Max Life Insurance
Max Life Insurance Company is a joint venture between Max Financial Services and Axis Bank. Max Life Insurance provides comprehensive protection and long-term savings life insurance solutions. Max Life Insurance plans are specifically designed to fulfill the needs of its customers.
Max Life Insurance not only offers a wide array of plans and policies that can help in meeting the financial requirements of an extensive customer base, but it also has an efficient distribution mechanism in place in addition to multi-channel distribution partners. Max life insurance company offers inclusive savings, ULIP, and retirement plans, to insurance seekers. The Max life insurance policy is carefully crafted to cater to different individuals as per their financial requirements.
Over the last decade, Max Life policies have been working to secure futures. The insurer has successfully built its operations since its inception through a robust sales process, transparency, and accountability with their customer base. Max life has crossed the 10,000 crore mark in Gross Written Premium and has 277 offices pan India catering to clients nationwide. As per the IRDA report, during the financial year 2020-21.
- Max Life Assets Under Management 1,00,000 Cr.
- Sum assured in force of Rs. 1,087,987 Cr.
- Max Life achieved a gross underwritten premium of Rs.19,017 Cr.
Why choose Max Life Insurance?
Apart from the fact that Max Life Company has achieved commendable stats they also have an ethos that reflects in their services. Here is why you should choose Max life insurance.
Empathy:
The insurer chooses their customers over numbers and believes in the fact that insurance is for people making their services customer-centric and convenient.
Transparency:
The insurer offers transparency to individuals. Insurance buyers can check every detail on the web.
Accountability
Max Life Insurance company values the trust of their customers which is why they offer 24X7 customer support to solve all grievances or queries. The company takes accountability for all its policies and provides a quick and easy claim settlement.
Awards and Achievement
- Awarded Gold in the category of ‘Best Internal Communication’ at AFAQs digies award 2021.
- Awarded Bronze in Best Lead Generation Campaign at e4m Maddies 2021.
- Best security practices award in Insurance sector (Life and General).
- Ranked 24th among India's top 100 best companies to work for, by great Places to Work Institute, India in 2020
- Ranked 1st in a survey on customer loyalty conducted by Kantar in 2020
- Best organization on Fraud Risk Mitigation processes, as recognised in the Fraud, Risk & Compliance Conference 2.0 in 2020
- In a nationwide survey by Nielsen, Max Life Smart Term Plan was voted as Product of the Year 2020 in the Term Life Insurance category
- Asian Customer Engagement Forum (ACEF) 2019 recognised the Max Life India Protection Quotient as the Most Admired Campaign for Brand Revitalization
- ET BFSI Excellence Awards 2019 recognised Max Life as the Disruptive Technology Innovator of the Year for its M-Rec app
- Asian Customer Engagement Forum (ACEF) 2019 recognised Max Life's The RUN as the Most Admired Brand Activation Campaign
- Most Innovative Affiliate Marketing Campaign, as recognised by IAMAI at India Affiliate Summit 2019
- CMO Asia 2019 recognised Max Life as the Best Term Plan Company of the Year for its Online Term Plan Plus
- Recognised as Claims Service Leader by CMO Asia Awards 2019
- Outlook Money Awards 2019 presented Max Life the Silver Award under the Life Insurance Provider of the Year category in the Private Sector
Max Life Insurance Key Features
There are so many life insurance companies available in India, choosing an ideal one can be a hectic task. It is important that you choose the right insurer and the right plan that will best suit the potential needs of your family. So, before choosing any life insurance company, you need to check some important factors of the insurance company such as claim settlement ratio, solvency ratio, market share, and operating network.
To help you analyze the performance of Max Life Insurance company, we have explained the above-mentioned factors to give an insight into the company's performance:
| Assets Under Management | Rs. 1,00,000 Crores |
| Sum Assured (in force) | Rs. 1,087,987 Crores |
| Claim settlement ratio (2019-20) | 99.35% |
| Solvency ratio | 2 |
| No. of Offices | 277 |
**Last Updated on August, 2021
In the following section, we provide you with a detailed explanation of these features. Read along to find out.
Annual Premium Income
In FY 2020-21, Max Life Insurance recorded a gross written premium of Rs. 19,017.90 Crores.
Further, in the graph below, we have highlighted the yearly trend in the amount of annual new business premium generated by Max Life Insurance, over the past fiscal years. As indicated by the graph, the company's annual premium has consistently increased.
Annual Premium of Max Life Insurance (Rs. in Crore)
*Data has been sourced fromIRDAI's annual report of 2019-20
Claim Settlement Ratio
Max Life introduced an initiative called InstaClaimTM, wherein the company offers to settle death claims in just one day.
The claim settlement ratio helps you to analyse the claim settling ability of an insurer.
As per the IRDAI's annual report, the claim settlement ratio of Max Life Insurance stood at 99.35% in FY 2020-21.
In the graph below, we have presented the yearly trend in the CSR of Max Life Insurance.
Yearly Trend in Claim Settlement Ratio of Max Life Insurance
*Data has been sourced fromIRDAI's annual report of 2019-20
Solvency Ratio
The solvency ratio is another key parameter that measures the ability of the company to meet its long-term debt obligations and other monetary commitments. IRDAI mandates that all life insurance companies in India should maintain a solvency ratio of at least 1.5.
As per IRDA 2020-21, the solvency ratio of Max Life Insurance stands at 2. The following graph represents the solvency ratio of Max life insurance throughout the last few years.
Yearly Trend in the Solvency Ratio of Max Life Insurance
*Data has been sourced fromIRDAI's annual report of 2019-20
Operating Network
Max Life Insurance has a multichannel distribution network consisting of partners and third-party agencies. It has established a PAN India presence, featuring 277 offices across the country, Max Life Insurance has one of the highest percentages of women agents. At present, 45% of the agents associated with the company are women.
Products offered by Max Life Insurance
Max Life Insurance offers Life Insurance and Investment plans with several plan options. These insurance policies offered by Max Life come with riders that users can purchase to enhance their coverage.
Let's look at a quick overview of the insurance plans offered by the company.
| Product Categories | Sub-categories | Names of Plans |
| Life Insurance Plans | Child Insurance Plans | Max Life Future Genius Education Plan
Max Life Shiksha Plus Super |
| Group Insurance Plans | Max Life Group Super Life Premier
Max Life Pradhan Mantri Jeevan Jyoti Bima Yojna
Max Life Group Credit Life Secure
Max Life Group Saral Suraksha Plan
Group Term Life Platinum Assurance Plan
Max Life Group Credit Life Premier
Max Life Group Gratuity Premier Plan
Max Life Group Super Life Premier in lieu of EDLI |
| Term Insurance Plans | Max Life Term Plan with Return Of Premium
Max Life Smart Secure Plus Plan |
| Investment Plans | Savings Plan | Max Life Savings Advantage Plan
Max Life Monthly Income Advantage Plan
Max Life Guaranteed Income Plan
Max Life Whole Life Super
Max Life Assured Wealth Plan |
| Income Plans | Max Life Smart Wealth Plan |
| ULIP | Max Life Fast Track Super
Max Life Platinum Wealth Plan
Max Life Online Savings Plan - Variant 1
Max Life Online Savings Plan - Variant 2
Max Life Forever Young Plan
Max Life Shiksha Plus Super |
| Retirement & Pension Plans | Max Life Saral Pension
Max Life Guaranteed Lifetime Income Plan |
**Last Updated on August, 2021
Claim Process of Max Life Insurance
Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim Settlement process at Max Life Insurance involves the following three steps:
- Claim Registration & Document Submission
- Claim Evaluation
- Claim Decision & Settlement
Documents required to register a claim are:
- Original policy document
- Original/attested copy of death certificate
- Form A - Death claim application form
- NEFT mandate form attested by bank authorities
- Cancelled cheque/passbook of bank account
- Nominee's photo ID
Additional documents such as death summary attested by hospital authorities of FIR and post mortem report are crucial in case of accidental deaths.
Note:Depending upon the TnCs of the plan, you might be required to submit some additional documents as well. We recommend that you should check the specific plan brochure for that.
MAX Bupa is indeed a good company. After my husband s death, the company settled the claims within a few months.