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 fulfill the needs of its customers. Max Life Insurance crossed Rs. 10,000 Crores in gross written premium in FY 2019-20. The company also reported a 99.22% in its claim settlement ratio in the same year. Moreover, Max Life Insurance is working hard to make the claim process simple and hassle-free for you and your family.

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

There are 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, market share, 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:

**Last Updated on August, 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, an 11% increase from that reported last year.

   As of the year ended March 2020, Max Life holds a market share of 1.90% in the life insurance space. Further, in the graph below, we have highlighted the yearly trend in the amount of annual new business 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)

   

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

2. Claim Settlement Ratio

   Max Life introduced an initiative called InstaClaimTM, wherein the company offers to settle death claims in just one day.

   The claim settlement ratio helps you to analyse the claim settling ability of an insurer.

   As per the IRDAI's annual report, the claim settlement ratio of Max Life Insurance stood at 99.22% in FY 2019-20.

   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 (2016- 2020)

   

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

3. 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 IRDAI Report 2019- 2020, the Solvency Ratio of Max Life Insurance stands at 2.18. 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 a multichannel distribution network consisting of partners and third-party agencies. It has established a PAN India presence, featuring 269 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.

Products offered by Max Life Insurance

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.

**Last Updated on August, 2021

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
• 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)

Mail:online@maxlifeinsurance.com

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)

Mail: nri.helpdesk@maxlifeinsurance.com

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