Max Life Insurance
  • Discount on online purchases
  • 64 critical illnesses cover
  • Premium waiver on disability
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Max Life Insurance: Overview

Max Life Insurance Company is a joint venture between Max Financial Services and Axis Bank. The company provides comprehensive protection and long-term savings life insurance plans such as term insurance plans, retirement plans, unit-linked insurance plans (ULIPs), NRI plans, child insurance plans, and group life insurance plans. 

Max Life Insurance Company ensures to look after your insurance needs by offering:

why-choose

  • Affordable premiums

  • Flexible policy tenures

  • Wide range of insurance solutions

  • Choice of premium payment frequency

  • Tax savings

Key highlights of Max Life Insurance

To get more insight into Max Life Insurance Company's performance, take a look at the below key highlights that will help you to analyze the company based on its performance:

Solvency Ratio

Max Life Insurance has a Solvency Ratio of 1.9 as per the IRDAI annual report 2022-23. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.

Features of Max Life Insurance Plans

  • Max Life insurance plans are available at affordable premiums so that a large section of customers can easily afford them.
  • Max Life insurance plans offer flexible policy tenure to the policyholders so that they can choose it as per their requirements.
  • Max Life insurance plans offer a grace period in case you miss your premium payment. A 15-day grace period is applicable in case of monthly payments and a 30-day grace period is applicable in case of quarterly, half-yearly, and yearly payments.
  • You can choose the premium payment frequency from monthly, quarterly, half-yearly, and yearly as per your requirements.
  • Max Life offers life insurance products for individuals of all age groups.

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Max Life Insurance Plans

Max Life Insurance Plans

Benefits of Max Life Insurance Plans

There are multiple benefits of Max Life Insurance Plans. Read below to understand the plethora of advantages provided by the insurer.

Choose the sum assured as per your requirements

You can choose the sum assured of your Max Life insurance plan as per your future financial needs and number of dependents at pocket-friendly costs.

Multiple premium payment options

Max Life insurance plans offer multiple premium payment options such as: monthly, quarterly, half-yearly, and yearly.

Wide range of plans

Max Life Insurance Company offers various plans including term insurance plans, ULIP plans, retirement plans, and child plans. You can choose the one that best suits your needs.

Hassle-free purchase

You can purchase Max Life plans hassle-free through PolicyX.com or their nearest branch offices.

Additional protection through riders

You can choose rider options with Max Life Insurance to enhance the overall coverage of your base plan.

Tired of Pushy Sales? Get Insurance, Your Way Tired of Pushy Sales? Get Insurance, Your Way

Rider Benefits You Can Avail With Max Life Insurance Plans

Here are the rider options you can avail with Max Life Insurance Plans to enhance your coverage:

Maternity Benefit Rider

Max Life Comprehensive Accident Benefit

Additional benefits are paid in case of the policyholder’s demise or disability due to an accident.

Maternity Benefit Rider

Max Life Waiver of Premium

If the policyholder faces serious illness then future premiums are waived off if you have chosen this rider.

Maternity Benefit Rider

Max Life Critical Illness Rider

A lump sum amount on diagnosis of any of the listed 64 critical illnesses.

Documents Required to Buy Max Life Insurance Policy.

Here is the list of documents required to buy the Max Allianz Life Insurance Policy:

  • Regular Smoking
    Photo ID Proof
  • Your Occupation
    Age Proof
  • Pre-Existing Diseases
    Address Proof
  • Your Age
    Medical Records
  • Your Gender
    Income Proof
Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy Max Life Insurance Plans?

Max Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.

Life Insurance
  • Step 1

    Fill out the form given at the top of this page with the necessary details.

  • Step 2

    Select your income and city. Click on 'Proceed'.

  • Step 3

    Update your education and occupation details.

  • Step 4

    Choose your preferred plan and click on 'Buy this plan'.

  • Step 5

    Select the policy term, premium period, and riders (if required), and then proceed to make the payment. Once the payment is made, you will get a payment confirmation at your registered email address.

Life Insurance
  • Step 1

    Visit the official website of Max Life Insurance Company.

  • Step 2

    From the top of the page choose the type of plan you want to buy- Term plan/ Investment plan/ ULIPs, etc.

  • Step 3

    A new window will open. Enter your basic details including name, contact number, email address, occupation, residence details, etc

  • Step 4

    It will show you the premium amount based on the provided details.

  • Step 5

    Once the payment is made, you will get a payment confirmation at your registered email address.

Why Choose PolicyX.com?

Don't just take our word for it - check out what our happy customers say about us!

All my claims were rejected for 3 years. Then, I received a text from PolicyX team, who noticed that my claims hadn't been settled. They managed to get my claims settled, totalling ₹4.5 L. I really appreciate the efforts of the PolicyX advisors for their support in settling my claims.

Ravindra Singh

I highly appreciate the help of the PolicyX team for settling my claim of Rs. 5 Lakhs with zero deductions. I took a policy online from them in March 2024. As a customer, it's been a great experience throughout the process.

Priti varshney

I'm very satisfied because my claim of over ₹2 L has been settled as a result of your team effort. However, I was very upset with the insurer, who delayed the claim for almost 2 months. But with your support and interaction, the claim was settled within 30 days & I appreciate it a lot.

Nisha Mary

I bought my health policy from PolicyX, and so far, it's been a very pleasant experience with the team. I really appreciate the help for renewing my health policy. I look forward to continuing my relationship with PolicyX and recommend it to everyone.

Ajay Shah

PolicyX has been a savior during a medical emergency in my family recently. My wife was admitted in the hospital, and the insurance company declined my claim request. The PolicyX team handled the situation very well and I received the claim right on time.

Vijay Rathod

I purchased a health plan for the very first time and the support by PolicyX is commendable. They helped me with the paperwork, explained the policy details to me with patience and supported me at every step of policy buying. A big thanks to you guys.

Uma Mahajan

How to File Max Life Insurance Claims?

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 steps:

Online Process

Your Occupation
1

Claim Intimation

Inform the company about the incident via various channels. You can write an email to Max Life Insurance at claims.support@maxlifeinsurance.com. Call the toll-free number (1860 120 5577), fill out the online claim form on its website, or visit the nearest branch. A claim reference number/intimation number will be provided to you upon successfully registering the claim.

Your Occupation
2

Document Submission

You will be requested to submit the following documents to process the claim.

In case of natural death: death claim form, death certificate issued by the local municipality, original policy documents, claimant's identity & residence Proof, medical records, and account details of the nominee.

In case of an accidental death: the same documents with an FIR and post-mortem report.

Your Occupation
3

Claim Settlement

After receiving all the documents and claim forms, the insurer will verify the details. If they require any additional details they will contact you via call or email. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over a call or an email.

Offline Process

Max Life Insurance Company's claim settlement procedure can be initiated by visiting the local Max Life Branch Office. For the details of Max Life Insurance branches, you can visit their website and locate the nearest branch. You have to submit the above-mentioned documents in hardcopy at your nearest branch to file the claim. 

Your Occupation

Exclusions of Max Life Insurance Plans

  • The death that occurred due to any pandemic such as covid-19 is not covered by the company.
  • Death caused due to indulging in any type of adventure sport.
  • Death due to consumption of any type of drugs and alcohol.
  • Death due to any pre-existing disease that isn't mentioned during the start of the policy.
  • If a policyholder commits suicide within the first 12 months of purchasing the policy, then no death benefits are paid to their nominee. Only, the premiums paid to the date of the incident or the surrender value of the policy whichever is higher are paid to them.

Conclusion

Max Life is one of the reputed life insurers with the highest claim settlement ratio of 99.51%. It offers a wide range of insurance products including term plans, ULIPs, child insurance plans, saving plans, etc. to meet the needs of every individual.

For more info related to Max Life Insurance Company, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you. One of our insurance experts will reach you shortly, understand your requirements, and help you choose a plan that best suits your requirements.

Life Insurance

More Queries?

If you have any more queries regarding Max Life Insurance Plans, Renewals, or Claim Procedures, contact our insurance experts at:
1800-4200-269 now!

Max Life Insurance: FAQs

1. What is the claim settlement ratio of Max Life Insurance?

As per the IRDAI report of 2023-24, Max Life Insurance has a claim settlement ratio of 99.65%.

2. How long does Max Life Insurance take to settle a claim?

Through its InstaClaimTM initiative, Max Life endeavors to pay eligible death claims up to Rs. 1 Crore in only 24 hours.

3. What are the eligibility criteria to have claims settled within 24 hours under Max Life’s InstaClaimTM initiative?

Eligible policies that have completed three continuous years The claim does not warrant field verification All mandatory documents are submitted Claim amount on all eligible policies is up to Rs. 1 Crore

4. Can I change the nominee of my Max Life insurance plan?

You can change your nominee within the benefit period of your active policy. Alternatively, you can fill out the policy amendment request form.

5. Can I change my current method of max life premium payment?

Max Life allows policyholders to change their premium payment mode on policy anniversaries of their active policies.

6. . Does the company send reminders for max life premium payments?

Yes, Max Life sends reminders before debiting a policyholder’s account to ensure that she/he has sufficient balance.

7. What is the free look period for policies offered by Max Life?

The free look period for offline policies is 15 days, whereas, for online policies, it is 30 days.

8. How can I surrender my Max Life Insurance policy?

To surrender the Max Life Insurance policy, you need to submit the duly filled surrender form with the reason for surrender at the nearest branch office of Max Life Insurance Company along with the below-mentioned documents: Original Policy documents Canceled cheque ID proof Updated contact details

9. What are the ways to pay Max Life Insurance premium online?

Policyholders can pay the premium of max life insurance plans through any of the below-mentioned modes: Credit Card Debit Card Net Banking UPI RTGS NEFT ECS EBPP

10. What is the process to link an Aadhaar card with a Max Life Insurance policy?

Listed below are some options to link the Aadhar card with the Max Life policy: SMS Aadhar number and policy number to 5424243. Send an email to the company Call on 1800-200-5577 Walk-in to the nearest branch of the Max Life Insurance

11. What documents are required to process a Maturity claim under the plans offered by Max Life Insurance Company Limited?

Below mentioned are the documents that are required to process the maturity claim: Original Policy Pack. Copy of ID proof. Form M. Canceled cheque or a copy of the bank passbook

12. Do I get a notification for my premium payments?

Max Life Insurance Company Limited will send you a notification before debiting the premium from your account to ensure that you have a sufficient balance in your bank account.

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

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Himanshu Kumar

Written By: Naval Goel

Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.

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