Max Newyork Life Insurance

*Data according to IRDA Annual Report (2013-14)

Max Life Insurance Company, established in 2000, is one of the most admired private insurance companies in India. Max Life Insurance Company Ltd is a joint venture between Max India Ltd, an Indian multi-business corporate and Mitsui Sumitomo Insurance Co. Ltd, a member of MS&AD Insurance Group, a general insurer. The company has started its commercial operations in 2001.  

Max Life Insurance Company Ltd offers comprehensive life insurance and retirement solutions for long-term savings and protection to more than thirty lakh customers. Mr. Rajesh Sud is the Chief executive officer and Managing director of Max Life Insurance. 

Max Life Insurance was ranked fourth among private life insurance companies with a market share of 10.3% in the financial year 2013-14. For the same financial year, the company has been one of the fastest growing life insurance companies with Gross Written Premium of Rs. 7,279 crores.

As on 31st March 2014, Max New York Life Insurance had assets under management of Rs. 24,716 crore. The company won the trophy for “Best Underwriting Initiative of the Year” in the Asia Banking, Financial Services & Insurance Excellence Awards.

Product Portfolio

Max Life Term Plans:

These are comprehensive life insurance plans that fulfill the protection needs for you and your family.

  • Max Life Online Term Plan Basic Life Cover
  • Max Life Online Term Plan Life Cover + Monthly Income
  • Max Life Online Term Plan Life Cover + Increasing Monthly Income
  • Max Life Super Term Plan
  • Max Life Platinum Protect II
  • Max Life Premium Return Protection Plan

Max Life ULIP Plans:

These are insurance cum investment plans that aim to make your money grow and also provide you with flexibilities to manage your investment.

  • Regular Premium
  • Max Life Fast Track Super plan
  • Max Life Maxis Super Plan

Max Life Pension Plans:

Pension plans help you to save for your old age so, that you maintain the same life style even after you retire.

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

Max Life Child Plans:

Child plans helps you accumulate and plan your finances to fulfill your child’s dreams and aspiration.

  • Max Life Shiksha Plus Super Plan

Max Life Investment Plans:

Maxlife insurance plans help you save systematically to achieve your life’s goals and provide you with a comprehensive coverage.

  • Max Life Guaranteed Income Plan
  • Max Life Whole Life Super
  • Max Life Life Gain Premier

Compare all Max Life insurance plans from other life insurance companies in India to get the best insurance plan that suits you most.

Max Life Distribution Network:

Max Life currently applies multi-channel distribution model to sell its products that includes the agency distribution, partnership distribution, bancassurance, distribution focused on emerging markets and alliance marketing through employed sales force.  Max Life has pan India presence with 1090 offices across the country.

Max Life Insurance - FAQ

1. How to pay a premium? What are the modes of payment available?

The Max Life Insurance company Ltd. offers 6 modes of premium payment namely:

  • Cash payment at the branch
  • Online Payment
  • ECS
  • NEFT/RTGS
  • IVR
  • Credit card Instructions
  • Direct Debit
  • EBPP
  • Payment at Axis Bank Branch
  • Payment at Axis Bank ATM
  • Your bank branch
  • Sky pack Drop boxes
  • Get the premium cheque collected from home within 7 days. You can call for this service on the toll free number 1800-180-5577 (BSNL/MTNL) or 1800-200-5577 (GSM/CDMA/Others)

For the online payment mode, the policyholder can pay via;

  • Credit Card,
  • Debit Card
  • Net banking

2. How can I check policy status?

Registered users can check policy status online. Login with your username and password on the LOGIN tab give on the company’s home page

Alternatively, you can inquire from toll free: 1800-180-5577 (BSNL/MTNL) or 1800-200-5577 (GSM/CDMA/Others)


3.
What is the policy renewal process?

For policy renewal online follow these 3 easy steps

Step1: Enter your Client ID and Date of Birth to login into e-portal

Step2: Enter the policy details and payment method (Debit/Credit Card or Net Banking)

Step3: Save/print premium deposit receipt on successful payment intimation

Alterantively, you can pay via cash/cheque at any of the nearest branch.

For further inquiries, you can inquire from toll free: 1800-180-5577 (BSNL/MTNL) or 1800-200-5577 (GSM/CDMA/Others)


4.
What is the company’s process to settle claim?

For claim settlement the nominee can visit the nearest branch with all the policy documents and the revlant claims form. The claims are settled within 10 working days from collection of all necessary documents for claim settlement.


5.
What is the policy cancellation process?

For cancellation you need to visit the nearest branch in person with policy documents and surrender form. Upon successful proceedings, the refund will be directly apid in your bank account.

Max Life Insurance - Latest News

  • Max Life Insurance Leads Claims Management among Life Insurance Industry Players

    Max Life Insurance, the premier non-bank promoted privately held life insurer, has maintained its lead among private life insurance industry players with its low outstanding claims ratio of only 0.7%. This result was published in the IRDAI Annual Report which took into account data obtained till the 31st of March, 2015. During the period covered in IRDAI Annual Report, Max Life Insurance received 9145 claims and settled all except 6 of the claims that were received during the period. During the Financial Year 2015 to 2016, Max Life Insurance paid a total of Rs245.46 crores in order to cover the claims payout requirement. The IRDAI report also showed the private insurer emerging as the private sector life insurance leader in terms of payment percentage, which stood at 96.03%. This computes to a repudiation rate of only 3.9%, which according to the IRDAI Annual Report put Max Life Insurance among the best performers across the life insurance industry.Original Publication Date: Jan 28, 2016Link: http://www.indiainfoline.com/article/general-others-factiva/max-life-insurance-maintains-its-top-position-in-claims-management-in-the-life-insurance-industry-116012800469_1.html
  • Max Life Insurance Introduces New Logo Subsequent to Demerger

    Max Life, India’s leading non-bank private insurer, has launched a new logo subsequent to the demerger of Max India Ltd., the majority holder in the insurance JV. Subsequent to the demerger, Max Life has begun to operate as a joint venture between the Japan-based Mitsui Sumitomo Insurance Co. Ltd., the minority stake holder and the newly de-merged entity, Max Financial Services Ltd., the majority holder with 72.1% stake. After after the demerger, Max Financial Services Ltd. would continue to operate as a wholly owned subsidiary of the Max Group, which was recently valued at US$2 billion. The company’s press release that accompanied the new logo mentioned that the new logo was designed to provide a new look, while retaining the spirit of the insurer’s existing products and services. The logo is expected to promote focus on the organisation’s commitment to performing actions that help ensure the future financial security of existing and new customers. Though currently not separately listed on the stock exchange, the new entity Max Financial Services Ltd. is scheduled to be listed by March this year.
  • Max India Shares Plunge Subsequent to Demerger

    Max India, the majority holder in the private non-bank life insurer Max Life, witnessed a plunge in its share prices subsequent to the group’s demerger into three separate entities. The initial demerger news was made public on 15th January and the three new demerged entities are expected to be listed by March 2016. The group’s share price decline that was computed at 15.59% on January 27, 2016 caused the stock to close at Rs. 398.10 as compared to the day’s opening level of Rs. 419. According to market experts this decline was not unexpected in the post demerger trading session. The new entities emerging for the demerger would be listed as Max Ventures and Industries, Max India and Max Financial Services. The record date for entitlement of equity shares in the demerged companies was the 28th of January 2016. Subsequent to the restructure, current shareholders of Max India would retain one equity share of face value Rs. 2 in Max Financial Services Limited, which will now be the majority stake holder in Max Life.
     
    Original Publication Date: 27Jan
    Link:http://economictimes.indiatimes.com/markets/stocks/news/max-india-shares-plunge-over-15-on-bourses/articleshow/50743453.cms
  • Max Group Appoints Rahul Khosla new President

    Max Group, the majority stake holder in the non-banking channel life insurer Max Life Insurance, underwent a reshuffle following the demerger of Max India, the original holding company for Max Life Insurance in India. As per company sources, Rahul Khosla’s elevation to president of the group had been planned ever since he was appointed as managing director of Max India in the year 2011. Subsequent to Khosla’s elevation, the current president Analjit Singh was appointed as founder and chairman emeritus of the Max Group. Following the demerger, the majority stake in Max Life Insurance would be held by Max Financial Services Ltd., which also appointed a new chairman, Naina Lal Kidwai, former chairman of HSBC India. Additionally, Rahul Khosla would also act as chairman of Max Life Insurance, while current managing director, Rajesh Sud was elevated to vice chairman of Max Life Insurance. Others assuming key roles in various Max India demerged entities included Tara Singh Vachani, Sahil Vachani and Mohit Talwar.