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 with a wide range of life insurance products like long-term savings, protection, child insurance, retirement, investment and group solutions delivered by the highly talented advisors (agents) and multi-channel distribution partners across the country.

Highlights

Max Life Insurance Plans

1. Max Life Online Insurance Plans

Online insurance plans provide the ease of purchasing a policy from the comfort of your home via multiple secure online payment modes. The premiums of Max life online plans are comparatively less than its offline versions. Even the premiums for renewing these policies can be paid online. Let us look into Max Life Online Insurance plans:

i. Max Life Online Savings Plan

Max Life Online Savings Plan is an excellent wealth solution that secures the policyholder from major contingencies of life by providing life coverage. The plan helps to boost your savings that help to cope up with the rising inflation rate.

Features

• The plan offers investment strategy and choice of funds.
• It provides multiple sum assured options.

Eligibility

ii. Max Life Online Term Plan Plus

A cost-effective term plan that offers financial security against various risks of life such as disease, critical illness, death, and disability. The plan comes with a choice of death benefit options and additional protection with add-on riders.

Features

• Option to 'pay till 60', i.e., paying premiums up to 60 years of age and getting coverage until 85 years.
• Get lump sum payment along with monthly income.
• The plan offers protection against 40 critical illnesses for a sum assured up to Rs. 50 lakhs.

Eligibility

2. Max Life Child Insurance Plans

Child insurance plans are a blend of insurance and investment that assures a secure future for your child. The 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. Here's a list of child insurance plans to help you choose one as per your requirements:

i. Max Life Future Genius Education Plan

The plan comes out with a lump sum benefit to fulfil your child's dreams along with immediate payouts in case of an unfortunate event. The insurance plan provides flexibility to parents to choose the interval of money back depending on the education needs of their child.

Features

• Ideal for children between 0-15 years of age.
• The policy guarantees 4 money backs paid on an annual basis during the last 4 policy years.
• The plan offers a choice to select premium payment term and policy term (between 3 to 21 years) as per your child's graduation requirements.

Eligibility

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.
• The plan favours long-term savings by investing your fund against market variations.

Eligibility

3. Max Life Health Insurance Plans

Health plans help 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 with online availability which offers protection against all stages of cancer. The plan pays out a lump sum amount together with an annual income for 5 years on the diagnosis of major or critical stages of cancer.

Features

• Sum assured increases by 10% for the first 5 claim-free years at no extra cost.
• If detected at an early stage, 20% of the cover is paid upfront and all future premiums are waived off.
• The plan offers cover till age 75 years.

Eligibility

4. Max Life Retirement Insurance Plans

Retirement plans, as the name suggests, 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 us look at Max Life Pension Plan in detail::

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 volatilities. 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

ii. Max Life Guaranteed Lifetime Income Plan

Max Life Guaranteed Lifetime Income Plan is an annuity plan that 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 unfortunate demise of the annuitant(s), the beneficiary will be paid with the buying price of the plan.

Eligibility

**Note: In the event of an annuity from Death or Surrender benefit, the pension accumulation plan of the company shall proceed. Nevertheless, the availability of the annuity option will be on Single Life Annuity for Life Option only.

Also, an annuity might be offered to the policyholder if the annuity is bought from the interest of Surrender/Death/Maturity benefit and shall be paid under the pension accumulation policy of the company.

iii. Max Life Life Perfect Partner Super Plan

Max Life Life Perfect Partner Super Plan, which takes care of your partner's financial needs with a life cover. It bears your expenses easily after retirement through guaranteed annual money back.

Features

• Protect your spouse's future in case of eventualities with additional riders.
• Get life insurance coverage until the age of 75 years.
• The plan offers a guaranteed payout of 212.5% of the sum assured.

Eligibility

5. Max Life Unit-linked Insurance Plans (ULIPs)

Unit-linked insurance plans or ULIPs are life insurance plans in addition to investment options. The plans protection cover along with convenience for investment in mutual funds, bonds and stocks for magnificent growth in the future.

Let us look at the different below-mentioned Max Life ULIP plans:

i. Max Life Fast Track Super Plan

Max Life Fast Track Super Plan helps you to grow funds with additional loyalty bonuses for your policy. It helps to achieve long-term financial goals and secure your future with a life cover under a single plan.

Features

• Enjoy market-linked returns by investing in any of the 6 fund options.
• The plan protects your investment from market variations by offering 2 strategy options.

Eligibility

ii. Max Life Platinum Wealth Plan

An ideal plan that helps you accumulate and grow your savings. The plan also assists to maximize your funds by means of market-linked returns in addition to wealth boosters whilst protecting the future of your family, even in your absence.

Features

• Pay for a limited premium payment term of 11 years only and enjoy lifetime benefits
• Get the guaranteed return of total premiums paid in case of survival at maturity.
• Provision of life coverage up to 10 times the total annual premiums paid.

Eligibility

6. Max Life Savings & Income Insurance Plans

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

i. Max Life Monthly Income Advantage Plan

Max Life Monthly Income Advantage Plan helps to ensure that you are not distressed in meeting the basic requirements of life in the future 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 along with maturity benefit.
• In case of death of the life assured, the policy continues and the family receives policy benefits.

Eligibility

ii. Max Life Assured Wealth Plan

Max Life Assured Wealth Plan offers guaranteed lump sum benefits through which you can easily fulfil your savings and financial objectives.

Features

• The plan offers a policy term of 10 years and a limited premium payment term of 5 years to help generate savings within a short period of time.
• A death benefit in a lump sum is payable immediately on the death of the life assured assuring full financial safety to your loved ones.

Eligibility

iii. Max Life Guaranteed Income Plan

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

Features

• Guaranteed income for 10 years that becomes double after 5 years.
• The policy offers immediate payout after the policy term with zero waiting period.
• The death benefit comes with options to get the benefit as a lump sum or monthly income.

Eligibility

iv. Max Life Whole Life Super

It is a savings plan which assists you in raising a corpus for your family. The plan provides you with a life cover which will keep growing with the addition of the company bonuses and 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.
• A lump sum benefit will be payable to the policyholder at the age of 100 years.

Eligibility

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

• The plan provides a lump sum benefit at the time of death of the policyholder.
• It offers guaranteed financial security during the policy term.
• The policy has a short premium payment term and policy term.

Eligibility

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 in choosing the duration of the policy so as to meet the financial requirements on time.
• The policy is liable to a lump sum amount on completion of maturity period.
• Tax benefits on the premium paid under the policy as per the Income Tax Laws of India.

Eligibility

7. Max Life Group Insurance Plans

Max Life Group Plans are tailor-made affordable plans 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 is one such great employee retention tool which makes it easy for the employers to fund their 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.
• This plan helps you to deliver long-term results for your investments depending upon the performance of the funds chosen by you.
• It helps in the efficient management of large scale gratuity payment facilities.

Eligibility

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 the financial protection of employees of an organisation. The plan stands 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.
• A cost-effective policy along with higher employee retention.

Eligibility

iii. Max Life Group Super Life Premier

Max Life Group Super Life Premier is a group plan that allows flexibility to the employer and can be 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

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 bank employers to increase customer retention.

Features

• The plan offers financial security to only savings bank account holders.
• It provides coverage on 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

v. Max Life Group Credit Life Secure Plan

Max Life Group Credit Life Secure Plan, a plan that 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

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 them against the debt payers. In case the borrower died in an accident or in an unfortunate event, this policy will help the organisation to get out of the situation by paying the rest of the debt amount.

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

vii. Max Group Term Life Platinum Assurance Plan

Max Group Term Life Platinum Assurance Plan is a newly launched comprehensive group term plan that provides protection to the family against the death of the employee. The policy is for employers to cover all their employees under a single plan.

Features

• The plan provides a lump sum benefit to the family on the death of the employee.
• It also offers an optional accelerated critical illness benefit which provides security against 20 listed critical illnesses by paying an extra premium.

Eligibility

**Note: The age of maturation or cover ceasing shall be declared on the policy anniversary subsequent with 81 years (for the base policy) or 70 years (Accelerated CI benefit) depending upon the case.

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 years which is higher as compared to other life insurance products. These plans act as support towards the family to meet their financial goals after the demise of the life assured.

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

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 for claim reporting:

• Nearest Max Life Insurance Company Office (details of the nearest branch can be checked in the website).
• Personal agent advisor (if available).
• Email Support: claims[dot]support[at]maxlifeinsurance[dot]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.

• Under the same, all claims need to be submitted with claim forms. Life, Group, Cancer claims have different forms. You can download the same directly from the Max Life Insurance Company's website or can collect it from the nearest Max Life Insurance company branch.
• You have to attach the claim form along with the necessary documents and submit it to the company.
• All valid claims will get 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 Co. Ltd. 11th Floor, Dlf Square Building, Jacaranda Marg, Dlf City Phase 2, Gurgaon - 122008

Online Plus Helpline: Phone: 1800 200 3383 (Monday to Saturday - 08:00 AM to 09:00 PM)

Email: online[at]maxlifeinsurance[dot]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[dot]helpdesk[at]maxlifeinsurance[dot]com