Max Life Insurance Company Limited was founded in the year 2000. It is a joint venture between Max Financial Services Limited and Mitsui Sumitomo Insurance company. The company is headquartered in New Delhi and has 239 offices present across the country. It offers various types of insurance such as child, savings, life, etc. Max Life Term Insurance provides financial assistance to the family in case of the unfortunate death of the policyholder. A lump sum amount is paid to the beneficiary(s) as a death benefit if the policyholder dies during the policy period.
Max Life Online Term Plan Plus is a term insurance plan that offers guaranteed payment to the life assured's family either in a lump sum or monthly income or income through regular increasing income. Its online accessibility provides convenience and flexibility to the policyholder in premium payments and easy claims settlement.
Minimum Age of Entry | 18 years |
Maximum Age of Entry | 60 years |
Maximum Age of Maturity | 85 years |
Term of the Policy | 10 years to 50 years |
Minimum Sum Assured | Rs. 25 lakhs (under all the three options) |
Maximum Sum Assured | Rs. 100 crores |
Premium Paying Term | Regular Pay, Pay till 60 years, 10 Pay |
Premium Paying Frequency | Yearly/Half Yearly/Monthly/Quarterly |
**Last Updated on 21-12-2020
Max Life Super Term Plan is a pure protection term plan that provides financial security to your loved ones in your absence at affordable costs. With the help of this policy, the life assured has the flexibility to choose policy terms, the sum assured, and premium paying term.
Minimum Age of Entry | 18 years |
Maximum Age of Entry | 65 years |
Maximum Age of Maturity | 75 years |
Term of the Policy | 10 years to 35 years |
Minimum Sum Assured | Rs. 25 lakhs |
Maximum Sum Assured | No limitations and must be in multiples of Rs. 1 lakh |
Premium Paying Term | Same as the policy term |
Premium Paying Frequency | Yearly/Half Yearly/Monthly/Quarterly |
**Last Updated on 21-12-2020
Max Life Premium Return Protection Plan is a non-linked and non-participating term plan that offers protection cover along with the guaranteed return of premium (including extra premiums) at the end of the policy term (if the life assured survives till the end of the policy). It provides the freedom to choose the policy term and sum assured amount according to financial requirements in the future.
Minimum Age of Entry | 21 years |
Maximum Age of Entry | Policy Term of 20 years: 55 years Policy Term of 25 years: 50 years Policy Term of 30 years: 45 years |
Maximum Age of Maturity | 75 years |
Term of the Policy | 20/25/30 years |
Minimum Sum Assured | Rs. 5 lakhs |
Maximum Sum Assured | Rs. 1 crore |
Premium Paying Term | 11 years |
Premium Paying Frequency | Yearly/Half Yearly/Monthly/Quarterly |
**Last Updated on 21-12-2020
Max Life Critical Illness Benefit Rider: Max Life Critical Illness Benefit Rider covers 40 critical ailments and pays a lump sum in case the life assured is diagnosed with any listed critical illness (mentioned in the policy documents). This rider can be added by paying extra premiums to stay financially independent during pre and post-treatment of a critical ailment such as heart attack, kidney failure, cancer, etc.
Max Life Comprehensive Accident Benefit Rider: In case of death or dismemberment due to an accident of the policyholder, this rider option provides an additional sum assured or rider sum assured to the family. The disability or death must occur within 180 days from the date of accident and independent of any mental illness.
Max Life Waiver of Premium Plus Rider: As the name suggests, this Max Life rider waves off all the future premiums if the life assured becomes a victim of disability or critical illness, which may result in income loss and inability to pay further premiums of the policy. This will help the policy continue and will not affect the existing benefits.
Purchase With Max Life:
Purchase With PolicyX.com:
Intimate Claim: You are required to intimate the claim to the insurance company by providing information through any of these channels:
Documents Required: The insurer will ask you to submit supporting documents to process the claim. The following documents will be required for the same:
Additional documents required on the basis of the cause of death:
Medical/Natural Death:
Accidental/Unnatural Death:
Settlement of Claim: Once the company receives all the documents and claim form, they will verify the information provided as per terms and conditions. Upon successful completion, the company will inform the nominee whether the claim gets accepted/rejected via email or call. If it is accepted, the claim will be settled and the amount will be transferred to the nominee's bank account.
1. Is ECS - Electronic Clearance System available in Max Life term insurance?
Yes, it is available.
2. Is there a mobile application available for Max Life term insurance?
Yes, an app called 'Max Life One App' is available for Max Life term insurance.
3. What are the GST charges applicable under Max Life term insurance policy?
18% of GST charges are applicable for Max Life term insurance policy.
4. How much death benefit is payable under Max life super term plan?
The death benefit is higher of 10 times of annualised premiums or 105% of total premiums paid under Max life super term plan.
5. What are the 3 variants available in Max life online term plan plus?
The 3 variants under the plan are as follows:
6. How many days does Max Life take to settle the claim?
The estimated time taken by the company to settle a claim is 30 working days after the complete set of documents are submitted and are duly verified by the company. If further verification of claim is necessary, then the company may take 180 days to completely settle the claim.
Last updated on 21-12-2020