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.

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.

Best Max Life Insurance Plans

Product Portfolio

Max Life Term Plans

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

Max Life Online Term Plan Basic Life Cover

This is a pure term insurance policy that 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.

Max Life 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.

Max Life 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. The plan 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 which is particularly designed to cater to the expenses of the individual post-retirement. The policy 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 policy which 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, 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

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 which 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 policy.

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 that 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 policy which 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 Online Term Plan Plus

Any Indian citizen between the age brackets of 18 and60 years can buy Max Life Online Term Plan Plus (with coverage term extended upto 75 years of age). However, you need to know the fact beforehand that the maximum policy term you can choose is upto 40 years. This plan is available in 366 different cities of India and is also accessible to NRIs in selected countries. For more details, NRIs can also contact the company’s helpdesk.

Here is a brief idea of a few of the major benefits associated with max life insurance policy that will help you decide whether these features are in sync with your family and your needs or not:

• With Max Life Online Term Plan Plus, you get an all-inclusive 3D deal which covers Death, Disability & Disease.
• Get access to affordable premiums with Rs. 1 crore cover at 563/month only (terms & conditions applied) 
• With the option of increasing your life cover, you get an option to manage your responsibilities at different stages in life such as when you get married, have kids or have got a home loan to pay. 
• With your ageing, you have to constantly worry about your degrading health and the medical cost associated with it. The Max Life Insurance Policy status shows that with Max Life Online Term Plan Plus you are covered for any one of the 40 critical illnesses mentioned in its portfolio.
• The stats associated with Max Life Insurance Policy status proves that it has the best Claim Settlement Ratio (CSR) and is way ahead of its peers with a whopping percentage of 97.59.
• With Max Life Online Term Plan Plus, you have the option to retire peacefully without being anxious about how to manage your premium expenses once you retire. Here, you only have to pay the premium till you reach 60 years of age and you’ll still be able to enjoy its benefits till the term of coverage is completed (up to 75 years).
• You also get an additional protection from the accident with its Max Life Comprehensive Accident Benefit.
• Save big on your taxes under section 80C, 80D, 10(10D) with its tax benefits feature.
• You get the benefit of all your future premiums waived in case of critical illness or disability. 

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

1. 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.
2. You can call to the customer care toll free number to clear all your doubts and queries.
3. First and foremost, the insured will have to login to the official website of MaxLife
4. On the home page of max life insurance the policy holder can find the option of login.
5. Once you click on the login button a new window will appear.
6. 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.
7. 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:-

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

How to Recover your Username

1. If you forget your username then you can retrieve it by clicking on the forget username on the window page.
2. 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.
3. Once you complete all the required formalities you can easily retrieve your username.

If you are a new registered use, then:

1. 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.
2. Once you are done with filling all the details, recheck and validate the information about the plan.
3. You will need to confirm the phone number and email ID once you validate the information.
4. After submitting the information a link to reset password along with the email link will be send to the email ID.
5. The final steps required to complete the process of registration is to click on the link and register him/her.
6. 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

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.  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

Alternatively, you can pay via cash/cheque at any of the nearest branches.

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

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

4.  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 paid in your bank account.

Max Life Insurance - Latest News

Max Life Insurance Launches Its First Exclusive Online ULIP

Max Life Insurance Company recently launched its new online ULIP - Max Life Online Savings Plan. The new online ULIP has been carefully conceptualized and thoughtfully designed after an extensive consumer research done by Policybazaar.com and Max Life Insurance Company.

Max Life Online Savings Plan comes in two different variants – Wealth Solution and Child Solution in order to help policyholders get maximum return for their investment with Zero Policy Administration and Zero Premium Allocation charges.

Both these variants of Max Life Online Savings Plan comes packed with several unique features and benefits to ensure flexibility for policyholders to select their preferred combination of policy maturity term and premium payment term. The minimum term is 5 years and the maximum is 30 years.

Wealth Solution – This variant of the plan has been designed to maximize long-term wealth creation for policyholders. In addition, this variant offers the benefits of tax exemption on premium payment and on maturity proceeds according to the Income Tax rules. Flexibility to choose high life insurance cover is a unique benefit of this variant.

Child Solution – This variant has been designed to offer benefits to the child in the event of the death of the insured parents. The plan offers long-term corpus and a triple protection benefit to safeguard the financial future of the child. This variant provides:

1. A lump-sum sum Assured pay out in the event of the death of the insured parent.
2. i) 1% of sum assured as monthly family income benefit.
3. ii) Premium waiver for all future premiums.

This new plan provides the flexibility to choose from the five Fund options including debt funds, equity oriented funds, and balanced funds. The policy holder can opt for Dynamic Fund Allocation at the time of the inception of the plan.

Axis Bank Snaps Up Additional Stake in Max Life Insurance

Axis Bank, the third largest private lender in India, snapped up an additional 4.99% stake in Max Life Insurance, a leading private sector insurer in India, for an estimated Rs. 95.75 Crores. As a result of this acquisition, Axis Bank owns a minority stake of 5.99% in the private insurer. Out of this recent purchase of 4.99% made by Axis Bank, 1% was purchased from Mitsui Sumitomo Insurance Company, the foreign partner in Max Life Insurance, while the remaining 3.99% was purchased from Max Financial Services, the current holding company for Max Life Insurance.

Axis Bank currently also operates as the bancassurance partner of Max Life Insurance, whereas, Tata AIG handles the bancassurance channel for the general insurance division. As a result of this deal, Max Financial Services now owns the majority stake of 68.01% in Max Life Insurance, with Mitsui Sumitomo Insurance Company, the foreign-based JV partner, owns a minority stake of 25% in the venture.

Max Life Insurance Witnesses Continued Growth

Max Life Insurance, the leading non-banking channel private insurer in India, has witnessed consistent year on year growth as mentioned by a recent report. The company recorded a growth of 10% in its operating revenue, which was recorded at Rs. 2,243 crores, while the insurer also posted a 92% increase in its profits before tax, which reached Rs. 140 crores. Additional improvements of Max Life Insurance’s operations included a 16% annual growth in the firm’s assets under management, which was recorded at Rs. 34,709 crore. This is the first result that has been posted for Max Life Insurance subsequent to the demerger of Max India, into three separate entities.

Max Life Insurance is currently operating as a subsidiary of Max Financial Services, one of the demerged entities, which is the first to be listed on the stock market. The current report of performance also pointed out that Max Financial Services has also shown robust growth with profits before tax increasing to Rs. 127 Crores.

Max India Shares Rise Subsequent to Block Deal

Max India, the parent company and majority stake holder in Max India Life Insurance, has witnessed a 1% rise in its share prices after a huge block deal was executed in the share market. Though details of the deal are not yet clear and the names of both the buyer and seller currently remain a matter of speculation. Industry experts have commented that this rise is just an expected market correction following the steep decline in Max India’s shares subsequent to the company’s demerger into three separate entities. This recent rise in share prices follows the recent purchase by KKR of 9.95% stake in Max Financial Services, one of the key demerged entities. As a result of the demerger, stake in Max India Life Insurance is no longer held by Max India; instead, the new demerged entity Max Financial Services officially holds the majority stake in the non-banking life insurer.

KKR PE Fund Purchases 9.95% Stake in Max Financial Services

KKR PE Fund announced its purchase of a 9.95% stake in Max Financial Services, one of the demerged entities of Max India Group that currently holds a majority stake of 72% in Max Life. Max Life is a leading private sector player in India’s insurance industry and is currently ranked as the country’s fourth largest life insurer. KKR completed the stake acquisition from an Analjit Singh-led sponsor group. Analjit Singh is currently holds the post of chairman emeritus of the Max Group. As a result of this purchase of equity, Max Group including Max Life receives a cash infusion to the tune of $140 million based on the current valuation of Max Financial services at $1.35 billion. The KKR investment was completed from the company’s Asian Fund II route via the investment portfolio route. As a result of the current deal, Max Group’s current holdings in Max Financial Services was decreased to 31%.

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.

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.

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.

Max Life Insurance gets into 3-way partnership after Axis Bank buys its 5.99% stakes

MLIC, Max Life Insurance Company gets Axis bank as its new partner. The third largest private financier of India, Axis bank ltd brings its stakes up in MLIC, Max Life Insurance Company which is in 3-way partnership amongst Mitsui Sumitomo Insurance, Max Financial Services and Axis Bank to 5.99% now as per the stock exchange revelations.

The Max Financial Services educated the stock exchange body that Mitsui Sumitomo sold just 1 % to Axis Bank for Rs 19.19 crores while it sold 3.99% for Rs 76.56 crores. Before this settlement, Axis Bank was holding only 1% stake in the private insurance company. After this settlement, Max Financial Services the recently demerged existence of the Max Group which owned the life insurance tools, Mitsui Sumitomo, and Axis Bank own 68.01%, 25% and 5.99% stakes, separately, in Max Life Insurance. The present settlement has estimated the value of Max Life Insurance at Rs 1,919 crore.