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Learn about Max life Insurance (Plans, Claims & More)
Max Life Insurance was formed in the year 2000. It is a joint venture between Max financial services Ltd ( MFS), India’s largest non-banking private life insurance company, and Mitsui Sumitomo insurance company based in Japan. The company began its operations in 2001 since it has established a prominent name in the insurance sector.
Max Life Insurance is one of the leading names in India when it comes to life insurance and its services. The company offers a wide range of insurance plans ranging from term insurance, child plans, pensions, endowment, savings plans, and much more.
This insurer has a PAN India presence with more than 250+ branches across the nation and more than 15,000+ associated employees. Max Life serves millions of customers all around the year and has a robust claim settlement ratio of 99.35%.
The company has been awarded numerous awards such as ‘Life Insurance Provider of the Year’ and ‘Excellence in Claims Service’ to name a few.
In this article, we will discuss the following:
- Company specifications
- Awards received
- Plans offered by Max Life Insurance
- Why choose Max Life Insurance?
- How to buy Max Life Insurance Plans?
- Max Life Insurance claim process
- Max Life Insurance plan renewal process
Important company details
Claim settlement ratio | 99.35% |
Headquarters | New Delhi |
Solvency Ratio | 207% |
Branches | 250+ |
Website | |
Customer care | Toll free number: 1800 200 5577, 1860 120 5577 |
Awards received
Below given are a few awards and recognitions won by Max Life Insurance.
- ‘Best Claims Service Leader award’ by CMO Asia Awards 2019.
- Ranked 24th among ‘India’s top 100 companies to work in’ by great places to work institute.
- Awarded ‘Best Term Plan company of the year’ by CMO Asia 2019.
- ‘Life Insurance Provider of the year’.
Max Life Insurance plans
Max Life Insurance term plans
| Plan name | About the plan |
|---|---|
| Max Life Smart Term Plan | It is a customizable term plan that offers a death benefit, protection from 40 critical illnesses, and a return of premium option. This is a long-term plan that provides coverage up to 85 years of age and returns 100% of the premiums paid upon surviving the maturity period. |
| Max Life Online Term Plan | This term insurance plan offers high life cover at an affordable premium. It offers a lump sum payout under death benefit to the beneficiary of the policy in case of the death of the policyholder. This plan is available in 3 variants: Basic Life Cover, Basic Life Cover + Monthly Income, and Basic Life Cover+ Increasing Monthly Plan. |
| Max Life Premium Return Plan | As the name suggests, this plan offers life coverage to the policyholder and the benefit of 100% of premium repayment on the maturity of the policy tenure. |
| Max Life Super Term Plan | This is a regular term insurance plan that only provides a life cover to the policyholder. It offers multiple payout option choices. |
| Max Life Smart Secure Plus Plan | This is an ideal plan to beat the rising cost of inflation as it offers a death benefit, and also increases the sum assured up to 5% annually up to a maximum of 200%. |
| Max Life Saral Jeevan Bima Plan | This term plan offers a life cover as low as Rs 5 Lakh to protect your family in your absence. This plan provides long-term coverage up to 70 years of age. |
| Max Life Short Term Plan | This plan offers a guaranteed payout on the maturity of the policy period or a lump sum death benefit in case of death of the policyholder, one of the two. |
Max Life Insurance ULIP plans
| Plan name | About the plan |
|---|---|
| Max Life Fast Track Super Plan | This plan offers the benefit of life coverage and the extra benefit of capital appreciation through the market invested returns. |
| Max Life Online Savings Plan | This plan offers a life cover and a wide range of market funds to invest in as per the investment style of the policyholder. This plan is available in 2 kinds of variants. |
| Max Life Shiksha Plus Super Plan | This is a child unit-linked insurance plan that is designed to secure your child’s future by generating a sound corpus through market-linked investments and also providing the benefit of life coverage. |
| Max Life Forever Young Plan | This unit-linked plan is intended to generate strong savings for your retirements through market returns and also providing the benefit of a life cover. |
Max Life Insurance Savings and Income plan
| Plan name | About the plan |
|---|---|
| Max Life Savings Advantage Plan | This plan offers a life insurance cover to the insured and partly guaranteed payment of the lump sum amount on policy maturity. |
| Max Life Monthly Income Advantage Plan | As the name suggests, this plan offers an assured monthly income payment up to 30 years after the completion of the premium payment tenure or provides a death benefit payout in case of the death of the insured. |
| Max Life Guaranteed Income Plan | This is a guaranteed income plan which gives the flexibility to choose the kind of payout you want. It gives an option of monthly income payout for 10 years or an immediate lumpsum payout in case of any sudden financial emergency. |
| Max Life Whole Life Super Plan | This is a whole life insurance plan that provides life coverage up to 110 years of age. |
| Max Life Assured Wealth Plan | This plan will provide a lump sum payout of the sum assured under death benefit or guaranteed lumpsum payout upon the maturity period. |
| Max Life POS Guaranteed Benefit Plan | This plan will offer lumpsum payment to the family members under death benefit or pay the entire amount if the policyholder survives the maturity period. |
| Max Life Wealth Plan | This plan is designed to offer financial protection to you and your loved ones. Max Life Smart Wealth Plan provides a death benefit and a guaranteed maturity benefit to boost your savings. It is available in 4 variants. |
Max Life Insurance health plans
| Plan name | About the plan |
|---|---|
| Cancer Insurance Plan | This plan offers comprehensive coverage against all stages of cancer. It offers a sum insured payout to the policyholder at diagnosis of each stage of cancer. |
| Critical Illness Benefit | This plan is designed to provide a lump sum payout in the event of any diagnosis of listed critical illnesses. |
| Individual Health Insurance Plan | This plan provides extensive coverage to the insured in the treatment of any illness or injury. |
| Family Floater Health Plan | This is a family floater health plan that covers the hospitalization expenses of immediate family members up to the sum insured in one single policy. |
| Group Health Cover | This is a group health plan that covers the hospitalization expenses of individuals working together in a company or an organization. |
Max Life Insurance Child plans
| Plan name | About the plan |
|---|---|
| Max Life Future Genius Education Plan | This plan assists young parents to create a corpus for their children’s education expenses in the future. The company will pay a lump sum payout in case of the death of the insured parent. |
| Max Life Siksha Super Plus | This is a unit-linked insurance product designed to secure your child’s future by generating a sound corpus through market-linked investments and while also providing the benefit of life coverage. |
Max Life Group Insurance Plans
| Plan name | About the plan |
|---|---|
| Max Life Group Super Life Premier Plan | This plan offers life coverage to the insured group members. It also provides surrender benefits in which if in case the employee exits the company the policy will continue to provide coverage until the end of the policy term. |
| Max Life Group Gratuity Premier Plan | This plan offers a death benefit, surrender benefit, and maturity that provides a lump sum amount on policy maturity. |
| Max Life Group Term Life Platinum Assurance Plan | This term plan provides a high sum assured coverage at an affordable premium. |
| Max Life Group Saral Suraksha Bima Plan | This plan is designed to protect against accidental death or any disablement suffered due to an accident. |
| Max Life Group Credit Life Premier Plan | This plan is designed to repay any loan obligations in case of the untimely demise of the policyholder. The sum assured can be utilized to pay off any loan or debt by the family members in the absence of the insured. |
Why choose Max Life Insurance?
Claim settlement ratio
Max Life Insurance has built a great track record over the years when it comes to settling claims. The company has a staggering claim settlement ratio of 99.35% suggesting that the company is extremely reliable and committed when it comes to settling genuine claims not depriving its customers of their rights.
Solvency ratio
According to IRDA, all life insurance companies must maintain an ideal solvency ratio of 1.5% in India. The solvency ratio is a parameter that measures the financial reliability and trustworthiness of a company. Max Life has a strong solvency ratio of 2.07% which is much higher than the required ratio signifying that the company is reliable and capable when it comes to meeting its long-term obligations.
PAN India presence
The company has a widespread presence with more than 250+ branches all across the nation making it handy for people anywhere in India to avail of their services.
Customer support
The company has a 24/7 online customer service portal that assists its customers in matters about claims, renewals, or any other insurance-related queries.
Plethora of plans
The insurer provides a wide range of plans that cater to the needs and requirements of all kinds of customers and insurance buyers.
Tax benefit
You can avail of the benefit of tax exemption on your life premiums paid towards your policy under U/S 80C and 10(10D) of The Income Tax Act.
Max Life Insurance plans benefits
High life cover
Multiple plans provided by the company offer a high life coverage from 18 years of age. You can avail the benefit of high life coverage overcoming the rising cost of inflation that will financially assist your loved ones in your absence.
Affordability
Plans offered by the company give the privilege of high life coverage at an affordable premium. Plans offered by the company provide a life coverage of sum assured of Rs 1 Crore at just Rs 500 per month.
Customizable payout
The company offers multiple payout options to select at the beginning of the policy period. The policyholder can choose yearly monthly or lumpsum payout as per the family’s financial requirements.
Premium waiver
Multiple plans offered by the company will waive off any future premiums in case the policyholder is met with any unfortunate event like accidents or critical illness. Max Life Waiver of Premium Plus rider is one plan that waives off all future premiums in such circumstances just at a nominal premium price.
Premium return benefit
In some plans, 100% of the premium paid will be provided back to the policyholder upon policy maturity. Max Life Premium Return Protection and Guaranteed Lifetime Income Plan are among such plans.
How to buy Max Life Insurance Plans?
You can easily buy a health plan with us on InsuranceLiya.com.
Step 1: Simply furnish us with your name, email, and mobile number.
Step 2: We will call you shortly and assist you with a suitable plan for you or your family.
Max Life Insurance claim process
In case of the unfortunate death of the policyholder, the nominee or the claimant needs to follow these simple steps to claim the policy benefits.
Step 1– Inform the company about the event on their toll-free number: 1800 200 5577 or email them at claims.support@maxlifeinsurance.com. You can also inform your agent advisor or visit the nearest branch to do the same.
Step 2– Visit the official website of the company and download the claim form available there. You can also get the form by visiting the nearest branch.
Step 3– Fill the form carefully and submit it to the company along with other relevant documents.
Step 4– The company with review the claim request along with the terms and conditions of the policy and will approve the claim respectively within 30 days of receipt of the claim.
Step 5– You will receive the claim amount as per the option that you have chosen at the time of submitting the claim documents.
Documents to be submitted to file a claim
- Original policy documents
- Original/attested copy of death certificate issued by a local municipal authority
- NEFT mandate form attested by bank authorities along with a canceled cheque or bank account passbook
- Nominee’s photo identity proof such as a copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.
- Death claim form ( Form A)
Additional documents
In case of medical or natural death
- Physician’s statement (Form ‘C’)
- Medical records, admission notes, test reports, etc
- discharge/death summary
In case of accidental or unnatural death
- Copy of FIR ( First information report)
- Report of post mortem
- Autopsy or viscera report
- Copy of the FPIR( Final police investigation report)
Max Life Insurance plan renewal process
It is imperative to renew your life insurance policies on time to avail of its continuous benefits. Follow these simple steps laid down by us to renew your Max Life Insurance policies online.
Online
Step 1– Visit the official website of the company i.e www.maxlifeinsurance.com and click on “Pay online”
Step 2– Enter the existing policy number, registered mobile number, and date of birth.
Step 3– Verify your premium details and make the premium online.
Step 4– The policy will be renewed within minutes. You will receive confirmation about the same along with a premium payment receipt on your registered email id.
Offline
You can also renew your life insurance policy by visiting the nearest branch you for the same.
You can also contact customer care on 1800 200 5577 or email them at online@maxlifeinsurance.com.
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Frequently asked questions about Max Life Insurance
When was Max Life Insurance incorporated?
Max Life Insurance Company was incorporated in 2000.
What is Max Life Insurance Company's IRDA registration number?
IRDA registration no: 104
Is Max Life Insurance regulated by IRDA?
Yes, Max Life Insurance is regulated by the IRDA.
Is Max Life Insurance Company a listed company?
Yes, Max Life is a listed on the BSE and the NSE.
Does Max Life Insurance provide any online tools and calculators?
Yes, the company provides a host of insurance related online tools
What is Max Life Insurance's asset under management?
₹1,07,510 Cr (As of 2021)
What is the total sum assured by Max Life?
₹1,174,515 Cr (As of 2021)
Who is the Managing Director of Max Life?
Prashant Tripathy (As of 2022)
What is Max Life Insurance's solvency ratio?
201%. (As of 2021)
What is Max Life's customer care number?
1860 120 5577