Max Life ULIP Plans

4.1 / 5 based on 25 User Reviews
*Please note that the quotes shown will be from our partners

Max Life Insurance Company Limited is a joint venture between Max India Limited, a leading multi-business corporate and Mitsui Suimoto Insurance Company Limited which is member of MS & AD Insurance Group, a leader in the general insurance sector across the world. The rich experience of both the companies has made Max Life one of the leaders in the Indian Insurance Industry. As in the year 2013 – 14, Max Life Insurance Company Limited has been ranked among the top 4 life insurers in India with a market share of 10.30%. the company is counted amongst the fastest growing life insurance businesses with the Gross Written Premium of Rs.7279 crores and declaring a shareholder’s profit of Rs.436 crores post taxation. The range of products offered by Max Life Insurance Company include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

What are ULIPs?

Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIP are as follows:

  • The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund.
  • Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc.
  • Insurance coverage depends on the amount of premium paid
  • The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value
  • Switching option is available which enables the policyholder to switch his investment between funds

Max Life ULIP Plans

Max Life Insurance Company offers different types of ULIPs each loaded with unique features and benefits. Let us take a look at the different types of plans offered by the company and the features and benefits of each of the plans.

Max Life Fast Track Super Plan

Aa unit linked plan which also offers the benefit of Guaranteed Additions to increase the fund value besides market linked returns. The features and benefits of the plan are as follows:

  • Premiums under the plan can be paid for the entire duration of the plan under the Regular Pay option or for a limited tenure under the Limited Pay option or in one lump sum under the Single Pay option of premium payment.
  • The premium net of charges can be invested as per two investment strategies of Systematic Transfer Plan and Dynamic Fund Allocation.
  • Under the Systematic Transfer Plan option, the concept of rupee cost averaging is used and the net premium is initially invested in the Secure Plus Fund and thereafter every month, a proportion of the premium is transferred to the Growth Plus Fund
  • The Secure Plus Fund has an option of 5 Funds in which the premium is invested.
  • Under the Dynamic Fund Allocation option, the premium is invested initially in the Growth Super Fund and thereafter, as the plan approaches maturity, the funds are transferred to the Secure Fund to prevent the fund against market volatility. A specified ratio of the fund is maintained in both the fund options and the ratio changes as the plan progresses.
  • Plans under which regular premiums are paid earn Guaranteed Loyalty Additions @0.3% of the Fund Value from the 11th policy year. This ratio increases by 0.02% every year.
  • On maturity, the fund value is paid which can be taken in lump sum or in instalments over a period of 5 years post maturity under the Settlement Option feature.
  • On death, higher of the Fund Value or the Sum Assured is payable subject to a minimum of 105% of all premiums paid till death.
  • Two free partial withdrawals are allowed every year after 5 completed policy years with a minimum value of Rs.5000
  • 12 free switches are allowed every year to change between funds
  • 6 free premium redirections are allowed every year to redirect future premium into a new fund than which was originally selected.
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

60 years

Maturity Age

-

70 years

Policy Term

10 years or 20 years

Premium amount

Regular Pay – Rs.25, 000

Limited pay – Rs.50, 000

Single Pay – Rs.1 lakh

No limit

Sum Assured

10 times the annual premium or 1.25 times the Single Premium

Premium Payment Term

Equal to policy term or Single Pay or 5 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Max Life Platinum Wealth Plan

Another unit linked insurance plan which promises market linked returns and the benefit of life coverage. The features and benefits of the plan are as follows:

  • Premiums under the plan can be paid for the entire duration of the plan under the Regular Pay option or for a limited tenure under the Limited Pay option or in one lump sum under the Single Pay option of premium payment.
  • The premium net of charges can be invested as per two investment strategies of Systematic Transfer Plan and Dynamic Fund Allocation.
  • Under the Systematic Transfer Plan option, the concept of rupee cost averaging is used and the net premium is initially invested in the Secure Plus Fund and thereafter every month, a proportion of the premium is transferred to the Growth Plus Fund
  • Under the Dynamic Fund Allocation option, the premium is invested initially in the Growth Super Fund and thereafter, as the plan approaches maturity, the funds are transferred to the Secure Fund to prevent the fund against market volatility. A specified ratio of the fund is maintained in both the fund options and the ratio changes as the plan progresses.
  • The policyholder may also choose from among a choice of 5 fund options if he does not choose either of the investment strategies
  • Guaranteed Loyalty Additions are added from the 11th or the 6th policy year depending on the amount of premium paid. The additions accrue every year @0.10% of the fund value and increase by 0.05% every year
  • Moreover. Guaranteed Wealth Boosters are also paid @ 2% or 2.5% of the Fund Value depending on the amount of premium at the end of the 10th, 15th and 20th policy year.
  • On maturity, the fund value is paid which can be taken in lump sum or in instalments over a period of 5 years post maturity under the Settlement Option feature.
  • On death, higher of the Fund Value or the Sum Assured is payable subject to a minimum of 105% of all premiums paid till death.
  • Max Life Partner Care rider can be availed under the plan wherein the aggregate of all future premiums payable till the end of the term or till the insured attains 60 years of age is payable immediately if the insured dies during the tenure of then plan.
  • Two free partial withdrawals are allowed every year after 5 completed policy years with a minimum value of Rs.5000
  • Unlimited free switches are allowed every year to change between funds
  • 6 free premium redirections are allowed every year to redirect future premium into a new fund than which was originally selected.
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

60 years

Maturity Age

-

70 years

Policy Term

10 years

20 years

Premium amount

Rs.2 lakhs

No limit

Sum Assured

Single Pay – Rs.2.5 lakhs

Regular & Limited Pay –Rs.20 lakhs

No limit

Premium Payment Term

Equal to policy term or Single Pay or 5 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Max Life Maxis Super Plan

A strategic unit linked insurance plan which offers the following features and benefits:

  • The premium under the plan is payable for a limited tenure only
  • The premium net of charges is invested as per the Dynamic Fund Allocation option. Under the Dynamic Fund Allocation option, the premium is invested initially in the Growth Super Fund and thereafter, as the plan approaches maturity, the funds are transferred to the Secure Fund to prevent the fund against market volatility. A specified ratio of the fund is maintained in both the fund options and the ratio changes as the plan progresses.
  • A choice of 5 funds is available for premium investment.
  • The Sum Assured is chosen as a multiple of the annual premium and can be chosen to be 11, 15 or 20 times the annual premium paid
  • On maturity, the fund value is paid which can be taken in lump sum or in instalments over a period of 5 years post maturity under the Settlement Option feature.
  • On death, the Fund Value and the Sum Assured is payable subject to a minimum of 105% of all premiums paid till death.
  • Two free partial withdrawals are allowed every year after 5 completed policy years with a minimum value of Rs.5000
  • 12 free switches are allowed every year to change between funds
  • 6 free premium redirections are allowed every year to redirect future premium into a new fund than which was originally selected.
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

-

70 years

Policy Term

15 years

Premium amount

Rs.35, 000

No limit

Sum Assured

Rs.385, 000

No limit

Premium Payment Term

7 years or 10 years

Premium Paying Frequency

Yearly

Applying for a Unit Linked 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 ULIPs through PolicyBazaar

  1. On the PolicyBazaar homepage, click on ULIPs 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.

This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

To know about Pension Plans check at Max Life Pension Plans

Max Life ULIP 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

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 ULIP 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 ULIP 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 ULIP 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 ULIP 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 ULIP Plans Reviews

TOTAL REVIEWS (25)
Lalit
Ambala
October 17, 2016

Above Average

Good to have ulip insurance policy, the insurance is low in budget and service given by the executives and staff members of the insurance company is fast and on time. The benefits are more and the premium is less. Easy claims, less paperwork.

Sheelpa
Ghaziabad
September 26, 2016

Max life ULIP Plan

Finally purchase a policy by an advice of my friend from max life insurance policy. Service provided is really very nice and on time till last visit. Executives and staff of the company is always ready to help to customer. Coverage is around 90% and claims are as high as coverage.

Raghav
Tajpur
July 26, 2016

Coverage Is High

Maxlife insurance is one of the best insurance company. I took the ulip insurance plan from them and i'm happy to buy it. The service is fast and company members are very responsive all the time. The investment is less but the payback return are high. =

Prerna
Dapoli
July 11, 2016

ULIP Plan

Service provided by you is fantastic and this makes tension free documentations and paperwork. The claims are easy to proceed because of the team members of the company. Policy coverage and claims are high. Premium is less which make's this insurance policy special.

Mayank
Chapra
June 29, 2016

Good

The ulip insurance plan of mine is really very awesome policy. Policy coverage is good and premium is low. Service facilitate by the company members is quick with calm nature. Internet website facility is also there which is simple to use.

Vijay
Delhi
April 20, 2016

Best

My max life ulip plan is really nice. It has good benefits and services. Policy coverage is 94% and claims are around Rs.46 L. Service is very good and fast that's why the work is done in very shot time period. Behaviour is also nice from staff members and executives.

Bhupendra
Himmatnagar
April 20, 2016

Very Good

I have ulip plan from max life insurance. The plan works for me. Policy coverage is also good i.e., 89% with claiming amount of Rs.42 L. Service provided by you is awesome and fabulous with fast interface. Good future investment.

Bhasker
Kaushambi
April 20, 2016

Tax Saver

My ulip policy plan is from max life insurance and the policy is the best because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high 93% and the premiums are low. Claims are 1.25 times of the investment. The service is fast and very quick. Great future investment with tax saving.

Chirag
Nilgiris
April 20, 2016

Service Issue

The max life ulip plan policy i have and happy to own it. The policy coverage is 89% and the claims are normal. Services are little bit slow provided by the staff members. Good future investment which saves tax also. Just improve the services and even the web services are better.

Umakant
Moradabad
April 20, 2016

Great Policy

Policy premiums are low and the claims are high. Max life ulip plan facilitate the people provide good response. One of my friend introduced this company for insurance. Getting reminders regularly and sum assured is double. Accidental and risk coverage is there. Good service by executives. I like it.

Tarun
Agartala
April 20, 2016

Wonderful

Recently find the great policy plan that is ulip insurance policy plan and buy one from max life insurance. The policy coverage is high ~89% with very low premium. The service of all staff of your company is great with nice response. The return payback amount is around Rs.37 L at end of the policy.

Lakshey
Gangtok
April 20, 2016

Superb Plan

I purchase ulip policy plan from max life insurance. The policy coverage is high around 91% and the claims are huge. The policy premiums are low ~33 K and the recovery returning amount is 40 L. Services are good and on time too. Executives are doing there jobs very well and with nice behaviour too. And the web services are also fantastic. Superb future investment which reduces taxes.

Manish
Raj_nagar
April 20, 2016

Really Good

The policy coverage is 88%, The claims are high and the claiming is easy because of the executives and the staff members of the company. The services provided by you guys is very fast and on time. Good work guys on your max life ulip plans which i own. The premiums are less ~38 K and the returns are ~Rs.39.7 L.

Omesh
Nasik
April 20, 2016

Satisfactory

I had ulip policy plan which i buy from max life insurance. The policy coverage is high 93% and the claims are good. The premiums are normal as the returns are huge with respect to investment. Policy plan which has fast service facilitate by company members. Responsive staff members on working hours. Fully satisfied.

Vishal
Ahmedabad
April 20, 2016

I Like It

Max life ulip plans are policy plan and they are fantastic in terms and conditions. The premiums are low, the policy coverage is high 90% and the claims are easily sanctioned. The services are really fast and the staff members are responding with good behaviour. There is an inbuilt accidental death benefit feature. I like my policy plan.

Prashant
Khashipur
April 20, 2016

Fantastic Plan

I purchase ulip policy plan from max life insurance. The policy coverage is high ~89% and the claims are huge. The policy premiums are low ~41 K and the returning amount is 31 L. Services are good and on time too. Executives are doing there jobs very nicely. And the web services are also fantastic.

Nirmal
Rameswaram
April 20, 2016

Perfect Plan

My max life ulip policy plan is nice which have low premiums and the paybacks are high. The policy coverage is good ~87% and the claims are approx. 1.25 times the amount invested. The services is good and on time till date provided by the members. Good future investment which save taxes too. Nice policy.

Gaurav
Jammu
April 20, 2016

Manageable

I buy max life ulip plan. The policy premium is low and the paybacks are high. The policy coverage is 85% and the claims are high. Investment is 39 K per year and the returns are very high. Services you provided by the executives and staff members is good. This policy plan work's for me.

Devesh
Faridabad
April 20, 2016

Above Average

My max life ulip plan is good. The service is bit slow. The policy coverage is 82% and claims are high but the investments are low. Service facilitate from executives and staff members are nice. Good future investment and saves tax too.

Sumeet
Howrah
April 20, 2016

Normal Plan

I have ulip plan from max life insurance. The plan works for me very well. Policy coverage is also good approx. 77% with claiming amount of Rs.29.6 L. Service provided by you is awesome with fast interface. Good behaviour from executives and staff members. Good investment.

Ishant
Mohali
April 20, 2016

Fair Policy

I have less idea about the insurance policies and now i purchase max life ulip plan policy, the policy is great. Premium for my plan is 12 K thrice per year and at the time of maturity the sum assured might be 29 L. They have daily update so i get numbers of mails from them.

Akash
Dwarka
April 20, 2016

Good Benefits

One of the most convenient insurance policies provider is max life insurance ulip policy plan so my investments will be safe. As I seen this company is coming generation to generation. Everybody is been benefited with its benefits. Customer service need to be improved as that is bit slow and never on time. Good future investment and save tax too.

Lalit
Bikaner
April 20, 2016

Average

My ulip policy plan is from max life insurance and the policy is the awesome because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high ~78% and the premiums are low. Claims are high. The service is fast and very quick.

Harish
Kota
April 20, 2016

Fine

From max life insurance i have taken a ulip policy plan for the tenure of 27 years in which we get lumps um amount after the maturity of the policy plan. Policy coverage is 82% of investment. Accident and natural death is inbuilt secure in this policy. Service is fast and on time which is facilitate from staff members. Good Policy plan.

Jiten
Badlapur
April 20, 2016

Okay

The policy coverage is 86%, The claims are high and the claiming is easy because of the executives and the staff members service they provide. The benefits provided by you guys max life insurance ulip policy plans is fantastic. The premiums are less ~28 K and the returns are high ~Rs.41 L.