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Documents Required for Max Life Term Insurance

Max Life Insurance is a collaboration between Axis Bank Limited and Max Financial Services Ltd., offers a variety of insurance products to the customers. Max Life term insurance plans keep the insured’s family financially secure in case of an unfortunate event of his/her death. These plans offer high coverage to the policyholder at low premium rates. Max Term plans can also be attached with various riders offered by the insurance company to enjoy additional coverage by paying an extra premium amount at the time of buying a policy.

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While purchasing a Max Life term insurance policy online, it is vital to know everything about the policy, especially the documents required for Max Life term insurance for a quick and easy experience. Max Term plans are the purest type of life insurance policies that provide long-term financial security to you and your loved ones against uncertainties of life. But there is one factor that must be taken care of- ensuring that you provide all documents required for Max Life Term insurance plan whenever required. 

If you are planning to buy the Max term policy, you can make the buying process quick by submitting all the documents required for term plan on time. Let’s discuss all the documents required for Max Life term insurance plan. 

What are the Documents Required For Max Life Term Insurance Plan? 

Following is a list of documents important for Max life term insurance plan: 

Here are some documents required to purchase a term plan. The list involves the address proof, age proof, income proof, and photographs listed below. Check the documents list for Max term plan that you should keep handy to have a hassle-free procedure: 

  1. Official Identity Documents (Any of these documents)

    • Voter ID

    • Passport 

    • Aadhar card 

    • Job card allotted by NREGA duly signed by the state government officer 

    • National Population Register having details such as name, aadhar number, and address 

    • PAN Card 

    • Form 60 

    • Or any other document as advised by the Central Government

  2. In case officially valid documents do not have an updated address 

    • Utility bills of any service provider such as telephone, electricity, postpaid mobile connection, water piped gas 

    • Municipal or Property Tax Receipt 

    • PPOs i.e, Pension or family pension payment orders allotted to retired persons 

    • Government department or PSUs employees, if they have the address 

    • Letter of accommodation allotment from employer allotted by Central or State Government department, financial institutions, regulatory or statutory bodies, and other listed companies. 

  3. Income Proof

    1. For Salaried persons 

      • Statement of bank – last 3 months’ salary slips 

      • Last 2 years’ income tax returns 

      • Form 16 of the latest year  

    2. For Self-employed 

      • Income tax returns of last 2 years 

      • Computation of income (in case of unavailability, last 3 years of income tax returns not reported in the same year)

      • Form 26AS 

      • Audited balance sheet and profit loss account attested by Certified CA for last 2 years 

How To Buy Max Term Insurance Plans Online? 

Step 1: Visit the official website of Max Life insurance and click on ‘term insurance plans’

Step-2: Then, click on the tab ‘Calculate premium’ to know the estimated premium payable against the selected sum assured. 

Step 3: Enter the required personal details such as income, age, smoking status, and contact details. This will help in determining the estimated sum assured amount for further procedure. 

Step 4: After choosing the coverage amount and other information, click on ‘Proceed’

Step 5: Now you will get the choice to add various riders to increase the coverage of your base plan

Step 6: Enter the details of the documents required for Max Life term insurance plan

Step 7: After uploading all the documents required for Max life term insurance plan, select to proceed. 

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Why Documents Are Required for Max Life Term Insurance Plan? 

The documents required for term, plan help in establishing your identity and recognizing other details about you. Here is a list of why are documents required for Max life term insurance purchase: 

  • It validates that you are an Indian Citizen 

  • Keeps your insurance company updated on your health/medical status and present situation

  • Offers a hassle-free procedure 

  • Assured you of the plan benefits of the company 

  • The easy policy renewal process 

  • Quick fast claim settlement 

What are the Documents Required for Max Life Term insurance Claim Filing Procedure?  

Following is a list of documents needed for a term insurance plan that you have to submit while making any term plan claim settlements: 

  • Original Documents of Policy 

  • Attested Death certificate copy issued by the local municipal authority 

  • Death claim application form A 

  • Bank passbook copy / canceled cheque along with NEFT mandate application attested by the bank 

  • Certified copy of photo ID of a nominee, such as a voter ID, Aadhar card, PAN card, passport 

  • In case of natural death, statement of attending physician

  • In case of natural or medical death, copy of medical documents such as admission notes, death summary, discharge slip. 

  • Copy of FIR, in case of an accidental death 

  • Post mortem copy/Autopsy report in case of an unnatural death 

Five things to know before buying Term Plan Five things to know before buying Term Plan

What is the Importance of Submitting Documents Required for Max Life Term Insurance? 

Every detail filled by you when buying the plan is important for quick claim settlements. All the documents required for a term plan hold importance in their own way. While some are compulsory to submit, some documents required for term insurance claims are situational. 

  • All documents required for Max Life term insurance helps ease the claim settlement procedure 

  • Sum assured amount claimed can help decrease the financial difficulty of the nominee/beneficiary, if you have offered all relevant documents required for term insurance plan claim to your insurance company.

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