Max Life Insurance

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. 

If we talk about Indian insurance market scenario, most of the youngsters, as well as the aged crowd, don’t feel in sync with the idea of buying life insurance, as it is still considered to be a ‘not-so-important’ factor to think about. We Indians have a habit of avoiding the idea of buying life insurance as much as possible. As per a research, only a meagre percentage of Indians are insured or have life insurance. And, a major chunk of this segment has been sold the insurance: - they haven’t bought it deliberately.

However, with more and more internet penetration in the market, people have started to realize the impertinence of buying a life insurance. There are various life insurance policy providers, such as max life insurance, available online that provides you with the convenience to opt for these policies and protect your loved ones from the future contingencies.

There are various reasons why you should go online and check the Max Life Insurance Policy Status and start the application as soon as possible. Starting early always helps in the case of a life insurance with Max as you are able to get better plans and coverage at a lower cost. The younger you start, the more you save in a life insurance policy.

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 the long-term savings and the protection to more than 30 lakh customers. The Chief Executive Officer and the Managing director of Max Life Insurance is Mr. Rajesh Sud.

Max Life Insurance was ranked fourth amongst the private life insurance companies with 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.

Max Life Insurance Company’s asset under management has touched the mark of Rs.50,000 Crore. It has seen the growth of 19.5% in the past three years. The company won the trophy for “Best Underwriting Initiative of the Year” in the Asia Banking, Financial Services & Insurance Excellence Awards. 

What is Max Life Insurance?

As one of the leading insurance providers in the country, Max Life Insurance offers inclusive protection, long-term savings, and retirement solution to the insurance seekers. The policies offered by max life insurance are specifically designed to cater to the various needs of the insurance buyers. The insurance buyers can choose from the extensive range of plans ranging from protection, retirement, child, savings, etc. as per their requirement and suitability. Over the past 15 years and so, Max Life Insurance Company has progressed as one of the best insurance companies in the country and has developed a strong reputation in the market.

Why You Should Choose Max Life Insurance?

Headquartered in Delhi, Max Life Insurance Company has an asset of Rs.62, 798 crores.  With a claim settlement ratio of 98.74%, Max Life Insurance Company constantly tries to create a solution to make life insurance plans more affordable, easy, and suitable for customers at every stage of life. Here is why you should choose Max Life Insurance.

Empathy

Max Life Insurance Company chooses its customers over numbers. With a customer-centric approach, the company offers a one-stop solution for the insurance needs of the buyers.

Transparency

With a claim settlement ratio of 98.74%, Max Life Insurance Company offers transparency to the insurance buyers.  Insurance buyers can check every detail related to different policies online.  With a  solvency ratio of 242% (Source Public Disclosure FY 2018-2019), Max Life Insurance policies offer reliability to the customers.

Accountability

The company values the trust of the insurance buyers thus provides an excellent customer support service 24X7 to the insurance buyers. Max life insurance takes accountability of the policies and provides a hassle-free claim settlement process in case the claim is filed by the nominee of the policy.

Benefits of Max Life Insurance

Max Life Insurance policies offer various benefits to insurance holders. Let’s take a look at it:

• Max Life Insurance offers a wide range of comprehensive policies to cater to the requirements of insurance buyers.
• The insurance buyers can opt for a high coverage plan at an affordable premium rate.
• Along with the benefit of insurance cover, the plans offered by Max Life Insurance also provides the advantage of tax exemption U/S 80C and 10(10D) of Income Tax Act.
• An individual can purchase the Max Life Insurance plan online in an easy and hassle-free way.
• The plans offered by Max Life Insurance helps to secure the financial future of the family of the insured.
• Max Life Insurance policies help the insured to provide financial security to their family and safeguard them against any type of eventualities.

Types of Max Life Insurance Plans

Here are all the different types of insurance plans offered by Max Life Insurance:

Max Life Term Insurance Plan

These are comprehensive life insurance plans that offer the much-needed financial protection to you and your family. Following are the Max life insurance term plans:

Max Life Online Term Plan Basic Life Cover

This is a pure term insurance plan of Max life insurance. It comes with the option of a regular premium payment.  In the event of the sudden demise of the policyholder, the plan offers financial protection to the family of the insured.

Max Life Online Term Plan Life Cover + Monthly Income

This plan offers financial security to the policyholder and his/her loved ones in case of his/her sudden demise. The death benefit amount can be used to pay for major liabilities like purchasing a car, funding the child’s education, home loan, marriage, etc.

Additionally, it provides the monthly payout that can be used to take care of the daily expenses of the family like school fees, groceries, etc. All in all, it ensures that the insured’s family is able to maintain a good lifestyle.

Max Life Online Term Plan Life Cover + Increasing Monthly Income

In case of sudden demise of the insured, this plan offers a lump sum amount as the death benefit. Apart from that, it provides a monthly payout for the next 10 years. The monthly payout can be used to meet various expenses like school fees, groceries, etc.

Even after considering the inflation rate, the plan ensures that the insured’s family is able to maintain a good lifestyle

Max Life Super Term Plan

Under this plan, the life cover increases at the rate of 5% on an annual basis. However, it doesn’t affect the premium rates.

The plan helps insured’s family cope up with rising inflation rate.

Max Life Premium Return Protection Plan

The plan safeguards the financial future of the policyholder’s family against various uncertainties. In case the policyholder survives the policy tenure, it offers the benefit of return of premium payment at the end of the policy term.

ULIP Plans

These are insurance cum investment plans that help to fulfill the goal of wealth generation. The plans offer much-needed flexibility to manage the investment.

Max Life Fast Track Super plan

Under this plan, the policyholder gets the opportunity to invest in the market with multiple fund options and get good returns on investment.

Max Life Platinum Wealth Plan

Under this plan, the policyholder gets a chance to maximize his/her wealth through market-linked returns. The plan offers an access to additional wealth boosters to fulfill the goal of wealth generation.

Pension Plans

Pension plans help the policyholder to save for his/her old age. With the help of these plans, the policyholder can enjoy the golden period of his/her life

Max Life Forever Young Pension Plan

The plan helps the policyholder to save for his/her retirement Life. This plan provides the policyholder access to additional annuity plan benefits which safeguards his/her family against unseen eventualities.

Max Life Guaranteed Lifetime Income Plan

This is a pure non-participating immediate annuity plan that offers a regular flow of income to insured after retirement. Under this plan, max life insurance provides 4 annuity options to choose from:

• Single life annuity
• Single life annuity with return of premium on the demise of the annuitant
• Joint life annuity
• Joint life annuity with return of premium on the demise of the last survivor

Max Life Perfect Partner Super

This is a traditional money back policy of max life insurance which is particularly designed to cater to the expenses of the individual post-retirement. The plan offers guaranteed annual money backs to the policyholder after retirement. Additionally, it provides life protection to the insured’s family.

The plan comes with an option of limited premium payment. It offers tax exemption on the premium amount and maturity benefit under section 80C and 10(10D) of the Income Tax Act, 1961.

Max Life Child Plans

Child plans help the policyholder to accumulate and plan his/her finances in such a way that helps him/her to fulfil his/her child’s dreams and aspiration.

Max life Future Genius Education Plan

This is a participating non-linked life insurance plan of max life insurance. This plan is specifically designed to cover the financial expenses of the child. The plan benefits help to look after the higher education costs with the help of disciplined savings.

The policyholder can select the policy tenure and premium payment tenure of the plan, depending on the education needs of their children.

Max Life Shiksha Plus Super Plan

This is a ULIP plan offered that provides enhanced protection to the insured child. Under this plan of max life insurance, the policyholder can secure funds for his/her child’s future so that he/she can achieve the major milestones of his/her life.

This is an investment come protection plan that invests half of the premium amount in equity-linked savings schemes, whereas, the other half is invested in life protection.

Max Life Savings and Income Plan by Max Life Insurance Company

These plans help the insured to save systematically and achieve his/her life goals by providing a comprehensive coverage.

Max Life Whole Life Super

This is a savings plan of max life insurance. It helps to create a financial cushion in a long-term. As a whole life protection plan, this plan offers guaranteed protection to the insured until the age of 100 years. The plan also provides accrued bonus facility depending on the needs of the insured.

With the limited premium payment option, the plan also provides additional rider benefits. The riders can be bought to enhance the coverage of the plan.

Max Life Guaranteed Income Plan

This is a savings plan which provides the dual benefits of life protection along with the guaranteed payout as monthly income for a period of 10 years. Moreover, the monthly income is doubled during the last 5 years of the policy period. The plan also offers terminal bonus after the completion of the policy period. 

Max Life Gain Premier

This is a traditional participating endowment plan of max life insurance. It provides an opportunity to create a financial cushion through systematic savings. The plan offers a flexible bonus option. Depending on his/her requirements, the insured can enhance the policy coverage with the help of additional rider benefits offered under the plan.

Max Life Monthly Income Advantage Plan

It is a limited premium payment policy that provides life coverage up to the tenure of 25 years. After the completion of the premium payment tenure, the plan provides a guaranteed monthly income for 10 years. Moreover, the plan offers a comprehensive insurance coverage along with the rider benefit.

Max Life Assured Wealth Plan

This is a non-participating, non-linked life insurance plan of max life insurance. It provides a guaranteed return on investment to meet the saving goals of the individual. The plan provides an opportunity to create a corpus by saving systematically.

Note- In order to get the best insurance plan that suits you the most, you can compare various Max Life insurance plans.

Max Life POS Guaranteed Benefit Plan

An easy to understand and purchase savings and income plan that offers guaranteed benefits to make sure financial security. The plan offers guaranteed death and maturity benefits. The premium payment term of this policy is fixed and short that helps to build the desired amount for dreams quickly. The plan is easy to understand and simple to purchase.

Best Max Life Insurance Plans

Max Life Insurance for Senior Citizens in India

The Max life insurance plans for senior citizens are specifically designed to provide them financial coverage against any type of eventuality. The plans offered by max life insurance provide the flexibility to choose the coverage and tenure of policy and can be availed easily online.  Keeping the requirements of the senior citizen in mind, there are different retirement plans offered by the company to secure the financial future of the individual after retirement. The policy buyers can compare these plans online and choose the most beneficial plan as per their requirement and suitability. Let’s take a look at the retirement plans offered by Max Life Insurance for Senior Citizens.

Max Life Insurance for Child

To secure the financial future of the child, Max Life Insurance offers child insurance plans for insurance seekers. A child insurance plan is a combination of insurance and investment, which ensures a financially secured future for the child. Moreover, these plans also provide flexible payouts at major milestones of the child’s life like for higher education, marriage, etc. let’s take a look at the child insurance plans offered by Max Life Insurance.

Claim Settlement Process for Max Life Insurance

A policyholder can intimate about the claim by giving written information to the Max Life Insurance Company through any of the following means:

• Max Life Insurance Company’s nearest branch office
• Through his/her Max Life Insurance Agent Advisor
• Emailing at support[at]maxlifeinsurance.com or

By sending written information at the following address:

Max Life Insurance Operations Center,
Claims Department,
Max Life Insurance Company
Operations Center – 2nd Floor
90A, Sector 18, Udyog Vihar,
Gurgaon – 122015, India.

A policyholder can download the claim form from the claim section of the Max Life Insurance Company’s website. Or get it through his/her insurance agent or by visiting the nearest branch of the company.

The claim should be intimated to the company as soon as after the death of the policyholder. In case of critical illness or any dread disease, the claims must be intimated only after completion of the survival period, which is 28 to 30 days after the occurrence of the event.

As per the norms of the max life insurance company all the regular claims are settled within 30 days after the submission of all the required documents. If the claim requires further verification, then the process may take up to 180 days in its settlement. Whatever the decision is, it is intimated to the claimant.

The claim amount is received according to the option chosen by the nominee of the policyholder at the time of submission of all the claim related documents. The company generally encourages electronic fund transfer for hassle-free and fast customer experience.

Documents Required For Max Life Insurance Claim Settlement

The following are the important documents that should be kept handy while filing the claim for the Max Life Insurance policy.

Important Documents Required

• Original policy documents
• Original and attested copy of death certificates (issued by local municipal authority)
• Beneficiary’s photo identity proof.
• Claim settlement application form.
• Attested NEFT mandate form by bank authorities along with bank account passbook or cancelled check.

Other Important Documents Needed on Basic of Cause of Death

• Natural or death due to medical problem:
• Medical record of unnatural/accidental death
• Statement of the physician attending
• Copy of FIR or police complaint/panchanama
• Copy of autopsy/post mortem report and viscera report
• Copy of charge sheet/ final police investigation report

Riders Available with Max Life Insurance Plans:

Add-on rider benefits are offered by the Max Life Insurance Company to enhance the coverage of the policy. The riders can be purchased by the policyholder by paying extra premium along with the basic premium of the policy. Let’s take a look at the rider benefits offered by Max Life Insurance.

Comprehensive Accidental Benefit Rider (CAB Rider)

Under this rider option, an extra sum assured amount is paid to the beneficiary of the policy in case of accidental demise or dismemberment of the policyholder.

Waiver of Premium Plus

Under this rider option, all the future premium of the policy is waived off in case of critical illness, death or dismemberment of the insured person. If the insured person and policyholder is the same then the waiver of future premium is provided to the nominee in case of diagnosis of specific critical illness or dismemberment. In case the insured person and policyholder are different then the waiver of future premium is provided to the nominee in case of diagnosis of specific critical illness, dismemberment, or death of the policyholder.

Critical Illness Rider

Under this option of rider benefit, a lump-sum amount is paid to the insured on the diagnosis of critical illness as listed in the plan document.

Partner Care rider

The partner care rider can be added to the life insurance plan to provide extra protection to the dependents in case of death of the insured person. Under this rider option, all the future premiums of the policy are paid to the nominee by the insurance company in the event of the death of the insured during the tenure of the plan.

Exclusion of Max Life Insurance Plan

If the life assured, sane, or insane commits suicide with 12 months from the date of policy initiation or from the date of renewal of the policy, then no death benefit will be offered to the beneficiary and the policy shall be terminated immediately. In such cases, only 80% of the total premium paid till date is returned to the nominee of the policy.

How to Check Max Life Insurance Policy Status

The procedure to check the policy status of MAX life insurance is very simple and hassle free. One can check the policy status with just few clicks, all you need to do is to keep handy the important information and provide all the details online in order to seek the required info. The best way you can check max life insurance policy status is by visiting the official website of max life insurance company.

Along with submitting the essential details the insured will also be required to mention the policy details while checking the max life insurance policy status. In order to help you know more about the procedure to check max life insurance policy status online, further we have elaborately discussed about it.

There are several ways to check the policy status of max life insurance.  You can either check the policy status online by visiting the official website of max life insurance or you can know your policy details by calling the customer care toll free number, email or via SMS.

Prior proceeding to the details of the process of policy, it is important know what are the policies covered by max life insurance. There is wide range of life insurance policies offered by max life insurance ranging from retirement plan, child plan, growth plan, protection plan, saving plan, etc.  If you have purchased any of the max policy then you can follow the below explained process to check max life insurance policy status.

Procedure to Check Max Life Insurance Policy Status Online

• If you are an existing customer then you will be required to log into the customer portal to check the status. In case you are a new customer then you will have to register yourself initially.
• You can call to the customer care toll free number to clear all your doubts and queries.
• First and foremost, the insured will have to login to the official website of MaxLife
• On the home page of max life insurance the policy holder can find the option of login.
• Once you click on the login button a new window will appear.
• On the new window the life insured will have to fill the required details like his username, ID and password. After you complete filling the required information then login to the customer portal.
• In order to seek the max life insurance policy status the policy holder will have to deliver the policy number along with the other required details. 

In case you Forget your Login Password

If you forget your login password then follow these steps to retrieve it:-

• Click on ‘forget password’
• Fill the important details like client ID, email address, policy number and click on the submit button.
• You will a password resetting link in your email address.
• By clicking on that link the policy holder can reset his/her password.

How to Recover your Username

• If you forget your username then you can retrieve it by clicking on the forget username on the window page.
• A new page will open on the screen. Thus, fill the required details like policy number, client ID and email address and click on the submit button.
• Once you complete all the required formalities you can easily retrieve your username.

If you are a new registered use, then:

• First and foremost the policy holder will be required to login to the company’s website and enter the policy details like customer ID, policy number and date of birth. You can find the details of the policy in your policy bond.
• Once you are done with filling all the details, recheck and validate the information about the plan.
• You will need to confirm the phone number and email ID once you validate the information.
• After submitting the information a link to reset password along with the email link will be send to the email ID.
• The final steps required to complete the process of registration is to click on the link and register him/her.
• Once you are done with your registration process and change the password successfully, you can check your max life insurance policy status and seek the other required information.

Max Life Distribution Network

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

Max Life Insurance - FAQ