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Max Life Insurance is one of the leading life insurance companies in India, believes in contributing to the social and economic development of the society. With an experience of many years in helping Indian clients to fulfill their financial wishes and guard themselves against unforeseen emergencies, Max life comes out as a financially strong and trustworthy company. Max Life Insurance Company deals in Long-term Savings, Protection and Retirement Solutions, delivered by the high-quality Agency and Multi-Channel Distribution Partners.
Life insurance is one of the best solutions to secure you and your loved one’s life effectively. It acts as a one-stop solution for your financial needs in the future when you require it the most. There are several plans that cater to different needs but come under life insurance category, such as term plan, child insurance plan, retirement plan, investment policy, etc. Max Life Insurance Company refers to one of the best life insurance companies in India. It is also a good investment option as well. The company is a reliable option for insurance purchase. The wide range of life insurance products makes it a world-class option.
If you step in the life insurance industry, then there is a popular statement that you will hear at different stages which state "Insurance is not for the person who passes away, it is for those who survive". Gone are those days when people buy insurance policy only to assist their families after their death. That means it offers financial protection to the entire family in the case of the demise of breadwinner. However, now people still buy those types of plans, but they also search for life insurance policies that offer great returns. Basically, an effective life insurance policy promises that in the case of demise or any other unwanted eventuality in your life, it will not be able to hamper the life of your family members. It will allow them to live their normal lifestyle as they live in your presence.
If you are the only breadwinner of your family, then it is very important for you to invest in life insurance policies that can go well with the needs of your family. It is true that we don’t know what will happen in the future, and what types of eventualities are waiting for us thus, securing the life of your loved ones is very important. It is advisable to go for an adequate coverage so that your family should not suffer in your absence.
Losing someone is really a heartbreaking thing that can spoil the entire family emotionally and financially. So in such type of cases, it is very important for a family to be financially and emotionally strong so that no one can take any kind of advantage. Hence it is the duty of the breadwinner of the family to get an insurance when they are alive so that their family can stand on their own in their absence as well. There are several responsibilities of the breadwinner of thefamily like kid’s education, daily household needs, old age parent’s care and much more. With the help of effective life insurance, you will get great peace of mind.
While going for an effective life insurance plan you must search out for the needs and risks that surround you at present and plan accordingly. Max Life Insurance is offering a wide range of the same. There are several plans available so choosing the best that can go well with your needs won't be a daunting task. Just search online for the same.
Online Insurance Plans
Purchasing a policy online allows theconvenience of buying a policy 'anytime' and 'anywhere' via a host of secure payment options. The premiums of online plans are cheaper than their offline version, transferring the benefit to the policyholder. You can also pay all renewal premiums online.
Max Life Online Term Plan PlusAn affordable term plan that provides protection against the risk of Death, Disease,and Disability. Additional life cover at nominal cost through adifferent type of riders.Max Life brings to you Online Term Plan Plus that provides a secure financial future for your loved ones, against the risks of Death, Disease and Disability.
Reasons to buy Online Term Plan Plus| Age at Entry (age as on last birthday) | Minimum - 25 years Maximum - 65 years |
| Maximum Maturity Age | 75 years |
| Clause on Nationality needs to be added |
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A comprehensive Cancer Insurance Plan that provides a payout at all stages of Cancer. Offer 10% increase in original sum assured in case of no claims for the first 5 years.Max Life Cancer Insurance plan provides comprehensive protection against all stages of Cancer. If detected at an early stage, 20% of the cover paid upfront and all future premiums are waived. If detected at a major stage, full cover amount is paid with additional 10% as income for next 5 years. The plan offers cover till age 75 years.
Reasons To Buy Cancer Insurance Plan| Age at Entry (age as on last birthday) | Minimum - 25 years Maximum - 65 years |
| Maximum Maturity Age | 75 years |
| Clause on Nationality needs to be added |
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Max Life Term Insurance Plans
Term insurance plans can provide financial protection for your family, helping them maintain their lifestyle even in your absence. It is a smart way to manage your finances with flexible options that suit your life stage and financial goals.
Max Life Super Term PlanMax Life Super Term Plan is one of the best plans that can take care of your family’s financial needs in case something happenned to the insured. In addition to that, it also helps the family to cope up with rising inflation with its unique increasing life cover option. With this option, your life cover starts increasing by 5% every year at simple rate till the end of the policy term without any increase in the premium. This ensures that your family is able to meet ever-increasing expenses, even when you are not around.
Reasons to buy Max Life Super Term Plan| Minimum/ Maximum Age of Life Insured at Entry (age as on last birthday) | Minimum Age - 18 (Eighteen) years Maximum Age - 65 (Sixty Five) years |
| Maximum Maturity Age of the Life Insured (age as on last birthday) | 75 (Seventy Five) years |
Offer coverage for up to 40 Critical Illnesses along with the flexibility to choose the death benefit payout aslumpsum or lumpsum with monthly income. You may also get comprehensive coverage against death, disability, and diseases with riders.
It is a term plan that provides protection against the risk of Death, Disease,and Disability. Additional life cover at nominal cost through adifferent type of riders.Max Life brings to you Online Term Plan Plus that provides a secure financial future for your loved ones, against the risks of Death, Disease and Disability.
Reasons to buy Online Tem Plan Plus| Age at Entry (age as on last birthday) | Minimum - 25 years Maximum - 65 years |
| Maximum Maturity Age | 75 years |
| Clause on Nationality needs to be added |
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Offers guaranteed return of total premiums (including extra premiums) at maturity. You will also get the flexibility to choose a protection coverage period of 20/25/30 years.Moreover, Max Life Premium Return Protection Plan not only offers you protection coverage, but also has the benefit of return of premium payment at the end of the policy term, on survival of the life insured.
Reasons you should buy this plan| Policy Term | Minimum Entry Age (Age as on Last Birthday) | Maximum Entry Age (Age as on Last Birthday) |
| 20 years | 21 years | 55 years |
| 25 years | 50 years | |
| 30 years | 45 years | |
| Maximum Maturity Age (Age as on Last Birthday) | 75 years | - |
Max Life Health Plans
Health Plans help you to be financially prepared for such situations by providing you coverage for your medical recovery.
Max Life Cancer Insurance PlanMax Life Cancer Insurance plan provides comprehensive protection against all stages of Cancer. If detected at an early stage, 20% of the cover paid upfront and all future premiums are waived. If detected at a major stage, thefullcover amount is paid with additional 10% as income for next 5 years. The plan offers cover till the age of 75 years.
Reasons to buy Cancer Insurance Plan| Age at Entry (age as on last birthday) | Minimum - 25 years Maximum - 65 years |
| Maximum Maturity Age | 75 years |
| Clause on Nationality needs to be added |
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Child Insurance Plan
A child insurance plan is a combination of insurance and investment that ensure a secure future for your child. Life cover is available as a lumpsum payment at the end of policy term.
Max Life Future Genius Education PlanIt comes out with lumpsum benefit to fulfill your child’s dreams along with immediate payouts in case of anunfortunate event. It also offers aregular payout to fund your child's education.The insurance plan provides flexibility to parents to choose premium payment term, policy term & the timing of moneybacks depending on the education needs of their child.
Reasons to buy| Age at | Minimum entry age - 21 years Maximum entry age - 45 years |
| Maximum Maturity Age | 66 years |
Safeguard your fund against market volatilities. It provides guaranteed loyalty benefits at the end of each policy year. It offers the financial security for your child, in case of an unfortunate event.
Reasons to buy?| Entry Age (Age as on last birthday) | 21 to 50 years The Policyholder (who shall also be the Life Insured) 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 |
Retirement plans
Retirement plans are insurance products designed to provide you financial security once your working income stops.
Max Life Forever Young Pension PlanIt helps you to create savings for retirement years while protecting you from ups and downs of the equity market. You can also get additional annuity advantage to safeguard your partner and your family against unforeseen events so that you and your loved ones can easily live life on your terms.
Reasons to buy| 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), as per prevailing Her Majesty’s Revenue & Customs (HMRC) regulations ) Maximum: 75 years |
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.
Reasons to buy| Entry Age* | Minimum: 50 years, (55 years for policies sourced under Qualifying Recognized Overseas Pension Scheme (QROPS), as per prevailing Her Majesty’s Revenue & Customs (HMRC) regulations) Maximum: 80 years |
*In case of purchase of annuity from Death / Surrender benefit proceeds of the pension accumulation plan of the Company, the minimum entry age can be less than 50 years and the minimum purchase price can be less than Rs. 1,00,000. However, the annuity option available will be Single Life Annuity For Life Option only.
Please note that annuity below age 50 will be offered only in case the annuity is purchased from the proceeds arising out of the Surrender Benefit, Death Benefit, or Maturity Benefit payable under the Company’s pension accumulation plan.
Max Life Life Perfect Partner Super PlanMax Life Life Perfect Partner Super Plan, which takes care of your partner’s financial needs with a life cover till you reach the age of 75 years. It bears your expenses easily after retirement through guaranteed annual money-back. Protect your wife’s future in case of eventualities with additional riders.
Reasons to buy| Age at entry (age as on last birthday) | - |
| Minimum Age at Entry | 91 days |
| Maximum Age at Entry | 55 years |
ULIPs
ULIPs are life insurance cum investment options which provide you an opportunity to invest in stocks, bonds or mutual funds for multiplied growth while providing you with a protection cover.
Max Life Fast Track Super PlanIt helps you to grow your fund with loyalty additions. Along with the same, it offers achoice of 5 funds; protection from market volatilities with two strategy options.
Reasons to buy| Age at Entry (Age as on last birthday) | Minimum Entry Age | 18 years |
| Maximum Entry Age - 5 Pay and Single Pay | 60 years | |
| Maximum Entry Age - Regular Pay | 50 years | |
| Maximum Maturity Age (Age as on last birthday) | 55 years | |
An ideal plan that helps you accumulate and grow your savings so that you achieve your long-term goals easily. Now, maximize your hard-earned money through market-linked returns and additional wealth boosters while protecting your family’s future, even when you are no longer around.
Reasons to buy| Policy Term | Minimum Entry Age (Age as on Last Birthday) | Maximum Entry Age (Age as on Last Birthday) |
| 20 years | 21 years | 55 years |
| 25 years | 50 years | |
| 30 years | 45 years | |
| Maximum Maturity Age (Age as on Last Birthday) | 75 years | - |
A perfect plan which balances your fund between equity and debt exposure automatically so that your money grows with time without getting affected due to market volatilities.
Reasons to buy| Minimum/ Maximum Age of Life Insured at Entry (Age as on Last Birthday) | Minimum Entry Age : 18 years Maximum Entry Age : 55 years |
| Maximum Maturity Age of the Life Insured (Age as on Last Birthday) | 70 years |
Savings Plans
Saving plans are life insurance products designed to support disciplined savings and at the same time ensure steady returns throughout the policy term which can be payable as monthly income or lumpsum depending on your need and choice.
Max Life Monthly Income Advantage PlanUnder this plan, you can get life coverage of up to 25 years with a limited premium payment term.Max Life Monthly Income Advantage Plan helps to ensure that you aren’t hard-pressed to meet these commitments in the future & your family remains financially secure, even in your absence.
Reasons to buy| Entry Ages (Age as on Last Birthday) | Minimum entry age: 18 years Maximum entry age: 12 Pay variant - 55 years, 15 Pay variant - 50 years |
| Maximum Maturity Age (Age as on Last Birthday) | 12 Pay variant - 77 years 15 Pay variant - 75 years |
It offers guaranteed lump sum benefits through which you can easily meet your savings goal.
Why to buy?| Age of the Life Insured at Entry (age as on last birthday) | Minimum entry age: 8 years Maximum entry age: 55 years |
Max Life Guaranteed Income Plan is a savings plan which provides you a life cover with guaranteed payouts in the form of monthly income for a ‘Payout Period’ of 10 years.
Reasons to buy| Premium Payment Term | 6 years or 12 years (same as the policy term) | |
| Age at entry (Age at last birthday) | 25-60 years | 25-55 years |
| Maximum Maturity Age (Age at last birthday) | 66 years | 67 years |
It is a savings plan which assists you in raising a corpus for your family. The plan provides you a life cover which will keep growing with the addition of the company bonuses & will last till you are 100 years old.
Reasons to buy| Premium Payment Term | 20 years |
| Maximum Age at Entry (Age at Last Birthday) | 0 years |
| Minimum Age at Entry(Age at Last Birthday) | 18 years |
Max Life Gain Premier provides you long-term life coverage with the flexibility to choose between multiple premium payment terms. Depending on your family’s needs, you can enhance policy benefits with riders.
Reasons to buy| Entry Ages (Age as on Last Birthday) | Minimum Age: 18 years Maximum Age: 55 years for 15/20 year Policy Term, 50 years for 25 year Policy Term |
| Maximum Maturity Age | For 15 years Policy Term: 70 years For 20 years and 25 years Policy Term: 75 years |
A plan that’s easy-to-comprehend, hassle-free to buy and provides guaranteed benefit to ensure financial security for your Dreams.
Reasons to buy| Coverage | All individuals |
| Age of the Life Insured at Entry (age as on last birthday) | Minimum entry age: 18 years Maximum entry age: 50 years |
| Maximum Maturity Age of the Life Insured (age as on last birthday) | 60 years |
| Premium Payment Term | 5 years |
| Policy Term | 10 years |
Max Life Group Insurance Plans
Max Life Group Plans designed for employers/banks/financial institutions helping their members to get cost-effective policies and secure their future.
Max Life Group Credit Life Premier PlanMax Life Group Credit Life Premier Plan, a group master policy for borrowers of banks/ financial institution. In case of eventualities, Max Life pays the rest of the premiums so that your family doesn’t get the additional burden of paying off the loan liability besides undergoing emotional trauma.
Reasons to buy| Age at Entry | Minimum age at entry |
| For education Loan | 14 years (age as on last birthday) |
| For any other type of loan (except education loan) | 18 years (age as on last birthday) |
| Maximum age at entry | 75 years (age as on last birthday) |
It is a plan is one such great employee retention tool which facilitates employers to fund their gratuity liability through good market-linked returns. This plan helps you to deliver long-term results for your investments depending upon the performance of the funds chosen by you.
Reasons to buy| Group Size | Minimum: 10 at time of choosing scheme
Maximum: No limit |
| Policy Term | One Year Renewable Scheme |
| Entry Ages for employees (as on last birthday) | Minimum - 18 Years Maximum -74 Years |
Max Life Group Super Life Premier is one such plan that helps you offer financial security to your employees. It is also a better alternative for EDLI Plan of EPFO.
Max Life Group Super Life PremierMax Life Group Super Life Premier is a flexible group plan that can be clubbed with available riders to enhance protection for your employees and their families.
Reasons to buy| 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 |
| Maximum group size | No limit |
| Event covered | Death (natural or accidental) |
| Minimum sum assured | ₹1,00,000 for a scheme. ₹5,000 for a member |
Max Life Pradhan MantriJeevanJyotiBimaYojana aims to provide life cover to bank account holders at a very affordable cost. The group scheme can help your bank in increasing customer retention. You can partner with Max Life Insurance for a simple and subscriber-friendly administration and claim settlement process.
Reasons to buy| Minimum entry age | 18 years age last birthday |
| Maximum entry age | 74 years age last birthday |
| Maximum maturity age | 75 years age last birthday |
| Minimum Uniform Sum Assured | Rs. 6,01,000 per member |
| Maximum Sum Assured | Rs. 6,10,000 per member |
Max Life Group Credit Life Secure Plan, a plan that provides cover against theloan in the event of borrower's death during the period of coverage.
Reasons to buy| 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 maximum of 30 years. |
When it comes to filing a claim, then there are several questions that run in the mind of the insured person and their family. When you are buying a life insurance plan, then at the time of purchase you must look for the right insurer whose claim settlement is easy and trouble free so that in the future you and your family would not suffer to get the needful assistance. Max Life Insurance is one of such companies that you are looking for. Max Life Insurance Company allows you to file the claim in the easiest way and get the assistance in a short span of time. With the wide range of products, the company is delivering best claim assistance as well. If you check the history and reviews of the company then you will come to know that Max Life Insurance carries a good claim settlement ratio also. It means that you can rely on this insurer for your life insurance needs easily.
Claim ProcessMax Life Insurance Company Operations center, - 2nd floor 90A, Sector 18, Udyog Vihar, Gurgaon-122015, India
When it comes to checking the status of Max Life Insurance plan, you can simply log into the official website of thee company and use your login ID and username. Once you have logged in to the portal, you check your policy status by simply entering your policy details along with the necessary information.. In case 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 1800 200 5577 (toll free), or sending an email, or by sending a text message containing Status
Those who wants to make premium payment online can easily do the same by visiting the official website of Max Life Insurance Company. For the same all you need a computer, or a smart phone with internet connection. The company allows its customers to make payment through Visa debit cards, net banking, and credit cards (Visa / MasterCard).
The process of making an online payment can be completed in three simple steps:
Consumers can aslo transfer funds using netbanking directly to their insurance policy by using RTGS / NEFT. The following details must be entered while using RTGS / NEFT:
Beneficiary Name: Max Life Insurance Co. Ltd.
Beneficiary Credit Account Number: 1165 (followed by policy number)
Beneficiary Bank IFSC Code: HSBC0110002
Beneficiary Bank Name: HSBC Limited
Branch Name: Barakhamba Road, New Delhi – 110001
When it comes to calculating the premium of Max Life insurance policy, you have to just visit the company’s website, locate the calculator and enter the details required, such as policy name, sum assured, premium payment term and payment mode, age, policy term, gender, date of quotation, etc. and select ‘Calculate’. The result will appear on your screen immediately.
When it comes to filing claim there are several doubts that people carry in their mind regarding documents and associated things as well. Here is a short description of the needful documents that you require for filing claim.
The death certificate (In case of death)
Original policy documents
ID proof of the beneficiary
Age proof of insured
Discharge form (executed and witnessed)
Medical certificate (as proof for cause of death)
Police FIR (in case of unnatural death)
On February 29, 2016, Axis Ban bought 9,57,48,762 shares of face value of Rs. 10/- each, or 4.99% equity stake, in Max Life Insurance Company Limited from Max Financial Services Limited, previously known as Max India Limited, and Mitsui Sumitomo Insurance Company Limited for a total cash consideration at par (Rs. 10/- per share) of Rs. 95.75 crores.
Of this, Axis Bank has purchased 7,65,60,635 shares of face value of Rs. 10/- each, or 3.99% equity stake in MLIC, from MFSL for a collective cash deliberation at par (Rs. 10/- per share) of Rs. 76.56 crores and 1,91,88,127 shares of face value of Rs. 10/- each, or 1% equity stake in MLIC, from MSI for an aggregate cash consideration at par (Rs. 10/- per share) of Rs. 19.19 crores, post receipt of necessary regulatory approvals. Subsequent to this transaction. Axis Bank’s equity stake in MLIC has increased to 5.99%.
MLIC, a joint-venture between MFSL and MSI, was built-in on July 11, 2000 and is mainly engaged in the business of life insurance in India. As of March 31, 2015, MLIC is one of the most important life insurers in India with a paid-up capital of Rs. 1,919 crores. The gross premium collected by the MLIC was Rs.8,172 crores in the financial year ended March 31, 2015, Rs. 7,279 crores in the financial year ended March 31, 2014 and Rs. 6,639 crores in the financial year ended March 31, 2013.
Tuesday March 01, 2016
Japanese insurance company Nippon Life Insurance, Tata AIA and Aviva Life were among the 15 companies whose foreign direct investment proposals totalling Rs 7,262 crore have been permitted by the FIPB.
Moreover, the proposal of YES Bank to raise the foreign investment limit to 74 per cent from existing 41.87 percent without any limits has been referred to the Cabinet Committee on Economic Affairs (CCEA).
As per the recommendations of the Foreign Investment Promotion Board (FIPB) during a meeting that was held on March 7, the government has permitted 15 FDI proposals involving Rs 7,261.6 crore and suggested one application for approval of CCEA involving FDI of Rs 6,885 crore, a Finance Ministry statement said.
The Board also permitted the offer of Taurus Ventures for issuance of shares to the shareholders of Max India pursuant to a demerger of Max India Ltd. The offer of Nippon Life to hike stake in Reliance Life Insurance from 26 percent to 49 percent for Rs 2,265 crore was permitted by the board.
Also, Tata AIA Life Insurance Company’s proposal to raise AIA International’s stake from 26 percent to 49 percent that is around Rs 2,055 crore was also cleared by the board.
Wednesday March 23, 2016
On Wednesday, 8th Nov 2017, the Insurance Regulatory And Development Authority Of India (IRDA) said that the linking of Aadhar number with insurance plans is compulsory and asked insurance companies to implement the statutory norms.
“The Authority clarifies that, linkage of Aadhaar number to insurance policies is mandatory under the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017,” the IRDA said.
In the last June, the government of India had informed about the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017, making Aaadhar and PAN/Form 60 compulsory for getting financial services that include insurance also and asked policyholders and companies for linking the existing policies with the same.
In a discussion with all life and general insurance companies, IRDA said the rules have “statutory force” and they have to implement the rule without waiting for the further instructions.
Right now, there are 24 life insurers and 33 general insurance companies operating in the country.
Although, there are no deadlines that have been given by IRDA for the completion of the process, as per the circular, it has to be done as soon as possible. Some insurance companies also said that this can also result in the delay of payout in a few cases. Aadhaar is now also compulsory for financial transactions of Rs 50,000 and above. Likewise, one has to link one’s Aadhaar number with the mobile number latest by February 6, 2018.
Monday November 13, 2017
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