- About Coverfox
Max Life Insurance is an established insurance company operating in India. It's a joint venture between Max India Limited and Japan's Mitsui Sumitomo Insurance Company Limited. Max India is a leading Indian business corporate offering its services in healthcare and insurance through different holding companies. And, Mitsui Sumitomo Insurance Company Limited is a subsidiary of MS&AD Insurance Group, a world leader in the general insurance segment.
Since its launch in 2000, Max Life Insurance has emerged as one of the leading players in the life insurance sector which was earlier dominated by one company. Max Life Insurance leverages Max India's deep understanding of the Indian market and global expertise of Mitsui Sumitomo's in the insurance market. This has helped it to deliver successful Saving & Income plans meeting needs of varied customers.
The vision of the company mentions:
"Max Life envisions to be the most admired life insurance company in India by securing the financial future of our customers." Max Life Insurance has the highest Claims Settlement Ratio in the industry at 98.26 percentage, which shows its commitment and service to its customers. With 210 offices located across major and small cities, partners and agent advisors, it manages assets worth Rs. 52,237 crore and sum assured of Rs. 5,11,541 crore.
Max Life Insurance offers seven different traditional plans or conventional plans. Traditional plans are offered according to guidelines laid down by IRDAI. All the Max Savings & Income plans are designed specifically for meeting long-term savings and retirement goals plus financial needs.
Its is a non-linked, non-participating, limited pay insurance plan which helps you with guaranteed returns to build your wealth. The plan helps to meet your long-term financial goals like child’s education, marriage or retirement with an added lump sum death benefit to ensure complete security of your family.
The policy has a short premium term of 5 years and policy term of 10 years. At maturity, a guaranteed maturity sum is assured. The table below shows the exact return of the plan with a different premium amount.
|Case 1||Case 2|
|Premium Payment Term/Policy Term||5 Pay 10 years||5 Pay 10 years|
|Total Annualised Premium||2,50,000||3,75,000|
|Guaranteed Maturity Sum Assured||355,593||541,868|
Its a comprehensive saving & income plan which gives out monthly income for 10 years after the completion of the premium term. Under this plan, the insured gets a total coverage of up to maximum 25 years with a limited premium payment term of 15 years only. And, in the case of death, the nominee will continue to receive the benefits of the policy.
This scheme provides a flexible premium term and policy term to meet your long-term financial goals and protects your family through life insurance cover.
Can be availed by any age group, but the limitation is there on the higher side of age which is listed below:
There are various policy term under different options
For Example: A person takes a premium term of 10 years and pays a premium of Rs 50,000 p.a. with a policy term of 20 years. At maturity, he will have a GSAM of Rs. 4,55,000, including guaranteed additions.
The scheme offers guaranteed monthly income for 10 years in which the monthly income doubles after 5 years. The monthly income payout starts after the completion of the premium payment term.
Entry age is same for both, 6 years and 12-year premium payment term which is 25 years and the maximum is 60 years and 55 years, respectively.
For example: In a policy term of 12 years, you pay an annual premium of Rs. 1,00,000 for 12 years, and on the 13th year, you will receive an annual Income Benefit of Rs 1,31,370 which will double to Rs 2,62,740 from 6th year. At maturity, you will receive Rs 2,00,000 as terminal benefit.
This policy provides lifetime protection till the age of 100 years with a guaranteed payout along with company bonuses at maturity. You can get the flexibility to withdraw money to meet any financial commitment.
Minimum and maximum age entry is 18 years and 60/55/50 years respectively, and has a premium payment term of 10/15/20 years.
Mr. Gupta is 30-year-old salaried employee. He wishes to buy an insurance to protect his life and also wants to save enough to create a legacy for his children.
It is a flexible saving plan to suit your long-term financial needs and is offered with the flexible premium payment option. It helps to build corpus in a systematic manner to fund all your future goals with an added benefit of full insurance coverage.
|Case 1||Case 2|
|Premium Payment Term / Policy Term||10/20 years||8/20 years|
|Guaranteed Maturity Sum Assured||35,000||40,000|
|Maturity Benefit - Guaranteed||4,17,163||3,88,236|
|Maturity Benefit (@ 4% )||4,78,024||4,49,785|
|Maturity Benefit (@ 8% )||7,54,139||7,35,754|
It's a comprehensive life insurance plan which ensures financial security for your dreams. It gives guaranteed financial protection throughout the policy term with fixed premium payment and policy term.
Minimum and Maximum entry age are 18 years and 50 years respectively.
|Case 1||Case 2||Case 3|
|Premium payment Term/ Policy Term||5/10 years||5/10 years||5/10 years|
|Total Premium Paid||1,25,000||1,75,000||2,50,000|
|Guaranteed Sum Assured at Maturity||163741.16||239857.46||342653.51|
Max Life Insurance offers both, online and offline mode of transactions to buy investment plans.
The first step to buying an online term plan is to use the online term insurance calculator and estimate the premium for your desired sum assured.
Select add-on benefits to the base cover and can add up to four following riders.
Premium waiver benefit in case of diagnosis of critical illness or disability.
Step 3: Pay the premium
After selecting the term plan and add-on riders, provide your income, profession, current address, nominee details, and pay the premium using a debit card, credit card, or net banking.
It is the detailed version of all information like your profession and history of health which might affect the claim in future.
If required, on the basis of information provided or age factor, you might be asked to complete a medical test for successful completion of the proposal form.
You can also approach intermediaries such as agents, brokers, or partner banks like Axis Bank to help you out with the details of the investment plan and premium amount according to your requirements.
Why choose Max Life Investment Plans?
Max Life insurance has the highest claims payout ratio at 98.26% in the industry and the solvency ratio is 275%, which is over 2 times the mandatory standard which indicates its commitment towards policyholders and financial stability. And, with 80.5% of policies subscribed are retained for the second year, it indicates that customers find the schemes suitable for themselves.
Which is the best investment plan of Max Life Investment Plans 2018?
Max Life Assured wealth plan is a comprehensive plan that helps you meet your long-term financial goals like your child's education, their marriage, or planning for your retirement.
Which is the best Max Life Investment Plans for long term?
Max Life Guaranteed Income plan helps you to build wealth over a long period with a maximum of 25 years of coverage.
Why should I buy Max Life Investment Plans?
The company offers plans online through its website and the premium will be determined using the provided details. You can also purchase insurance plans from intermediaries like agents, brokers, or partner banks who will help in the overall application process.
How to pay the premium? What are the modes of payment available?
There are five options available to users for payment of premium and that includes:
How can I check policy status for Max Life Investment Plans?
You can check policy status by visiting this link - (www.maxlifeinsurance.com/customer-service/view-policy-details).