Max Life Insurance

Max Life Insurance Company Overview

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi business corporation. Max Life has a total claims paid ratio of 99.35% as per the annual audited financial for the FY 20-21.

Max Life Offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including agency and third party distribution partners.

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.

Max Life Insurance Term Plans

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 for 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 events cut 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 policy term 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, but also an increasing amount of monthly income that would help your nominee(s) deal with 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, 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 assured amount. 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 gives 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 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 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 INR 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 INR. 100,00,000, while the minimum sum assured is INR 500000
5. There is an option available to increase the life cover. 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.

Unit Linked Insurance Plans (ULIPs)

Max Life Insurance offers a host of ULIPs that aim to earn you over the premium you pay to the insurer while also ensuring the financial security of your dear ones in your absence. These plans offer different fund options for you to choose from. The performance of the chosen fund dictates how much you will earn over the policy term.

Max Life Fast Track Super Plan

This life insurance policy is actually a non-participating Unit Linked Insurance Plan that ensures financial security for 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, policyholders earn additional loyalty rewards for continuing to pay for this plan.

Max Life Platinum Wealth 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, 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.

Retirement Plans

Retirement plans of Max Life Insurance ensure sufficient corpus for you to live your retirement days without any worry. Let’s check such plans here.

Max Life Forever Young Pension Plan

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 its policyholders and their nominees,  thereby 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, policyholders get the option of investing in any of the two funds – Pension Preserver Fund and Pension Maximiser Fund.

Max Life Guaranteed Lifetime Income Plan

Customers looking for regular income even after retirement can 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. Policyholders do not have to undergo any medical tests before buying this plan and can continue to enjoy tax benefits on the premiums paid under Section 80C of the Income Tax Act.

Max Life Perfect Partner Super Plan

This plan has been designed to make your post-retirement years comfortable. The key benefits of paying for this plan include:-

1. The sum assured is 212.5 percent of the guaranteed maturity amount. The money back guaranteed on the plan will be roughly 7.5% of the guaranteed sum assured and will be disbursed to the policyholders from their 61st year to the 75th year of their lives.
2. Moreover, the insurance company will hand over the maturity benefit amount in lump sum apart from the accrued paid-up additions plus the terminal bonus when the policyholder turns 75 years old.

Savings and Income Plans

These plans insure your family members financially in case of your unfortunate death during the policy term while also saving for your other needs. Some of these plans offer guaranteed income, so if you have a low-risk appetite, think of choosing the same.

Max Life Whole Life Super Plan

As evident from its name, this plan ensures security for 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 a limited period and pay for additional riders ensures a good extent of risk cover.

Max Life Guaranteed Income Plan

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:-

1. Cash payment
2. Purchase Paid-up additions
3. Offsetting of subsequent premiums

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.

Max Life Monthly Income Advantage Plan

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.

Max Life Assured Wealth Plan

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.

Group Insurance Plan

It is offered to the members of an organization where they can get their families secured financially in case of their unfortunate death during the policy term. Besides, other benefits, if applicable, will accrue too.

Max Life Group Credit Life Premier Plan

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.

Child Plans

Max Life Insurance offers dedicated insurance plans to support the education of your kids. These plans come with various attractive features that policyholders can take note of. Here’s a list of its child plans.

Max Life Future Genius Education Plan

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. 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.

Max Life Shiksha Plus Super Plan

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:-

1. Growth Super Fund
2. Growth Fund
3. Balanced Fund
4. Conservative Fund
5. Secure Fund

Benefits of Max Life Insurance

There are multiple benefits to have when 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 ignore. Life insurance premiums are eligible for tax deduction under Section 80C of the Income Tax Act 1961. In addition, the nominees of  policyholders 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.

How to Apply for MAX Life Insurance Plans Online at Wishpolicy?

Applying for MAX Life Insurance Plans at Wishpolicy, an IRDAI-registered neutral financial marketplace for unbiased insurance solutions, is easy with simple steps. Below are the steps for getting term insurance at Wishpolicy –

• Go to www.wishpolicy.com
• Click on ‘Term Insurance’
• Mention your gender, date of birth, mobile number and email address
• Select whether you are a smoker or a non-smoker
• Click on ‘Get Instant Quotes’ button
• Select the Sum Insured & Annual Income
• List of max life insurance plans will be displayed on your screen
• Compare the plan offers and select the suitable one

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

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

Email:online@maxlifeinsurance.com

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 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 policyholders to visit 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 gets credited to the policyholder’s account.