Founded in 2000, Max Life Insurance Company is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. It is one of the leading life insurance companies that offer 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.
Claim Settlement Ratio (2019-20) | 99.22% |
Assets Under Management | Rs. 68,471 Crores |
No. of Branches in India | 269 |
Solvency Ratio | 207% |
**Last Updated on 04-02-2021
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:
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 financial protection to your family in case of your death.
Features:
Eligibility:
Age at Entry | Minimum Age: 18 years Maximum Age: 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 |
Minimum Sum Assured | Non-Medical Sales: Rs.10,00,000 |
**Last Updated on 04-02-2021
The values may vary as per the chosen plan option
Max Life Premium Return Protection Plan protects your family's future from life's uncertainty as well as offers the benefit of guaranteed return of total premiums paid at the end of the policy term in case of survival of the policyholder.
Features:
Eligibility:
Age at Entry | Minimum Entry Age: 21 years |
Maximum Maturity Age | 75 years |
Maximum Sum Assured | Rs.1 Crore |
**Last Updated on 04-02-2021
Max Life Super Term Plan takes care of your family's financial needs in case of your unfortunate death. The plan comes with several benefits and ensures your family can meet the increasing expenses in your absence.
Features:
Eligibility:
Age at Entry | Minimum Age: 18 years |
Maximum Maturity Age | 75 years |
Maximum Sum Assured | Rs.25 Lakhs |
**Last Updated on 04-02-2021
Max Life Online Term Plan Plus is standard term insurance, which can be purchased online. An individual can compare, analyze, and then choose the needed term insurance coverage without stepping out of his house.
Features:
The plan offers three variants to choose from:
One can enhance his protection through additional riders.
Eligibility:
Age at Entry | Minimum Entry Age- 18 years |
Premium payment frequency | Monthly, Quarterly, Half-yearly or Annually |
**Last Updated on 04-02-2021
Child insurance plans are a blend of insurance and investment that assures a secure future for your child. Such plans are an ideal way to create a corpus to fund crucial milestones of your child's education. These plans also offer life cover 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:
The Max Life Future Genius Education Plan helps the parents to fulfill their child's higher education needs. The plan allows parents to choose the premium payment term, policy term & the moneyback option depending on the education needs of their child.
Features:
Eligibility:
Age at entry | Minimum: 21 years Maximum: 45 years |
Maximum Maturity Age | 66 years |
Minimum Sum Assured | 8 Pay variant: Rs. 3,27,000 |
**Last Updated on 04-02-2021
Max Life Shiksha Plus Super offers financial security and allows you to plan better for your child's future. Along with covering your child's education needs, the plan comes with comprehensive life insurance coverage that safeguards the child's future in case of the unfortunate demise of the parent.
Features:
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 |
Premium Payment Mode | Annual, Semi-annual, Quarterly & Monthly |
**Last Updated on 04-02-2021
Max Life Health plans ensure the treatment of complex ailments by providing adequate coverage against expenses like hospitalization, medical bills, diagnosis tests, etc.
Let us discuss the health plan offered by Max Life:
A cancer insurance plan by Max Life offers comprehensive protection against all stages of cancer. The plan waives off all future premiums and immediately pays 20% of the cover if the cancer is detected at an early stage. If the cancer is detected at a major stage, the plan offers the dual benefit of a lump sum payout along with an additional 10% as income for the next 5 years.
Features:
Eligibility:
Age at entry (last birthday) | Minimum: 25 years Maximum: 65 years |
Maximum Maturity Age | 75 years |
Maximum Sum Insured | Rs.50 Lakhs |
**Last Updated on 04-02-2021
Retirement plans by Max Life are designed to provide financial security in post-retirement life. The plan also secures your spouse and makes him/her financially independent in your absence.
Max Life offers a range of retirement plans. Let's take a look at them:
Max Life Forever Young Pension Plan allows the policyholders to avail the benefits of equity participation so that they can build a large retirement corpus. On the other hand, it offers a guarantee to protect your savings from market downturns.
Features:
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 04-02-2021
Max Life Guaranteed Lifetime Income Plan is a non-linked general 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:
Eligibility:
Parameters | Immediate Annuity | >Deferred Annuity |
Minimum | 50 years | 45 years |
Maximum | 80 years |
**Last Updated on 04-02-2021
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 the guaranteed sum assured on maturity (via bonuses) to secure your retirement.
Features:
Eligibility:
Age at Entry | 91 days-55 years |
Maximum Maturity Age | 75 years |
Minimum Sum Assured | Rs.50,000 |
**Last Updated on 04-02-2021
Max Life Saving & Income plans make sure that the assured gets constant returns during the entire policy term. The plans are accompanied by a life cover, and the benefit is paid as a monthly income or a lump sum amount (as per the choice of the policyholder). Max Life offers the following savings & income plans:
Max Life Monthly Income Advantage Plan provides monthly income for 10 years (after a premium payment is done) to ensure that you meet the basic requirements of life.
Features:
Eligibility:
Entry Ages (Age as on Last Birthday) | Minimum: 18 years Maximum:
|
Maximum Maturity Age (Age as on Last Birthday) |
|
Premium Payment Term | 8 years, 12 years, or 15 years |
**Last Updated on 04-02-2021
Max Life Assured Wealth Plan is a non-linked, non-participating individual life insurance savings plan that offers a guaranteed lump sum benefit and helps you to achieve all the milestones such as buying a new house, children's education, marriage, and peaceful retirement.
Features:
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 |
Premium Payment Term | 5, 8, or 10 years |
**Last Updated on 04-02-2021
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:
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 04-02-2021
The Max Life Whole Life Super plan helps you to raise a corpus for your family, and also offers a life cover that grows with the addition of the company bonuses.
Features:
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 04-02-2021
Max Life POS Guaranteed Benefit Plan offers access to financial security by paying a guaranteed benefit to the life assured and his/her family during adverse circumstances.
Features:
Eligibility:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 50 years |
Maximum Maturity Age (last birthday) | 60 years |
Minimum Annual Premium | Rs.15,000 |
**Last Updated on 04-02-2021
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:
Eligibility:
Age at Entry (last birthday) | Minimum
Maximum
|
Maximum Maturity Age (last birthday) |
|
**Last Updated on 04-02-2021
Max Life Smart Wealth Plan is a non-linked, non-participating individual life insurance savings plan that secures the financial future of your family and helps them to achieve their milestones through guaranteed returns.
Features:
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 04-02-2021
ULIPs serve the purpose of investment and protection. Below are the following ULIP plans offered by Max Life.
Max Life Flexi Wealth Plus is a ULIP, that offers both protection and investment benefits. The plan helps you to create wealth through systematic savings into various equity and debt fund options, and protect your family's future financially from life's uncertainties.
Features:
Eligibility:
Minimum Entry Age | 91 days (for Wealth Variant) |
Maturity Age | Minimum: 18 years (for Wealth Variant) |
**Last Updated on 04-02-2021
Max Life Fast Track Super Plan helps you to plan your future finances and aims to provide insurance options with a simplistic and safe investment approach.
Features:
Eligibility:
Minimum Entry Age | 5 Pay/ Single Pay | 91 Days |
Regular Pay | ||
Maximum Entry Age | 5 Pay/ Single Pay | 60 years |
Regular Pay | 50 years | |
Maximum Maturity Age | Single Pay / Limited Pay (5 Years) | 70 years |
Regular Pay |
**Last Updated on 04-02-2021
Max Life Platinum Wealth Plan helps you to accumulate and grow your savings to achieve your long-term goals.
Features:
Eligibility:
Minimum Entry Age | Single Pay / Limited Pay (5 Years) | 91 Days |
Regular Pay | ||
Maximum Entry Age | Single Pay / Limited Pay (5 Years) | 60 years |
Regular Pay | 55 years | |
Maximum Maturity Age | Single Pay / Limited Pay (5 Years) | 70 years |
Regular Pay | 65 years |
**Last Updated on 04-02-2021
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:
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:
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 04-02-2021
Max Life Group Super Life Premier in lieu of EDLI is an insurance plan that ensures financial protection to employees of an organization and is better than the Employees Deposit Linked Insurance Scheme (EDLI) Plan of EPFO.
Features:
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 04-02-2021
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 financial security of the employees and their families.
Features:
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 04-02-2021
Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is designed to provide life insurance coverage to the bank account holders at affordable prices.
Features:
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 04-02-2021
Max Life Group Credit Life Secure Plan provides cover to the organization against the loan taken by a borrower in the event of the borrower's death during the policy term.
Features:
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 04-02-2021
Max Life Group Credit Life Premier Plan is well-designed for the borrowers of banks/financial organizations. It helps the family of the policyholder to repay the outstanding loan in case of his death.
Features:
Eligibility:
Age at Entry (age as on last birthday) | Minimum:
| |
Maximum age at entry | 75 years (age as on last birthday) | |
Policy Term | 2-40 years |
**Last Updated on 04-02-2021
Max Group Term Life Platinum Assurance Plan is a comprehensive group term insurance plan that financially protects the family of an employee against an unfortunate event of death.
Features:
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 04-02-2021
Max Life Group Saral Suraksha Plan is a micro-insurance product, which aims to secure the economically and socially weaker sections of society against life's uncertainties.
Features:
Eligibility:
Minimum Age at entry (last birthday) |
|
Maximum Age at entry (age last birthday) |
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Maximum Maturity Age (last birthday) |
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Group size | Minimum: 5 members at inception Maximum: No limit |
**Last Updated on 04-02-2021
The life insurance plans offered by Max Life are commendable in every manner. But that's not the only reason to go for it. The company itself has a bag full of benefits, which are listed below:
*source: Max Life Insurance
Pan-India Presence: With 269 branches around the country, Max Life ensures you and your family don't have to worry about getting assistance for your life insurance policy.
Claim Settlement Ratio: The company has a claim settlement ratio of 99.22%, which shows its commitment towards the betterment of its customers.
Ease to Purchase: You can purchase Max Life plans from online and offline channels. This ensures that potential customers experience a quick and easy buying process.
Transparency: The company follows the transparent process and builds up trust between the customers and its management.
The company proudly sells its plans via an online platform. Here are the steps to buy from it:
**You can also buy a Max Life Insurance plan from PolicyX.com. Call (1800-4200-269) our expert team for further assistance.
The company has the following channels for its customers to report claims:
Write to the claims department at the below address:
Max Life Insurance Company, Operations Center - 2nd Floor, 90A, Sector 18, Udyog Vihar, Gurugram-122015, India.
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[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.helpdesk[at]maxlifeinsurance[dot]com
1. How to check the policy status of Max life insurance?
Go to the official website of Max Life and click on 'Customer Login'. Click on 'Track Application' and enter the requested details to view your policy status.
2. What are the documents required for the claim settlement process of Max life insurance plans?
Mandatory documents required to register a death claim:
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' available for Max life agents.
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.
6. Can I change the nominee of my Max Life Insurance plan?
You can change your nominee during the benefit period of your active policy or just by filling out the policy amendment request form.
7. Will the company send a reminder for my premium payments?
Yes. Before debiting your account, the company will send you reminders to ensure that you have sufficient balance.
Last updated on 04-02-2021