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Max Life Insurance

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Max Life Insurance
Highlights
Claim Settlement Ratio99.51%
Presence269 Offices
Solvency Ratio1.9
Total Death Benefit Paid1242.15 Crore

Max Life Insurance Company Limited or Max Group started its journey in 2000 by collaborating with Mitsui Sumitomo and recently the insurer collaborated with Axis Bank. The insurer's main goal has always been to make sure that its customers have a secure financial future. As the largest non-bank private-sector life insurer in India, Max Life Insurance offers a diverse range of insurance plans to cater to various needs and requirements. These plans involve Life Insurance, Term Life Insurance, Unit-Linked Insurance Plans, Endowment Policies, Money-back Policies, Whole Life Insurance, and Retirement Plans.

The company has also received 3 awards from IRDAI as it guarantees to settle claims within 24 hours. And, the best part is that the Max Life Insurance company pays interest in case of claim delay at the rate of 4.65% PA. Moreover, the term insurance plan of Max Life is designed for salaried customers as it gives a 5% discount on first-year premiums. [1]

Read more below to gain a detailed understanding of Max Life Insurance plans and policies.

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Why Choose Max Life Insurance?

The following are the reasons that make Max Life a reliable life insurance company:

  • Claim Settlement Ratio: Max Life Insurance boasts an exceptional claim settlement ratio of 99.51% as per theIRDAI Report FY22-23. This means that almost all claims received by the company are honored, offering reassurance to policyholders and their families during tough times.
  • Settlement Amounts: In the Fiscal Year 2022-23, Max Life Insurance disbursed a substantial Rs. 1242 Crores in claim settlements. This showcases the insurance provider's commitment to offering financial assistance to policyholders when it matters most.
  • Solvency Ratio: With an excellent solvency ratio of 190% in FY22-23, Max Life Insurance indicates strong financial health and the ability to fulfill commitments to its policyholders.
  • Assets Under Management (AUM): With Rs. 122079 Crores of Assets Under Management in FY22-23, Max Life Insurance manages a substantial pool of funds, reflecting the company's market cap.
  • Sum Assured in Force: With a sum assured of Rs. 11,38,020 Crores in force, Max Life Insurance provides extensive coverage to the policyholders and safeguards them and their loved ones against various life risks and uncertainties. [2]
  • Premium Holiday Option: This paid feature of the Max Life Term plan allows you to drop the payment of your term insurance plan up to 2 times for the entire year during the policy term. But this feature can be availed in a gap of 10 years.
  • Nominee Choice Payout: The insurer gives nominees the flexibility to opt for Sum Assured payment frequency. The options for payout included Lump Sum, Monthly Income, or Lump Sum + Monthly Income.
  • Voluntary Top-up: As per this feature, Max Life allows policyholders to top-up their existing term insurance plan once in the Policy Term. But for this, fresh medical and fresh underwriting will be done at the insurer’s cost. Also, a discounted premium will be charged in comparison to the existing market rate.
  • Zero Cost: Also known as the Special Exit feature, the Zero Cost by Max Life allows term insurance policyholders to exit from the policy, based on the policy term slab they fall in. For 40 to 44 years of Policy Term, one can exit after the 25th year or at the age of 65 years, whichever is earlier. And, for the 45 & above Policy Term, the policyholder can exit at the 30th year or at the age of 65, whichever is earlier.

Eligibility To Purchase Max Life Insurance Plans

The eligibility criteria to buy Max Life Insurance Plans are defined below based on Term Plans and Investment Plans:

Term Insurance Plans

For Salaried Individuals

  • In order to qualify for the Max Term Insurance plan eligibility criteria, your minimum verifiable annual income should be at least or equal to Rs. 5 lakhs annually. This condition applies if you have completed 12th grade.
  • If you are a graduate and your age is between 18 to 40 years, your minimum verifiable annual income must be equal to or more than Rs. 3 lakhs to be eligible for Max Term Insurance plans. And if your age is more than 41 years, your minimum verifiable annual income must be at least Rs. 5 lakhs.

For Non-Salaried Individuals

  • You must earn at least or equal to Rs. 5 lakhs annually as verifiable annual income if you want to qualify for Max Term Insurance as a 12th pass.
  • If you are a graduate, you can buy the Max Term Insurance plan if your minimum verifiable annual income is equal to or above Rs. 5 lakhs.

Investment Plans

91 days is the average minimum entry age and 65 years is the average maximum entry age requirement for Max Life Investment plans. Please note that these age limits might differ depending on the investment plan you opt for.

Types of Plans Offered by Max Life Insurance Company 

The different types of plans offered by Max Life Insurance Company are as follows:

  • Child Insurance Plan: Child Insurance Plan combines the benefits of both insurance and investment to secure your child's future financially. It offers a lump sum payment at the end of the policy term and flexible payouts for important milestones like a child's education, marriage, etc.
  • Term Insurance: Term Insurance is a life insurance product that provides financial protection to your loved ones. If something happens to you during the policy term, your chosen beneficiaries will receive a predefined amount of money, commonly known as sum assured.
  • Retirement Plan: A Retirement Plan helps you build a fund for your retirement years. This ensures a steady flow of income even after you stop working. It helps you create a financial safety net for your golden years.
  • Unit Linked Insurance Plan (ULIP): ULIPs combine insurance and investment in one product. A portion of your premium goes towards providing life coverage, while the remaining amount is invested in various funds of your choice. ULIPs offer flexibility in investment choices and the potential for higher returns.
  • Guaranteed Income Plan: A Guaranteed Income Plan offers a guaranteed income stream for a specific period or for life, depending on the policy terms. It provides financial security by ensuring a regular payout and is ideal for individuals seeking a stable source of income during their retirement years.
  • Guaranteed Savings Plan: With Guaranteed Savings Plans, you can save money while also ensuring protection. These kinds of investment policies help you plan for your future goals while offering life cover for additional security.

Top Plans Offered by Max Life Insurance

The top plans offered by Max Life Insurance are tabulated below:

Plan Name

Plan Type

Entry Age

Maximum Maturity Age/ Policy Term

Premium Payment Term

Smart Secure Plus

Term

18 years - 65 years

85 years

Regular Pay

Single Pay

Limited Pay - 5, 10, 12, 15 and pay till 60 years

Smart Total Elite Protection

Term

18 years - 65 years

85 years

Regular Pay

Single Pay

Limited Pay - 5, 10, 12, 15 and pay till 60 years

Capital Guarantee

Investment

18 years - 60 years

70 years

Standard Time - 10 or 20 years

Smart Wealth Plan

Investment

91 days - 65 years

85 years

Standard Time - Minimum 8 years or 20 years

Smart Wealth Advantage Guarantee

Investment

91 days - 65 years

80 years

Standard Time - 10 or 20 years

Riders Available with Max Life Insurance Plan

Max Life offers the below-listed riders to the policyholders on the payment of extra premium:

  • Terminal Illness Benefit: If two IMA-certified doctors confirm in writing that a person insured under the policy isn't expected to live beyond 180 days, the full sum assured will be paid out before the death of the policyholder, a maximum of Rs. 1 crore.
  • Accidental Death Benefit: If the policyholder dies immediately or within 180 days of an accident, the nominated person will receive a benefit amount.
  • Accidental Disability Rider: If unexpected accidents affect your ability to work or if the policyholder's 2 pairs of limbs get disabled permanently or for 180 days, this rider will provide a single payout to the policyholder.
  • Critical Illness Rider: If the policyholder is diagnosed with any of the 64 critical illnesses specified by the company, this rider will provide a lump sum amount to cover medical expenses related to that illness. However, it only activates after 90 days and requires the policyholder to survive for at least 30 days after diagnosis.
  • Waiver of Premium Rider: In the event of accidental disability or diagnosis of any of the 64 critical illnesses, the insurer will waive off all future premiums. The waiting period for this rider is 90 days, and the policyholder must survive for at least 30 days after diagnosis. [3]

NOTE: A rider is an extra feature that can be added to the main life insurance policy for additional benefits. However, these benefits are accessible only by paying an extra premium.

How To Buy Max Life Insurance Plan?

If you are interested in buying the Max Life Insurance plan, you can effortlessly purchase it either through the InsuranceDekho website or via the Max Life Insurance website. The steps for both are included below:

Buy Max Life Policy Through the InsuranceDekho Website

You can buy any of the Max Life Insurance Plans from InsuranceDekho in the following way:

Step 1: Visit InsuranceDekho Website

Start by going to the InsuranceDekho website [4] and clicking on the “Insurance” tab at the top. Then select “Life Insurance.”

Step 2: Fill in Your Details

Provide your name, gender, date of birth, mobile number, etc., on the next page, and then click on the "View Plans for Free" button.

Step 3: Choose the Max Life Insurance Plan

Use filters if needed and choose the highly suitable Max Life Insurance plan from the list of options available. You can also consider adding extra benefits through add-ons.

Step 4: Provide Specific Information

In this step, you have to enter specific details like your name, education, income, etc., and then click on the "Next Step" button.

Step 5: Pay Premium

Here, you need to review the premium amount of the chosen Max Life Insurance plan and click on "Accept and Pay" to make the premium payment.

Step 6: Submit Proposal Form & Documents

After payment, submit the Proposal Form with necessary documents like KYC and income proof, along with any additional documents required based on your responses.

NOTE: The list of required documents is limited in the case of Investment Plans.

Step 7: Medical Evaluation & Underwriting

If you choose the Max Term Plan, you might need a medical evaluation. Then, the underwriting team will carefully assess your proposal form, consider the medical results, and then decide on policy approval.

Step 8: Policy Issuance

Upon approval, you will receive your Max Life Insurance policy confirmation via email and on the registered mobile number.

Buy Max Life Policy Through the Official Website

Alternatively, you can purchase any of the Max Life Insurance policies through the official website by following the steps below:

Step 1: Go to Max Life Insurance Website

Visit Max Life Insurance official website [5].

Step 2: Follow Previous Steps

To proceed, simply follow the same steps (starting from Step 2) outlined in the section "Buying a Max Life Policy Through the InsuranceDekho Website" to complete your policy purchase from Max Life's website.

Documents Required 

To purchase a plan from Max Life Insurance, you will require these documents:

  • Identity Proof: Provide one of the following - Permanent Driving License, Passport, Voter ID Card, or Aadhaar Card to prove your identity.
  • Address Proof: Submit any of these documents as proof of address - Permanent Driving License, Passport, Voter ID Card, or Aadhaar Card.
  • Income Proof: Provide supporting documentation such as the last three months' salary slips, the previous three years' income tax returns, a valid rent receipt, etc. Notably, these required documents might differ depending on whether you are a salaried or non-salaried individual.
  • Medical Reports: Insurers, especially for MaxTerm Insurance Plans may request medical reports to gain an understanding of your health status. This helps them customise a life cover that suits your needs effectively.
  • Additional Documents: Apart from medical reports, you may also need to provide additional documents such as recent passport-size photographs, information regarding current or past insurance policies, and details of your medical history. These documents assist insurers in accurately assessing your risk profile and determining appropriate coverage options.

How to Claim?

Here's a step-by-step guide on how to make a Max life insurance policy claim in the event of the policyholder's death:

Step 1: Notify the Claim

As soon as the insured individual passes away, the nominee needs to notify the insurance company.

Step 2: Submission of Documents

The nominee is required to submit essential documents including the Policy Number, Death Certificate, and Government ID proof. Additionally, depending on the cause of death, documents such as the FIR Report or Postmortem Report might be necessary.

Step 3: Review of Claim

Upon receiving all the necessary documents, the insurance company reviews the claim.

Step 4: Settlement of Claim

Once the claim is approved, the settlement process starts.

NOTE: In cases where there is no nominated beneficiary or if the nominee is unavailable, the claim will be disbursed to the next legal heir, but only with appropriate legal evidence.

How InsuranceDekho can Help?

If you submit your claim settlement request through InsuranceDekho, our team will work with your insurer to make the process easier for you. Also, we will be there to help you with any issues or questions you may have.

Mode of Payment Options Offered By Max Life Insurance

The mode of payment options [6] provided by Max Life Insurance Company are as follows:

  • NEFT/RTGS
  • Paytm
  • PhonePe
  • Google Pay
  • Airtel Money
  • Foreign Remittance
  • Credit Card SI
  • NACH/ECS
  • Direct Debit
  • EBPP
  • InstaPay
  • Cheque
  • Amazon Pay

Max Life Insurance - Awards and Achievements

  • ET BFSI Exceller Award 2023
  • The Economic Times Insurance Awards
  • E4M Martech India Awards 2023
  • ET Brand Equity DigiPlus Awards 2023
  • Elets Newgen Insurance Innovation Awards 2023
  • Platinum Award for P2P Investment Project
  • Celent Global Model Insurer Award
  • Most Trusted BFSI Brand 2023 by Marksmen Daily [7]

Max Life Insurance - Customer Service & Support

If you find yourself in need of assistance with your Max Life Insurance policy, reaching out to InsuranceDekho's customer support team [8] is a quick and hassle-free process. There are two convenient ways to get in touch with them:

  • Email: If you prefer written communication, you can send an email outlining your concerns to support@insurancedekho.com. A member of our team will respond promptly to address your issues.
  • Phone: If you prefer direct interaction or immediate assistance, you can simply dial InsuranceDekho's support hotline at +91-755 1196 989. A representative will be available to assist you during operational hours.

Max Life Insurance - Complaints & Grievance Redressal

If you have a problem with Max Life Insurance, you can get help in the following ways:

Grievance Redressal with InsuranceDekho

For assistance with issues such as pending claims, unresolved queries, or claim rejection, you can contact InsuranceDekho in the following ways:

  • Contact Number: Call the dedicated customer support team at 755 1196 989. The team is available 24/7, Monday to Sunday (excluding national and gazetted holidays)
  • Email ID: Send us an email at support@insurancedekho.com

In case you need to escalate your concern further, you can contact Mr. Rohit Khurana, the designated Grievance Redressal Officer at InsuranceDekho, by emailing grievance@insurancedekho.com. And, if your issue is still not resolved, you can escalate it to the Principal Officer by emailing at PO_GIBPL@girnarinsurance.com [9]

Grievance Redressal with Max Life Insurance Company

In order to solve a grievance directly with Max Life Insurance Company, you can contact the customer service executive at any of their branch offices and explain your issue to them. You can also send an email to service.helpdesk@maxlifeinsurance.com. Moreover, if your grievance isn't resolved to your satisfaction, you have the option to escalate it to the Insurance Ombudsman. [10]

References:

  1. https://www.maxlifeinsurance.com/about-us
  2. https://irdai.gov.in/document-detail?documentId=4417599
  3. https://www.maxlifeinsurance.com/blog/life-insurance/rider-options-of-insurance-plan
  4. https://www.insurancedekho.com/
  5. https://www.maxlifeinsurance.com/
  6. https://www.maxlifeinsurance.com/customer-service/premium-payment-options
  7. https://www.maxlifeinsurance.com/about-us/awards-achievements
  8. https://www.insurancedekho.com/contact-us
  9. https://www.insurancedekho.com/grievance-redressal
  10. https://www.maxlifeinsurance.com/customer-service/grievance-redressal

User Reviews

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What users are saying
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  • In the starting, I was confused about which Max Life Insurance plan should I buy, but InsuranceDekho helped me...

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    M
    Max
    By Md. Salman
    On: Feb 28, 2024
  • Thank you, InsuranceDekho, for helping me buy a life insurance policy with ease. I am impressed with the dedic...

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    S
    Max
    By Sunny Sharma
    On: Jan 25, 2024
  • When I was looking for the max life insurance I found the InsuranceDekho website and it was easy for me to und...

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    A
    Max
    By Ashutosh Yadav
    On: Dec 04, 2023
  • The Max Life Insurance Policy available on InsuranceDekho matched my budget in the best way. So, all those loo...

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    K
    Max
    By Kalpana Sethi
    On: Nov 22, 2023
  • I found competitive premiums on InsuranceDekho for my Max Life Insurance Policy. The affordability factor, cou...

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    K
    Max
    By Ketan Parikh
    On: Nov 16, 2023

Life Insurance News

FAQs

  • Why should I choose Max Life Insurance?

    Max Life insurance has a wide range of comprehensive plans to choose from according to your budget. Max Life Insurance has a high Claim Settlement Ratio of 99.22% FY 2019-20. Max Insurance provided excellent customer care service.

  • What all life insurance plans does Max Life insurance offer?

    Max Life Insurance offers Term Plans, Health Plans, Child Plans, Retirement Plans, ULIP Plans, Savings Plans and Group Plans.

  • What is the grace period of Max Life Insurance plans?

    Max offers a grace period of thirty 30 days from the premium due date yearly and 15 days in case of Monthly mode for payment of each premium. The policy will not lapse during the grace period and will lapse thereafter if no premium is paid.

  • What are the benefits of buying Max Life Term Insurance?

    Max Life Term Insurance offers high coverage at affordable premiums, protection from illness (optional), long term coverage and disability benefits.

  • How to check Max life Insurance policy status?

    If you are an existing policyholder you can simply log in to the website of the company using a registered user ID and Password and check your status online.