Max Life Insurance
Max Life Insurance has over a decade of experience in India’s insurance sector. Launched in 2000 as Max Life New York Life Insurance Company Limited, the company is a joint venture between Max Financial Services Limited and Japan-based Mitsui Sumitomo Insurance.
Having officially begun operation in 2001, the company is now one of India’s top companies for insurance and related financial services. Max Life insurance provides numerous insurance plans and has a nationwide presence with 277 branches and over 15,000 employees. The company has also won a vast array of awards, including the Gold Award for Life Insurance Provider of the Year 2020.
Max Life Insurance - At A Glance
| CHARACTERISTICS | SPECIFICATIONS |
| Company Name | Max Life Insurance Company Limited |
| Headquarters | Gurugram |
| Year of Establishment | 2000 |
| Company Type | Private |
| Parent Company | Max Group |
| CEO | Prashant Tripathy |
| Number of Offices | 277 |
| Claim Settlement Ratio (FY 20-21) | 99.35% |
| Solvency ratio (Financial Year 2020-21) | 202% |
| Sum assured in force (Financial Year 2020-21) | Rs. 1,087,987 crore |
| Claims paid (Financial Year 2020-21) | 99.35% |
| First Year Premium (Up to 31st March 2021) | 6826.88 |
| No. of Policies (Up to 31st March 2021) | 6,45,036 |
| No. of lives covered (Up to 31st March 2021) | 4,2,36,524 |
| Sum assured ((Up to 31st March 2021) | 324502.94 crores |
Max Life Insurance Plans
1. Max Life Insurance Term Plans
With Max Life Term Plans your specific period of investment guarantees that you are protected and meet your goals in a simple and realistic manner.
i. Max Life Smart Term Plan
This comprehensive plan can be personalized to give your family the financial protection they’ll need in case of unforeseen circumstances.
Key Features:
- Return of premium: Receive all premiums paid upon policy maturation
- Death benefit: Choice of 7 death benefit options
- Increase coverage option: Facility to enhance coverage with the change of requirements
| Age Criteria (Entry age) | Regular Pay: Min. 18 years Maximum Age: Regular Pay: 60 years Pay till 60 variant: 44 years |
| Maturity age | Base Death Benefit: 85 years Accelerated Critical Illness (ACI) Benefit Option: 75 years Accident Cover Option: 85 years |
| Policy term | Policy Term starting from 10 years to 50 years Accelerated Critical Illness (ACI) Benefit Option Minimum Policy Term: 10 Years Maximum Policy Term: 50 Years Accident Cover option Minimum Policy Term: 5 Years Maximum Policy Term: 50 Years |
| Sum assured | Minimum: Base Death Benefit Non-Medical Sales: Rs. 10,00,000. Medical Sales: Rs. 25,00,000 for all death benefit variants other than the Reducing Cover death benefit variant. For the Reducing Cover death benefit variant, the minimum Sum Assured is Rs. 1,00,00,000 Accelerated Critical Illness (ACI) Benefit Option Minimum: Rs. 5,00,000 Accident Cover Option Minimum: Rs. 50,000 |
| Premium | Depends on plan |
| Premium Paying Mode | Yearly, Half-yearly, Quarterly, Monthly |
| Premium Payment Option | Regular pay and limited pay |
ii. Max Life Smart Secure Plus Plan
Avail the financial security you desire for your family and pay only for the benefits you want.
Key Features:
- Return of premium: Receive 100% of premiums paid upon policy maturation
- Option of Premium Break: You can take a break from paying premiums after the policy completes 10 years
- Exit value: Facility of special one-time exit value with the return of premiums
| Age Criteria (Entry age) | Minimum Age: – 18 years Maximum Age: – Regular Pay: – 65 years Pay till 60: – 44 years |
| Maturity age | Base Death Benefit: 85 years Accelerated Critical Illness (ACI) Benefit: 75 years Accident Cover: 85 years |
| Policy term | 5 years to 67 years |
| Sum assured |
Minimum: Rs. 5,00,000
|
| Premium Paying Mode | Yearly, Half-yearly, Quarterly, Monthly |
| Premium Payment Option | Single pay, regular pay, limited pay |
| Premium Payment Term (PPT) | 5, 10, 12 and 15 |
iii. Max Life Saral Jeevan Bima
Pure life insurance cover protect family, and individuals from all walks of life.
Key Features:
- Economic accessibility: Economical and reduced-cost premium payments provide wide access to all individuals of all income backgrounds
- Flexible policy and payment terms: Flexible policy term between 5 to 40 years
- Tax saving benefits: Provisions for tax benefits under Section 80C and 10(10D) of Income Tax Act, 1961
| Age Criteria (Entry age) | Min. 18 years | Max. 65 years |
| Maturity age | Max. 70 years |
| Policy term | 5 years to 40 years |
| Sum assured | Min. Rs. 5 lakhs | Max. Rs. 25 lakhs |
iv. Max Life Premium Return Plan
Avail financial protection coverage and also receive a return of premium payment upon the end of the policy term.
Key Features:
- Maturity benefit: Return of premiums option with surrender value facility
- Tax savings: Tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961
- Payment options: The option between single pay and regular pay variants
| Age Criteria (Entry age) |
|
| Maturity age | Max. 75 years |
| Policy term | 20 years, 25 years, and 30 years |
| Premium | Minimum Premium : Rs. 8,500 p.a. (For annual mode policies) For Non – Annual Modes, the Modal Factors will be applicable Maximum Premium : Based on the Maximum Sum Assured of Rs. 1 Crore |
| Premium Paying Mode | Annual, Semi – Annual, Quarterly and Monthly. |
| Premium Payment Term (PPT) | 11 years |
2. Max Life Insurance ULIP Plans
Invest with Max Life Insurance ULIP Plans and get the most out of your investment to meet your long-term goals.
i. Max Life Online Savings Plan (Variant 1)
Get life coverage protection along with achieving important life milestones with this plan.
Key Features:
- Increase coverage: Option to increase cover with inbuilt life coverage
- Choice of investment strategy: Choice of investment funds based on the risk profile
- Unlimited switches: Option to switch strategy unlimited times as desired.
| Age Criteria (Entry age) | Min. 18 years | Max. 65 years |
| Maturity age | Max. 70 years |
| Policy term | 20 years to 30 years |
| Sum assured | Depends on plan |
| Premium | Depends on plan |
| Premium Paying Mode | Single, Yearly, Half- yearly, Quarterly, Monthly |
| Premium Payment Option | Single pay, regular pay, limited pay |
| Premium Payment Term (PPT) | 5-20 years |
ii. Max Life Online Savings Plan for Wealth Creation (Variant 2)
Receive the dual benefit of life coverage, along with lump sum payout under this policy.
Key Features:
- Financial Security: Increased protection on the death of insured, via monthly income, lump sum, and auto policy continuation
- Choice of investment strategy: Choice of investment funds based on the risk profile
- Unlimited switches: Option to switch strategy unlimited times as desired
| Age Criteria (Entry age) | Min. 18 years | Max. 60 years |
| Maturity age | Max. 70 years |
| Policy term | 5 years to 30 years |
| Minimum Annualised Premium | Annual Mode: 36,000 Semi Annual mode: 18,000 Quarterly mode: 9,000 Monthly mode: 3,000 Annualised Premium is defined as the total premium payable during a policy year. Maximum Annualised Premium: No limit |
| Premium payment mode | Annual, Semi-Annual, Quarterly and Monthly. |
| Sum assured multiple | 18 – 45 : 10, 15, 20 46 – 55 : 10, 15 56 & above : 10 |
| Sum assured | Basis the minimum Annualised Premium and minimum Cover Multiple, the minimum Sum Assured for both the variants is Rs. 3, 60,000 Max: No Limit |
| Premium Payment Term (PPT) | Minimum – 5 years; Maximum – Up to selected Policy Term |
iii. Max Life Fast Track Super Plan
Plan your future finances with multiple strategies and fund options under this plan.
Key Features:
- Choice of 6 Funds: Select the funds you wish to invest in based on your risk profile
- Dynamic Fund Allocation & Systematic Fund Transfer mechanism: Protects your finances against market conditions
- Liquidity: Provision to make partial withdrawals in case of unexpected expenses.
| Age Criteria (Entry age) | Minimum Entry Age 91 days Maximum Entry Age – 5 Pay and Single Pay 60 years Maximum Entry Age – Regular Pay 50 years |
| Maturity age | Minimum: 18 years Maximum: 70 years |
| Policy term | 10 years for Single Pay 5 Pay and 20 years for Regular Pay |
| Sum assured |
|
| Premium Paying Mode | Annual, Semi-annual, Quarterly, Monthly |
| Premium Payment Option | Single pay and regular pay, |
| Premium Payment Term (PPT) | Single Pay / 5 years (5 Pay) / 20 years (Regular Pay) |
| Minimum annualized premium | Single pay: Rs. 1,00,000 5 pay: Rs. 50,000 Regular pay: Rs. 25,000 |
3. Max Life Child Insurance Plans
Your children’s future is important and Max Life Insurance Child Insurance Plans ensure that their future is secure even in your absence.
i. Max Life Shiksha Plus Super Plan
Plan for your children’s future dreams with this plan, designed to provide all the financial assistance they’ll need.
Key Features:
- Financial security: Be at peace knowing you can easily meet your children’s future financial requirements
- Investment feature: As a ULIP plan, it combines insurance with investment in the equity market through the choice of fund options
- Benefits payable: Maturity and death benefits (both immediately payable)
| Age Criteria (Entry age) | Min. 21 years | Max. 50 years |
| Maturity age |
|
| Policy term | 5 Pay Variant: 10 year Policy Term Regular Pay Variant: 15 to 25 year Policy Term |
| Sum assured | 10 times the Annualised Premium |
| Minimum Annualised Premium | 5 Pay: Rs. 50,000 Regular Pay Annual Mode: Rs. 25,000 Non Annual Mode: Rs. 48,000 |
| Maximum Annualised Premium | No limit |
| Premium Paying Mode | Annual, Semi-annual, Quarterly, Monthly |
| Premium Payment Option | Single pay and regular pay, |
| Premium Payment Term (PPT) | 5/15/20 years |
ii. Max Life Future Genius Education Plan
Plan for the future to easily meet your children’s higher education costs under this plan.
Key Features:
- Financial protection: Covers financial expenses for child’s future education expenses
- Benefits payable: Maturity and death benefits (both immediately payable)
- Moneyback options: Receive 4 moneyback options, each up to 25% of sum assured payable in policy’s last 4 years
| Age Criteria (Entry age) | Min. 21 years | Max. 45 years |
| Maturity age | Max. 66 years |
| Policy term | 13 years to 21 years |
| Sum assured |
Max: No limit |
| Premium |
|
| Premium Paying Mode | Yearly, Half-yearly, Quarterly, Monthly |
| Premium Payment Option | 8 pay and limited pay |
| Premium Payment Term (PPT) | 8 years to policy term less 3 years |
4. Max Life Retirement Plans
i. Max Life Forever Young Pension Plan
Plan for your future expenses and enjoy your golden years with this pension plan.
Key Features:
- Guaranteed Loyalty Additions: From the 11th year of the fund onwards receive loyalty bonuses
- Spouse guarantee option: In case of your demise, avail provision to guarantee the retirement benefit for your spouse
- Top-Up premiums: Option to Save More Tomorrow to increase your retirement corpus,
| Age Criteria (Entry age) | Min. 30 years | Max. 65 years |
| Maturity age | Min: 50 years Max: 75 years |
| Policy term | 10 years to 75 years |
| Premium | For Single Pay – Rs. 1,00,000 For Regular Pay – Rs. 25,000 per annum |
| Premium Paying Mode | Regular Pay – Annual, Semi-Annual, Quarterly & Monthly modes are offered Single Pay |
| Premium Payment Option | Regular and single pay |
| Premium Payment Term (PPT) | 10 years |
ii. Max Life Guaranteed Lifetime Income Plan
Ensure you always have a stable source of income during your retirement years with this plan.
Key Features:
- Guaranteed income: Avail income protection for as long as you live
- Death benefit: Return of premium upon death of the annuitant and on last survivor’s death
- Annuity options: Single life annuity and joint-life annuity option.
| Age Criteria (Entry age) | Immediate annuity: Min. 0 years | Max. 80 years Deferred annuity: Min. 30 years | Max. 80 years |
| Policy term | Annuity/Policy Term – Single life variant: till the death of the annuitant Joint life variant: till the death of the last survivor |
| Premium | Minimum single premium: It is subject to a minimum annuity payout being at least ₹1,000 per A month or ₹12,000 per annum |
| Premium Paying Mode | Single |
iii. Max Life Perfect Partner Super Plan
Simplify your financial planning and investments during retirement years with this plan.
Key Features:
- Income protection: Money-back policy to cover post-retirement expenses to provide guaranteed annual income to policyholders post-retirement
- Family coverage: Offers added coverage for insured’s family members
- Tax benefits: Receive tax benefits on premium amount and maturity benefit under Section 80C and 10(10D) of Income Tax Act, 1961
| Age Criteria (Entry age) | Min. 91 days | Max. 55 years |
| Maturity age | Max. 75 years |
| Policy term | To age 75 years of the Life Insured |
| Sum assured | Minimum: Rs. 50,000, subject to a minimum premium of ` 8,500 for policies with a premium payment term of 10/15/20 years and Rs. 20,000 for policies with premium payment term of 7 years. |
| Premium (Annual) | 7 years: Rs. 20,000 per annum 10, 15 or 20 years: Rs. 8,500 per annum Max: No limit |
| Premium Paying Mode | Annual, Half-yearly, Quarterly, Monthly |
| Premium Payment Option | Regular and single pay |
| Premium Payment Term (PPT) | 10/15/20 years |
Why Choose Max Life Insurance?
Here’s why you should pick Max Life Insurance:
- Largest private-sector Insurer: Max Life Insurance focuses on both online and offline channels and is known to be India’s largest non-bank, private-sector insurer.
- Best place to work: The insurance company was ranked 18th in 2021 as ‘India’s Best Companies to Work For’
- Claim Settlement Ratio: The company’s claim settlement ratio is 99.35% for the FY 2020-2021.
- Assets Under Management: For FY 20-21, Max Life Insurance has Rs. 90,407 cr. worth assets under management.
- Max Life presence – Having more than 277 offices all across the country, Max Life Insurance is accessible to each and every member of society.
- CSR initiatives – As a company, Max Life Insurance has several CSR initiatives to improve health outcomes.
Exclusions to Max Life Insurance Plans
There are a few circumstances under which Max Life Insurance does not cover and pay out the settlement claim to the beneficiaries, as outlined below:
- Self-harm and Suicide: Should the insured person commit suicide within 12 months of policy date, or the policy revival date, then the policy will be immediately terminated and only the total premiums paid till death will be refunded. This also applies in case the insured commits a self-inflicted injury, whether being sane or insane.
- Specific Illness/Diseases: Max Life Insurance will not be liable to provide the settlement amount should the policyholder die as a result of STD/HIV/AIDS positive disease within five years of policy commencement.
- Pre-existing Diseases: Any pre-existing illness will be covered only after 48 consecutive months of continuous coverage have passed from the policy commencement date, and not prior to that.
- External Congenital Anomaly: This type of illness which is on visible and accessible parts of the insured’s body is not covered by the Max Life Insurance plan.
- Failure to Seek Medical Care: If the insured fails to or deliberately refuses to follow medical treatment under reasonable circumstances from a registered and qualified medical practitioner and dies as a result, they will not be eligible to claim compensation for the same by Max Life Insurance company.
Max Life Insurance Riders
Enhance your life coverage with add-on rider features to your existing plan:
- Critical Illness Rider: Upon diagnosis of a critical illness included in the policy outline, a lump sum amount shall be paid
- Waiver of Premium: In case of critical illness, handicap, or death of the insured person, all future premiums will be waived.
- Comprehensive Accidental Benefit Rider: If the insured person dies or becomes handicapped due to an accident, this rider will pay the sum assured.
How To Buy Max Life Insurance Plan Online?
- From the main menu, you can choose the plan you wish to purchase
- On that page, you can click the ‘buy now’ or ‘invest now’ option
- After entering details, you will be led to a checkout page to make your payment (using credit/debit cards, NEFT, net banking, etc.)
- On completion of payment, you will receive an email confirmation and text message from Max Life Insurance, along with the policy document of the term plan.
Documents Required to Purchase Max Life Insurance Policy
You will need the following documents on hand to purchase Max Life Insurance online:
- Age proof
- Address proof
- Income proof via Bank statements/salary slips
- Recent passport-size photos
- Relevant medical reports
How To Renew Max Life Insurance Policy Online?
You can easily renew your Max Life Insurance below:
- Log onto the Max Life Insurance website
- Under the ‘Customer Login’ section on the header, click on ‘Pay Premium’
- Enter Policy details and submit
- Enter your OTP received on the registered mobile number
- Upon logging in, you will see a renewal option with the premium amount and due date,
- Click ‘Pay Now’ to renew your policy
- Confirm details and click on ‘Proceed to Payment’
- Pay with the desired payment method
- Upon completion, you will receive an SMS and email confirmation of policy renewal.
Claims Procedure for Max Life Insurance Plans
In case of the death of the policyholder, you – the nominee or the beneficiary, can claim the insurance policy. The first step is to intimate the said claim.
Step 1: You can intimate the policy claim by either
Emailing them at claims.support@ maxlifeinsurance.com
Or
Talking to your Agent Advisor
Or
Visiting your nearest branch office.
Or
You can send the written copy at:
Max Life Insurance Operations Centre –
Claims Department,
Max Life Insurance Company
Operations center, – 2nd floor
90A, Sector 18, Udyog Vihar,
Gurgaon-122015, India
Step 2: Claim Forms
You have to fill up the claim form and submit it to the company. You can either download it from the website or talk to your advisor or visit your nearest branch.
Step 3: The claims are then thoroughly checked, examined by the company. After processing it they will let you know their decision and claim amount.
Document Required
You will also need the following documents for the insured’s cause of death:
- Original policy documents
- Death certificate issued by the local municipal authority
- Death claim application form (Form A)
- Bank details
- Nominee’s photo identity proof
There can be a requirement for additional documents on the basis of the cause of death.
For Natural Death:
- Medical records (from admission notes to death summary)
- Attending physician’s statement
For Accidental Death:
- Copy of FIR/police complaint
- Copy of Post Mortem Report/Autopsy
- Copy of Police investigation report
Frequently Asked Questions
The different charges that Max Life Insurance ULIP plans levy are premium redirection charge, switch charge, surrender/ discontinuance charge, mortality charge, policy administration charge, fund management charge, premium allocation charge, and other miscellaneous charges.
Individual Health Insurance plan varies from person to person. It can cost around 4k to 9k per person for 5 lacs coverage. So an individual health plan provides us benefits at a lower cost. If top-up’s and riders are added on top of the Individual Health plan, then the premium could increase.
Max Life Plans
- Max Life Assured Wealth
- Max Life Cancer Insurance
- Max Life Fast Track Super
- Max Life Forever Young Pension
- Max Life Future Genius Education
- Max Life Monthly Income Advantage
- Max Life Perfect Partner Super
- Max Life Platinum Wealth
- Max Life Smart Fixed-Return Digital
- Max Life Savings Advantage
- Max Life Shiksha Plus Super
- Max Life Smart Term Plan
- Max Life Smart Wealth
- Max Life Whole Life Super
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