Max Life Insurance commenced operations in the year 2000 and since then has expanded their presence across the nation.
Max life provides a range of life insurance, term insurance, linked, participating & non-participating, health pension, annuity, retirement, child plan, savings, protection, and growth plans to individuals and to groups. These term
plans offer financial support to your loved ones and extra protection with additional riders. Max Life Term Insurance plans are customizable, reliable, and affordable term plans which is why it has garnered a wide customer base
that places its trust in Max Life Insurance.
Max Life Insurance provides tax benefits on the premium amounts paid and the final amount that is achieved as a pay-out as per death benefit. As a trustworthy term insurance company,
these plans can allow the policyholder to avail of loans in its lieu.
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Max Life Term Insurance Plans
Max Life Smart Term Plan
Key Features of Max Life Insurance Company
Max Life Term Insurance offers multiple plans and ways of securing your family after you. Let's have a look at some of the brilliant features of the policy making it one of the best available term insurance plans in the domain.
Annual Premium: As per the IRDAI report 2021-22, Max Life Insurance recorded an annual premium of Rs. 22,414.90 Crores.
Solvency Ratio: The solvency ratio of the company helps an individual ascertain the company's ability to meet its long-term financial obligations. The Solvency Ratio of Max Life Insurance company for 2021-22 is 2.4. (As per the IRDAI, it is mandatory for every life insurer to maintain a solvency ratio of 1.5).
Claim Settlement Ratio: The company holds one of the highest claim settlement ratios in the insurance industry
with a CSR of 99.51%. (CSR as per IRDAI report of the year 2021-22). This shows that the company is trustable and reliable.
Operating Network: Max Life Insurance Company has 269 branches across India and additional distribution touch-points through several new tie-ups and partnerships.
All You Need To Know About MAX Life Term Insurance? Find complete details in one go!
Economical Term Plans Affordable costs for term insurance plans and other insurance products.
Customizable Term Plans Term Insurance offered by Max Life Insurance offers multiple customizable options in insurance pertaining to term, cover amount, and premium payment.
Special Rates for Non-Smokers and Females Non-smokers and females are offered special premium rates.
Online and Offline Insurance Plans Max Life offers its customers online term plans so that they can buy and select plans online from the comfort of their homes.
Tax Benefits Customers can avail of certain tax benefits under relevant sections of the IT Act, 1961.
Variety in Plans Max Life Insurance company offers a good variety of life insurance plans to suit the different requirements of their customers.
Offers financial security and a support system to the policyholder in an emergency. Provides a 5% increment in SA after every anniversary of the policy.
Unique Features
Life Stage Option
Multiple Coverage Options
Increasing Death Benefit
Smart Secure Plus Plan (Pros)
Terminal Illness Benefit
Smart Exit Benefit
Acceleration Death Benefit
Smart Secure Plus Plan (Cons)
1 Year WP for Suicide
No Policy Loans
No Pre-existing Conditions
Smart Secure Plus Plan (Other Benefits)
Death Benefit in Instalments
RP, WOP & 3 Riders
Additional Cover for Spouse
Smart Secure Plus Plan (Eligibility Criteria)
Entry Age - 18 Years
Max Entry Age - 84 years
Minimum Sum Assured - Adaptable
Maximum Maturity Age - 85 years
Premium Payment Term - RP/SP/LP
Term Plan with Return of Premium (TROP)
A simple term plan that provides a death benefit and life cover. Being a TROP it provides maturity benefits and gives you your premiums back.
Unique Benefits
Life Stage Option
Multiple Coverage Options
Increasing Death Benefit
Term Plan with Return of Premium (Pros)
Terminal Illness Benefit
Smart Exit Benefit
Acceleration Death Benefit
Term Plan with Return of Premium (Cons)
1 Year WP for Suicide
No Policy Loans
No Pre-existing Conditions
Term Plan with Return of Premium (Other Benefits)
Death Benefit in Instalments
RP, WOP & 3 Riders
Additional Cover for Spouse
Term Plan with Return of Premium (Eligibility Criteria)
Entry Age - 18 Years
Max Entry Age - 84 years
Minimum Sum Assured - Adaptable
Maximum Maturity Age - 85 years
Premium Payment Term - RP/SP/LP
Max Life Saral Jeevan Bima
A simple, uncomplicated pure protection term plan that protects you and your family against fixed premiums.
A high sum assured term plan that offers two death benefits namely Life Cover or Increasing Life Cover.
Unique Features
Different payout options available
Terminal illness cover
Maturity benefit available
Smart Term Plan (Pros)
Income Protector
Rider Options
Premium Return (ROP)
Smart Term Plan (Cons)
Limited Maturity Benefit
Plan Complexity
No Loan Benefit
Smart Term Plan (Other Benefits)
Enhance Cover at Milestones
Accelerated Critical Illness Benefit
Accident Cover
Smart Term Plan (Eligibility Criteria)
Entry Age - 18 Years
Max Entry Age - 60 years
Minimum Sum Assured - Adaptable
Maximum Maturity Age - NA
Premium Payment Term - RP/SP/LP
Premium Return Protection Plan
A plan that provides life insurance with ROP at policy maturity, offering limited premium payment terms and flexible protection period choices.
Unique Features
Limited PPT (11 years)
RoP at Maturity
Flexibility in the Policy Period
Premium Return Protection (Pros)
Coverage with Premium Return
Short Premium Payment Duration
Maturity Benefit with Premium Return
Premium Return Protection (Cons)
No Additional Investment Benefits
Higher Premiums
Limited to Premium Return at Maturity
Premium Return Protection (Other Benefits)
Lifetime Coverage up to Age 75
Max Sum Assured is 1 Cr
Choice of Protection Periods (20/25/30 years)
Premium Return Protection (Eligibility Criteria)
Entry Age - 21 Years
Max Entry Age - 55 years
Minimum Sum Assured - NA
Maximum Maturity Age - 75 Yrs
Premium Payment Term - 20/25/30 Years
Max Life Online Term Plan Plus
A pure risk premium life insurance plan offering comprehensive protection for individuals, including death benefit options and additional riders.
Unique Features
Customizable Death Benefit
Accelerated CI Benefits
Life Stage Event Benefit
Online Term Plan Plus (Pros)
Max SA Is 100 Crore
Additional Riders Benefit
Flexible Premium Payment Options
Online Term Plan Plus (Cons)
No Maturity Benefit
No Surrender Benefit
No Policy Loan Allowed
Online Term Plan Plus (Other Benefits)
Discount for Non-Smokers
No Restrictions on Travel
High SA Discounts & Waiver of Premium
Online Term Plan Plus (Eligibility Criteria)
Entry Age - 18 Years
Max Entry Age - 60 years
Minimum Sum Assured - 25 L
Maximum Maturity Age - 85 Yrs
Premium Payment Term - RP
Who Should Buy Max Term Insurance?
Death, illness, and disability are all realities that are rarely discussed. All three, however, are facts that we are unable to completely neglect. One way that can protect you and your family from the financial problems caused by these three and other dreadful events is buying a term insurance plan.Therefore, everyone who has dependents should purchase a term insurance policy. They include:
Parents with Dependent Children The children will receive financial support from a term policy, guaranteeing they do not lose out on any possibilities in life.
Young Individuals Max Term insurance policies can be beneficial for young people who have fewer responsibilities and whose chances of death are very low. So with fewer financial obligations, their premiums will be less expensive than those of older people.
Newly Married Couple You may give your spouse a present that will last a lifetime, by securing your spouse's financial future with Max insurance. Choosing a good term insurance plan can give your loved ones sufficient financial help in the following ways in the event of such an occurrence:
A one-time payment to cover their urgent needs.
A steady income to cover their living expenditures (if opted).
Points to Consider While Buying Max Term Plan
Buying a Max term plan is a serious decision, as it will provide your family significant financial support, after your passing. Therefore, we must choose the term plan that will benefit us the most. Your coverage should be sufficient to appropriately safeguard your family, while not being too expensive for you to afford.Here are a few points you must consider while purchasing or looking for a term insurance plan:
The coverage amount You must evaluate and take into account the factors like the following when determining how much coverage you require. This depends on criteria like- your age, your financial obligations, the financial needs of your family in the future, your regular expenses dependent on your way of living, any loans you are currently servicing, and whether you take inflation and growing prices into consideration.
Decide the policy period The tenure of the policy can be determined by keeping in mind the following factors:
Based on your age Your age determines the length of your insurance, thus the younger you are, the longer the policy will last and the less the premium will be.
Based on your other financial obligations You can choose the best policy duration based on your other financial obligations and when they are due. For instance, if you have a 30-year mortgage, it makes it reasonable to buy term life insurance for at least 30 years in order to safeguard your family from financial hardship in the event of an unlucky incident.
Based on your retirement If you have a retirement plan, then you can opt for a longer policy period till you reach the age of retirement, which is usually 60-65 years for most people. This will ensure that the cover extends throughout your working years and your family is financially secure in case of the unfortunate death of the earning member.
Look for suitable payout options Depending on the payout option you can select your Max plan's premiums. You can choose between two options either receiving a lump sum payment or a recurring monthly income (if available in your plan). You should select the payout choice based on your needs and financial viability because the premium varies according to the payment option you select.
Select the perfect insurer
Claim Settlement Ratio Look at the claim settlement ratio because it reveals a company's readiness to settle its disputes. It is essential to choose an insurance provider with a high percentage of claims settled.
Solvency Ratio An insurance company's ability to pay its long-term liabilities is measured by its solvency ratio. It is better to choose insurance with a more excellent solvency ratio because it denotes financial strength.
Financial Background Find out the insurer's financial history to make sure it has the resources to meet its short and long-term obligations in the event of a catastrophe.
Market reputation Analyze market reputation, from the elements like the volume of the company's client complaints and the grievance ratio, and research the insurer's standing in the market.
MAX Life Term Plan Riders
Max Life Waiver of Premium
It is a Non-Linked Non-Participating Individual Pure Risk Premium Insurance rider. When you add Max Life Waiver of Premium Plus rider to your life insurance policy, you can avail waiver of all future premiums in case of an
eventuality mentioned below to the policyholder.
In case Policyholder & Life Insured are same
Dismemberment
Diagnosis of eleven (11) specified critical illnesses
In case Policyholder & Life Insured are different
Dismemberment
Diagnosis of eleven (11) specified critical illnesses
Death
Once claim under this rider is accepted and future premium(s) are waived; then in case of termination of base policy due to happening of any insured event or surrender (only if surrender value is available under the base policy),
the following benefits are payable:-
All applicable benefits under the base policy
The present value of the future Premium
Calculate MAX Life Term Insurance Premium
To calculate MAX Life Term Insurance premiums, policyholders can turn to MAX Life Term Insurance premium calculator. It is an online tool that allows the policyholder to calculate their term plan premiums in advance.
Take a look below at sample premiums of MAX Life Term plan
MAX Life Smart Plus Plan
Sum Assured (in Rs.)
50 Lakhs
75 Lakhs
1 Crore
Monthly Premium Payable(in Rs.)
522
783
895
*Premiums calculated for a 30-year old, non-smoker male. Chosen plan option is "Life Cover only" with a premium payment term of 40 years.
How To Buy MAX Life Term Insurance Plans?
MAX Life allows you to buy term insurance plans online or via their advisors who can assist you in making the right decision. 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 the buying process.
Steps to buy from PolicyX.com
Fill out the form given at the top of this page with the necessary details.
Select your income and city. Click on 'Proceed'.
Update your education and occupation details.
Choose your preferred plan and click on 'Buy this plan'.
Select policy term, premium period, and riders (if required) and then proceed to do the payment.
**Once the payment is made, you will get a payment confirmation at your registered email address.
Steps to buy from MAX Life Insurance company
Visit the official website of Max Life Insurance.
Click on 'Calculate Premium' and fill in the form that comes up.
Add benefits and riders as per choice, then click on 'Continue'.
Check out the plan options and premium details and select a suitable plan.
Click on the 'Buy' option.
**Once the payment is made, you will get a payment confirmation at your registered email address.
How to File MAX Life Term Insurance Claims?
Filing a claim for MAX Life Term Plan is a simple and hassle-free task. You can easily fill and submit their claims online or offline. To file a claim for MAX Life Term Plan, you need to follow the below-mentioned steps.
The Max Life Term Insurance claim process is simple. All you need to do is follow the below procedure.
Claims can be downloaded from the company website www.maxlifeinsurance.com or can be collected from any of the branch offices of the company and submitted back to the company.
Documents required for term insurance claim
Claim form.
Original policy document.
FIR report if applicable.
Post mortem report if applicable.
Death certificate by the local municipal authority.
Photo identify proof of the nominee.
Any other document which may be asked by the insurance company to approve the claim request.
How to Contact MAX Life Insurance Company?
Online Sales Helpline Contact Information
Toll-free number: 0124 648 8900 (Available from 9:00 am to 9:00 pm IST) Monday to Saturday
service.helpdesk@maxlifeinsurance.com, SMS 'LIFE' to 5616188
MAX Life Term Insurance: FAQs
1. How much coverage do I need for my MAX Life Term Insurance plan?
The thumb rule to calculate your coverage needs is that a term insurance plan needs to be 20 times of your annual income. You can also take into consideration your life stage requirements, liabilities, income, age, etc.,
to come to ideal term insurance coverage.
2. Is maturity benefit available in MAX Life term plan?
Term insurance should be taken as a financial protection cover and not seen as an investment. Term Insurance is the only life insurance option that offers such high coverage for low premiums compared to other life insurance
products. The Max Life Smart Secure Plus term plan comes with a maturity benefit.
3. Are there any riders available in term insurance plans provided by MAX Life?
Max Life offers a "waiver of premium" rider in their term insurance plans.
4. Is Max Life a good company to buy insurance from?
One of the top insurance providers in India, Max Life Insurance Company has a high claim settlement ratio of 99.51% and a solvency ratio of 2.4% It has 269 branches and excellent pan-India connectivity. They design their plans with an affordable premium, with ease of online availability of plans, contributing to the convenience of the customers.
5. What are the benefits of Max Life Insurance?
High life cover at affordable premiums.
Protection of your loved ones from unforeseen circumstances.
Protection from illnesses.
Long-term coverage.
Disability benefits.
Income options in case of unfortunate accidents.
protection against liabilities.
6. Does my smoking habit affect my insurance premium rate?
Yes, the premium rates for a person with smoking habits are generally higher than for a non-smoker. This is because they are at a greater risk of developing health-related issues later in life.
7. What is the free look period of Max Life term insurance plans?
The free look period is 15 days from the date of receipt of the policy bond.
8. Is Return of Premium applicable for those charged under additional riders?
Any premium amount charged under optional benefits such as Critical Illness benefit, accident cover riders will not be a part of the benefit (return of premium) upon maturity.
9. Can optional benefits be purchased after buying a term plan?
Premium Back and Life Stage benefits can only be added while purchasing the policy and not after.
10. What should I do in case I lose the documents required to file a claim at Max Life?
As a first step, an FIR must be lodged. Then you must make sure to inform your insurer to avoid any hassles. One should always maintain duplicate copies of important documents to aid in times of need.
11. What is the process of Max Life term plan renewal?
To renew a Max life term plan, you need to follow these below-mentioned steps:
Enter your correct Client ID and D.O.B. to login into e-portal
Enter the policy details of your Max Life term plan
Select the payment method (Debit/Credit Card or Net Banking)
Save/print premium deposit receipt on successful payment
12. What is the Max term insurance cancellation process?
For canceling a Max term plan, you need to visit the nearest branch of Max Term Insurance with all the policy documents and duly filled surrender form. Once the cancellation process is completed, the refund will be transferred
immediately into your bank account.
13. Is it possible to change the policy duration of my Max Life Term Insurance plan after it has been issued?
No. It is not possible to change the policy duration of Max Term Insurance once the policy is issued.
14. Is it possible for Non-Resident Indians (NRIs) to buy a Max Term Plan?
Yes, NRIs can buy the Max Life Term plan online if they are Indian citizens, have ever held an Indian passport, or are the lawfully married spouse of an Indian citizen.
15. What is the grace period offered by Max Life Term insurance?
If you do not pay the policy premium by the due date, Max life term insurance will provide you a grace period of 15 to 30 days. In case you still fail to pay the premium of your Max Term Plan your policy will lapse immediately.
16. Who should buy Max Term Insurance?
Single individuals with dependent parents, Married individuals with dependent spouse and/or children.
17. What are the types of Max Life term Insurance plans?
Max Life Super Term Plan
Max Life Online Term Plan Plus
Max Life Premium Return Protection Plan
Max Life Smart Secure Plan Plus
Max Life Flexi Wealth Plus
18. Is natural death covered under Max Life Term Plan?
Yes, the Max Life Term Plan covers natural death. It provides the nominee of the policy a certain amount irrespective of the reason of the death.
19. Can a person buy more than one Max life term insurance at a time?
Yes, it's possible to buy more than one Max life term insurance. Just read the documents carefully and disclose the information about previous max term insurance plans.
20. Documents required to buy Max Life Term Insurance?
Voter ID
Aadhar Card
Documents issued by the Central government.
National Register with your name, address, aadhar information on it.
21. What is the solvency ratio of Max Life Term Insurance?
The Solvency Ratio of Max Life Term Insurance is 2.04% (2021-22) which is higher than IRDAI mandate (1.50%).
