Max Life Insurance

A financially sound company with a proven track record over the last 15 years, Max Life Insurance offers outstanding investment expertise. Max Life Insurance, one of the top ranking life insurers, 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.

Max Life Products are available across 1453 locations ensuring ease of reach anywhere across the country

The company’s vision is '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 2017-18, Max Life recorded a sum assured of Rs. 5,11,541 crore and Asset Under Management of Rs. 52,237 crore as on 31st March 2018.

Interesting facts about the company

Max life started its operations in the year 2000 with its Headquarters is in Delhi
The company has assets of Rs. 44,716 crore
It has a vast network of 210 Offices in 143 cities
The company boasts an employee force of more than 9000 and its huge advisor base of almost 50,000.
The Claim Settlement Ratio of Max Life Insurance for F.Y 2017-18 is 98.26%.
It has a solvency ratio of 275% (Source: Public Disclosure FY 2017-18)
Its 13th Month Persistency reached 80.5% (Source: Public Disclosure FY 2017-18)

Benefits of Max life Insurance Company

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.

Types of Max Life Insurance Plans

Note: All information regarding product benefits & features have been sourced from the official website of Max Life Insurance.

Online Term Plans

This plan comes in three variants and provides a life insurance cover of 1 crore at just Rs. 563 per month only. (Standard Premium For 28-Year-Old Male, Non-Smoker, Base Plan Policy Term of 30 Years and Premium Payment Term Of 30 Years)

Plan	Features
Basic	Lump sum payment of death benefit to the nominee/beneficiary. Life stage benefit to enhance insurance cover on important milestones like marriage, birth of a child. Benefit payment for up to 40 life threatening illnesses & disabilities on payment of additional premium. Pay until the age of 60 years for coverage up till the age of 85 years on payment of additional premium.
Basic + Monthly Income	0.4% of the Sum Assured (S.A.) is paid each month for 10 years as fixed monthly income. Monthly income benefit is payable over and above the base Sum Assured. The effective cost of this option is just Rs. 85/Lakh of S.A. ( Standard Premium For 28-Year-Old Male, Non-Smoker, Base Plan Policy Term Of 30 Years, Premium Payment Term Of 30 Years for Basic life cover monthly income option for a sum assured of 1 crore).
Basic + Increasing Monthly Income	0.4% of S.A. each month in the first year as monthly income. The monthly income increases each year by 10% for the rest of the payout period. The monthly income benefit is payable over and above the base sum assured.
Entry Age Limit	18 years to 60 years. Maximum covered age of life-insured can be up to 85 years.
Free Look Period	30 days
Grace Period	15 days

Protection Plans

Max Life Cancer Insurance Plan

This is a plan designed specifically to provide comprehensive protection against all stage of cancer to the policyholder. This plan is to be offered to Resident Indian Nationals only.

Payout Benefit	Early Stage Cancer or Carcinoma-in-Situ (CiS) Lump sum - 20% of Sum Insured (Increased Sum Assured in case the diagnosis happens after the first 12 months) Future premiums are waived off and the policy continues. Major Stage Cancer 100% of Sum Insured (Increased Sum Assured in case the diagnosis happens after the first 12 months) less prior cumulative lump sum payments on the event(s) of Early Stage Cancer or Carcinoma in Situ (CiS). 10% of Basic Sum Insured is payable for a period of up to 5 years.
Tax Benefit	As per Sec 80D of the Income Tax Act, 1961.
Age at Entry	Minimum - 25 years Maximum - 65 years
Age at Maturity	75 years
Policy Term	10 to 40 years
Premium Amount	Minimum - Rs. 1,960/- per annum Maximum - Rs. 1,49,750/- per annum
Sum Insured	Minimum: Rs. 10 Lakhs Maximum: Rs. 50 Lakhs Inbuilt-indexation benefit: Sum Insured increases by 10% (simple rate) on each policy anniversary till the time no claim has been admitted in the past; up to a maximum of 150% of the Basic Sum Insured at the start of the Policy. Maximum Sum Insured under this plan will be Rs. 75 Lakhs after allowing in-built indexation benefit (subject to no claim during indexation period).
Waiting Period	180 days
Premium Payment Mode and Modal Factors	Annual - 1.000 Semi Annual - 0.520 Quarterly - 0.265 Monthly - 0.090

Max Life Super Term Plan

Death Benefit	The amount payable is higher of: 10 times the premium paid over a year, excluding all applicable taxes, cesses, and levies as imposed by the Government OR 105% of all Premiums paid as on the Date of Death OR Guaranteed Maturity Sum Assured payable on Maturity Date OR Sum Assured effective on the Policy Anniversary previous or coinciding with the Date of Death.
Age Limit	18-65 years 75 years maximum
Premium Payment Term	Same as Policy Term/Regular Premium Paying Plan.
Premium Payment Mode	Annual, Semi - Annual, Quarterly and Monthly Premium Payment.
Policy Term	10-35 years
Premium	₹5,000 minimum No such limit on maximum
Sum Assured	₹25 lakhs minimum No such limit on maximum
Premium Rates	Premium Rates vary basis the following parameters: Gender The premium rates vary by gender of the Policyholder. The premium rates for females will be same as that of males (with a five year age offset). In case the corresponding rate is not available, the lowest available age premium rate for male life will be used. Smokers / Non – Smokers The premium rates vary by smoker status (viz. Non - Smoker and Smoker). Substandard Lives This product will be offered to all lives. However, substandard lives shall be rated up in accordance with the Board approved underwriting policy of the Company. Sum Assured Option Chosen The premium rates will vary basis the Sum Assured option chosen by the Policyholder (Level Sum Assured or Increasing Sum Assured) at policy inception.
Rider Options	Max Life Waiver of Premium Plus (WOP) Rider. Max Life Accidental Death & Dismemberment Rider.

Max Life Premium Return Protection Plan

Death Benefit	The amount payable will be a higher of: 10 times the Annualized Premium OR 105% of Total Premiums paid OR Guaranteed Maturity amount (GMSA) which is Total Premium payable over the Premium Payment Term OR Guaranteed Death cover which is 100% of Sum Assured for non-accidental claims and 150% of Sum Assured for accidental claims.
Maturity Benefit	At the end of the policy term, you (policyholder) will get guaranteed survival benefit which is the sum of premium installments paid over the payment term.
Entry Age Limit	21-55 years
Premium Payment Term	11 years
Premium Payment Mode	Annual, Semi - Annual, Quarterly and Monthly Premium Payment.
Policy Term	20\|25\|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.

ULIP Plans

Max Life Fast Track Super

This is a non-participating Unit Linked Insurance Plan which comes with a choice of 6 investment funds.

Maturity Benefit	The amount will be equal to the total value of the policy, called the fund value on the date when your policy matures.
Death Benefit	The amount payable will be highest of Sum Assured OR Fund Value as on date of death OR 105% of the premiums paid.
Tax Benefit	You are entitled to tax benefits under Section 80C, 80D, 80DD, 10(10D) of the Income Tax Act, 1961.
Sum Assured	Fixed: Single Pay - 1.25x Single Premium 5 Pay - 10x Annualized Premium Regular Pay - 10x Annualized Premium Minimum: Single Pay - ₹1,25,000/- 5 Pay - ₹5,00,00/- Regular Pay - ₹2,50,000/- No such limit on maximum Sum Assured.
Guaranteed Additions	0.30% of Fund Value shall be added to your fund by the creation of additional units, at the end of every policy year starting from 11th policy year where Fund Value = Summation of [Accumulated Units in Fund(s) x NAV of respective Fund(s) as on the Maturity Date]. These additions increase by 0.02% (absolute) each year.
Age Limit	18-60 years
Premium Payment Term	Single Pay \| 5 Pay \| Regular Pay
Policy Term	10 \| 20 years
Annualized Premium	₹25,000 \| ₹50,000 \| ₹1,00,000 No such limit on maximum amount.

Max Life Platinum Wealth Plan

This is a non-participating Unit Linked Insurance Plan which comes with guaranteed loyalty additions and wealth boosters.

Maturity Benefit	The amount payable will be the total value of funds (called Fund Value) on the date of maturity where Fund Value = Summation of [Accumulated Units in Fund(s) x NAV of respective Fund(s) as on the Maturity Date].
Death Benefit	The amount payable will be highest of: Single Pay Variant: Sum Assured equal to 1.25 times the Single premium OR 105% of cumulative premiums paid till the date of death OR Total Fund Value (as on the date of death). Limited/Regular Pay Variant: Sum Assured equal to higher of 10 times the annualized premium or 0.5 times the product of Policy Term and annualized premium OR 105% of cumulative premiums paid till the date of death OR Total Fund Value (as on the date of death).
Guaranteed Loyalty Additions	Additional percentage of fund value by addition of equivalent units as bonus added to your unit account at the end of the policy year.
Premium Payment Mode	Single Pay: One time Premium Payment. Limited Pay: 5 Years. Regular Pay: Annual, Semi-Annual, Quarterly & Monthly.
Sum Assured	Single Pay: 1.25 times Single premium. Limited Pay (5 Years) / Regular Pay: Higher of (10 times Annualised Premium or 0.5 x Policy Term x Annualized Premium).
Rider Options	Max Life Partner Care Rider
Age Limit	Single/Limited Pay: 18-60 years Regular Pay: 18-55 years.
Premium Payment Term	Single Pay: 10 years Limited Pay 5 years: 10-20 years Regular Pay: 10-20 years
Policy Term	10 -20 years
Annualized Premium	Minimum: Rs. 2,00,000 for all variants Maximum: No limit

Retirement Plans

Max Life Forever Young Pension Plan

This is a non-participating Unit Linked Pension Plan which comes with regular savings and additional annuity for your retirement goals.

Vesting Benefit	Pension Maximizer Option: 101% of total premiums paid (including Top-Up premiums paid, if any), exclusive of rider charge, if any. Pension Preserver Option: 110% of total premiums paid (including Top-Up premiums paid, if any), exclusive of rider charge if any
Death Benefit	The amount payable will be a higher of 105% of all premiums paid (including Top-Up premiums paid, if any) or fund value. All future premiums for the entire Policy Term are subject to a maximum age of 60 year under the Max Life Partner Care Rider.
Loyalty Benefit	0.50% of fund value post 10th policy year where these additions increase by 0.02% (absolute) every year from 11th year onwards.
Age Limit	30-65 years 75 years maximum
Premium Payment Frequency	Regular Pay - Annual, Semi Annual, Quarterly & Monthly Single Pay
Premium	Single Pay - ₹1,00,000/- Regular Pay - ₹25,000/- per month No such limit on maximum amount

Guaranteed Lifetime Income Plan

This is a non-participating non linked immediate annuity plan.

Annuity Options	Single Life Annuity for life (without any death benefit). Single Life Annuity for life with Return of Premium (ROP) payable on death. Joint Life Annuity for life (without any death benefit). Joint Life Annuity for life with Return of Premium (ROP) payable on death of the last survivor.
Annuity Payout Mode and Modal Factors	Monthly: 0.08 Quarterly: 0.24 Semi-Annually: 0.49 Annual: 0.00
Death Benefit	The amount payable will be 100% of the purchase price (excluding all applicable taxes, cesses and levies as imposed by the Government) in case of Single Life / Joint Life Annuity Plans with Return of Premium (ROP).
Age Limit	50-80 years
Premium Payment	Single Premium is subject to a Minimum Annuity payout being at least Rs. 1,000 per month. No such limit on maximum amount.

Max Life Life Perfect Partner Super Plan

This is a non-linked participating savings insurance plan which offers 212.5% of guaranteed sum assured on maturity for your retirement.

Maturity Benefit	The amount payable at the age of 75 years or on policy anniversary will be Guaranteed Maturity Sum Assured + Accrued Paid-up Additions (if any) + Terminal Bonus (if any), where Guaranteed Maturity Sum Assured is the total guaranteed sum to be received at the end of the policy term and Accrued paid-up additions are any additional coverage provided by the company (if applicable) and Terminal bonus is the bonus to be received at the end of the policy term (if applicable).
Death Benefit	The amount payable will be Guaranteed Death Benefit, plus Accrued Paid-Up Additions (if any), plus Terminal Bonus (if any), where Guaranteed Death Benefit is the higher of 11 times the total annual premium excluding taxes or cesses; or 105% of all premiums paid by Policyholder as on the date of death of the Life Insured; or Guaranteed Maturity Sum Assured chosen by the Policyholder at policy inception.
Sum Assured	₹50,000 No such limit on maximum amount
Age Limit	91 days to 55 years
Premium Payment Term	7\|10\|15\|20 years
Premium Amount	7 years - ₹20,000 per annum 10\|15\|20 years - ₹8,500 per annum
Payment Frequency	Annual, Semi-annual, Quarterly or Monthly

Child Plans

Max Life Future Genius Education Plan

This is a non-linked participating savings insurance plan which comes with the flexibility to select the premium payment term, policy term & the timing of money backs.

Death Benefit	The amount payable will be a higher of 11 times the Annualized Premium (which is the premium paid over an year, excludes all applicable taxes, cesses and levies as imposed by the Government and remains same irrespective of your premium payment mode) OR 105% of all premiums paid as on the date of death of Life Insured OR Guaranteed Sum Assured on Maturity OR Any absolute amount assured to be paid on death.
Maturity Benefit	The amount payable will be Accrued Paid Up Additions (PUA) (if any) or Cash Bonus (if any), whichever is applicable and Terminal Bonus (if any).
Moneyback Additions	Four Money backs, each totaling to 25% of Sum Assured is payable in the last 4 policy years
Age Limit	21 to 45 years
Policy Term	Between 13 to 21 years
Premium Payment Term	8 Pay variant - 8 years Limited Pay variant - Complete Policy Term minus 3 years
Premium Amount	For 8 Pay variant - Rs. 40,000 For Limited Pay variant (Policy Term less 3 years) - Rs. 20,000. No such limit on maximum amount.
Payment Frequency	Annual, Semi-Annual, Quarterly and Monthly
Sum Assured	8 Pay variant : Rs. 3,27,000 Limited Pay variant : Rs. 2,12,000 (subject to minimum premium limits) No such limit on maximum amount.

Max Life Shiksha Plus Super

This is a non-participating Unit Linked Insurance Plan which comes with the benefit of investing in equity market with multiple fund options.

Death Benefit	The amount payable will be highest of Sum Assured OR 105% of all premiums paid OR 0.5 X Policy Term X Annualised Premium. Family Income Benefit: 10% of the Sum Assured will be paid on each Policy anniversary following or coinciding with the Date of Death of the Life Insured till the end of the Policy Term, but not exceeding 10 such installments. Funding of Premium: All outstanding premiums payable under the Policy, and the Fund Value will be paid on maturity.
Maturity Benefit	Equal to the fund value where fund value is Summation of [Accumulated Units in Fund(s) x NAV of respective Fund(s) as on the Maturity Date].
Loyalty Additions	0.20% of Fund Value will be added to the fund post 11th Policy Year.
Age Limit	21 to 50 years Maximum Maturity Age 5 Pay - 60 years Regular Pay - 65 years
Premium Payment Term/Policy Term	5 Pay: 10 years Regular Pay: 15 to 25 year Policy Term (Policy Term is equal to the Premium Payment Term)
Payment Frequency	Annual, Semi-annual, Quarterly, Monthly
Premium Amount	5 Pay: ₹50,000/- Regular Pay: Annual mode - ₹25,000/- Non-annual mode - ₹48,000/- No such limit on maximum amount.
Sum Assured	5 Pay: ₹5,00,000/- Regular Pay: Annual mode - ₹2,50,000/- Non-annual mode - ₹4,80,000/-

Saving and Investment Plans

Max Life Whole Life Super

This is a non-participating savings plan which provides insurance cover for a lifetime.

Maturity Benefit	Guaranteed Maturity Sum Assured + Accrued Paid Up Additions (PUA, if any) + Terminal Bonus (if any)
Death Benefit	The amount payable will be the highest of 11 times the Annualized Premium OR 105% of all premiums paid by Policyholder as on the date of Death of the Life Insured OR Guaranteed Maturity Sum Assured chosen by the Policyholder at policy Inception.
Bonus Payout	Cash: Receive annual bonus in cash as and when declared by the company. Premium Offset - Use the accumulated cash bonus to pay for future premiums.
Terminal Illness Benefit	50% of the Guaranteed Maturity Sum Assured is paid immediately upon policyholder’s request.
Age Limit	18-50 years
Premium Payment Term	10\|15\|20 years
Policy Term	Up to age 100 years of Life Insured Policy Term = 100 less age at entry of Life Insured
Payment Frequency	Annual, Semi - Annual, Quarterly and Monthly
Premium Amount	Minimum - Rs. 8,500 (excluding all applicable taxes, cesses and levies as imposed by the Government) Maximum - No limit (subject to underwriting)
Sum Assured	Minimum - Rs. 50,000 (subject to minimum premium limits) Maximum - No limit (subject to underwriting)

Max Life Guaranteed Income Plan

This is a non-linked non-participating savings insurance plan which offers guaranteed payout options.

Maturity Benefit	Terminal benefit along with guaranteed monthly income for 10 years. Survival Benefit = Income plus terminal benefit, where Income Benefit: Monthly income payable during the 10 year Payout Period post completion of the Policy Term and Terminal Benefit: One time lump sum payout payable at the end of Payout Period.
Death Benefit	The amount payable will be equal to Guaranteed Sum Assured which is 12.75 times of one Annualized Premium for a PT of 6 years OR 18.50 times of one Annualized Premium for a PT of 12 years.
Monthly Income	(162% / 12) times one Annualized Premium for a PT of 6 years OR (236% / 12) times one Annualized Premium for a PT of 12 years.
Age Limit	25-55 years
Premium Payment Term	6\|12 years
Policy Term	6 years 12 years
Payment Frequency	Annual
Premium Amount	6 years - 75,000/- 12 years - ₹20,000/-

Max Life Life Gain Premier

This is a non-linked participating savings insurance plan which comes with a guaranteed sum assured on maturity.

Maturity Benefit	Guaranteed Maturity Sum Assured + Accrued Paid Up Additions (PUA, if any) + Terminal Bonus (if any).
Death Benefit	Guaranteed Death Benefit + Accrued Paid-Up Additions (if any) + Terminal Bonus (if any). The amount payable will be 11 times the Annualized Premium OR 105% of all premiums paid by the Policyholder as on the date of Death of the Life Insured OR Guaranteed Maturity Sum Assured chosen by the Policyholder at policy Inception.
Bonus Payout	Cash: Receive the annual bonus in cash as and when declared by the company. Premium Offset - Use the accumulated cash bonus to pay for future premiums. Paid Up Additions (PUA).
Terminal Illness Benefit	50% of the Guaranteed Maturity Sum Assured is paid immediately upon policyholder’s request.
Age Limit	Minimum Age: 18 years Maximum Age: 55 years for 15/20 year Policy Term 50 years for 25 year Policy Term Maximum Maturity Age For 15 years Policy Term: 70 years For 20 years and 25 years Policy Term: 75 years
Premium Payment Term	6\|8\|10\|12 years
Policy Term	15\|20\|25 years
Payment Frequency	Annual: ₹8,500 Semi-annual: ₹6,000 Quarterly: ₹4,000 Monthly: ₹1,500
Guaranteed Sum Assured	Minimum - Rs. 50,000 (subject to minimum premium limits) Maximum - No limit

Max Life Monthly Income Advantage Plan

A non-linked participating savings insurance plan which comes with Guaranteed Monthly Income for 10 years immediately after completion of Premium Payment Term.

Survival Benefit	Income Benefit: guaranteed monthly income totaling to 1/12th of 10% of Sum Assured for 120 months. Maturity Benefit: Sum of Accrued Compound Reversionary Bonus (if any) and Terminal bonus (if any) on completion of the Policy Term.
Death Benefit	The lump sum amount payable will be highest of 11 times the Annualised Premium OR 105% of all the premiums paid till the date of death of the Life Insured OR Guaranteed Sum Assured on Maturity (Guaranteed Sum Assured on Maturity is equal to zero (0) under this plan as all guaranteed benefits are payable as guaranteed monthly income for 10 years after completion of Premium Payment Term) OR Any absolute amount assured to be payable on death (this is equal to Sum Assured).
Bonus	Get accrued bonuses along with Terminal Bonus on maturity of the policy
Rider Options	Max Life Term Plus Rider Max Life Accidental Death and Dismemberment Rider
Age Limit	Minimum entry age: 18 years Maximum entry age: 12 Pay variant - 55 years 15 Pay variant - 50 years Maximum Maturity Age: 12 Pay variant - 77 years 15 Pay variant - 75 years
Premium Payment Term	12 or 15 years
Policy Term	Premium Payment Term plus 10 years, i.e. 12 Pay variant - 22 years 15 Pay variant - 25 years
Payment Frequency	Annual, Semi-Annual, Quarterly and Monthly
Sum Assured	Minimum: 12 Pay variant - Rs. 3,24,000 15 Pay variant - Rs. 4,05,000 Maximum: No limit
Premium Amount	Minimum Annual Premium: Rs. 25,000 excluding extra premium, modal extra, all applicable taxes, cesses and levies as imposed by the Government Maximum Annual Premium: No limit

Max Life Assured Wealth Plan

A non-linked non participating life insurance plan, specifically designed for building wealth.

Death Benefit	The amount payable will be a higher of 10 times the Annualised Premium OR 105% of all premiums paid as on the date of death of life insured OR Guaranteed Sum Assured at Maturity OR Any absolute amount assured to be paid on death.
Maturity Benefit	Equal to Guaranteed Sum Assured
Reduced Paid Up Benefit	((Total premiums paid for base policy less extra premium (if any)) / (Total premiums payable under base policy less extra premium (if any))) X Guaranteed Sum Assured at Maturity. RPU Death Benefit = ((Total premiums paid for base policy less extra premium (if any)) / (Total premiums payable under base policy less extra premium (if any))) X Death Benefit.
Rider Options	Max Life Term Plus Rider Max Life Accidental Death and Dismemberment Rider Max Life Waiver of Premium Plus Rider
Age Limit	Minimum entry age: 8 years Maximum entry age: 55 years
Premium Payment Term	5 years
Policy Term	10 years
Payment Frequency	Annual
Sum Assured	₹2,09,600/-
Premium Amount	₹30,000/-

Group Plans

Max Life Group Credit Life Premier Plan

This is a single pay non linked non participating group term insurance plan.

Death Benefit	Level Cover: The amount payable will be the Risk Cover OR Sum Assured. Decreasing Cover The Risk Cover or Sum Assured will reduce as per the Sum Assured Schedule (SA Schedule) derived using the Loan Interest Rate & the Coverage Term at the time of coverage inception.
Surrender Benefit	70% of the Premium (excluding taxes and cesses) received in respect of member * Term Factor * SA Factor where Term Factor = Unexpired Policy Term in months (ignoring days) divided by Original Policy Term in months and SA Factor = Outstanding Sum Assured (as per the Certificate of Insurance) divided by Maximum Sum Assured until the date of Surrender (as per the Certificate of Insurance).
Group Size	50 members within a policy year No such limit on maximum members
Age Limit	For Education Loan: 14 years Any other loan: 18 years Maximum Age at Entry - 77 years
Face Amount	Rs. 5000 per member
Policy Term	2\|40 years
Premium Amount	Rs. 0.81 per member assuming standard life and excluding taxes, cesses, and levies as imposed by the Government. No such limit on maximum amount.

Max Life Group Gratuity Premier Plan

This is a unit linked non participating group insurance plan.

Death Benefit	The amount payable will be accrued gratuity based on the salary at the time of death, subject to availability of fund in the scheme plus an amount of Rs. 1,000 from the compulsory insurance cover.
Surrender Benefit	Based on the respective salary.
Loyalty Additions	Based on Fund Value, these benefits are added to the ‘Unit Fund’ in form of additional units and payable only in case policy is in force.
Group Size	Minimum: 10 at time of choosing scheme Maximum: No limit
Age Limit	Minimum - 18 Years Maximum - 74 Years
Life Cover	Fixed life insurance cover of Rs. 1,000 per member.
Policy Term	One Year Renewable Scheme
Premium Amount	Minimum: Rs. 5,00,000/- Maximum: No Limit

Max Life Group Super Life Premier

This is a non-participating non linked one year group term insurance plan.

Death Benefit	The amount payable will be a uniform cover for all members covered under the plan OR Salary Multiple linked to service/outstanding service or age; or in bands of service or age; or by some objective formula OR Grade wise cover based on category of member OR any other sum chosen by the customer suiting his/her needs basis the scheme rules. Minimum Sum Assured is ₹5,000 per member
Tax Benefit	Premium paid by the employer would be treated as business expense under Section 37(1) of the Income Tax Act, 1961. All death claim payments are exempted from tax under Section 10(10D) of the Income Tax Act, 1961.
Add-on Benefits	Spouse and Dependent Cover - employer can include employees’ family members in the scheme. Voluntary Top-ups - employees can opt for additional Sum Assured. Additional Benefits through Rider Max Life Group Accidental Death Benefit Premier Rider Max Life Group Accelerated Terminal Illness Rider Max Life Group Critical Illness (Additional Benefit) Rider Max Life Group Total and Permanent Disability (Accident) Premier Rider
Group Size	Minimum group size - 10 Members in case of Employer-Employee Groups and 50 Members in case of Non-Employer-Employee Groups Maximum group size - No limit
Age Limit	18 to 74 years
Sum Assured	Minimum sum assured: ₹1,00,000 for a scheme. ₹5,000 for a member Maximum sum assured: No limit
Policy Term	1 year
Premium Amount	Minimum premium - ₹5,000 per annum per scheme excluding extra mortality, rider premium, and taxes, cesses & levies as imposed by the Government. Maximum premium - Subject to board approved underwriting policy.

Claims Process of Max Life insurance

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)
Personal Agent Advisor if available
Email - claims.support@maxlifeinsurance.com
Write to the Claims Department on the below address
Max Life Insurance Operations Centre

Along with the dully filled claim form the following documents needs to be submitted:

Mandatory documents required

Original policy documents
Original/attested copy of death certificate issued by local municipal authority
Death claim application form (Form A)
NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook
Nominee's photo identity proof such as copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.

Additional documents required on basis of cause of death

Medical/Natural death:
Attending physician's statement (Form 'C')
Medical records (admission notes, discharge/death summary, test reports, etc.)
Accidental/Unnatural death:
Copy of the First Information Report (FIR) or Panchanama/Police complaint
Copy of Post Mortem report (PMR)/Autopsy and Viscera report
Copy of the Final Police Investigation report (FPIR)/Charge sheet

Claims Department

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.

Documents Required for Claim Settlement

Life Claims

Mandatory documents required

Original policy documents
Original or attested copy of death certificate (issued by local municipal authority)
NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook
Death claim application form (Form A)
Nominee's photo identity proof

Other documents required on basis of cause of death

Medical/Natural death:
Attending physician's statement (Form 'C')
Medical records Accidental/Unnatural death:
Copy of the First Information Report (FIR) or Panchanama/Police complaint
Copy of the Final Police Investigation report (FPIR)/Charge sheet
Copy of Post Mortem report (PMR)/Autopsy and Viscera report

Health Claims

Health claim application form
Attested copies of all medical records
Attending physician's statement
NEFT mandate form

Group Claims

Employer Employee Policies

Claim form, as applicable
Original or attested copy of death certificate (issued by local municipal authority)
EFT mandate form to be completed by nominee/policyholder with a cancelled cheque copy, where the account holder's name is printed or copy of bank pass book

Non Employer Employee Policies: Lender Borrower & Non Lender Borrower Relationships:

Insurance certificate
Original or attested copy of death certificate (issued by local municipal authority)
Claim form, as applicable
NEFT mandate form attested by bank authorities and a cancelled cheque or bank account passbook

Additional documents required on the basis of cause of death

Medical/Natural death:
Attending physician's statement
Medical records Accidental/ Unnatural death:
Copy of First Information Report or Panchanama/Police complaint
Copy of Post Mortem Report /Autopsy and Viscera report
Copy of Final Police Investigation report /Charge sheet

Cancer Claims

Cancer Insurance Claim Form - Form CA
NEFT Form

Riders Offered by Max Life Insurance

Comprehensive Accidental Benefit Rider - The rider sum assured will be paid in the event of death or dismemberment as a result of an accident.
Waiver of Premium - All future premiums will be waived in the event of critical illness, dismemberment or death of the insured.
Critical Illness Rider - A lump-sum amount shall be paid on the diagnosis of any critical illness listed in the policy document.

Exclusion of Max Life Insurance Plan

If the life insured - whether sane or insane - passes away as a result of suicide within 12 months from the date of the policy inception or the date of policy revival of policy, the policy shall be terminated immediately. Here, the company will only refund the total premiums paid.

Review of Max Life Insurance

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.

Company Address

For Life, Health & Group Claims Max Life Insurance Company Operations Center - 2nd Floor 90A, Sector 18, Udyog Vihar Gurugram-122001, India

Contact Information

Customer Service: 1800 200 5577

Online term plan queries: 1800 200 3383

NRI HELPDESK: 91-124-3812932

NRI Helpdesk Email:

NRI.HELPDESK@MAXLIFEINSURANCE.COM

Email:

For individuals: service.helpdesk@maxlifeinsurance.com

For groups: group.ref@maxlifeinsurance.com

FAQs on Max Life Insurance

How to check Max life Insurance Policy Status?

If you are a registered policyholder, you can simply log in with your registered user ID and Password at the company’s website and check the status online.

How to pay Max Life Insurance Premium?

You can pay the premium for your Max Life Insurance Policy via ECS, which is available across all modes, i.e., monthly, quarterly, half-yearly or annually OR through drop boxes at various locations in your city OR through IVR - call helpline number 1860 120 5577 OR online banking.

How to pay a premium? What are the modes of payments available?

Following are the modes by which individuals can pay premiums towards their Max Life Insurance policy:

Pay Online
- Through Max Life Website
- Through Internet Banking (NEFT/RTGS)
- Online "Renewal Payment" Through Foreign Remittance/Wire Transfer
- Through Paytm / PhonePe / Google Pay and Airtel Money
- Instapay service Through your Bank Website

Pay by Phone
Pay by Auto-Debit

Through Credit Card Standing Instruction
Through NACH/ECS/Direct Debit Mandate
Through Direct Debit
Through EBPP
- Branch or Max Life Branch Dropbox
Through a Lakshmi Vilas Bank Branch
Through a Cheque
Through a Max Life Insurance Branch Office
Through an Axis Bank Branch or ATM
Through EBIX Cash Counters
Through Common Service Center
Through YES BANK

Cheque Pick-up

What is the policy renewal process?

Policyholders can renew their Max Life Insurance cover through the website of the insurance company by selecting the ‘Pay Premium’ option that appears on the top. Users will then be asked to either input their policy number or mobile number along with their date of birth, to proceed with renewing their insurance cover.

What is the company's process to settle a claim?

The claim settlement process is as follows:

Step 1 – Nominee or insured has to intimate Max Life about the claim. Step 2 – The duly-completed claim form along with the necessary documents have to be submitted. Step 3 – The insurance company will examine the claim and the documents. Step 4 – All genuine claims are settled in a matter of 30 days after all documents /clarifications have been received. If a claim requires further verification, the settlement may take up to 180 days

What is the policy cancellation process?

Individuals seeking to cancel their life insurance policy can do so during the free-look period. The insurer would require one to fill-up a cancellation form (available on the company website), and submit it along with the original policy copy.

Can I surrender my Max life insurance policy?

Policies that have saving or investment component can be surrendered after the completion of its lock-in period. According to a recent directive by the insurance regulator, life insurers have been asked not to levy surrender charges if the insured opts to terminate the cover after five years.

What is the Max life claim settlement ratio?

The claim settlement ratio of Max Life Insurance stood at 98.26% for the year 2017-2018.

How can I make changes to nomination or address?

One can change nomination anytime during the policy period by filling out and submitting the policy amendment request form. In case of a change in address, the individual would have to send a filled-up policy amendment request form along with an address proof (if cumulative premium of all active plans is over Rs. 10,000, inclusive of all applicable taxes, levies and cess).

Can I take a policy loan?

If the policy has a cash surrender value, then the insured can avail a policy loan of up to 90% of the cash surrender value. This, however, is subject to a minimum availability of Rs. 10,000. The loan can be taken for active policies, any time following the completion of three policy years.

How to revive a policy after 180 days?

A policy can be revived during the revival period, as stated in the policy contract. The individual will have to send a duly-completed health declaration form, and provide evidence of insurability that is acceptable to the insurer as per its underwriting practices. Any overdue premiums and unpaid charges have to be settled.

Does the company send reminder for premium payments?

Yes, the company sends a reminder before the premium payment is due.

Does the company provide a receipt for auto regular premium payments made to keep the policy in force?

Yes, the company sends the official receipt on the realization of the regular premium payment made to keep the policy active.