Max Life Insurance
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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 fulfil 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.

Awards And Achievement

  • Awarded Gold in the category of ‘Best Internal Communication’ at AFAQs digits award 2021.
  • Awarded Bronze in Best Lead Generation Campaign at e4m Maddies 2021.
  • Best security practices award in the 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.

Key Features of Max Life Insurance Company

With 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, annual premium 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:

  • Claim Settlement Ratio
    The claim settlement ratio helps you to analyse the claim settling ability of an insurer. The higher the claim settlement ratio, the higher will be the chances of your claims getting settled quickly.
    As per the IRDAI's annual report, the claim settlement ratio of Max Life Insurance stood at 99.35% in FY 2020-21.
    Moreover, Max Life has introduced an initiative called InstaClaimTM, wherein the company offers to settle death claims in just one day.
  • 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
  • Annual Premium
    Annual Premium of the company helps in analyzing the growth and performance of the company in the given financial year. In FY 2020-21, Max Life Insurance recorded a gross written premium of Rs. 19,017.90 Crores.
  • 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.
Max Life Insurance Key Features

Max Life Insurance Plans

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.

  1. Max Life Term Insurance Plans

    Max Life Term Insurance Plans provide financial protection to the family in the unfortunate event of the policyholder's death during the term of the policy.

    Plan Entry Age Tenure Minimum Sum Assured
    Max Life Smart Secure Plus Plan Minimum Age:- 18 years
    Maximum Age:- Regular Pay:- 65 years Pay till 60:- 44 years
    10-67 years Base Death Benefit Rs. 20,00,000
    For Secondary Life, in Joint Life: Rs. 10,00,000

    Know More About: Max Life Term Insurance Plans

  2. Max Life Child Insurance Plans

    Child insurance plans are a blend of insurance and investment that assures a secure future for your child. These plans are ideal to create a corpus to fund the child's education.

    Plan Entry Age Tenure Minimum Sum Assured
    Max Life Future Genius Education Plan Minimum:- 21 years
    Maximum:- 45 years
    13-21 years 8 Pay variant: Rs. 3,27,000
    Limited Pay variant: Rs. 2,12,000
    (subject to minimum premium limits)
    Max Life Shiksha Plus Super Minimum:- 21 years
    Maximum:- 50 years
    5 Pay Variant:- 10 years
    Regular Pay Variant:-
    15 to 25 years
    5 Pay: Rs 500,000
    Regular Pay:
    Annual Mode: Rs. 2,50,000
    Non-Annual Mode: Rs. 4,80,000
  3. Max Life ULIP Plan

    Plan Entry Age Tenure Minimum Sum Assured
    Flexi Wealth Advantage Plan Minimum:- 91 days
    Maximum:- 70 years
    10 to 30 Wealth variant:
    Single Pay: Rs. 250,000 Limited Pay: Rs. 350,000 Regular Pay: Rs. 1,75,000
    Whole life variant: Limited Pay: Rs. 700,000
    Platinum Wealth Plan Minimum:- 91 days
    Maximum:- 60 years
    Single Pay: Policy Term of 10 years
    Limited Pay: Option to choose Policy Term from 10 years to 20 years
    Regular Pay: Option to choose Policy Term from 10 years to 20 years
    Single Pay: Rs. 2,50,000
    Limited Pay & Regular Pay ₹ 20,00,000
    Fast Track Super Minimum:- 91 days
    Maximum:- 60 years
    10 years for Single Pay / 5 Pay and 20 years for Regular Pay -
  4. Max Life Savings & Income Plans

    Savings & Income plans support disciplined savings and make sure that the assured gets constant returns during the entire policy term. A life cover accompanies the plans, and the benefit is paid as monthly income or a lump sum amount (per the policyholder's choice). Max Life offers the following savings & income plans:

    Plan Entry Age Maximum Maturity Age Policy Term
    Smart Wealth Plan Minimum:- 91 days
    Maximum:- 65 years
    80 years N/A
    Whole Life Super Minimum:- 18 years
    Maximum:- 60 years
    100 years 100 years minus the age at entry of the life insured (age last birthday). 
    Savings Advantage Plan Minimum:- 91 days
    Maximum:- 65 years
    80 years 10-30 years
    Assured Wealth Plan Minimum:- 91 days
    Maximum:- 60 years
    70 years For PPT 5: 10, 15, 20 years For PPT 8: 16 years For PPT 10: 15, 20 years
    Monthly Income Advantage Plan Minimum:- 18 years
    Maximum:- 55 years
    90 years 10/20/30 years 
  5. Max Life Retirement Plan

    Retirement plans are insurance products designed to provide you with financial security for retirement life. The plan also secures your spouse and makes him/her financially independent in our absence. Max Life offers a range of retirement plans. Let’s take a look at them.

    Plan Entry Age Vesting Age Policy Tenure 
    Max Life Saral Pension Minimum:- 40 years
    Maximum:- 80 years
    NA NA
    Max Life Forever Young Pension Plan Minimum:- 30 years
    Maximum:- 65 years
    Minimum:- 50 years
    Maximum:- 75 years
    Minimum:- 10 years
    Maximum:- 75 years, less entry age
    Max Life Guaranteed Lifetime Income plan Minimum:- 0 years
    Maximum:- 80 years
    Minimum:- 1-year
    Maximum:- 90 years
    NA
    Maxlife Life Perfect Partner Super Minimum:- 91 days
    Maximum:- 55 years
    NA 7,10,15 & 20 years
    Max Life Smart Fixed-return Digital Plan NA NA NA

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

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
  • Canceled 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?

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

Online Plus Helpline:
online@maxlifeinsurance.com
SMS: SMS 'LIFE' to 5616188
NRI Helpdesk:
nri.helpdesk@maxlifeinsurance.com

Online Plus Helpline:
0124 648 8900
Customer Service Helpline:
1860 120 5577
NRI Helpdesk:
0124 5098162; 0124 4905150

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

Life Insurance Articles

Max Life Insurance: FAQs

1. What is the claim settlement ratio of Max Life Insurance?

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

2. How long does Max Life Insurance take to settle a claim?

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

3. What are the eligibility criteria to have claims settled within 24 hours under Max Life’s InstaClaimTM initiative?

  • 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

4. Can I change the nominee of my Max Life insurance plan?

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

5. Can I change my current method of max life premium payment?

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

6. Does the company send reminders for max life premium payments?

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

7. What is the free look period for policies offered by Max Life?

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

8. How can I surrender my Max Life Insurance policy?

To surrender the Max Life Insurance policy, you need to submit the duly filled surrender form with the reason for surrender at the nearest branch office of Max life insurance company along with the below-mentioned documents:

  • Original Policy documents
  • Canceled cheque
  • ID proof
  • Updated contact details

9. What are the ways to pay Max Life Insurance premium online?

Policyholders can pay the premium of max life insurance plans through any of the below mentioned modes:

  • Credit Card
  • Debit Card
  • Net Banking
  • UPI
  • RTGS
  • NEFT
  • ECS
  • EBPP

10. What is the process to link an Aadhaar card with Max Life Insurance policy?

Listed below are some options to link Aadhar card with the Max Life policy:

  • SMS Aadhar number and policy number to 5424243.
  • Send an email to the company
  • Call on 1800-200-5577
  • Walk-in to the nearest branch of the Max Life Insurance

11. What documents are required to process a Maturity claim under the plans offered by max life insurance company limited?

Below-mentioned are the documents that are required to process the maturity claim:

  • Original Policy Pack.
  • Copy of ID proof.
  • Form M.
  • Canceled cheque or a copy of the bank passbook

12. Do I get a notification for my premium payments?

Max Life Insurance Company Limited will send you a notification before debiting the premium from your account to ensure that you have a sufficient balance in your bank account.

What Our Customers Have to Say

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Priya Sharma

Jaipur

December 14, 2022

PolicyX has a smooth service from booking policy to verification. Employees are very patient and have good knowledge and help you throughout the process. Had great experience dealing with them

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Somesh

Agra

December 9, 2022

I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.

Customer Review Image

Prerna Kumari

Mumbai

July 11, 2022

Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.

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Priya Sangwan

Mumbai

July 11, 2022

IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.

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Priyanshi Deewan

Hyderabad

July 6, 2022

I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...

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Rishabh Kumar

Delhi

July 6, 2022

I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.

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Samarth Gaur

Chennai

July 6, 2022

I am very happy with the term plans offered by the Canara HSBC Life Insurance company. The plans offer comprehensive coverage and I am sure will support my family after my demise.

Customer Review Image

Vipul Bhardwaj

Coimbatore

June 9, 2022

Bharti AXA is a good life insurance company, and I am sure if something ha[opens to me, the company will look after my family s needs.