Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation. Max Life has a total claim paid ratio of 99.35% as per the annual audited financials for FY 20-21.
Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over almost two decades through a 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 a gross written premium of Rs. 19,018 crore. As on 31st March 2021,
The Company had Rs. 90,407 crore of assets under management(AUM), and
A Sum Assured in Force of Rs. 1,087,987 crore.
Types of Max Life Term Insurance Plan
Max Life Insurance Company offers different types of Max Term Insurance Plans in order to fulfill the requirements of the insurance seekers. Let us take a look at term Insurance Plans offered by Maxlife.
Plans
Entry Age
Maturity Age
Policy Term
Premium Paying Term
Max Life Super Term Plan
Minimum- 18 years Maximum- 65 years
75 years
10-35 years
Equal to Policy Term
Max Life Online Term Plan Plus
Minimum- 18 years Maximum- 60 years
85 years
10-50 years
Equal to policy Term
Max Life Premium Return Protection Plan
Minimum- 21 years Maximum- 55 years 50 years 45 years
75 years
20,25,30 years
Equal to policy Term
Disclaimer: “Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
The company has diverse types of term plans in its kitty and every Max Life term plan promises the customer attractive benefits at competitive rates. A detailed discussion of the available Max Life term plans is done below:
This is a Max Life term plan with an increasing Sum Assured feature and a dual death benefit option. The features of this Max Life term plan are as follows:
The Sum Assured under the Max Life term plan increases every year at a simple rate of 5% till the end of the plan tenure
In case of death of the life insured during the course of this Max Life term plan, the nominee has two options of availing the death benefit. For the first option, 100% of the chosen Sum Assured is paid to the nominee immediately post the death of the life insured. For the second option, 50% of the Sum Assured is paid immediately in lump sum to the nominee. The rest 50% is paid as regular income for the next 10 years. This income will also increase at a simple rate of 8.5% per annum.
Max Life Waiver of Premium Plus Rider is available under this Max Life term plan which can be attached with the base plan to ensure a more comprehensive coverage. Under the rider, future premiums are waived off in case of death, disability or critical illness if it happens within the duration of the Max Life term plan.
Eligibility Details of Max Life Super Term Plan
Minimum
Maximum
Entry Age
18 years
65 years
Maturity Age
-
75 years
Policy Term
10 years
35 years
Sum Assured
Rs.25 lakhs
No limit
Premium Amount
Rs.5000
Based on coverage
Premium Payment Term
Equal to the policy term
Premium Payment Frequency
Yearly, half-yearly, quarterly or monthly.
Max Life Online Term Plan Basic Life Cover
As the name suggests, this online Max Life term plan offered by the company has the following aspects:
This Max Life term plan can be purchased online
Under this Max Life term plan, in case of death during the chosen tenure, the death benefit is paid which is equal to the Sum Assured
An additional Max Life Comprehensive Accident Benefit Rider can be added to make this Max Life term plan even more comprehensive. Under the Rider, an additional Sum Assured is paid in case the insured dies in an accident.
Discounts are allowed under this Max Life term plan for choosing higher Sum Assured ranges
Premium discounts are given for non-smokers and female lives under the Max Life term plan
Eligibility Details of Max Life Online Term Plan Basic Life Cover
Max Life Online Term Plan Life Cover + Monthly Income
This plan is an online Max Life term plan promising regular monthly incomes post-death. The Max Life term plan’s features are:
It is an online Max Life term plan which can be bought online lowering the premium and avoiding the hassles of unnecessary paperwork
Under this Max Life term plan, in case of death of the life insured, Sum Assured is immediately paid to the nominee. Thereafter, a benefit of 0.4% of Sum Assured is paid to the nominee every month following the month of death of the insured. Thus the total Sum Assured paid to the nominee including the monthly payouts is 148% of the original Sum Assured chosen at the inception of the Max Life term plan.
An additional Max Life Comprehensive Accident Benefit Rider can be added to make this Max Life term plan more comprehensive. Under the Rider, an additional Sum Assured is paid in case the insured dies in an accident.
Discounts are allowed under this Max Life term plan for choosing higher Sum Assured ranges
Premium discounts are given for non-smokers and female lives under the Max Life term plan
Eligibility Details of Max Life Online Term Plan Life Cover + Monthly Income
Max Life Online Term Plan Life Cover + Increasing Monthly Income
An online Max Life term plan promising regular monthly incomes post the death of the insured. The features of this Max Life term plan are as follows:
It is an online Max Life term plan which can be bought online lowering the premium and avoiding the hassles of unnecessary paperwork
Under this Max Life term plan, in case of death of the life insured during the term of the plan, the Sum Assured is immediately paid to the nominee. Thereafter, a benefit of 0.4% of the Sum Assured is paid to the nominee every month following the month of death of the insured. This benefit increases every year at a simple rate of 10% on the first monthly benefit, i.e. the increment is offered on the 0.4% of the Sum Assured which is paid in the first month. Thus the total Sum Assured paid to the nominee including the monthly payouts is 169.60% of the original Sum Assured chosen at the inception of the Max Life term plan.
An additional Max Life Comprehensive Accident Benefit Rider can be added to make this Max Life term plan more comprehensive. Under the Rider, an additional Sum Assured is paid in case the insured dies in an accident.
Discounts are allowed under this Max Life term plan for choosing higher Sum Assured ranges and for people with healthy lifestyles
Eligibility Details of Max Life Online Term Plan Life Cover + Increasing Monthly Income
Minimum
Maximum
Entry Age
18 years
60 years
Maturity Age
-
70 years
Policy Term
10 years
35 years
Sum Assured
Rs.25 lakhs
Rs.100 crores
Premium Payment Term
Equal to the policy term
Premium Payment Frequency
Yearly
Max Life Premium Return Protection Plan
This is a Max Life term plan which promises the return of premium if the plan matures. The features of the Max Life term plan are as follows:
In case of death of the life insured during the term of this Max Life term plan, the Sum Assured chosen at the inception of the Max Life term plan is paid to the nominee
The Max Life term plan has an inbuilt Accidental Death Benefit Rider which states that if the insured dies due to accident during the term of this Max Life term plan, an additional death benefit will be paid to the nominee. The additional benefit will be 50% of the chosen Sum Assured under the Max Life term plan. Thus, on accidental death, the nominee will receive 150% of the Sum Assured under the Max Life term plan.
Under this Max Life term plan, the term of premium payment is limited to 11 years while a longer tenure of coverage can be chosen by the policyholder
In case the insured survives till the maturity of the Max Life term plan, he or she will get 100% of the total premiums paid under the Max Life term plan
Max Life Waiver of Premium Plus Rider is available under this Max Life term plan which can be attached with the base plan to ensure a more comprehensive coverage. Under the rider, future premiums are waived off in case of death, disability or critical illness if it happens within the duration of the Max Life term plan.
Under the Max Life term plan, discount is allowed in premium for choosing high Sum Assured levels of Rs.30 lakhs and above
Eligibility Details of Max Life Premium Return Protection Plan
Minimum
Maximum
Entry Age
21 years
55 years
Maturity Age
-
75 years
Policy Term
20 years
30 years
Sum Assured
Rs.5 lakhs
Rs.1 crore
Premium Amount
Rs.8500
Based on coverage
Premium Payment Term
11 years
Premium Payment Frequency
Yearly, half-yearly, quarterly or monthly.
Benefits of Max Term Insurance Plan
This is a comprehensive term insurance plan which provides life protection to the family of the insured in case of disability, death and diseases.
The Max Term Insurance provides the flexibility to increase the coverage of the policy so that one can meet their financial requirements.
The company has a high claim settlement ratio.
The policyholder can avail tax benefit on the premium paid towards the plan under section 80C of Income Tax Act 1961.
The term insurance plans offered by max life insurance provides higher life coverage at an affordable premium rate.
Why buy from Policybazaar?
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In case you aren’t happy with your purchase, you can cancel your policy from MyAccount hassle-free at the click of a button.
Exclusions of Max Term Insurance Plan
As there are numerous of benefits offered by Max term Insurance Plan, it has some exclusion too. In case of demise of the insurance holder due suicide within 12 months of the policy initiation the insurance company does not provide any death benefit to the beneficiary of the policy. However, the insurer will refund only the premium amount paid till date.
Claim Process of Max Term Insurance Plan
Max Life Term Insurance Plan offers very easy process of claim settlement. One just needs to follow the below mentioned steps to do so.
In order to file the claim, the beneficiary of the policy will require downloading the claim form from the official website of wwwdotmaxlifeinsurancedotcom . The nominee can also collect the form from the branch office of the company.
Once the beneficiary downloads the form he/she will have to fill the form and submit it along with the required documents like:
Original policy documents
Identity proof of the nominee
Post-mortem report if required
Report of FIR if required
Death certificate by the local municipal authority
Once the beneficiary submits all the required documents along with the claim form, the insurance company will verify the form and then pay the claim amount to beneficiary of the policy.
Documents Required for Max Term Insurance Plan
The important documents that should be kept handy while purchasing the term plan are:
Applying For the Term Insurance Plan From The Company
Online
The company offers the last Max Life term plan called e-Term Plan which is available online only. The customer only needs to log into the company’s website, choose the required Max Life term 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 for the Max Life term plan through credit card, debit card or net banking facilities and the policy will be issued.
Intermediaries
Max Life term plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
How Much Term Life Insurance Coverage Do You Need?
Life insurance needs differ from person to person and so it won't be possible to make a generalized assumption about the amount of term insurance an individual needs. However if you are wondering as to exactly how much term coverage you would need, there are a few simple ways in analyzing this.
How to Calculate the Amount of Term Life Insurance Coverage I Need?
To do this, you have to keep a few things in mind. They are:
How many people are dependent on you?
What is the other source of income, if any, of your family?
For how long will this source be available to the family?
How much money to you owe to lenders?
What are the future financial goals for your children?
Once you know this, you will know exactly how much money your family will need if you were to die suddenly. Let us understand this with an example.
Sachin has a wife and twin girls, aged 10. His wife is working as well, but she plans to work for another 5 years only. Sachin has a car loan and needs to pay EMIs every month for another 15 years. He plans to send one of his daughters to Milan to study fashion the other one to Singapore for her MBA. He calculates that the combined cost of their education would be about Rs.30 lakhs. So he buys a term plan for Rs. 60 lakhs, which would be enough to pay for his kids’ education, run the household and pay off the loan. So he buys a term plan for that amount.
How to Calculate the Term for Which the Plan Needs to be Bought?
Apart from the amount, it is also important to understand that a term plan is purchased for a particular term and should not go on forever! In Sachin’s case, he bought the term plan for 20 years as he calculated that 20 years was enough time for his daughters to get financially independent and support themselves and their mother. By then, the loans would also be paid off. So like Sachin, keep the financial goals in mind and buy coverage for as long as you need, not more not less.
Should I Consult My Agent About the Amount of Term Coverage Needed?
If you cannot calculate how much term life insurance coverage you need on your own, it is always a good idea to consult your insurance agent or your financial advisor. However, when consulting your agent, make sure you understand your needs and do not allow the agent to convince you to buy more insurance than you need.
Reasons to Opt for an Online Term Insurance Plan
A term plan is created in such a way that it helps protect one’s family, financially, when one is no longer around to personally take care of them. It pays one’s loved ones, adequate money as per the sum assured amount of the term plan, to take care of the basic financial needs of the family. A term plan prevents the immediate family from facing a full blown financial crisis right after the loss of a loved one.
With the wide spread use of the internet, term plans are also being offered online. It is quite easy to buy a plan online. All one has to do is go to the insurance company’s website, choose the online term plan, generate a quote as per one’s unique set of particulars and pay for the plan to close the purchase process. Buying a Max Life term plan is very simple and can be undertaken from the comfort of one’s home or office.
Why buy Term Insurance early?
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
Premium ₹479/month
Age 25
Age 50
Buy Today & Save Big
View Plans
Some of the important reasons why one should opt for online medium of purchase are as follows:
Low Cost/Inexpensive
Studies have shown that life insurance plans purchased online are up to 50% cheaper than their offline counterparts. This is because one is purchasing from the life insurance company directly. There are no intermediaries involved and channel sales costs are not passed down to the customer. The cost of overheads is also eliminated. Therefore just like shopping for one’s favourite mobile phone, one can buy a term insurance plan online.
Smooth Process
The online method of buying an insurance policy is much more efficient and smooth as compared to the traditional offline way. There is no need to take print-outs, fill lengthy physical forms, and make photocopies to buy a life insurance policy over the internet. The online user interface is intuitive and the online form easy to fill. In fact, the process of filling personal information is quick and such that incorrect entries are automatically highlighted. Mandatory details left blank are also highlighted and one is prompted to fill those before proceeding forward.
Convenient
Convenience is the hallmark of the online medium of purchase. One does not have to stand in a long queue in a crowded branch office of the insurance company. The purchase can be made sitting in the comfort of home or office. One can transact anytime of the day, any day of the week from any location. The purchase can be made from any internet-enabled device – mobile phone, personal computer, laptop, even a television with a keyboard / remote with computer keys. The process of online purchase is a breeze unlike the traditional offline way.
Easy Comparison
Online mode of purchase also facilitates quick comparison of life insurance plans. One can effortlessly browse insurance products and easily compare their features on different parameters – benefits, premium options, eligibility criteria, exclusions, riders, discounts etc. Comparison helps in better decision making.
Greater Transparency
Insurance companies provide complete details of every insurance product on their website. Prospective customers can browse through the finer details of any plan they are interested in. All information pertaining to a plan including its policy brochure is available on the website of the insurance company. This would include the key offerings, benefits, extent of cover, eligibility criteria, benefit illustration, application procedure, claim filing process, FAQ section and more. Online mode of purchase facilitates in greater transparency, helping one choose the most appropriate term plan as per individual requirements.
Superior Customer Support
The online mode offers superior means to assist a customer. Besides being fast and efficient, websites usually have a knowledgebase of articles as well as an FAQ section that answer common queries in detail, thereby assisting in choosing the best life insurance plan. Dedicated customer support teams are always available to assist with doubts and queries – by online chat or through VoIP phone. Offline method of purchase does not offer the same level of support that the online mode offers.
Ans: Registered users can check the policy status of their Max Life term plan online. Login with your username and password on the LOGIN tab give on the company’s home page.
Ans: For claim settlement, the nominee can visit the nearest branch with all the Max Life term plan policy documents and the relevant claims form. The claims are settled within 10 working days from collection of all necessary documents for claim settlement.
Ans: For cancellation, you need to visit the nearest branch in person with all Max Life term plan policy documents and surrender form. Upon successful proceedings, the refund will be directly paid in your bank account.
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Max Life Term Insurance Plan Reviews & Ratings
4 / 5 (Based on 51 Reviews)
(Showing Newest 10 reviews)
Rashid
Bhikiyasen, March 02, 2021
★★★★★
Fulfil the requirement
My term insurance plan has fulfilled my and my family requirements. It has so many additional features which will make my term plan worth it. I got the max life term insurance policy. Great team.
Varun
Barwani, February 19, 2021
★★★★★
Survival plan
I have got the survival plan when I bought this max life term insurance policy from the policybazaar. I checked few plans into the website and found this amazing plan. I am thanks to team policybazaar.
Kishan
Uttamnagar, October 17, 2016
★★★★★
Beneficial Policy
The max life term insurance plan i have bought in low premium is fully satisfactory to me. Services provided by the members of the insurance company is fantastic, online renewal facility reduces the paperwork. The updates regarding insurance plan is mailed to me regularly.
Kapil
Amalapuram, September 26, 2016
★★★★★
Fair Insurance
Got max life term insurance plan in less premium. The service is fantastic with 24X7 customer service. Online renewals and updates are on website of the company. Policy covers maximum expenditure and claims are simple to sanctioned.
Hitesh
Greater_noida, July 26, 2016
★★★★★
Max insurance plan
My friend suggest me to buy a insurance policy. After some researching i purchase term insurance plan from max newyork life insurance. The insurance plan is perfect. Even the online portal service is so simple anyone can access it. Good returns in low premiums.
Bhavya
Nainital, July 26, 2016
★★★★★
Term plan
Max life term plan of mine is fantastic which has maximum benefits and high returns in less investments. Policy coverage is high ~89% and the claims are easy to get. Service is fabulous provided by the executives and staff of the company.
RAHUL
Aallapalli, March 29, 2016
★★★★★
EASY CLAIM
GOOD SERVICE
Pankaj
Gonda, February 29, 2016
★★★★★
Good Service
Max life policy is a good policy in Term market. Policy Bazaar is a good supporter for customer. Thanks Policy Bazaar
Deepak
Kolkata, February 06, 2016
★★★★★
"Average"
I have life insurance and the premium is low. The claim is around 19 lakh at the end of the policy. The service is real good and on time. But the claiming process is slow. An average policy.
Plan Name: Online Term plan
Agent Code: BPW01312
Kunal
Dehradun, February 06, 2016
★★★★★
"Superb"
Life secure with max insurance. Service is nice and fast. Policy coverage is 90% and claims are high but the premiums are very less. Around eighteen lakh is amount of payback at the end of policy.
Plan Name: Online Term plan
Agent Code: BPW01312
