About Max Life Insurance

Max Life Insurance is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Company Ltd. Max Life takes pride in being one of the top life insurance providers in India. The life insurance giant offers a plethora of life insurance plans that fulfill a wide range of insurance expectations of insurance buyers from all walks of life. In the financial year 2017-18, Max Life insurance paid 98.62 percent individual death claims, as recorded by the Insurance Regulatory and Development Authority of India.

Joining the online bandwagon, the company now offers innovative online plans to offer an easy purchasing experience to its buyers. After buying a policy, a soft copy is delivered to the policy-buyer instantly. Furthermore, policyholders can check out their Max life insurance policy status online in a matter of a few seconds.

Why Should Buy Max Life Insurance Plans?

The below reasons justify why you should buy Max Life Insurance plans:

  • You can avail cover up to Rs. 1 crore at just Rs. 21/day.
  • In the year 2016-17, the company settled 98.26% claims.
  • It settled 100% grievances for the year 2016-2017.
  • The insurance provider has assets under management of Rs. 52,237 crore.
  • It has 210 offices in 143 cities.
  • The insurance provider has a work-force of 9000 plus employees and a huge advisor base of approximately 50,000 advisors.

Benefits of Max Life Insurance

Max life insurance offers the following benefits:

  • Diversity in Policies: Max Life offers a variety of plans to suit the various requirements of the insurance buyers. They can select a plan and get it customised as per their insurance needs.
  • Tax Savings: The premiums paid towards Max Life insurance is exempted from tax deduction up o Rs. 15,000 under Section 80C of the IT Act, 1961.
  • Comprehensive Cover at a Low Cost: Max life insurance plans offer extensive coverage at a lower premium.

Types of Plans Offered By Max Life insurance

  1. Term Insurance Plan
  2. Retirement Plan
  3. ULIPs
  4. Child Insurance Plan

Max Life Term Insurance Plans

A term insurance plan offers financial protection to the insured’s family in case of the insured’s demise. Term plans often come at an affordable premium and provide insurance coverage as per the insured’s financial needs and goals. A few term insurance plans can be purchased online, with no hassles.

Max Life Online Term Plan Plus

Max Life Insurance Online Term Plan Plus offers insurance coverage for 40 plus critical illnesses. The plan offers insurance buyers some much-needed flexibility and offers the death benefit as a lump sum or as a monthly income. It offers comprehensive insurance coverage against disability, death, and diseases with its add on riders.

Features of Online Term Plan Plus- Basic Life Cover

1.       Death Benefit

In case of insured’s demise, the nominee will get a pre-decided lump sum i.e. 100 percent of the sum assured.

2.       ‘Pay till 60’

The insurance buyer can opt to pay premiums only till the age of 60 and enjoy insurance coverage till 85 years of age.

3.       Tax Benefit

Max Life Insurance Online Term Plan Plus offers tax benefits as per section 80C of IT Act, 1961.

Note– The pay-out received by the nominee as a death benefit is tax-free.

Online Term Plan Plus- Basic Life Cover

Mentioned below are the plan details of Online Term Plan Plus- Basic Life Cover by Max Life insurance.

S.No Features Details
1. Age of Entry Minimum Age– 18 years of age
Maximum Age: i) For regular pay option: 60 years of ageii) For Pay till 60 option: 50 years
2. Age of Maturity 85 years of age
3. Policy Tenure For base plan option: From 10 years – 50 years

For critical illness option: 10 years – 40 years. In case the insured has opted for ‘Pay till 60’, the policy tenure for critical illness benefit will be limited till the premium payment tenure.

4. Assured Sum For base plan option
Minimum– 25 Lakh Rupees
Maximum– 100 Crore RupeesFor critical illness option
Minimum: 5 Lakh Rupees
Maximum: 50 Crore Rupees
5. Modes of Premium Payment Monthly, quarterly, semi-annually and annually
6. Riders 1. Max Life Comprehensive Accident Benefit Rider- It provides additional coverage for accident-related losses.

2. Max Life Waiver of Premium Plus Rider-It provides a waiver of all future insurance premiums in the event of critical illness/death/dismemberment.

 

Max Life Insurance Retirement Plans

Retirement plans formulated by Max Life Insurance aim at offering financial security to the insured once their post-retirement life begins. Thus, an insurance buyer can opt for an annuity plan and enjoy a monthly pension. Typically, a retirement plan enables an insurance buyer to invest over the years and accumulate funds over a period of time. As per the need, a policyholder can withdraw funds partially or as a lump sum during his/her retirement years.

Forever Young Pension Plan by Max Life Insurance

Features of Forever Young Pension Plan

  1. Large Corpus- It helps the insured build a large corpus that can help accomplish retirement goals.
  2. Safety- It safeguards the insured’s savings from market volatility.
  3. Security– It secures the future of insured’s family in case he passes away.

Forever Young Pension Plan- Basic Life Cover

Mentioned below are the plan details of forever young pension plan by Max Life Insurance.

S.No Features Details
1. Age of Entry From 30 years to 65 years
2. Vesting Age Minimum Age: 50 years (55 years for plans purchased under Qualifying Recognized Overseas Pension Scheme as per HMRC regulation)

Maximum Age: 75 years

3. Premium Allocation Charges

 

Year Allocation Charge
For single pay option (as a percentage of single premium) N.A.
For regular pay option (as a percentage of the annual premium) From 1 year – 10 years:

2 percent per annum

for annual payment mode

 

From 1 year – 10 years:

1.25 percent per annum

for annual payment mode

 

From 11th year onwards:

N.A. for all payment modes

4. Fund Management Charges

 

 

For Pension Maximizer Fund and Pension Preserver Fund– 1.25 percent per annum

 

5. Policy Administration Charges

 

Single Pay Option

From the first year- 0.08 percent of the single premium each month

From second year onwards– 4 percent of the single premium each month. The charges won’t exceed 400 Rupees per month in any year.

Regular Option

From 1 year – 5 years– 0.36 percent of the annual premium each month.

From 6 years- 7 years-0.46 percent of the annual premium each month.

From 7 year onwards- 5 percent of the annual premium each month.

The charges won’t exceed 400 Rupees per month in any year.

 

6. Vesting Benefit The insured gets higher fund value/guaranteed vesting benefit as follows:

·   If an insured opts for Pension Maximiser Option– 101 percent of total paid premium

·   If an insured opts for Pension Preserver Option – 110 percent of the paid premium paid

 

 

7. Loyalty Benefit

 

Extra benefits are offered from 11th year:

·         1. Guaranteed loyalty add-on benefit at the rate of 0.50 percent of total fund value

·

·         2. From 12th year onwards, add-on benefit is increased by 0.02 percent per annum

8. Death Benefit

 

Payable after the policyholder’s demise

·         Higher of 105% of all premiums paid (including Top-Up premiums paid, if any) or

·         Fund value or 105 percent of paid premium (whichever is higher)

·

·         For Max Life Partner Care Rider- All the future premiums are paid until the policy tenure

 

9. Riders Max Life Partner Care Rider – It provides additional security for the financial future of the insured’s partner.

Max Life Insurance Unit Linked Insurance Plans (ULIPs)

Unit-linked insurance plans offer life insurance coverage as well as investment options. ULIPs provide the policyholder a golden opportunity to invest in bonds, stocks, or mutual funds to earn higher returns on investment. The selection of fund depends on the risk appetite of an insured. ULIPs offer investment flexibility by enabling the investor to balance funds with equity & debt instruments.

Max Life Fast Track Super

This is a ULIP offered by Max Life Insurance. Here are the features of this plan.

  1. Loyalty Additions- It enables the policyholder to enjoy loyalty additions.
  2. Wide Variety- The plan offers 6 variants that protect the fund from market fluctuations with 2 strategy options.
  3. Tax Benefits– As per Section 80C, Section 80D, and Section 80DD of Income Tax Act 1961, it offers tax benefits to the policyholder.

Here are the details of Max Life Fast Track Super by Max Life insurance.

S.No. Particular Details
1. Entry Age Minimum-18 years

Maximum– (for single pay option and 5 pay option)- 60 years

Maximum- (for regular pay option)- 50 years

2. Maximum age of Maturity 70 years
3. Maturity Benefit

 

Fund value is paid at the end of the policy tenure.

Optionally, the policyholder can opt to convert the benefit into a monthly income plan as per the settlement option.

 

4. Death Benefit

 

In case of the policyholder’s death, the highest of the following is paid to the nominee.

1.       Fund value

2.        Sum assured

3.        105 percent of the premiums paid

 

5. Investment Strategies Systematic Transfer Plan

It helps the policyholder to transfer a fixed/variable part of the invested amount to other funds on a regular basis.
Dynamic Fund Allocation

Initially, it helps the policyholder to invest in equity oriented funds and later on, it shifts to funds with lower risks.

 

 

Here are the fund options offered under this plan

.S.No. Funds Risk Rating Corporate

Bonds

Government

Securities

Equity & Equity

related securities

Money Market

& Cash Instruments

1. High Growth Fund

 

Very High 0 Percent to 30 percent 0 Percent to 30 percent 70 Percent to 100 percent 0 Percent to 30 percent
2. Growth Super Fund

 

High 0 Percent to 20 percent 0 Percent to 20 percent 70 Percent to 100 percent 0 Percent to 30 percent
3. Growth Fund

 

High 0 Percent to 30 percent 0 Percent to 30 percent 20 Percent to 70 percent 0 Percent to 40 percent
4. Conservative Fund

 

Medium 20 Percent to 40 percent 20 Percent to 50 percent 10 Percent to 40 percent 0 Percent to 40 percent
5. Balanced Fund

 

Low 0 Percent to 50 percent 50 Percent to 80 percent 0 Percent to 15 percent 0 Percent to 40 percent
6. Secure Fund Low 0 Percent to 50 percent 50 Percent to 100 percent N.A. 0 Percent to 40 percent
7. Secure Plus Fund

Systematic Transfer Plan only

Low 0 Percent to 40 percent 60-100% N.A. 0 Percent to 40 percent

Max Life insurance Child Insurance Plans

Child insurance plans offer the perfect blend of insurance as well as investment that ensure that the insured’s child has access to a bright future. It offers a life cover as a lump sum once the policy reaches its maturity. Additionally, the plan offers flexible payouts at significant milestones of the insured child’s education. Basically, a child insurance plan takes care of the child’s future especially when policyholder passes away.

Future Genius Education Plan by Max Life Insurance

Here are the features of by Max Life Insurance.

1. Disciplined Savings- The plan is formulated especially for parents, so they can effectively manage their child’s higher education expenses with the help of disciplined savings.

2. Flexibility- The plan offers the flexibility to the parents to select premium periodicity, policy tenure, and the tenure of the payouts on the basis of the needs of the insured child.

Here are the details of Future Genius Education Plan by Max Life insurance.

S.No. Particulars Details
1. Entry age Minimum– 21 years

Maximum– 45 years

2. Maximum Age of maturity 66 years
3. Policy tenure 13 years to 21 years
4. Premium payment
periodicity
1. 8 pay option- 8 years

2. Limited pay option- Policy tenure – 3 years

5. Premium Payment
Mode
Monthly, quarterly, semi-annually and annually.
6. Bonus

 

1.       The annual bonus is paid in the following ways.

1.       Cash

2.       Paid Up Additions (PUA)

3.       Premium Offset

2.        

3.       A Terminal bonus is paid in case the policy has been active for a minimum period of 5 years.

7. Death Benefit

 

The higher value of the following is paid.

1.       105 percent of all premiums paid

2.       Annualized premium multiplied by 11.

3.       Any assured sum payable at the time of death.

4.       Guaranteed assured sum at the time of maturity.

 

8. Minimum
Premium
For 8 Pay option– 40,000 Rupees per annum

For limited pay option– 20,000 Rupees per annum

 

9. Maximum Premium No limit as such. It depends on insurance expectations of the insurance buyer.
10. Riders

 

1.       Max Life Term Plus

It provides an additional lump sum in case the insured passes away.

2.       Max Life Accidental Death & Dismemberment

It extends the cover for insured’s family, if he/she meets with an accident that leads to dismemberment or even death

3.       Max Life Waiver of Premium Plus

It provides a waiver of all the future premiums in the event the policyholder is diagnosed with a critical illness, suffers dismemberment or passes away. The rider is valid only if policyholder and insured are 2 different individuals.

 

Max Life Insurance Riders

Life insurance policies offer comprehensive financial protection to the insured and his/her family, even in his/her absence as well. One can’t measure the extent of the financial loss their family will have to face after their demise. What if their current sum assured is insufficient to cover a particular emergency? By opting for a rider, insurance buyers can boost their basic life insurance coverage.

Max Life Insurance offers the following riders to enhance the basic insurance coverage.

Max Life Insurance Accidental Death and Dismemberment Rider

Particulars Details
Plan Type Non-linked Rider
Entry Age Minimum Age of Entry- 18 years

Maximum Age of Entry- 65 years

Tenure 5 years to 52 years
Premium Payment Term Same as rider term
Maximum Maturity Age 70 years
Maximum Sum Assured Rs. 50,000
Benefits offered ·         Accidental death benefit up to the sum assured

·         Accidental dismemberment benefit up to the sum assured in case the life insured meets with an accident and become disabled. This benefit is offered within 180 days after the accident.

Max Life Insurance Waiver Of Premium Plus Rider

Particulars Details
Plan Type Non-linked Rider
Entry Age Minimum Age of Entry- 18 years

Maximum Age of Entry- 65 years

Tenure 5 years to 35 years
Premium Payment Term Same as rider term
Maximum maturity age 70 years
Maximum Sum at Risk The maximum sum at risk is computed based on the annual premium paid along with the add-on rider premium (if any) of Rs. 3,50,000.

 

Benefits offered It offers a waiver for all future premiums in the case of dismemberment, critical illness, or death.

Max Life Insurance Group Critical Illness

Particulars Details
Plan Type Non-linked Rider
Entry Age Minimum Age of Entry- 18 years

Maximum Age of Entry – 65 years

Tenure 1 year
Waiting period 90 days
Maximum maturity age 66 years
Maximum Sum Assured Rs. 50,00,000
Benefits offered Coverage is offered for one of the 12 specified illnesses.

Online Buying Process of Max Life Insurance

Mentioned below is the process of buying max life insurance online:

  • Log on to the official website of the insurer.
  • Browse through the various plans.
  • Compare the shortlisted plans and finalize the one that fulfils your insurance expectations.
  • Duly fill the form and attach the relevant documents.
  • Make online payment via Credit/Debit card, net banking etc.
  • Get the policy instantly and download the policy document online.

Documents Required for Purchasing Max Life Insurance Online

While buying max life insurance online, the insurance buyer needs to furnish the documents mentioned below:

  • Identity Proof
  • PAN Number
  • Address Proof
  • Age Proof

How to File Max Life Insurance Claim?

Mentioned below is the Max Life Insurance claim process.

  • Immediately inform the insurance company about the claim by intimating the agent, writing a mail or calling on the toll-free number of the insurer.
  • The policyholder can send a written request to the Operations Centre of Max Life Insurance.
  • Next step is to download the claim form from the official website of the insurer or by visiting the nearest To download the form online, click on the ‘Claims’ section of Max life insurance website.
  • Ensure you fill all the relevant fields correctly and avoid providing any fraudulent information.
  • Don’t forget to attach all relevant documents along with the claim form.
  • The insurer will verify the claim along with the submitted documents.
  • After verifying the documents, the insurer will settle the claim within 30 days.

Max Life Insurance-FAQ’s 

What are the various types of mode of payment offered by Max Life Insurance?

Ans- Max Life Insurance offers various modes of payment including:

    • Online payments
    • Payment through phone
    • Auto debit from bank account
    • Other payment modes such as cheque

What if I want to change the mode of premium payment for my life insurance plan?

Ans- You can change the premium payment mode, but only at the time of policy renewal. You need to fill a form to change the mode of premium payment.

Can I take a loan against my life insurance policy?

Ans- If your policy offers a cash surrender value, you can take a loan against the policy by up to 90% of the cash surrender value. This facility is only offered if the policy is active and only after completion of three years.

Remember that policy loan is not available for Term Plans and Life Maker Unit Linked Plan.

Is there any possibility that my claim can be rejected by Max Life Insurance Company?

Ans- Yes, if you are unable to provide the sufficient information or relevant documents, the claim wouldn’t be entertained by the insurer. The same is the case if you produce any fraudulent documents. The insurer has the complete authority to reject your claim in this case.

Moreover, your claim will not be accepted in case it doesn’t fulfill the norms of the insurance contract.

How can I track the performance of my life insurance policy fund?

Ans- If you buy a unit-linked plan from Max Life Insurance, the insurer will send you the policy statements regularly. With this, you can keep yourself updated with the performance of the fund. The policy fund value will be updated at the time of annual renewals. You can check it online as well by log on to the customer portal.

What is the procedure of changing nominee or address?

Ans- Here is the simple process to change nominee or address:

Nomination Change- You can change your policy nominee anytime when the policy is active by filling out the policy request form. In case, you have not mentioned a nominee at the time of policy, you should mention it later for easy settlement of any claim.

Address Change– You can update a new address to your policy documents by filling in the policy amendment request form and attaching your address proof (in case your increased premium of all your active policies is greater than Rs. 10,000 inclusive taxes)

Can I opt for any retirement plans from Max Life Insurance?

Ans- Yes, you can opt for various retirement plans from Max Life Insurance including:

    • Max Life Guaranteed Lifetime Income Plan
    • Max Life Perfect Partner Super Plan
    • Max Life Forever Young Pension Plan

What is the procedure to cancel Max Life Insurance policy?

Ans- If you want to cancel your Max Life Insurance policy, approach the insurer by visiting the nearest branch. You will need to carry the original documents and file a surrender request by filling the ‘Freelook Cancelation Form’. The insurer will estimate a surrender value (SV) of the plan. In case you’re satisfied with the value and accept it, the plan can be cancelled right away and you’ll receive the surrender value. The insurer may deduct certain charges, depending on the terms and conditions.

When a Max Life Insurance policy is considered as lapsed?

Ans- A policy is considered lapsed if you miss paying the policy premium on time. In case you miss the renewal date, the insurer offers a grace period as per the policy norms. You must pay the premium during the grace period; else your policy will lapse. However, you can revive your lapsed policy by paying the outstanding premiums with interest charged by the insurance company. However, it’s completely upon the insurance company whether it is possible to renew the life insurance plan or not.

Can I Buy Max Life Insurance online?

Ans- Yes, online insurance has made buying or renewing max life insurance policies easy and convenient. You can buy max life insurance online while lazing on the bed or sitting in your office. Just visit the official website of Max Life Insurance, choose a plan that suits your requirements, pay the premium online and it’s done.

How can I pay the premium towards my existing Max Life Insurance plan?

Ans- You can pay the premium of your Max life insurance policy either online or offline by visiting the nearest office of the insurance company. Online payment can be done via credit/debit card or internet banking. You can also send a cheque to the official address of the company.

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