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Max Life Investment Plans

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.

Types of Investment Plans Offered by Max Life Insurance

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.

Max Life Assured Wealth Plan

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.

Product Benefits

  • Immediate lump sum payment of death benefit in case of death of policyholder, with a higher amount than guaranteed sum assured at maturity.
  • Maturity benefit is equal to guaranteed sum assured at maturity.
  • Surrender benefit is immediately payable on surrender according to the total number of premiums paid.
  • If you miss on premium payments, your policy will not be terminated but will have reduced paid-up at maturity. The feature is called reduced paid-up benefit.

Eligibility Details

  • Minimum entry age: 8 years ( until the minor attains majority, there will be a proposer to propose life insurance cover of the minor)
  • Maximum entry age: 55 years

How Plan works

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 1Case 2
Premium Payment Term/Policy Term5 Pay 10 years5 Pay 10 years
Annualised Premium50,00075,000
Total Annualised Premium2,50,0003,75,000
Guaranteed Maturity Sum Assured355,593541,868

Max Life Monthly Income Advantage Plan

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.

Product Benefits

  • Survival Benefits: The policyholder will receive both, income and maturity benefits. Under income benefit, they will receive a guaranteed monthly income totalling to 1/12th of 10% of sum assured for 10 years. And, under maturity benefit, you will get a sum of accrued compound reversionary bonus and terminal bonus.
  • In case of death of the policyholder, the nominee will receive a lump sum and the policy will continue as usual.
  • The policyholder is entitled to a tax benefit to an extent on both premium and on proceeds.

Eligibility Details

  • Minimum Entry Age: 18 years
  • Maximum Entry Age: 55 years for 12 pay variants and 50 years for 15 pay variants

How Plan works

  • Total Annualized Premium Paid - in 12 yrs 12,00,000
  • Guaranteed Sum Assured - 14,49,275
  • Monthly income payable for 10 years from 13th year 12,077
  • Benefit be paid at maturity Rs. 94,096 @4% | Rs. 11,51,976 @ 8%

Max Life Savings Advantage Plan

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.

Product Benefits

  • Flexibility to choose premium payment term and policy term as per your need.
  • The plans provide a guaranteed amount equal to 5.5% of Guaranteed Sum Assured on Maturity as Guaranteed Additions for first 5 policy years.
  • Increased death benefit post 10 years of policy life.
  • 110% of Guaranteed Sum Assured on Maturity in addition to Guaranteed Additions.
  • Tax benefits applicable under Section 80(C) and Section 10(10D) of the IT Act, 1961.

Eligibility Details

Can be availed by any age group, but the limitation is there on the higher side of age which is listed below:

  • Single Pay: 8 years - 65 years
  • Limited Pay: 91 days - 55 years
  • Regular Pay: 91 days - 45 years

How Plan Works

There are various policy term under different options

  • Single Pay: 10 years
  • Limited Pay: 10 - 30 years
  • Regular Pay: 20 - 30 years

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.

Max Life Guaranteed Income Plan

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.

Product Benefits

  • Survival Benfit = Income Benefit + Terminal Benefit Income Benefit: The monthly income payable for 10 years Terminal Benefit: 125% of annualised premium in case of 6 years and 200% in the case of 12 years.
  • Death Benefit: The nominee will receive the guaranteed lump sum payout with an option of turning it into monthly income for 10 years.
  • Surrender Option: You can surrender the policy anytime after it has acquired surrender value (for 6-year policy term, it is after 2 years and for 12 years, it is after 3 years).

Eligibility Details

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.

How Plan Works

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.

Max Life Whole Life Super

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.

Product Benefits

  • The maturity benefit of the policy includes Guaranteed Maturity Sum Assured + Accrued Paid Up Additions + Terminal Bonus.
  • In death benefit, the nominee will receive a guaranteed payout along with applicable bonuses as the death benefit and the policy will terminate.
  • In the case of terminal illness, the policyholder can withdraw 50% of the guaranteed maturity sum assured (upto Rs. 10 Lakhs) immediately.

Eligibility Details

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.

How Plan Works

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.

  • Step 1: Mr. Gupta decides to buy Max Life Whole Life Super with a Guaranteed Maturity Sum Assured of Rs. 5,00,000.
  • Step 2: Mr. Gupta considers 10/15/20 year Premium Payment Term variants. He decides that the 20 year term is a suitable option as he is comfortable paying annually, for 20 years till age 50 years.
  • Step 3: The Premium for his policy is Rs. 12,405 to be paid per year On maturity, Mr. Gupta will receive a total benefit of Rs. 9,00,581 @ 4% or Rs. 47,92,010 @ 8%

Max Life Life Gain Premier

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.

Product Benefits

  • On maturity, the policyholder will receive guaranteed payout along with applicable bonuses as maturity benefit.
  • In death benefit, the nominee will receive guaranteed payout along with applicable bonuses and policy will terminate.
  • In case of terminal illness, the policyholder will get 50% of the guaranteed maturity sum assured (up to Rs. 10 lakhs) is paid immediately.
  • The policy premiums and proceeds qualify for tax exemptions under Section 80C, 80D, 10(10D) on IT Act.

Eligibility Details

  • Minimum entry age: 18 years
  • Maximum entry age: 55 years for 15/20 policy years and 50 years for a 25-year policy term.

How Plan Works

Case 1Case 2
Premium Payment Term / Policy Term10/20 years8/20 years
Guaranteed Maturity Sum Assured35,00040,000
Maturity Benefit - Guaranteed4,17,1633,88,236
Maturity Benefit (@ 4% )4,78,0244,49,785
Maturity Benefit (@ 8% )7,54,1397,35,754

Max Life POS Guaranteed Benefit Plan

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.

Product Benefits

  • Higher lump sum death benefit.
  • Maturity benefit equal to guaranteed sum assured at maturity (GSAM).
  • Attains surrender value after payment of first two full year's premium
  • Non-payment of premium will not result in policy termination rather will have reduced paid-up or adjusted with maturity benefit.

Eligibility Details

Minimum and Maximum entry age are 18 years and 50 years respectively.

How Plan Works

Case 1Case 2Case 3
Premium payment Term/ Policy Term5/10 years5/10 years5/10 years
Annualised Premium25,00035,00050,000
Total Premium Paid1,25,0001,75,0002,50,000
Guaranteed Sum Assured at Maturity163741.16239857.46342653.51

How to Apply for Max Life Investment Plans

Max Life Insurance offers both, online and offline mode of transactions to buy investment plans.

Steps to Buy Investment Plan Online

  • Step 1: Select your sum assured and term plan

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.

  • Step 2: Add riders

Select add-on benefits to the base cover and can add up to four following riders.

  • Critical illness cover.
  • Accidental death.
  • Disability benefit.
  • 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.

  • Step 4: Complete the proposal form

It is the detailed version of all information like your profession and history of health which might affect the claim in future.

  • Step 5: Medical tests

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.

FAQs on Max Life Investment Plans

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:

  • Online payment through the website
  • Payment through phone
  • Auto-debit from the bank account
  • Branch or Max Life Drop Box
  • Cheque Pick-up

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).