- About Coverfox
Max Life Insurance, one of the top ranking life insurers, it is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd is part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD; Insurance Group, which is amongst the leading general insurers in the world. Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially sound company with a strong proven track record over the last 15 years, Max Life Insurance offers outstanding investment expertise.
Max Life Products are available across 1453 locations ensuring ease of reach anywhere across the country
Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future for their customers'. The company has a good customer-centric approach focused on advice-based sales and quality service. In the financial year 2015, Max Life recorded Gross Written Premium of Rs. 8,172 crore with sum assured of Rs. 2, 26,701 crore and Asset Under Management of Rs. 31,220 crore as on 31st March 2015.
Variety in Plans – Max Life Insurance company offer good variety in life insurance plans to suite different requirements of their customers.
Tax savings - Life insurance premiums (up to Rs. 150,000 per annum) are tax exempt under the Section 80C of the Income Tax Act, 1961. In addition, Section 10 (10D) offers total exemption of claim amount or bonus.
Extensive coverage for low cost - Plans offers extensive coverage to insured for low premiums.
Max Life Online Term Plan Plus (Basic Life Cover)
Max Life Online Term Plan Plus (Life Cover + Monthly Income)
Max Life Online term Plan Plus ( Life cover + Increasing Monthly Income)
Max Life Cancer Insurance Plan
Max Life Super Term Plan
Max Life Premium Return Protection Plan
Max Life Future Genius Education Plan
Max Life Shiksha Plus Super
Max Life Forever Young Pension Plan
Guaranteed Lifetime Income Plan
Max Life Life Perfect Partner Super Plan
Max Life Fast-track Super Plan
Max Life Platinum Wealth Plan
Max Life Maxis Super
Max Life Monthly Income Advantage Plan
Max Life Guaranteed Income Plan
Max Life Whole Life Super
Max Life Group Credit Life Premium Plan
Max Life Group Gratuity Premier Plan
Max Life Group Super Life Premier
The company has the following channels for their customers for claim reporting.
Nearest Max Life Insurance Company Office (details of the nearest branch can also be looked up on the website)
Max Life Insurance Company Operations center, - 2nd floor 90A, Sector 18, Udyog Vihar, Gurgaon-122015, India
Telephone - Toll Free: 1800 200 5577
All claims need to be submitted with appropriate claim forms. Life, Group, Cancer claims have different forms. These forms can be downloaded directly from Max Life Insurance company website’s claim section or can be taken from nearest Max Life Insurance company branch
After filling the forms and attaching necessary documents (documents list can be taken from the company website or nearest Max Life Insurance branch), it needs to be submitted to the nearest Max Life Insurance branch.
All valid claims need to be settled within 30 days after receiving the all correct documents as per the guidelines provided by IRDA. However, Max Life Insurance have their own benchmark to settle the claim within 10 days.
Claim amount will be dispatched as per the option chosen at the time of submitting the claim documents. However, electronic transfer is recommended for fast and hassle free experience.
Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection both traditional and unit linked insurance plans. Max Life Insurance plans have organized their plans well for their customers. The plans have good inbuilt benefits and option of valuable add-ons available. Max Life has positioned itself on the quality platform and has maintained strong presence in the Indian market. In the financial year 2014-15, Max Life Insurance ranked fourth among private life insurers with a market share of 9.7%. The Company has been one of the fastest growing life insurance companies. The Company's solvency margin of 425% is than 2.8 times the mandatory 150% is indicative of its financial strength and stability. As on 31st March 2015, Max Life Insurance had assets under management of Rs. 31,220 crore. With such a strong product and business portfolio, Max Life Insurance Plans cannot be ignored while taking a decision on buying a life insurance product.