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Max Life Insurance Renewal

A few years ago, Shyam bought a max life insurance policy online to protect his family members in case of an eventuality and create wealth at the same time. Due to unforeseen circumstances, Shyam was unable to pay the premiums on the due date and the policy lapsed. Now when he went to purchase new life insurance, premiums were much higher due to the increase in age. He eventually consulted his financial advisor, who advised him to renew his old policy and continue the coverage at the same low premium. 

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Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Shyam contacted the insurer and renewed his lapsed policy using the max life insurance renewal method. Let us see why you should renew your life insurance and its benefits, but first, let us understand what max life insurance renewal is:

What is Max Life Insurance Renewal?

Max life insurance renewal is the process of renewing the life insurance to extend the policy coverage for a longer term. This way, you can stay covered under the policy benefits at affordable premium rates, and in case of your untimely death during the policy term, the insurer will pay out the death benefit. You can easily make life insurance renewal payments online or offline at your convenience. While online renewal provides the chance to renew the plans from the comfort of your home, offline renewal allows you to get in touch with customer support to get a better understanding of the max life insurance renewal payments. Let us see why you should renew your life insurance policy and its benefits.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Why Should I Renew My Max Life Insurance Policy?

Here is a list of reasons why you should renew your Max life insurance policy:

  • Continued Benefit and Coverage: If you renew your life insurance plans, you can continue to stay covered under the plan’s benefits for the remaining policy term at affordable premiums.

  • No need for Medical Examination: The entire process of max life insurance renewal allows the policyholder to renew their life insurance plans without submitting new medical exams.

  • Avail of Tax Benefits: You can claim life insurance tax benefits using a life insurance policy u/s 80C, 80D, and 10(10D) as per the prevailing tax laws.

What are the Benefits of Max Life Insurance Renewal?

Let us take a look at some of the benefits of making max life insurance renewal payments.

  • Financial Security: By ensuring you are paying the max life insurance premiums regularly, you can secure your family financially in your absence. Then, in case of your untimely death during the policy term, the insurer will pay out the death benefit amount.

  • Affordable Premiums: If you renew your life insurance policies, you can secure large life cover at affordable premiums for a long policy term.

  • Easy-to-Use: You can easily renew your max life insurance plans online or offline as per your convenience in a few simple steps.

  • Dedicated Customer Support: In case you need customer support to successfully make max life insurance renewal payments, you can contact the company’s customer helpline to get dedicated customer support.

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How to Make Max Life Insurance Renewal Payments?

Here is how you can make Max Life Insurance Renewal Payments:

  1. Max Life Insurance Renewal - Online

    • Official Website

      • Step 1: Visit the company’s official website

      • Step 2: Go to ‘Customer Service’ and select the ‘Premium Pay’ option

      • Step 3: Submit your mobile/policy number and date of birth

      • Step 4: Select your preferred payment option

      • Step 5: Fill in the required information and proceed to pay

    • Digital Wallet

      You can make the Max Life insurance renewal payments online via digital wallets like Google Pay, Paytm, Amazon Pay, PhonePe, and Airtel Money.

      • Step 1: Open the desired digital wallet

      • Step 2: Click on Recharge and Bill Payment

      • Step 3: Select the Insurance option

      • Step 4: Click on the Max Life Insurance insurer

      • Step 5: Enter the Policy number and date of birth

    • Debit/Credit Cards

      You can opt for the direct debit option through your debit or credit card and have the premium amount debited from your account directly on the premium due date. You can fill out the ECS mandate form and send it along with the cancelled cheque at least 30 days before the next due date for direct debit via debit card. The auto debit via credit card can only be made for VISA and Master Credit Cards.

    • EBPP (Electronic Bill Payment Process)

      With the EBPP facility, you can have the premium directly debited from your bank account by registering yourself online.

    • NACH/ECS

      You can easily register yourself for the NACH/ECS feature by submitting the required documents either online or offline. You can avail of this feature using a debit card or net banking options.

  2. Max Life Insurance Renewal - Offline

    • Axis Branch ATM

      You can visit any of Axis Bank’s branches or ATMs nearest to you and pay your max life insurance renewal payments in person.

    • Foreign Remittance

      • Step 1: Visit the nearest company branch and request for forex or wire transfer

      • Step 2: Duly fill in and submit the required documents with the following details

        Name of the Beneficiary 

        Max Life Insurance Co. Ltd.

        Beneficiary Account No.

        1165 <XXXXXXXXX> (1165 followed by 9-digit policy number)

        Swift Code

        HSBCINBB

        Bank Address

        25, Birla Tower, Barakhamba Road, New Delhi-110001, INDIA

        Max Life Business Address

        Max Life Insurance Company Limited, 11th Floor, DLF Square, Jacaranda &Marg, DLF City Phase II, Gurugram - 122 002, 

        Haryana, INDIA

      • Step 3: Take the conformation receipt for future reference

    • Max Life Insurance Branch

      You can make the max life insurance renewal payments by visiting any of the Max Life Insurance branches and paying the premiums through cash, cheque, or credit card. After making the premium payments, make sure to take the acknowledgement slip for future reference.

    • By Cheque

      To pay the max life insurance renewal premiums, you can write the cheque to "Max Life Insurance Co. Ltd.” along with the policy number. At the back of the cheque, you need to mention your name, policy no., and contact details.

Information Required for Max Life Insurance Renewal

Here is a list of all the documents/information required for max life insurance renewal payments:

  • Policy Number

  • Date of Birth

  • Registered MobileNumber/Email Address

  • Cheque payable to Max Life (only for Cheque payments)

Another Way to Make Max Life Insurance Renewal Payments

If you want to renew your lapsed max life insurance policy, you can do so by following the below-mentioned steps:

  • Contact the Insurer: 

  • Pay the Remaining Premiums:

  • Submit a New Medical Test:

Wrapping it Up!

Life insurance is an important aspect of everyone’s financial planning as it provides not only both wealth creation and financial security but also tax-saving benefits. You can stay covered under the plans’ benefits for the long term and ensure your family’s financial security for an extended period.

Note: It is suggested to calculate the term plan premium on the term life insurance calculator online tool by Policybazaar before buying.

FAQs

  • Q: Should I buy term insurance or life insurance?

    Ans: Whether you should buy term insurance or life insurance depends on your individual needs. If you are looking to secure your loved ones at affordable premiums, then term life insurance might be the right option for you. Whereas, if you are looking to buy a plan that offers financial security for the family as well as wealth creation, then life insurance might be a better fit for you. However, you should always take a thorough look at the policy details for a better understanding of the benefits offered.

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