Get covered at unbelievably low premiums for high sums. It can't get any better.

Max Life Insurance

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.

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.

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

Max Life Insurance offers good variety of plans. Plans have been made to suite the requirements and needs of people and groups.

Let's have a look at the plans and its features.

ONLINE TERM PLAN

Max Life Online Term Plan Plus (Basic Life Cover)

  • The minimum entry age for this plan is 18 years and maximum is 60 years
  • Lump sum benefit payable to the nominee if the insured dies during the term period
  • Choice of adding riders, comprehensive accidental death benefit and Max Life waiver of premium plus.
  • Annual, Semi- annual, Quarterly and monthly payment modes available
  • Tax benefit applicable on all premiums and policy benefits as per the prevailing tax laws.

Max Life Online Term Plan Plus (Life Cover + Monthly Income)

  • The minimum entry age for this plan is 18 years and maximum is 60 years
  • Lump sum benefit and monthly income for 10 years is payable to nominee if the insured dies during the term period
  • Choice of adding riders, comprehensive accidental death benefit and Max Life waiver of premium plus.
  • Annual, Semi- annual, Quarterly and monthly payment modes available
  • Tax benefit applicable on all premiums and policy benefits as per the prevailing tax laws.

Max Life Online term Plan Plus ( Life cover + Increasing Monthly Income)

  • The minimum entry age for this plan is 18 years and maximum is 60 years
  • Lump sum benefit and monthly income at the increasing annual rate of 10% is payable to the nominee if the insured dies during the term period.
  • Choice of adding accidental death benefit rider with this plan
  • Only annual payment mode available under this plan
  • Tax benefit applicable on all premiums and policy benefits as per the prevailing tax laws.

PROTECTION PLANS

Max Life Cancer Insurance Plan

  • Comprehensive cancer plan that covers all stages of cancer
  • Minimum entry age is 18 years and maximum entry age is 65
  • Lump sum payouts to cover medical cost of treatment across all stages
  • Waiver of all premiums for entire policy term if in case diagnosed with Carcinoma in Situ (CiS) or Early Stage Cancer
  • No maturity benefit under this plan
  • No death benefit is payable under this plan
  • Tax benefit as per prevailing tax laws

Max Life Super Term Plan

  • Minimum entry age is 18 years and maximum entry age is 65 years, maximum maturity age is 75 years.
  • Option to have increasing sum assured at the rate of 5% every year at simple rate till the end of the term period without increasing in premium amount
  • Flexibility in choosing the death benefit payment as one lump sum or lump sum plus monthly payout.
  • Option in choosing policy terms from 10 years to maximum 35 years
  • Choice of adding riders, comprehensive accidental death benefit and Max Life waiver of premium plus.
  • No maturity benefit is payable under this plan
  • Tax benefit as per prevailing tax law

Max Life Premium Return Protection Plan

  • Minimum entry age is 21 and maturity age is 75
  • Comprehensive protection plan with inbuilt accidental death cover whereby nominee gets extra 50% of the sum assured if death due to an accident
  • Guaranteed return of premiums on maturity including extra premiums paid
  • Flexibility to choose policy term for 25,25 or 30 years
  • Premium payment term is 11 years
  • Tax benefits on premium paid and policy benefits

CHILD PLANS

Max Life Future Genius Education Plan

  • Minimum entry age is 21 years and maximum entry age is 45 years. Maximum maturity age is 66 years.
  • Secures your child education fund in your absence or even if you survive the term
  • Option of choosing policy term from 13 years to 21 years basis your child future education requirements
  • Option of choosing two premium payment terms, 8 years fixed premium payment or policy term less 3 years
  • Option to attach riders to enhance protection in the plan
  • Tax benefit apply to premiums paid and benefits received as per the prevailing tax laws

Max Life Shiksha Plus Super

  • Entry age is minimum 21 years and maximum 50 years.
  • The insured should have a child (own or legally adopted) aged 0-18 years.
  • The plan offers comprehensive coverage including family income benefit and funding of future premiums in case of death of the life insured
  • Annual, semi-annual, quarterly and monthly premium payments modes available
  • Option to choose between two investment strategies to safeguard fund against market volatilities
  • Additional units to be added to the fund from the end of 11th policy year to increase Your Fund With Guaranteed Loyalty Additions
  • Tax benefit available on premiums paid and policy benefits

RETIREMENT PLANS

Max Life Forever Young Pension Plan

  • Minimum entry age is 30 years and maximum entry age is 65 years
  • Pension Maximiser 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
  • Death benefit of 105% of all premiums paid and On choosing Max Life Partner Care Rider, all future premiums till the entire Policy Term subject to a maximum age of 60 years along with an amount equal to higher of 105% of all premiums paid or Fund Value will be paid by the Company to the nominee
  • Guaranteed Loyalty Additions at 0.50% of Fund Value added to the fund, from the end of 10th policy year.
  • Vesting options available
  • Death benefit investment options available to the nominee if required
  • Annual, Semi-Annual, Quarterly, Monthly, Single Pay payment options available

Guaranteed Lifetime Income Plan

  • Plan guarantees lifetime income for the insured
  • Minimum entry age is 50 years and maximum is 80 years
  • Can cover partner under Joint life annuity
  • The plan offers the return of purchase price to the nominee after death of the annuitants. For eg – If a policy was purchased for 10 lakh and the insured dies after few years then the nominee will get back the 10 lakh.
  • Option to receive the payout on a yearly, half-yearly, quarterly or monthly basis , as per your needs and requirements

Max Life Life Perfect Partner Super Plan

  • Guaranteed 212.5% Of Guaranteed Maturity Sum Assured
  • 7.5% of Guaranteed Maturity Sum Assured for 15 years from age 61 years to 75 years on each policy anniversary.
  • 100% of Guaranteed Maturity Sum Assured plus accrued Paid - Up Additions (if any), plus Terminal Bonus (if any) on policy maturity at age 75 years.
  • Flexible premium payment terms of 7,10,15 and 20 years basis individual needs
  • Enhance the plan by attaching Max Life Waiver of Premium Plus rider
  • Flexibility to withdraw money in case of an urgent financial emergency
  • Guaranteed protection which continues to grow through bonuses till maturity age
  • Different options to utilize bonuses as per the need
  • Option of three riders, Max Life Term Plus Rider , Max Life Accidental Death & Dismemberment Rider, Max Life Waiver of Premium Plus

GROWTH PLANS

Max Life Fast-track Super Plan

  • Offers opportunity to grow your sum assured by investing in different funds
  • Life insurance coverage is available in this plan
  • Minimum entry age is 18 years and maximum is 60 years in 5 pay and single pay. In regular pay entry age is 50 years. Maximum maturity age is 70 years.
  • After the first 5 policy years, a maximum of 2 Partial Withdrawals are allowed in a policy year and are free of any charge
  • Option of premium payment and policy term as per your needs and requirements
  • The plan offers 5 fund options to choose, basis the risk allocation
  • Death Benefit equal to higher of (Fund Value, Sum Assured, 105% of all Premiums Paid) and also provides Partial Withdrawal Flexibility.
  • Option to choose between two investment strategies to safeguard fund against market volatilities
  • Tax benefits on premium paid and policy benefits received

Max Life Platinum Wealth Plan

  • Minimum entry age is 18 years and maximum is 60 years in 5 pay and single pay. In regular pay entry age is 50 years. Maximum maturity age under single pay and 5 pay is 70 years and 65 years under regular pay.
  • Comprehensive life insurance coverage – Get coverage of 10 times the annualised premium (for Limited and Regular Pay options) of base policy and get additional life cover, equal to sum of all future premiums payable under the policy till the age of 60 years, with Partner Care Rider.
  • Option to choose Policy Term and Premium Payment Term as per your convenience – Pay premiums for a limited period (one year or five years) or entire Policy Term; with Policy Term options available from 10 years to 20 years (for single pay policies only 10 year Policy Term is available).
  • Choice of Funds or Fund based strategies – Choose from 5 (five) Funds for investors with different risk appetites.
  • Option to choose between two investment strategies to safeguard fund against market volatilities
  • Unlimited Free Switches - There is no limit on number of switches done in a policy year i.e. you may switch any number of times without any charges being levied.
  • Guaranteed Loyalty Additions and wealth boosters to enhance fund Value.
  • Low charges - Low charges to boost customer returns. The plan offers zero policy administration charge post year 5, i.e. post year 5, there will be only mortality charge, Fund management charge and allocation charge (only for Regular Pay, for limited pay there is no allocation charge post 5 years).

Max Life Maxis Super

  • Minimum entry age is 18 years and maximum entry age is 55 years. Maximum maturity age is 70 years.
  • Life insurance coverage – choice of protection cover basis age of the Life Insured
  • Option to choose premium payment term as per your convenience
  • Choice of five funds for investors with different risk appetite
  • Dynamic Asset Allocation mechanism to protect your investments against market volatility
  • Flexibility to make partial withdrawals to meet any urgent financial needs.

Max Life Monthly Income Advantage Plan

  • Minimum entry age is 18 years and maximum entry age is 55 years (12 pay variant) and 50 years (10 pay variant)
  • Maximum maturity age is 77 years (12 pay variant) and 75 years (15 pay variant)
  • Guaranteed monthly income for a period of 10 years
  • Lump-sum maturity benefit on maturity
  • Lump-sum benefit immediately on death of the Life Insured to ensure financial security of your loved ones.
  • Policy Continuance Benefit In case of an eventuality
  • Option of riders to Max life term plus rider and Max Life Accidental Death & Dismemberment Rider to enhance the plan
  • Tax Benefit Tax benefits apply to the premiums paid and benefits received by you as per the prevailing tax laws.

Max Life Guaranteed Income Plan

  • Income plan that ensures guaranteed benefits on death or survival of the policy term
  • Entry age is 25 years to 60 years for 6 years policy term and 25 years to 55 years for 12 year policy term
  • Only annual mode for premium payments
  • Guaranteed Monthly Income for 10 years (Payout Period) immediately after Policy Term along with one - time guaranteed Terminal Benefit at the end of the Payout Period
  • Monthly income gets doubled in the remaining 5 years of monthly income payout term
  • The plan provides life cover for the entire policy term. The payout on death can be lump sum or monthly payout in 10 years as per the wish of the nominee.
  • Tax benefits can be availed in this plan for premium paid and benefits received

Max Life Whole Life Super

  • This plan ensures coverage till age of 100 years
  • Minimum entry age is 18 years and maximum is 60 (10), 55 (15) and 50 (20) for 10, 15 and 20 years plan
  • The plan continues to grow through bonuses till the insured reaches 100 years of age
  • On attainment of age 100, this plan gives you 100% of Guaranteed Maturity Sum Assured along with Accrued Paid Up Additions (if any) and Terminal Bonus (if any)
  • Flexible premium payment terms of 10,15 and 20 years depending upon individual financial planning
  • Different options to utilize bonuses as per the need
  • Option of three riders, Max Life Term Plus Rider , Max Life Accidental Death & Dismemberment Rider, Max Life Waiver of Premium Plus
  • Tax benefits for premiums paid and benefits received

GROUP PLANS

Max Life Group Credit Life Premium Plan

  • Max Life Group Credit Life Premier Plan, a single pay group insurance product providing life cover to the borrowers of banks/ financial institutions under one group master policy. The product can be offered to new or existing borrowers. This product provides risk cover against loan in case of an eventuality.
  • The plan offers lump sum benefit enabling the member's family to settle the loan liability in case of an unfortunate event
  • 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.
  • Moratorium period under the plan is available for both Level & Decreasing Cover, during which the members shall be given an option to service or not service interest payments. Moratorium Period of 1 month to 10 years can be chosen under the plan.

Max Life Group Gratuity Premier Plan

  • The plan is for employers to fund their gratuity liability
  • Low charges as changes on Policy administration, Switching charges, premium allocation, premium redirection. Only fund management, mortality and surrender charges applicable
  • Guaranteed loyalty addition of 0.1% per annum as a percentage of unit fund added at the end of every month anniversary in case fund value is 10 crores and above.
  • Life insurance coverage is available in this policy
  • Any death benefit under the Unit Linked Group Gratuity Plan is tax-exempt under section 10 (10D) of the Income Tax Act, 1961

Max Life Group Super Life Premier

  • As per the law, all employees covered under Employees Provident Fund it is mandatory for the employer to subscribe to an Employee's Deposit Linked Insurance Scheme 1976, which aims at providing benefit of life insurance to all employees
  • Under this scheme, the deceased employee's insurance benefit will depend on the length of service and the PF balance in the account.
  • Amount paid towards premium may be treated as business expenses and is eligible for tax benefit
  • No survival benefit
  • Option of three riders, Max Life Group accidental death benefit premier rider, Max life group accelerated terminal illness rider, Max life group critical illness rider, Max life group total and permanent disability (accident) premier rider.

Claim Process

  • 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-–

Claims Department

Max Life Insurance Company Operations center, - 2nd floor 90A, Sector 18, Udyog Vihar, Gurgaon-122015, India

  1. Telephone - Toll Free: 1800 200 5577

  2. 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

  3. 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.

  4. 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.

  5. 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.

Review

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

Phone

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

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