Max Life Insurance

Max Life Insurance Company Limited or Max Group started its journey in 2000 by collaborating with Mitsui Sumitomo and recently the insurer collaborated with Axis Bank. The insurer's main goal has always been to make sure that its customers have a secure financial future. As the largest non-bank private-sector life insurer in India, The company offers a diverse range of insurance plans to cater to various needs and requirements. These plans involve Life Insurance, Term Life Insurance, Unit-Linked Insurance Plans, Endowment Policies, Money-back Policies, Whole Life Insurance, and Retirement Plans.

With a death claim paid ratio of 99.65% Max Life has serviced more than 32 lakh customers since its inception. The company has over 300 offices across India and has also won 3 awards from IRDAI for guaranteed claim settlement within 24 hours. The company has focused on devising several plans for corporate employees as it gives a 5% discount on first year premium payment.

Here’s a list of reasons why you should consider choosing Max Life Insurance as your preferred life insurance partner:

• Individual Death Claim Paid Ratio: The claim settlement or individual death claim paid ratio of Max Life Insurance is currently at 99.65% as per the latest audited financials of the company for fiscal year 2023-2024.
• Sum Assured: The total sum assured in Fiscal Year 2023-2024 was recorded to be INR 1,779,409 Crore as per Max Life’s public disclosure number.
• Assets Under Management (AUM): As per the public disclosure statement of Max Life, in Fiscal Year 23-24 the company has assets under management worth INR 150,836 Crore.
• Solvency Ratio: The current solvency ratio of Max Life is 172%. This ratio is an indication that shows how capable a company is to meet its debt obligations.
• Premium Holiday Option: This paid but unique feature from Max Life under its term plan allows you to take a break from your term insurance payment for up to 2 times in a financial year during your policy term. It is important to note that once you avail this feature in a financial year, the next time you can avail this feature is after a gap of 10 years.
• Nominee Choice Payout: The nominees have the flexibility to opt for the payment frequency of their sum assured. The options to choose from include lump sum payment, monthly payments, or a combination of lump sum and monthly payments.
• Voluntary Top Up: Under this feature, Max Life allows its policyholders to get a top up on their existing term plan once in their policy term. However, to do this, the policyholders will have to go through a fresh medical check up and a fresh underwriting. The cost for the check up and underwriting will have to be borne by the insurer. The benefit of this feature is that the insured will get a discount on the premium payment in comparison to the current/ existing market rates at the time of purchase.
• Special Exit Feature: Also known as zero cost, the special exit feature by Max Life allows policyholders to exit from their term insurance policy based on the term slab they fall under. For example if the policy is taken for a period of 40 to 44 years of policy term, the policyholder can make an exit after the 25th year or at the age of 65 years, whichever is earlier. For policy terms of 45 years and above, the policyholder can make an exit at the 30th year or at the age of 65 years, whichever is earlier.

It is important to note that from October 1st 2024, Life Insurance refund rules have been updated and policyholders will now get a better refund when they exit their policy as compared to policyholders who have exited before October 2024. This update comes in as per the latest IRDAI regulation set with the introduction of the new Special Surrender Value (SSV).

In order to purchase Max Life Insurance Plan check out the below mentioned eligibility criteria:

Term Insurance Plans

For Salaried Individuals

• • For qualifying to take a Max Life Term Insurance Plan, the minimum verifiable annual income of the individual should be equal to or more than INR 5 Lakh annually. This condition is applicable for all salaried individuals who have completed their 12th grade examination and are working.
  • For qualifying as a graduate who is aged between 18 to 40 years, the individual must have a minimum verifiable annual income of INR 3 lakhs and for individuals above the age for 41 years, the minimum verifiable annual income must be INR 5 lakhs.

For Non-Salaried Individuals

• As a non salaried individual, you must be earning at least INR 5 lakhs annually as a verifiable annual income and must have completed your 12th grade education to qualify for Max Term Insurance.
• If you are a graduate individual, you can buy the Max Term Insurance Plan if your verifiable income is a minimum of INR 5 lakhs.

Investment Plans

In order to buy a Max Life Investment Plan, an individual must be at least 91 days old and can purchase this plan till the age of 65 years. It is important to note that these age limits can change or differ depending on the investment plan you opt for.

The different types of plans offered by Max Life Insurance company are listed below:

1. Child Insurance Plan: The Child Insurance Plan by Max Life is a combination of benefits of both insurance and investment for securing your child’s future. The payment offered is a lump sum at the end of the policy term and has flexible payouts for securing important milestones of your child like their education, marriage, etc.
2. Term Insurance:Term Insurance is a type of life insurance plan that provides financial protection to your loved ones after you are gone. Your chosen beneficiaries will receive a predefined amount of money, commonly known as sum assured in case something happens to you during the policy term.
3. Retirement Plan: A Retirement Plan helps you build a security cushion in the form of funds for your retirement years. This helps the policyholder in getting a steady flow of income even after they have stopped working. Basically, it is a financial safety net for your golden years.
4. Unit Linked Insurance Plan (ULIP): A ULIP is a combination of both investment and insurance plan. Within this plan, a portion of your premium goes towards providing life coverage and the other is invested in several funds of your choice. This is a flexible type of investment and has the potential to get high returns.
5. Guaranteed Income Plan: A Guaranteed Income Plan offers a guaranteed income stream for a specific time period or for life, depending on the policy terms you choose. This plan provides financial security by making sure that a regular payout is made to the insured. A Guaranteed Income Plan is ideal for individuals who are looking for a stable income source at retirement.
6. Guaranteed Savings Plan:With this plan you can save your money as well as ensure your protection. A Guaranteed Savings Plan offers protection for your future goals as well as gives you a security net for covering your life.

Below is the list of the top plans offered by Max Life Insurance along with the details on plan type, maximum and minimum entry age and premium payment term:

Riders are paid added benefits you can choose to opt for with your life insurance plan. The riders available with Max Life Insurance are as follows:

• Comprehensive Accident Benefit: In case the policyholder is dismembered or dies due to an accident, this rider provides an additional pay out to their family. This amount is in addition to the base life cover offered to the policyholder.
• Waiver of Premium: If the policyholder takes this rider and during their policy term in case they become disabled or are dismembered, then the premium payment will be waived off for them.
• Accelerated Critical Illness Benefit: In case the policyholder is diagnosed with (not necessarily treated) a critical illness listed in Max Life’s policy document, this rider provides periodical payment or a lump sum amount to the policyholder. Illnesses like kidney failure, stroke and certain types of cancers are listed in the critical illness list.
• Life Stage Benefits: With this rider you can choose to increase your policy coverage limit as per the insurer’s terms and conditions. Owing to this rider, you also are not required to provide any proof of insurability. This option can be opted for in case your income and/or liabilities increase in the future. This rider is majorly useful for early jobbers.

There are two ways to buy Max Life Insurance plan: through InsuranceDekho or through the insurer either online or offline. The details of the same are listed below:

Buy Max Life Policy With InsuranceDekho

In order to buy Max Life Insurance Policy via InsuranceDekho, follow the steps mentioned below:

Online

Step 1: Vist InsuranceDekho Website

As your first step, visit the life insurance homepage.

Step 2: Enter Details

Once you land on the life insurance homepage, you will find a form on the top right of the page. Enter your details like date of birth, name, gender, mobile number, salary range, and whether you are a smoker or not. Now Click on Proceed.

Step 3: Verify Details

As soon as you click on ‘proceed,’ a pop up will show you the details entered by you on the form. If the details are correct, move ahead and you will be asked to answer a few more questions like whether you are salaried or self employed or unemployed, and what is your highest level of education.

Step 4: Check Plans

After your input, you will now be taken to the list of all plans available to you as per your inputs made. Now you can select the plan of your choice - in this case Max Life - and then move forward towards payment.

Step 5: Make Payment and Download Policy

Once your payment has been processed, you will get a confirmation on your email and your registered phone number. You will also get a receipt of confirmation of your policy on your email and you will now be able to see this policy reflected in your dashboard where you can check the status of your policy.

Offline

To buy the insurance policy offline through InsuranceDekho, call our customer support team by dialling 755 1196 989. In cases where the policyholder or customer is not able to buy the policy online or through call assistance, you can also request our customer support team to do a home visit.

In order to make your claim with Max Life Insurance, follow the steps mentioned below:

Step 1: Notify the Insurer

Notify the insurer as soon as the insured person reaches the said policy age or in case of death of the policyholder.

Step 2: Submission of Proof

The insured must submit the proof of their age or the nominee of the insured individual must submit the proof for death of the insured in order to get the benefits of the policy. Information like policy number, death certificate, nominee’s Government ID proof, etc must be submitted.

Step 3: Review of Claim

Upon receiving all the necessary documents, Max Life Insurance’s team will review the claim document.

Step 4: Settlement of Claim

Once the claim is approved, the settlement process starts. Usually, Max Life Insurance is known for settling claims within 24 hours but at times it can also take longer for claim settlement.

Note:In cases where there is no nominated beneficiary or if the nominee is unavailable, the claim will be disbursed to the next legal heir, but only with appropriate legal evidence.

How Can InsuranceDekho Help?

If you submit your claim settlement request through InsuranceDekho, our team will work with your insurer to make the process easier for you. Also, we will be there to help you with collating all your documents and to help clear your doubts.

Listed below are some of the latest awards and achievements of Max Life Insurance:

1. Digital Enterprise of The Year - BFSI at The Economics Times CIO Awards 2024
2. #2 in India’s Top Insurers in Delivering Best in Class Customer Experience at CuES Report
3. Excellence in Financial Reporting 2023 at ICAI
4. Gold in Grand Prix Category for Customer Engagement 2024 at ACEF Global Customer Engagement
5. Great Place to Work Award 2024
6. Recognised for Industry Leadership for Best Customer Experience at the 5th ET NOW Customer Experience Summit
7. Gold for “Sharma Ji Ka Beta” Social Media Campaign at ET Shark 2024
8. Recognised amongst India’s Most Sustainable Companies at the 3rd Times Now Global Sustainability Alliance Summit
9. Bronze for Paid Search Marketing at The Abbys 2024.

To get your queries addressed from Max Life Insurance’s customer support team, you can

• Call on 1860 120 5577 (09:00 AM to 6:00 PM, Monday to Saturday).
• Whatsapp ‘Hi’ on +91 74283 96005 from your registered mobile number, and a customer representative will assist you on WhatsApp.
• Call on +91 11 71025900 or +91 11 61329950 (Available 24X7 Monday to Sunday) for NRI support or email at nri.helpdesk@maxlifeinsurance.com
• Email at service.helpdesk@maxlifeinsurance.com

In case you want to have a smooth experience and want to speak to us at InsuranceDekho, you can call on 755 1196 989 or email us at support@insurancedekho.com and our insurance representatives will connect with you

Additionally, if you have any questions that you feel hasn’t been resolved or answered, you can reach out to Mr. Rohit Khurana, our Grievance Redressal Officer at grievance@insurancedekho.com. If you require further assistance related to your policy, you can contact the Principal Officer at PO_GIBPL@girnarinsurance.com. More details are available on our Grievance Redressal page for your convenience.