and submit essential details including the policy number and other essential information.
An alternative way to check policy status would be to call on the toll-free customer care number or email your details to the id shared on the company’s website.
Awards and accolades do not come easily. One has to strive for them. We learned from our mistakes and ensured that they were never repeated. Till date, Max Life has been recognized with the following awards and prizes. These include:-
How to get in touch with Max Life Insurance?
Toll-free Customer Service Number: 1800 200 5577
Max Life Insurance Company Limited CIN: U74899PB2000PLC045626
Max Life Insurance Company Limited
11th Floor, DLF Square, Jacaranda Marg, DLF City, Phase II, Gurugram – 122002
Tel No: (0124) 4121500
Toll-Free Number To Buy: 1860 120 5577
What are the ways to pay Max Life Insurance premiums?
Answer: Policyholders can choose to pay premiums of Max Life Insurance Company in both online and offline modes depending on their need and budgetary requirements.
How do you renew your Max Life Insurance policy?
Answer: Customers looking to get their policies renewed in the following steps:-
Step 1: Login to the company portal using id and password;
Step 2: Enter the details of the policy and choose the payment mode (Debit Card / Credit Card / Net Banking);
Step 3: Save the premium deposit receipt for future reference.
What is the procedure of claim settlement with the company?
Answer: Claim settlement process is simple as the policyholders or their nominee(s) have to just visit the nearest branch of Max Life Insurance, fill in the necessary claim form and submit all the necessary documents. Post submission of the claim settlement form along with necessary documents, the company will take roughly 10 days to settle the claim as promised in the policy document.
How can a policyholder get the Max Life Insurance policy canceled?
Answer: Policy cancellation requires the policyholders to go to the branch with the policy documents and surrender form downloaded from website. Post-cancellation of the documents, the insurance company surrenders the policy amount within the next 10 days of receipt of the documents and the amount credited to the policyholder’s account.
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