Max Life Insurance

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About Max Life Insurance

Max Life Insurance, a joint venture between Max Financial Services and Axis Bank, was established with a vision to secure the financial future of their customers. Today, the company offers a comprehensive range of policies through its long-term savings, protection, and retirement solutions. What gives Max Life Insurance a competitive edge over other private insurers is its focus on empathy, transparency, and accountability.

It is worth mentioning that the company also actively contributes to socio-economic development initiatives, striving to make a larger difference in the lives of people.

In an exciting development, Max Life Insurance crossed Rs. 10,000 Crores in gross written premium in FY 2019-20, for the first time since its inception in 2000. The company also reported a record high of 99.22% in its claim settlement ratio in the same year. These numbers are indicative of Max Life Insurance's growing efforts towards establishing itself as a reliable insurer among its customers.

Awards and Achievement

  • 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

Key Features Of Max Life Insurance

Given the magnitude of insurance plans available today, it is important that you choose the right insurer and the right plan that will best suit the potential needs of your family. Key elements that should be taken into account while choosing a plan are companies' annual premium and their claim settlement ratio.

Our team at PolicyX evaluated 24 life insurance companies based on the above-mentioned factors. Notably, Max Life Insurance was found to have ranked 5th in terms of financial soundness and claim support service.

Given below are a few important highlights about the company's performance in FY 2019-20.

Annual premium (2019-20) Rs. 5,583.48 Crores
Assets Under Management Rs. 68,471 Crores
Sum Assured (in force) Rs. 9,13,660 Crores
Claim settlement ratio (2019-20) 99.22%
Solvency ratio 2.07
No. of Offices 269

**Last Updated on June, 2021

In the following section, we provide you with a detailed explanation of these features. Read along to find out.

  1. Annual Premium Income

    In FY 2019-20, Max Life Insurance recorded a gross written premium of Rs. 16,184 Crores, a noteworthy 11% increase from that reported last year. The figure below presents a list of private insurers which reported a premium underwritten of above Rs. 10,000 Crores in FY 2019-20.

    Private Insurers with the Highest Premium Underwritten

    Private Insurers with the Highest Premium Underwritten

    * Data has been sourced from Annual Report 2019-20 published by IRDAI

    As of the year ended March 2020, Max Life holds a market share of 1.90% in the life insurance space. Its company leadership believes that its market share will increase significantly in the coming future. Further, in the graph below, we have highlighted the yearly trend in the amount of annual premium generated by Max Life Insurance, over the past four fiscal years. As indicated by the graph, the company's annual premium increased gradually from FY 2016-17 to FY 2019-20.

    Yearly Trend in Annual Premium of Max Life Insurance (Rs. in Crore)

    Yearly Trend in Annual Premium of Max Life Insurance

    *Data has been sourced from IRDAI's annual report of 2019-20

  2. Claim Settlement Ratio

    As a trusted life insurance brand, Max Life Insurance has consistently brought about some of the industry's most thoughtful solutions. In a commendable feat, Max Life introduced an initiative called InstaClaimTM, wherein the company offers to settle death claims in just one day. This move was put into force with the intention of offering claimants a quick claim settlement process and essentially unburdening them to deal with the grief of losing a dear one.

    The claim settlement ratio is a reliable indicator of the trustworthiness of an insurer. A higher ratio reflects better chances of getting your claims settled. Therefore, those interested in investing in a term insurance plan should always seek a company with a good claim settlement ratio (CSR).

    As per the IRDAI's annual report, the claim settlement ratio of Max Life Insurance stood at 99.22% in FY 2019-20. This percentage is encouraging if you are planning to invest in an insurance policy at this company. The company has successfully settled over 15,000 claims in the same year.

    In the graph below, we have presented the yearly trend in the CSR of Max Life Insurance, over the past four fiscal years.

    Yearly Trend in Claim Settlement Ratio of Max Life Insurance

    *Data has been sourced from IRDAI's annual report of 2019-20

  3. Solvency Ratio

    The solvency ratio is another key parameter that underscores the financial trustworthiness of an insurance company. It measures the ability of the company to meet its long-term debt obligations and other monetary commitments. IRDAI dictates that all life insurance companies in India should maintain a solvency ratio of at least 1.5%.

    In a worthwhile achievement, Max Life Insurance announced a solvency ratio of 2.07%, significantly higher than the 1.5% mandate by IRDAI. In fact, the company has been maintaining a solvency ratio of 2% and above in the last four financial years. The following graph illustrates the solvency ratios of Max Life Insurance from FY 2016-17 to FY 2019-20.

    Yearly Trend in the Solvency Ratio of Max Life Insurance

    *Data has been sourced from IRDAI's annual report of 2019-20

  4. Operating Network

    Max Life Insurance has an extensive multichannel distribution network of partners and third-party agencies. Its PAN India presence, featuring 269 offices across the country, ensures a hassle-free experience for customers. It is worth noting that among all the private life insurers, 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

At Max Life Insurance, you are guaranteed specially curated and personalised plans as per your wishes. In fact, the company has consistently been appreciated for creating the easiest and affordable solutions for its customers. It offers Life Insurance and Investment plans with myriads of plan options. Notably, insurance policies offered by Max Life come with an exciting array of riders that users can purchase to significantly 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 Smart Term Plan
Max Life Online Term Plan Plus
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
Max Life POS Guaranteed Benefit 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
Retirement & Pension Plans Max Life Saral Pension
Max Life Forever Young Pension Plan
Max Life Guaranteed Lifetime Income Plan
Max Life Perfect Partner Super

**Last Updated on June, 2021

Claim Process of Max Life Insurance

The claims team at Max Life Insurance are expert claim assessors who believe in being the fairest, fastest, and friendliest at claims processing. Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim Settlement processes at Max Life Insurance involve 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.

How to Contact Max Life Insurance?

Corporate Office Address:

Max Life Insurance Co. Ltd 11th floor, DLF Square, Jacaranda Marg, DLF City Phase II, Gurugram, Haryana 122002

Online Plus Helpline:

Phone: 0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday)

Message: SMS 'LIFE' to 5616188

Customer Service Helpline:

Phone: 1860 120 5577 (9:00 AM to 6:00 PM Monday to Saturday)

NRI Helpdesk:

Phone: 0124 5098162; 0124 4905150 (9:00 AM to 6:00 PM Monday to Saturday)


* Customers can also chat or write to the company to register feedback, queries, etc.


As per the IRDAI report of 2019-20, Max Life Insurance has a claim settlement ratio of 99.22%.

Through its InstaClaimTM initiative, Max Life endeavours to pay eligible death claims up to Rs. 1 Crore in only 24 hours.

  • Eligible policies that have completed three continuous years
  • The claim does not warrant field verification
  • All mandatory documents are submitted
  • Claim amount on all eligible policies is up to Rs. 1 Crore

You can change your nominee within the benefit period of your active policy. Alternatively, you can fill out the policy amendment request form.

Max Life allows policyholders to change their premium payment mode on policy anniversaries of their active policies.

Yes, Max Life sends reminders before debiting a policyholder's account to ensure that she/he has sufficient balance.

The free look period for offline policies is 15 days, whereas, for online policies, it is 30 days.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.5/5 (44 Total Rating)

June 16, 2021

Victor Dutta


I m really happy with the riders provided by Max Life. I bought a term plan and the riders just make sure that I have a thorough cover.

June 16, 2021

Sanjeev Roy


I went to file a claim at Max Life. I was thoroughly impressed by their support. They made sure that I got my due and I m so thankful.

May 27, 2021

Gayatri Todarmal


I have excellent work experience with give proper training of all products then move to floor for work, Office atmosphere is too good everyone is friendly and supporting nature. I thank to😊

May 12, 2021

Ankita Singh


I am a customer of Max insurance company from the last two years and I am very happy with the service of this company. Keep it up Max life insurance.

May 10, 2021



Through out the process from booking the policy to explaing the policy was smooth. Extra effort from Ajay bharadwaj he took extra time to solve the query and answered all my questions patiently. Appreceiate. Thanks

Last updated on June, 2021

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