Max Life Insurance

What Are The Best Max Life Insurance Plans?

Why Should You Choose Max Life Insurance?

Max Life has built its operations over almost two decades through need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.

As per public disclosures, during the financial year 2020-21, 

• Max Life achieved gross written premium of Rs. 19,018 crore.

• The Company had Rs. 90,407 crore of assets under management(AUM), and 

• A Sum Assured in Force of Rs. 1,087,987 crore.

Here is why you should choose Max Life Insurance.

• Empathy: The 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 99.35%, the 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 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. The company 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.

Additional advantages of choosing Max Life Insurance includes:

• Protect family and loved ones

  No one can predict the future but one thing is inevitable, and that is death. Therefore, to ensure that you cover your family against all financial obligations once you are no longer alive, Max Life Term Insurance Plans are recommended. They are affordable and provide death benefits to the nominees after your death, so that they can continue to maintain their standard of living without fail.

• Protect against loans and debts

  In case you have any existing loans and debts, Max Life Term Insurance Plan can help your loved ones pay those debts with the claim amount, without having to worry about financial constraints.

• Tax Benefits

  You also get tax benefits on buying term insurance plans under Sections 80C and 10(10D) of ITA.

Max Life Claim Settlement Ratio 

What Are The Benefits of Max Life Insurance?

The company offers many benefits to insurance holders. Let’s take a look at it:

• The company 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 policies also provide the advantage of tax exemption U/S 80C and 10(10D) of Income Tax Act.

• An individual can purchase policy online in an easy and hassle-free way, from the insurer’s official website.

• The plans offered by the company helps to secure the financial future of the life assured’s family.

• Max Life Insurance policies help the life assured to provide financial security to their family and safeguard them against any type of eventualities.

How To Renew A Max Life Insurance Policy?

You can renew a Max Life Insurance policy by following the below mentioned steps:

• Step 1: Visit Life Insurance Renewal 

• Step 2: Select Max Life Insurance from the list of insurers mentioned

• Step 3: Enter details, like Policy Number and DOB and press on ‘Continue’

• Step 4: Enter rest of the required details and provide necessary documents if necessary

• Step 5: Pay the premium to renew your policy using modes like net banking, credit card, debit card, or other electronic payment methods

*Note: You can call the customer care service of Max Life Insurance if you need further assistance in the process, or if you have any doubt/query.

What Are The Types Of Plans Available In Max Life Insurance?

Here are all the different types of insurance plans:

Term Insurance Plan

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

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.

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

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.

Savings and Income Plans

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

What Are The Best Max Life Insurance Plans?

What Are The Max Life Insurance Plans for Senior Citizens In India?

The Max life insurance plan for senior citizens is specifically designed to provide them financial coverage against any type of eventuality. These plans offer 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 various retirement plans for Senior Citizens.

What Are The Max Life Insurance Riders?

Add-on rider benefits are used 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.

• 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.

• 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.

What Are The Exclusions 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 Claim Max Life Insurance? 

Max Life Insurance provides a convenient and hassle-free claim intimation and settlement procedure. The insurance company process claims by ensuring that the amount of claim is received by the family members easily and quickly. A dedicated and committed claims officer is assigned for every Max Life death claim to guide applicants through every phase of the claim procedure. The company has a claim settlement ratio of 99.35% as per IRDAI Annual Report 2020-21. 

Online Max Life Claim Settlement Process 

Max Life Insurance has three quick and hassle-free claim settlement procedures. The procedure is as follows: 

1. Step 1: Intimation of Claim 

   The nominee should intimate the insurance company about the claim in written form. Enter the information about your claim on the official website of Max Life Insurance. Fill in the required information like policy number, claim information, details of a claimant, policyholder details, and contact information of the claimant. The nominee or beneficiary can get the claim intimation form by visiting the nearby branch of the Max Life Insurance or you can also download it from the insurer’s official website. 

2. Step 2: Documents Submission 

   After submitting all the required information, it is important to upload all the documents with the provided details. The nominee is required to provide a few documents to the insurer such as the death certificate, age of the policyholder, policy documents, and any other documents requested by the insurer. 

3. Step 3: Settlement of claims 

   According to IRDAI, the insurer is required to settle the Max Life Insurance Claim within 30 days of receiving the receipt of the submitted documents. However, in some of the scenarios, the insurer needs further investigations. In these situations, the insurer has to finish the entire process within six months from the date of getting the written intimation notice. 

Offline Max Life Claim Settlement Process

Apart from the online facility, Max life insurance also provides an offline facility to request claims at the nearest branch office of the company. The procedure is as follows: 

1. Step 1:

   Claim Registration of Max Life Insurance and Submission of Documents To request a Max life insurance claim at the nearest branch office of the insurer, the nominee is asked to register the claim and submit all the required information so that the Max life claim can be processed quickly and conveniently in the future. 

2. Step 2: Evaluation of Max Life Claim 

   After the complete registration of the claim and submitting all the relevant documents, the claim is then evaluated by the claim assistance staff. 

3. Step 3: Claim Settlement of Max Life 

   A decision will be made and the claim will be settled depending on the claim assessment 

Documents Required to Claim Insurance with Max Life Company 

In case of a death claim, the client is required to submit the following documents: 

• Attested or original copy of Death certificate that is issued by the local municipal

• NEFT Mandate application attested by the bank personnel

• Canceled cheque or passbook of bank account 

• Death claim form i.e., Form-A 

• Photo ID Card of Beneficiary such as passport, Voter ID, PAN card, Aadhar card 

Additional Documents 

These additional documents are required to submit as per the death cause: 

• Natural/Medical Death 

• Statement of Attending Physician 

• Medical reports such as Discharge or death summary, test reports, admission notes 

• Unnatural/Accidental Death 

• FIR (First Information Report) or Police Complaint or Panchanama 

• Post mortem report copy, viscera, and Autopsy report 

• Charge sheet or Final Police Investigation Report (FPIR)

Documents Required For Group Claims 

A customer is required to submit the following documents to intimate a group claim under different categories: 

1. Employer-Employee Plans 

   • Claim Application 

   • Attested or original copy of death certificate allotted by local municipal authorities 

   • NEFT Mandate application to be filled by policyholder/nominee along with the canceled cheque copy in which the account holder’s name is mentioned or bank account passbook copy 

2. Non-Employer Employee Plans 

   • Certificate of Insurance 

   • Copy of Attested/Original death certificate allotted by Local municipal authority 

   • Claim application

   • NEFT Mandate application which is attested by bank experts along with a bank passbook and a canceled cheque 

   Here are some of the additional documents which are needed to submit on the basis of death cause: 

3. Natural/Medical Death 

   • Form C i.e., Statement of attending physician 

   • Medical Documents such as discharge or death summary, admission notes, test reports, death summary 

4. Unnatural/Accidental Death 

   • FIR Copy/Police complaint/Panchanama

   • Copy of Post Mortem Report/viscera/autopsy report 

   • Copy of FPIR/charge sheet 

How To Buy Max Life Insurance Plans From Policybazaar?

Below mentioned are the steps to buy Max Life Insurance Plans from Policybazaar:

• Step 1: Go to the Policybazaar Life Insurance page and select the type of insurance you want to buy between term insurance and investment plan.

• Step 2 : Fill in details like Name, Gender, Mobile Number, DOB, and then, click on View Term Quotes.

• Step 3: Also fill in your annual income, smoking habits, educational qualification and occupation type, and then click on ‘View Plans’.

• Step 4: Select Max Life Insurance from the list of insurer options available.

• Step 5: Fill in details, such as full name, occupation, email, yearly income and educational qualification

• Step 6: Fill in your city, pincode and nationality.

• Step 7: Choose your preferred option of payment and pay to complete the purchase.

*Note - For any additional information or to solve queries and doubts, you can contact the max life insurance customer care service.

Max Life Insurance - FAQs