Insurance Companies 1865 views July 22, 2019

Max Life Insurance

Max Life Insurance Company – Overview

NameMax Life Insurance Company Limited
Company TaglineKaro Jyada ka Iraada
Managing Director & CEOPrashant Tripathy
Founded2000
HeadquartersGurugram
OwnerJoint Venture between Max Financial Services (68%) and Mitsui Sumitomo Insurance Company (26%)
Serving CountryIndia
ProductsLife Insurance
Total No of Employees9000+

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.

Term Insurance

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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.

Term Plans Offered by Max Life Insurance Company

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:-

  1. Max Life Super Term Plan
  2. Max Life Online Term Plan Plus
  3. Max Life Premium Return Protection Plan

Max Life Super Term Plan

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

  1. Increasing life cover at the rate of 5 percent every year calculated at simple interest throughout the entire term of the policy without any extra costs;
  2. Option to choose lump sum death benefit or as part lump sum plus monthly income;
  3. The minimum policy period is 10 years and can extend up to 35 years.

Max Life Online Term Plan Plus

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).

Max Life Premium Return Protection Plan

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

  1. Premium payment term is 11 years irrespective of the policy period which may extend to 30 years;
  2. Premium payment modes available monthly, quarterly, semi-annually and annually;
  3. The minimum premium amount is Rs 8500 each year if policyholders opt for the annual premium mode. However, the premium amount would be different for each premium paying mode and would be subject to certain modal factors;
  4. The amount of sum assured can go up to Rs. 100,00,000. The minimum amount of sum assured is Rs. 500000;
  5. The option to increase the life cover is available. The amount can be increased in multiples of Rs.50,000 till the maximum amount of sum assured;
  6. In addition to the death benefits common in every term insurance plan, policyholders buying this plan get the survival benefits in the event of their survival till the end of the policy term, i.e., on reaching the maturity date of the policy;
  7. Tax benefits available as tax deductions on the amount of premiums paid each year and exemptions available on the policy benefits.

Benefits of Buying Life Insurance Policy from Max Life Insurance Company in India

There are multiple benefits to choosing Max Life insurance plans over others. Some of them are listed below:-

  1. Variety is the spice of life. The same holds true of insurance plans too. Max Life Insurance Company gives its clients multiple choices of plans to choose from. Customers looking to secure their lives can choose from the given list of plans according to their needs and budgetary requirements.
  2. The benefit of tax exemption is something that none can afford to ignore. Life insurance premiums are eligible for tax deduction under Section 80C of the Income Tax Act 1961. In addition, the policyholders’ nominees can avail tax exemption on the sum assured under Section 10(10D) of the Act.
  3. While buying insurance, customers usually look for plans that give maximum coverage in lieu of low premium rates. Max Life Insurance products are reasonably charged and promise extensive coverage to all its policyholders.

Check your Max Life Insurance Policy Status Online Free

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.

Max Life Insurance Company Reviews

  1. Max actually lives up to its name as it promised me the maximum coverage at nominal rates. Moreover, its wide assortment of plans means that the company has a plan for everyone.
  2. The company’s high Claim Settlement Ratio of 98.26 percent prompted me to invest in its products. Overall, I am satisfied with the company’s product details and customer care service.
  3. I was apprehensive about buying health insurance plans before. But my cousin’s recurring health concerns encouraged me to secure my own family’s health. Thankfully, the team at Max helped me to choose the right plan that gives an extended cover at low premiums.

Awards Won by Max Life Insurance Company

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:-

  1. Great Place to Work (GPTW) – 2018
  2. – Life Insurer of the Year – 2018
  3. – IAMAI – 2018
  4. – Effie Award – 2018
  5. – Customer Experience Award
  6. – CIO Award – 2017
  7. – CDO Converge Award – 2017
  8. – World Quality Congress – 2017

Max Life Insurance Company Contact Details

How to get in touch with Max Life Insurance?

Toll-free Customer Service Number: 1800 200 5577

Max Life Insurance Company Limited CIN: U74899PB2000PLC045626

Registered Office

Max Life Insurance Company Limited 

11th Floor, DLF Square, Jacaranda Marg, DLF City, Phase II, Gurugram – 122002

Tel No: (0124) 4121500

Email: abhinav.rahul@maxlifeinsurance.com

Toll-Free Number To Buy: 1860 120 5577

FAQs

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.