Max Life Traditional Plans

4.2 / 5 based on 25 User Reviews
*Please note that the quotes shown will be from our partners

Max Life Insurance, one of the leading life insurers and it is a joint venture between Max India Limited and Mitsui Sumitomo Insurance Company Limited. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. They offer comprehensive life insurance and retirement solutions for long-term savings. It has a huge diversified distribution network including the country's leading agent advisors, exclusive arrangement with Axis Bank and several other partners. Max Life Insurance is a quality business focused on delivering excellence to customers through advice based sale process, customer centric approach to business, financial stability & investment expertise and strong human capital.

The most important vision of the organization is to become the ‘most admired ‘life insurance Company by securing financial future of the customers. They aim at being a honest and committed at doing what is right. They have a strong social relevance and aim at contributing to the society by supporting causes in health and well-being. In the financial year 2013-14 Max Life Insurance ranked the 4th largest amongst private Insurance companies.

What are Traditional / Investment Plans

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The policyholder does not know the whereabouts of the invested premium. The policyholder is promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features, which are mentioned below:

  • These plans are issued for a longer-term perspective and money cannot be withdrawn from the plans.
  • In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
  • The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses, which are not true for non-participating plans.
  • The plans may be issued either as Endowment Plans or Money Back Plans

Max Life Traditional / Investment Plans

Max Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits.

  • Max Life Monthly Advantage Plan- It is a comprehensive savings & protection plan that provides guaranteed monthly income for 10 years to meet your recurring expenses and lump-sum benefit, which comprises of non-guaranteed bonuses, at maturity to cater to your long-term financial goals. Few of its features are as follows:
  1. Guaranteed Monthly Income – Guaranteed monthly income for 10 years immediately after completion of Premium Payment Term.
  2. Lump Sum benefit on Maturity – Accrued Bonus + Terminal Bonus on maturity.
  3. Benefits through Riders
  4. Tax benefit is available on the premium paid and the claim received.
  5. Policy continuance Benefit – in case of eventuality one can get lump sum benefit immediately on death to ensure financial security or can get future premiums waived off and ensure all other benefits are payable to the beneficiary .

 

Minimum

Maximum

Entry Age

12 years

55 years

Policy Term

10/22 years

25 years

     

Premium Payment Term

12 years or 15 years

  1. Survival Benefit = Income Benefit + Maturity Benefit.
  • Max Life Guaranteed Income Plan - Max Life Guaranteed Income Plan offers guaranteed benefits from the very outset. The plan provides for a period of 10 years after the Policy Term. The income payable monthly in the last 5 years of the payout period is twice the income payable monthly in the first 5 years of the payout period. This is followed by a one-time guaranteed Terminal Benefit payable at the end of the Payout Period. It also ensures that the lifestyle of your family is protected against any exigencies. Few of its features are as follows:
  1. Guaranteed Monthly Income – Guaranteed monthly income for 10 years along with one time guaranteed Terminal Benefit at the end of the payout period.
  2. Guaranteed Income that doubles after 5 years – Guaranteed monthly income offered in the first 5 years of the payout period is doubled in the remaining 5 years.
  3. Immediate payout after Policy Term - Monthly Income Benefit immediately after the Policy Term.
  4. Guaranteed Protection with choice of payout options on death - The plan offers life cover for the entire Policy Term by providing guaranteed death benefit. On death during the Policy Term, the nomineeA person or firm into whose name the policy is transferred in order to facilitate transactions, while leaving the customer as the actual owner. will have an option to select either a) Lump sum Death Benefit or b) Income for 10 years post death.
  5. Flexibility to get monthly income as lump sum - The Plan offers you an option wherein you can receive the present value of the survival and death benefit respectively instead of the monthly payouts.
  6. Tax benefit is available on the premium paid and the claim received. Eligibility Details

 

Minimum

Maximum

Entry Age

25 years

55 years or 60 years

Policy Term

6 years

12 years

Sum Assured

Rs.4,50,873 – 6 years

Rs. 2,69,565 – 12 years

No limit

     

 

  • Max Whole Life Super Plan – This is a life insurance plan in which you pay premiums for only a limited number of years and enjoy protection up to the age 100 years. Few of its features are as follows:
  1. Guaranteed Life Time Protection – This plan offers protection for life till age 100 which continues through bonuses. At the age of 100, this plan gives you 100% of Guaranteed Maturity Sum Assured along with Accrued paid up additions and Terminal Bonus.
  2. Flexible Bonus Option – it allows you to choose from a few bonus options – Bonus paid in cash, Premium Offset – Bonus declared is used to offset future premiums payable, paid up Additions – in this case, bonus declared is used to purchase additional sum assured, which helps to boost the maturity value through power of compounding.
  3. Access the money through paid up additions withdrawal – it allows you to withdraw the cash value of the same in case of any need.
  4. Customization of Policy.
  5. Terminal Illness Benefit -  The plan offers unique Terminal Illness benefit, in which if the Life Insured is found to be suffering from terminal illnessA disease that cannot be cured or adequately treated and that is reasonably expected to result in the death of the patient within a relatively short period of time. that is likely to lead to his/her death, within six months of diagnosis in the opinion of registered medical practitioner, the Company will advance 50% of the Guaranteed Maturity Sum Assured (up to maximum of Rs.10 lacs across all policies which provide this benefit) immediately on Policyholder's request.
  6. Rider Benefits are available at nominal charges.

 

Minimum

Maximum

Entry Age

18 years

10 years PPT = 60 years

15 years PPT = 55 years

20 years PPT = 50 years

Policy Term

10/22 years

20 years

Sum Assured

Rs.50,000

No limit

Premium Payment

Rs.8500

No Limit

Premium Payment Term

10 years/ 15 years/20 years

 

  • Max Life Life Gain Premier Plan – This plan helps to build a corpus in a systematic manner and one can utilize to fulfill the important goals of life. Few of its features are as follows:

Flexible Premium Payment Terms and Policy Terms –The plan offers you 6 options to choose from, basis your need

  • 6 or 8 years Premium Payment Terms with Policy Terms of 15 and 20 years
  • 10 years Premium Payment Term with Policy Term of 20 years
  • 12 years Premium Payment Term with Policy Term of 25 years
  1. Flexible BonusDividends paid to shareholders from funds created out of additional profits realised by the company.
  2. Options - The plan offers the flexibility to choose from 3 bonusDividends paid to shareholders from funds created out of additional profits realised by the company. options basis your need.
  3. Guaranteed Maturity Benefit - The plan offers 100% of Guaranteed Maturity Sum Assured on maturity of the policy
  4. Guaranteed Death Benefit - The plan offers a guaranteed death benefit to ensure financial security of your loved ones in case of any exigencies
  5. Terminal Illness Benefits - In case you are diagnosed to be suffering from a disease, which is likely to lead to death within six months, the Company will pay 50% of Guaranteed Maturity Sum Assured.
  6. Guaranteed Solution for Your Child's Needs -This will ensure policy continuance and availability of funds for your child's education / marriage at maturity even in your absence
  7. Flexibility To Withdraw Money To Meet Any Emergency - You have the flexibility to withdraw the accumulated bonusDividends paid to shareholders from funds created out of additional profits realised by the company.es in case of any need.
  8. Tax benefit is available on the premium paid and the claim received.
  9. Riders are available at nominal cost.

 

Minimum

Maximum

Entry Age

18 years

15/20 years PPT = 55 years

25 years PPT = 50 years

Policy Term

15/20 years

25 years

Sum Assured

Rs.1,00,000

No limit

Premium payment Frequency

Yearly, half-yearly, quarterly, monthly

 

Premium Payment Term

  15 years/20 years/25 years.

 

  • Max Life Future Secure II Plan – This plan is a non-linked, participating, limited pay endowment Life Insurance Plan. This plan helps in fulfills all the commitments at every walk in our life along with a cozy retirement. It helps in securing a financially secured life. Few of its features are as follows:

1. Policy continuance benefit in case the life insured is a minor at the time of proposal. Ensures    guaranteed continuance of the policy and benefits in an unfortunate case of death of the proposer during the premium payment term.

2. Immediate financial support to the family In the unfortunate case of the death of the life insured, 100% of the sum assured along with the accrued bonuses, if any, is paid to the nomineeA person or firm into whose name the policy is transferred in order to facilitate transactions, while leaving the customer as the actual owner..

3. Maturity Benefit – 100% of Sum Assured + Accrued Compound Revisionary Bonus (if any) + Terminal Bonus (if any).

4. Death Benefit - 100% of Sum Assured + Accrued Compound Revisionary Bonus (if any) + Terminal Bonus (if any).

 

Minimum

Maximum

Entry Age

1 year

55 years

Policy Term

20 years

 

Minimum Sum Assured

Rs.1,50,000

2 crores

Premium Payment Term

12 years

Premium Payment Mode

Annual

 

Retirement Plans:

Life Insurance Retirement/Pension Plans can help you secure your retirement dreams by ensuring that you have enough funds when you finally decide to call it a day. So start planning for your retirement today by systematically investing in our Retirement Plans.

  • Max Guaranteed Lifetime Income Plan – This is a non-linked traditional annuity plan that guarantees a regular stream of income post retirement. Few of its features are discussed below:
    1. Death Benefit – Annuity of Life – There are 4 Annuity options available
  • Single Life Annuity for Life – A fixed amount guaranteed at the policy inception to be paid throughout.
  •  Single Life Annuity for Life with Return of Premium – A fixed amount shall be paid throughout your life. On death 100% purchase price shall be paid to the nominee.
  •  Joint Life Annuity for Life - Joint Life Annuity for Life with Return of Premium.
  • Minimum Entry Age – 50 years
  • Maximum Entry Age – 80 years

  • Max Life Perfect Partner Super Plan – This plan is to cater individual needs and simplify by financial planning and investment. This is a life insurance plan, it provides protection for life and simplifies financial planning, and savings needs. Some benefits offered the plan are like providing life Insurance coverage till the age of 75 years, Money back feature where in once receives 7.5% of the guaranteed Maturity Sum Assured per annum for 15 years to take care from 61 years to 75 years and lastly Maturity benefits at the age of 75 years.

Applying for a Traditional / Investment Plan from the company:

Online

The company offers specific plans, which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans, which are not available online, can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Traditional Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

To know about Pension Plans check at Max Life Pension Plans

Max Life Traditional Plans - 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 for Max Life traditional plans?

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

 

3. What is the policy renewal process for Max Life traditional plans?

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.

4. What is the company’s process to settle claim for Max Life traditional plans?

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 Max Life traditional plans?

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 Traditional Plans Reviews

TOTAL REVIEWS (25)
Mohan
Dehradun
September 26, 2016

Trustable

Max life insurance company provides wide range of insurance policies. I purchased traditional insurance policy. Policy is perfect with many benefits and paybacks. Claims are very easy to cleared with help of the executives of the company. Online portal is for online renewals which is very easy to do.

Gagan
Akluj
August 24, 2016

"Superb"

The policy i have is max traditional life insurance policy. My colleague suggested me the plan, the plan is quite interesting so i took it. Service is fast and on time till last visit. Online renewal is possible through online portal which can be handled by anyone because it has simple interface.

Nadeem
Kurukshetra
July 26, 2016

Investment plan

Max life insurance policy status facilitates me traditional insurance plan which is very nice and it has low premiums too. The coverage is high and claims are even better. Claiming procedure is simple. The renewals are easy to do on online service which can be operated by anybody.

Jihaan
Lakhanpur
July 11, 2016

Traditional Policy

My investment policy is awesome with some good benefits. Service provided is very quick and due to this the claiming part become easy. Hassle free paperwork and documentations and due to online service the renewal of the policy is simple.

Sumit
Bangalore
June 29, 2016

Good

Policy coverage is good and claims are better which easily sanctioned due to fast service provided by the company members. Very good traditional insurance plan, Premiums are low. Service of the internet is good and easy to use.

Kamal
Navi_mumbai
April 20, 2016

Perfect Policy Plan

I finally buy max life insurance traditional policy plan. Policy covers almost all cases and the amount of returns is around 40 L. Service provided is fast and on time. Good future investment which save taxes. Nice services facilitate by executives and staff members.

Gaurav
Suratgarh
April 20, 2016

Just Go For It

The policy i have is max traditional policy plan which is very good and the premiums are low with high in policy coverage 89%. The claiming part is very easy because the service is very fast with good response from the staff members. Nice future investment with tax savings.

Umakant
Thane
April 20, 2016

Above Average

My max life traditional policy plan is good in services. The policy coverage is good ~85% and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members. The payback amount is ~Rs.31 L. I like the terms and conditions of the policy plan.

Yashu
Ulhas_nagar
April 20, 2016

Awesome

Policy has all benefits and the investments are also low. Around Rs.36 L is payback amount. Max life insurance provide me traditional plan which has good facilities and the service is very quick. The up gradation details in policy is mailed to me time to time. The behaviour and service provided by the executive and staff members is awesome.

Waqar
Chittoor
April 20, 2016

Fair Policy

Max life insurance traditional policy plan which have 88% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. The daily updates are texted and mailed time to time to may email id and cell phone.

Prabhjot
Rohtak
April 20, 2016

High Returns In Low Premium

I have traditional policy plan from max life insurance. The policy provides good coverage with low premiums. Claims are around Rs.31 L. Service always on time. The executives and staff members are facilitate great services. Satisfactory policy plan, nice work.

Saajid
Fatehpur
April 20, 2016

Manageable And Satisfied

I own max insurance traditional plan. Plan is good and premium is low. Policy coverage is high and payback returns too. Claiming amount is Rs.31 L. Service is fast like super sonic. The daily updates are mailed to me time to time. Overall, perfect policy plan.

Abhishek
Jorhat
April 20, 2016

Fantastic Plan

Max life insurance is one of the best insurance company. I took traditional insurance policy plan which provide me best service and good returns. The premiums are low and the policy coverage is 81% with high claims. The behaviour is good from executives and staff members. Nice insurance plan. I like my policy plan.

Jiten
Porbandar
April 20, 2016

Wonderful

Superb policy by max life traditional insurance policy plan. The returns are good ~Rs.36 L in very low premiums ~Rs.13 K quarterly. Service is fast which facilitate by executives and all company members with nice behaviour and quick response. Good future investments with tax saving.

Firoz
Sultanpur
April 20, 2016

Fair Policy

I invest my money in max traditional insurance policy plan. The policy coverage is good ~88% and the claims are high. The premiums are low ~12 K quarterly. Paybacks are really very good Rs.32 L. Good investment and tax saver policy plan.

Bhasker
Mirzapur
April 20, 2016

Below Average

The max life traditional policy plan i have is below average. The premium is good and the returns are less. You facilitate services are bit slow and the waiting is normal. Web services are better. Good future investment which save my taxes too.

Manav
Jalpaiguri
April 20, 2016

Above Average

My traditional policy plan is with max life insurance. The policy is great with maximum benefits. The policy coverage is high ~85%. The investment is low approx. Rs.18 K quarterly per year. The claims are good and easily cleared without waiting. Payback amount is nice ~rs.39 L. Good policy plan.

Harish
Nilagiri
April 20, 2016

Great Benefits

I finally buy max life insurance traditional policy plan. Policy covers almost all cases and the amount of returns is around 36 L. Service provided by executives and staff members is fast and on time. Fantastic future investment which save taxes too. Good work guys.

Shabnam
Guwahati
April 20, 2016

Manageable

Policy has all benefits and the investments are also low. Around Rs.35 L is payback amount. Max life insurance provide me traditional plan which has nice facilities and the service is very quick. The service provided by the executives and staff members are really very good. The investment is good for future and it saves taxes also.

Varun
Rajpur
April 20, 2016

Good Plan

I bought max traditional policy plan. Policy coverage is 81% and the premium is low. Claims are ~Rs.31 L. Service is quick and even the web services are also nice and the behaviour of the staff is perfect even after buying policy. Good response.

Lakshay
Laxmipur
April 20, 2016

slow service

I have traditional plan from max life insurance. Policy coverage is 89% and the claims are Rs.36 L. Service is good and quick provided by the executives and staff members. But please improve your online services. Good future investment which saves taxes too. Nice work.

Jayant
Ludhiana
April 20, 2016

Best

Buy traditional plans from max life insurance. The policy coverage is ~90%. Services provided by executives is awesome. Claims are good and done without any interruption. Overall fine life insurance which have low premiums. Nice future investment and it saves taxes also.

David
Bharatpur
April 20, 2016

Satisfactory

I Bought max life insurance and took traditional insurance policy plan. The policy is average and the coverage is 75%. The claims are normal but the premiums are low. The service is okay which provided by the staff members. Good future investment and tax cutter also. Satisfied.

Saurabh
Badlapur
April 20, 2016

Very Nice

I have the best policy plan from max life insurance. The benefits are many with low premiums. Policy coverage is 87%. Claims approx. Rs.31 L with easy procedure to get it. Good future investment which save taxes. Good behaviour of executives and staff members.

Abhinav
Ahmedabad
April 20, 2016

Good

I buy max life traditional plan. The policy coverage is 80% and the claims are Rs.30 L. Services provided by the executives is really very good and online facility also there which have easy interface. My wife is happy with this policy, so m i. Good Job.