Max Life Insurance
Max Life Insurance
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About Max Life Insurance

Max Life Insurance (founded in the year 2000) is one of the leading non-banking private sector life insurance companies in India. It is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max life springs up as a financially strong and trustworthy company that deals in a wide range of life insurance products like long-term savings, protection, child insurance, retirement, investment and group solutions. They are delivered by highly talented advisors (agents) and multi-channel distribution partners across the country.

Highlights:

Claim Settlement Ratio

99.22%

Assets Under Management

Rs. 68,471 Crores

No. of Branches in India

269

**Last Updated on 13-10-2020

max Life Insurance

Max Life Insurance Plans

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. Let's take a look at the list of Max Life term insurance plans:

i) Max Life Smart Term Plan

Max Life Smart Term Plan is an excellent and one of the flexible plans that cater to people from different walks of life. The plan offers comprehensive protection against critical illness, disability, death and provides full protection to your family.

Features:

  • The plan offers multiple death benefit options.
  • The plan offers a free look period of 15 days, where you have the option to return the policy if you aren't satisfied with it. 

Eligibility:

Age at Entry

Minimum Age:- 18 years 

Maximum Age:- Regular Pay:- 60 years 

Pay till 60 variant: 44 years

Maximum Maturity Age

Base Death Benefit: 85 years 

Accelerated Critical Illness (ACI) Benefit Option: 75 years

Accident Cover Option: 85 years

**Last Updated on 13-10-2020

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. Life cover is also available as a lump sum payment at the end of the policy term. Let's take a look at the list of Max Life child insurance plans:

i) Max Life Future Genius Education Plan

The Max Life Future Genius Education Plan helps the parents to fulfil their child's future dreams and also provides flexibility to choose the premium payment term and policy term depending on the education needs of their child.

Features:

  • The policy guarantees 4 money backs paid on an annual basis during the last 4 policy years.
  • You can select premium payment term (limited pay or 8 pay) and policy term (between 13 to 21 years) as per your child's graduation requirements.

Eligibility:

Age at entry

Minimum: 21 years

Maximum: 45 years

Maximum Maturity Age

66 years

**Last Updated on 13-10-2020

ii) Max Life Shiksha Plus Super Plan

It is an insurance cover, which provides financial security to your child for higher education. The policy also safeguards the child's future in case of the unfortunate demise of the parent.

Features:

  • At the end of every year, the plan guarantees the benefit of loyalty additions starting from 11th policy year.
  • The plan offers a choice of 6 (six) funds for investors with different risk appetites.

Eligibility:

Age at entry (last birthday)

21 to 50 years

The policyholder (who shall also be the Life assured) should have a child (own or legally adopted) aged 0-18 year

Maximum Maturity Age (Age as on last birthday)

For 5 Pay - 60 years

For Regular Pay - 65 Years

**Last Updated on 13-10-2020

3. Max Life Health Insurance Plan

Health plans allow you to be financially prepared during a health crisis. Max life health plans ensure the treatment of complex ailments by providing adequate coverage against expenses like hospitalisation, medical bills, diagnosis tests, etc. Let us discuss the following health plan by Max Life:

i) Max Life Cancer Insurance Plan

A cancer insurance plan offers comprehensive protection against all stages of cancer. The plan offers cover till 75 years, and if the cancer is detected at a major stage, the full cover amount is paid with an additional 10% as income for the next 5 years.

Features:

  • Sum insured increases by 10% for the first 5 claim-free years at no additional cost.
  • If detected at an early stage, 20% of the cover is paid upfront and all future premiums are waived off.

Eligibility:

Age at entry (last birthday)

Minimum: 25 years

Maximum: 65 years

Maximum Maturity Age

75 years

**Last Updated on 13-10-2020

4. Max Life Retirement Insurance Plans

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.

i) Max Life Forever Young Pension Plan

Max Life Forever Young Pension Plan helps you to create savings for retirement life while protecting you from market downturns. The assured also get an additional annuity advantage to safeguard your family against unplanned emergencies of life.

Features:

  • The plan helps to build a corpus to fulfil your financial goals during retirement years.
  • It takes care (financially) of the family in case of the unfortunate demise of the policyholder.

Eligibility:

Minimum and Maximum Entry Age

30-65 Years

Minimum and Maximum Vesting Age

Minimum: 50 years

[55 years for policies sourced under Qualifying Recognized Overseas Pension Scheme (QROPS), according to Her Majesty's Revenue & Customs (HMRC) regulations]

Maximum: 75 years

**Last Updated on 13-10-2020

ii) Max Life Guaranteed Lifetime Income Plan

Max Life Guaranteed Lifetime Income Plan allows you to convert your life-saving into a lifelong regular income source. It can be a smart way to make sure that your regular income stream continues and assists you to stay on top of your expenses.

Features:

  • Guaranteed income for your needs throughout life.
  • In your absence, your partner shall continue to receive income under the joint-life annuity option.
  • On the unfortunate demise of the annuitant(s), the beneficiary will get a minimum 105% of the purchase price of the policy.

Eligibility:

Parameters

Immediate Annuity

Deferred Annuity

Minimum

50 years

45 years

Maximum

80 years

**Last Updated on 13-10-2020

iii) Max Life Perfect Partner Super Plan

Max Life Perfect Partner Super Plan takes care of your partner's financial needs (with a life cover) until you reach the age of 75 years. The plan allows you to live a carefree post-retirement life and offers 212.5% of guaranteed sum assured on maturity (via bonuses) to secure your retirement.

Features:

  • Protect your spouse's future in case of eventualities with an additional rider.
  • The plan offers accrued paid-up additions and terminal bonus, and hence increases the total sum payable either on the end of policy term or death of the insured. 

Eligibility:

Minimum Age at Entry

91 days

Maximum Age at Entry

55 years

Maximum Maturity Age

75 years

**Last Updated on 13-10-2020

5. Max Life Savings & Income Insurance Plans

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

i) Max Life Monthly Income Advantage Plan

Max Life Monthly Income Advantage Plan ensures that you can meet the basic requirements of life by providing a monthly income. It also commits that your family remains financially secure even when you are not there to take care of them.

Features:

  • The policy offers monthly income for 10 years after completion of premium payments.
  • On maturation date of the policy, the plan provides accrued bonuses and terminal bonus.

Eligibility:

Entry Ages (Age as on Last Birthday)

Minimum: 18 years

Maximum:

  •  8 Pay variant - 55 years
  • 12 Pay variant - 55 years
  • 15 Pay variant - 50 years

Maximum Maturity Age (Age as on Last Birthday)

  • 8 Pay variant - 73 years
  • 12 Pay variant - 77 years
  • 15 Pay variant - 75 years

**Last Updated on 13-10-2020

ii) Max Life Assured Wealth Plan

Max Life Assured Wealth Plan is a non-linked, non-participating individual life insurance savings plan that offers a guaranteed lump sum benefit, which can easily fulfil your financial goals.

Features:

  • The plan helps to build your wealth systematically and offers 6 different variants of premium payment terms.
  • The plan offers additional riders that can be taken with this policy and offers enhanced protection.

Eligibility:

Age at Entry (age as on last birthday)

Minimum: 91 days

Maximum: 60 years

Maximum Maturity Age (Age as on Last Birthday)

70 Years

**Last Updated on 13-10-2020

iii) Max Life Guaranteed Income Plan

Max Life Guaranteed Income Plan is a savings plan, which provides you with a life cover and guaranteed payouts in the form of monthly income for a 'Payout Period' of 10 years.

Features:

  • The policy offers immediate payout after the policy term (with zero waiting period).
  • The death benefit comes with two options- a lump sum or monthly income.

Eligibility:

Premium Payment Term

6 years or 12 years (same as the policy term)

Age at entry (last birthday)

For 6 Years: 25-60 years

For 12 Years: 25-55 years

Maximum Maturity Age (last birthday)

For 6 Years: 66 years

For 12 Years: 67 years

**Last Updated on 13-10-2020

iv) Max Life Whole Life Super

The Max Life Whole Life Super insurance plan is a savings plan that helps you to raise a corpus for your family. The plan also offers a life cover that grows with the addition of the company bonuses & will last till you are 100 years old.

Features:

  • The plan offers a guaranteed payout along with company bonuses on the maturation date of the policy.
  • You will get the flexibility to withdraw money to meet any financial commitments.

Eligibility:

Premium Payment Term

10 years

15 years

20 years

Maximum Age at Entry

(Age at Last Birthday)

60 years

55 years

50 years

Minimum Age at Entry

(Age at Last Birthday)

18 years

**Last Updated on 13-10-2020

v) Max Life POS Guaranteed Benefit Plan

Max Life POS Guaranteed Benefit Plan comes with a hassle-free buying process that offers access to financial security by paying a guaranteed benefit to the life assured and his/her family during adverse circumstances.

Features:

  • It offers guaranteed financial security during the policy term.
  • The policy has a short and fixed premium payment term and policy term.

Eligibility:

Age at Entry (last birthday)

Minimum: 18 years

Maximum: 50 years

Maximum Maturity Age (last birthday)

60 years

Premium Payment Term

5 years

Policy Term

10 years

**Last Updated on 13-10-2020

vi) Max Life Savings Advantage Plan

Max Life Savings Advantage Plan is a policy that provides the life assured with the benefit of savings cum life insurance coverage throughout the policy tenure.

Features:

  • The plan offers flexibility to choose the duration of the policy to meet the financial requirements on time.
  • The policy is liable (partly guaranteed) to pay a lump sum amount on completion of maturity period.
  • Tax benefits on the premium paid as per the Income Tax Act, 1961.

Eligibility:

Age at Entry (last birthday)

Minimum

  • Single Pay: 8 years
  • Limited/Regular Pay : 0 years (91 days at the time of applying for this plan)

Maximum

  • Single Pay: 65 years
  • Limited Pay: 60 years. If Entry age of Life insured is >=56 years then Entry age of Life Insured + Premium Payment Term shall be <=65 years.
  • Regular Pay: 45 years

Maximum Maturity Age (last birthday)

  • Single Pay: 75 years
  • Limited Pay: 80 years
  • Regular Pay: 65 years

**Last Updated on 13-10-2020

vii) Max Life Smart Wealth Plan

Max Life Smart Wealth Plan is a non-linked, non-participating individual life insurance savings plan that secures your financial future through guaranteed returns.

Features:

  • It offers the flexibility to choose from four plan options- Lumpsum, Long Term Income, Short Term Income and Whole Life Income
  • The plan offers comprehensive death benefits (in case of your death) during the policy term.

Eligibility:

Criteria

Plan Option

Minimum

Maximum

Age at Entry (Years)

Lumpsum

0 (91 Days)

60

Short Term Income

5

60

Long Term Income

7

60

Whole Life Income

45 (Younger life)

65 (Older Life)

Age at Maturity (Years)

Lumpsum

18

80

Short Term Income

18

73

Long Term Income

18

71

Whole Life Income

50

70

**Last Updated on 13-10-2020

6. Max Life Group Insurance Plans

Max Life Group Plans are specially designed for banks, employers of an organisation and financial institutions to provide coverage to their employees and secure them financially during uncertainties. A variety of group plans by Max Life have been listed below:

i) Max Life Group Gratuity Premier Plan

The plan makes it easy for employers to fund the gratuity liabilities with the help of excellent market-linked returns. The plan shall meet your obligations under the Payment of Gratuity Act, 1972.

Features:

  • The employer needs to pay fewer maintenance costs.
  • It helps in the efficient management of large scale gratuity payment facilities.

Eligibility:

Group Size

Minimum: 10 at the time of choosing the scheme

Maximum: No limit

Policy Term

1 Year Renewable

Entry Ages for employees (as on last birthday)

Minimum - 18 Years

Maximum - 74 Years

**Last Updated on 13-10-2020

ii) Max Life Group Super Life Premier in lieu of EDLI

Max Life Group Super Life Premier in lieu of EDLI is an insurance plan that ensures financial protection to employees of an organisation. This plan is better than the Employees Deposit Linked Insurance Scheme or EDLI Plan of EPFO.

Features:

  • The plan provides security to the employee as well as their families.
  • It's a cost-effective policy, which can improve employee retention.

Eligibility:

Age at entry (last birthday)

Minimum: 18 years

Maximum: 74 years

Maximum Maturity Age (last birthday)

75 years

Policy Tenure

1 Year Renewable

Group size

10 Members- No Limit

Maximum Sum Assured

Rs. 6,10,000 per member

**Last Updated on 13-10-2020

iii) Max Life Group Super Life Premier

Max Life Group Super Life Premier is a group plan that allows flexibility to the employer and is available with add-on riders to boost the security of employees (including their families).

Features:

  • The plan is affordable for a large group of employees in an organisation.
  • You can get certain tax benefits based on the prevailing tax laws.

Eligibility:

Policy Term

1 year

Minimum group size

10 Members in case of Employer-Employee Groups and 50 Members in case of Non-Employer-Employee Groups

Event covered

Death (natural or accidental)

Minimum sum assured

Rs. 1,00,000 for a scheme,

Rs. 5,000 for a member

**Last Updated on 13-10-2020

iv) Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana seeks to offer life insurance coverage to the bank account holders at affordable prices. This group scheme also assists banks to increase customer retention.

Features:

  • The plan offers financial security to only savings bank account holders.
  • It provides coverage against death (no matter what is the reason), where both (the premiums and cover) are fixed as per the terms and conditions of the plan.

Eligibility:

Minimum entry age

18 years (last birthday)

Maximum entry age

50 years (last birthday)

Maximum maturity age

55 years

Maximum Sum Assured

Rs. 2,00,000 per member

**Last Updated on 13-10-2020

v) Max Life Group Credit Life Secure Plan

Max Life Group Credit Life Secure Plan provides cover to the organisation against the loan taken by a borrower in the event of borrower's death during the policy term.

Features:

  • The policy comes at an affordable cost to manage the finances of an organisation at the time of uncertainties.
  • The plan also benefits the borrower's family from paying-off the loan liabilities.

Eligibility:

Minimum entry age

15 years (age as on last birthday)

Maximum entry age

75 years (age as on last birthday)

Maximum age at Maturity

77 years (age as on last birthday)

Minimum Policy Term

2 years

Maximum Policy Term

Till 77 years (age as on last birthday) subject to a maximum of 30 years

**Last Updated on 13-10-2020

vi) Max Life Group Credit Life Premier Plan

Max Life Group Credit Life Premier Plan, a leading group insurance policy for the banks or financial organisations to protect themselves against the debt payers.

Features:

  • The plan ensures that liabilities don't bother the loved ones of the borrower due to his/her miserable death.
  • It does not allow the banks or institutions to run into losses in case of default payments by the borrower.

Eligibility:

Age at Entry

(age as on last birthday)

Minimum:

  • For education Loan: 14 years
  •  For any other type of loan: 18 years

Maximum age at entry

75 years (age as on last birthday)

Policy Term

2-40 years

**Last Updated on 13-10-2020

vii) Max Group Term Life Platinum Assurance Plan

Max Group Term Life Platinum Assurance Plan is a comprehensive group term insurance plan that financially protects the family against the death of the employee. This policy allows employers to cover all their employees under a single plan.

Features:

  • With low-cost insurance, you can improve employee retention.
  • It also offers an optional in-built accelerated critical illness benefit, which provides security against 20 listed critical illnesses by paying an extra premium.

Eligibility:

Minimum Age at entry (last birthday)

18 years

Maximum Age at entry (for employer-employee groups & affinity groups)

For Death benefit: 80 years

For Accelerated CI Benefit Option 69 years

Maximum Cover Ceasing Age (for employee groups & affinity groups)

For Death Benefit: 81 years

Accelerated CI Benefit option: 70 years

Minimum group size

For Employer-Employee - 10 individuals;

For Non-Employer Employee/Affinity/Other groups - 50 individuals;

**Last Updated on 13-10-2020

viii) Max Life Group Saral Suraksha Plan

Max Life Group Saral Suraksha Plan is a micro insurance product, which aims to secure the economically and socially weaker sections of the society against life's uncertainties.

Features:

  • The plan offers coverage for Loan Borrowers and Level Cover for Affinity groups such as MFIs, NBFCs, NGOs and small finance banks under one micro insurance plan.
  • You have the flexibility to decide the premium payment option.

Eligibility:

Minimum Age at entry (last birthday)

  • 18 years for all members other than education loan borrowers 
  • 14 years for education loan borrowers

Maximum Age at entry (age last birthday) 

  • Base Benefit: 80 Years 
  • ATPD Benefit: 75 Years

Maximum Maturity Age (last birthday)

  • Base Benefit: 81 years
  • ATPD Benefit: 76 years

Group size

Minimum: 5 members at inception

Maximum: No limit

**Last Updated on 13-10-2020

Why Opt For Max Life Insurance Plans?

Long Term Coverage: Max Life Insurance plans provide the policyholder with a long-term cover until the age of 85 or 100 years, which is higher as compared to other life insurance products.

Security Against Illnesses: The life insurance plans by Max Life ensure protection from life-threatening diseases and without worrying about the costs, you can avail good treatment facilities. It also allows you to add riders (like critical illness rider, disability rider or accidental death rider) for improved benefits.

Tax Benefits: The policyholder can save up to Rs. 1,50,000 (for the premiums paid) for Max life insurance plans under Section 80C of the Income Tax Act, 1961.

What Is The Claim Settlement Process For Max Life Insurance Plans?

The company has the following channels for its customers to report claims:

  • Nearest Max Life Insurance Company Office (details of the nearest branch are available on the website).
  • Email Support: claims.support@maxlifeinsurance.com
  • Phone: 1860-120-5577
  • Write to the Claims Department on the below address:

Max Life Insurance Company, Operations Center - 2nd Floor, 90A, Sector 18, Udyog Vihar, Gurugram-122015, India.

  • All claims need to be submitted with claim forms. You can download them directly from the Max Life Insurance Company's website or can collect it from the nearest Max Life branch.
  • You have to attach the claim form along with the necessary documents and submit them to the company.
  • All valid claims will be settled within 30 days after receiving all the correct documents as per the guidelines provided by IRDA.
  • Claim amount will be dispatched as per the chosen mode of payment.

Max Life insurance: Contact Details

Contact Address: Max Life Insurance Company, Operations Center - 2nd floor 90 A, Sector 18, Udyog Vihar, Gurugram - 122015

Online Plus Helpline: Phone: 1800 200 3383

Email:online@maxlifeinsurance.com

Send Message: SMS 'LIFE' to 5616188

Customer Service Helpline: Phone: 1860 120 5577 (Monday to Saturday - 9:00 AM to 6:00 PM)

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

Email: nri.helpdesk@maxlifeinsurance.com

Max Life insurance: FAQs

1. How to check the policy status of Max life insurance?

To check the policy status of Max Life Insurance plan, you can simply log into the official website of the company and use your login ID and username. Once you have logged in to the portal, you can check your policy status by simply entering your policy details along with the necessary information.

If you are a new user, you can register with Max Life by providing the requested details. Customers can also check the status of their insurance policies by calling at the toll-free number 1860-120-5577 or sending an email.

2. What are the documents required for the claim settlement process of Max life insurance plans?

Mandatory documents required to register a death claim:

  • Original policy documents.
  • Original/attested copy of death certificate issued by the local municipal authority
  • Death claim application form (Form A)
  • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook
  • Nominee's photo identity proof such as a copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.

3. What is the Family Income Benefit (FIB) under Max Life Shiksha Plus Super Plan?

The family Income Benefit under Max Life Shiksha Plus Super Plan is liable to pay 10% of the sum assured to the family of the policyholder on every policy anniversary.

4. Is there any mobile application available for Max life insurance policies?

Yes, there is an application, viz., 'Max Life CSG' application available for Max life customers.

5. What are the vesting benefits in 'Pension Maximiser Option' for Max Life Forever Young Pension Plan?

By choosing "Pension Maximiser Option" under Max Life Forever Young Pension Plan, a policyholder is eligible to get a guaranteed vesting benefit, which is higher of fund value or 101% of the total premium paid including the top-up charges, if any.

Last updated on 13-10-2020