Max Life Insurance Reviews, Ratings, Best Plans and USPs

Max Life Insurance

Max Life Insurance as an organization was originally founded in the year 2000. Earlier, it was known as the Max New York Life Insurance Company Limited. This organization is a joint venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd.

It is also commonly known that Max Financial Services Ltd. is an integral part of the Max group. Max group is a leading multi-business corporation. On the other hand, Mitsui Sumitomo Insurance is a part of the MS&AD insurance group. It is one of the leading insurers in the entire world.

FMax Life is known for providing several types of life insurance, term insurance, participating and non-participating, linked, health pension, child plan, retirement plan, annuity, protection, savings, and growth plans. The plans and policies are available to both individuals and groups.

This organization is constantly working towards its aim of making the claim process more efficient, straightforward, and quicker for all its customers. The organization is known for surpassing its competition when it comes to being transparent, accountable, and showing empathy.

According to current reports, the total claims paid a percentage of Max Life Insurance is a staggering 99.22%. It also has over 269 offices all across India and can provide a sum assured value of over INR 9,13,660 crore. The value of assets under management is INR 68,471 crore. The 13th-month persistence value is 87% and it has a solvency ratio of 207%.

    Prepare today for a relaxed and secure future.

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    Policy Type

    IndividualFloater

    There is a reason why Max Life Insurance is such a popular choice amongst customers when it comes to investing in an insurance policy. And that reason is that Max Life Insurance provides a lot of benefits to its customers. Some of those benefits are:

    • Seven death benefit variants
    • Premium back option
    • Accident cover option
    • Multiple premium payment options
    • Long coverage duration. It is valid till the age of 85 years
    • Accelerated payout if the policyholder is diagnosed with 40 critical illnesses listed in the policy document
    • Health coverage through riders and several add-ons
    • Life stage add on sum assured option
    • Tax benefits

    There are several types of policies rolled out by Max Life Insurance. You can find all about those policies in this section.

    Term Insurance Plans

    There are several term insurance plans offered by Max Life Insurance. Some of these plans that you can invest in are:

    Max Life Online Term Plan Plus

    This comprehensive plan is available at an affordable price for you and your loved ones. This plan allows one to escape the hassle of paperwork and provides insurance online with ease. The plan comes with three death benefit options. One can choose these benefits according to his or her requirements.

    In the first basic life cover option, the policyholder can get 100% of the policy sum assured paid immediately on death. In the second basic life cover + monthly income option, policyholders get 100% of the sum assured paid on death and 0.4% of the sum is paid after every month for a period of 10 years.

    The third option is basic life cover and increasing monthly income. In this option, policyholders get 100% of the sum assured paid on death, 0.4% of policy sum assured every month for 10 years, and the monthly income also increases by 10% every year. Other features and benefits of this plan are shown in the table below.

    Features

    Max Life Online Term Plan Plus

    Maturity Benefit

    No maturity benefit is provided

    Long Term Coverage

    Covers till the age of 85 years if one pays till the age of 60 or 10 years

    Critical Illness Benefit

    It covers 40 critical illnesses specified in the insurance document. Additional premium required for this feature

    Life Stage Benefit

    Cover can be enhanced at several important life stages like marriage, house loan, and childbirth

    Riders Comprehensive Protection

    Available at an additional premium

    Entry Age

    18 years - 60 years

    Maximum Maturity Age

    85 years

    Annual Premium

    INR 2,200 for regular pay variant - INR 2,18,44,600 for a smoker and critical illness cover at age 50 years for a cover of INR 50 lakh

    Premium Payment Modes

    Annual, semi-annual, quarterly, and monthly

    Sum Assured

    INR 25 lakh to INR 100 crore

    Max Life Smart Term Plan

    The Max Life Smart Term Plan is an affordable insurance plan that provides policyholders with the freedom to design a plan that specifically suits their protection needs. This plan comes with seven death benefit variants that one can choose from.

    The first variant is that of life cover. In this variant, the policyholder gets a lump sum cover amount. The second variant of income protector provides the policyholder with a fixed level monthly income for 10 years, 15 years, or 20 years.

    The income + inflation protector variant helps in increasing the monthly income payouts. The fourth variant of life cover + income provides a lump-sum life cover in addition to the level of monthly income. This income is 0.4% of the lump-sum cover amount for a period of 10 years.

    The life cover + increasing income variant provides a lump-sum life cover with increasing monthly income. The increasing cover comes with a sum assured benefit that increases by 5% every year of the lump-sum life cover amount. The reducing cover decreases the sum assured payable by 5% every year on every 5th policy year.

    There is also a platinum black variant. This variant is available at the inception of the policy online and 100% of the total premium is paid back to the customer at the end of the policy term. There are other benefits and features associated with this policy. These features are:

    Features

    Max Life Smart Term Plan

    Life Stage Feature

    One can increase the sum assured on important life stages like childbirth, marriage, and house loan

    Death Benefit

    The death benefit is paid

    Maturity Benefit

    Except in the premium back variant, no maturity benefit is paid

    Entry age

    18 years - 60 years

    Maximum Maturity Age

    85 years

    Accelerated Critical Illness (ACI) Benefit

    75 years

    Accident Cover Benefit

    85 years

    Annual Premium

    Depends on the minimum sum assured and maximum sum assured limits

    Premium Payment Term

    10 years to 50 years + Limited pay variants of 5 pay, 10 pay, 12 pay, and 15 pay are also available

    Premium Payment Modes

    Annual, semi-annual, quarterly, and monthly

    Max Life Premium Return Protection Plan

    In case of any eventuality, the Max Life Premium Return Protection Plan helps provide comfort to the family of the policyholder. This plan offers protection and also returns all the paid premiums at the end of the term on survival.

    This comprehensive protection plan comes with an accidental death benefit. The sum assured is 50% of the base sum assured value. The plan has a limited premium payment tenure of 11, 20, 25, or 30 years. It provides long-term coverage.

    100% of the total premiums are returned if the policyholder survives to the end of the policy term. Low premium rates are also provided for females. Some other details of this plan are mentioned below.

    Features

    Max Life Premium Return Protection Plan

    Entry Age

    21 years - 45 years

    Maximum Maturity Age

    75 years

    Annual Premium

    INR 8,500 - INR 4,40,400

    Premium Payment Methods

    Annual, semi-annual, quarterly, and monthly

    Sum Assured

    INR 5 lakh to INR 1 crore

    Max Life Fast Track Super

    The Max Life Fast Track Super insurance plan helps individuals to better plan their finances for the future years. The plan comes with comprehensive life insurance coverage, choice of the policy term, premium payment term, systematic fund transfer, and dynamic fund allocation mechanism.

    One can also make partial withdrawals. The death benefit is also provided at a higher value of sum assured. Loyalty additions are also available of 0.30% fun value which is added at the end of every policy year. On maturity, the entire fund value is paid. The other features of this policy are mentioned below.

    Features

    Max Life Fast Track Super

    Entry Age

    91 days - 60 years

    Maturity Age

    18 years - 70 years

    Annual Premium

    INR 25,000 - No upper limit

    Premium Payment Term

    Single pay, 5 years, and 20 years

    Premium Payment Modes

    Annual, semi-annual, quarterly, and monthly

    Minimum Sum Assured

    For single pay - INR 125,000; For 5 pay - INR 500,000; and For regular pay - INR 250,000

    Max Life Insurance Child Plans

    Future Genius Education Plan

    The Max Life Insurance Future Genius Education plan provides a child with the financial security that will allow him to get into the best colleges and universities even in the absence of the parent. This insurance plan comes with four money-back guarantees that equal the 25% of the sum assured paid during the last four years of the policy term.

    There is a maturity benefit that is provided in addition to the terminal bonus. The death benefit is provided to the nominee. And he or she can either choose to get a lump-sum amount or a monthly income of 1% of the death benefit payable for 135 months.

    The policy comes with tax benefits and the ability to customize the policy in whichever way one wants to. A few vital details of the plan are mentioned below.

    Features

    Max Life Insurance Future Genius Education Plan

    Entry Age

    21 years - 45 years

    Maturity Age

    Maximum 66 years

    Annual Premium

    INR 20,000 - No limit

    Policy Term

    13 years - 21 years

    Premium Payment Modes

    Annual, semi-annual, quarterly, and monthly

    Sum Assured

    INR 2,12,000 - No limit

    Max Life Shiksha Plus Super Plan

    The Max Life Shiksha Plus Super plan provides several options and allows the policyholder to grow his or her savings and secure the future at the same time. The plan offers comprehensive life coverage. It provides choice in terms of the policy term and premium payment term.

    Dynamic fund allocation and systematic fund transfer features are provided to protect the investment against any market volatility. It is possible to make partial withdrawals in this plan. It also comes with a guaranteed loyalty addition of 0.20% at the end of every policy year after the 11th policy year.

    A lump-sum amount is payable as the death benefit. A family income benefit of 10% of the sum assured is also paid till the end of the policy term. The fund value is paid at maturity. The other details of the policy are mentioned below.

    Features

    Max Life Shiksha Plus Super

    Entry Age

    21 years - 50 years + the child should be between 0 days to 18 years

    Maturity Age

    60 years - 65 years

    Annual Premium

    INR 25,000 - INR 50,000

    Premium Payment Term

    5 years - 25 years

    Premium Payment Modes

    Annual, semi-annual, quarterly, and monthly

    Max Life Partner Care Rider

    Provided

    Retirement Plans

    Max Life Forever Young Pension Plan

    This plan allows one to build a large retirement corpus by investing in the capital markets. It also provides guaranteed protection to one’s savings from any market downturns. This plan comes with a life cover to safeguard the entire family.

    The Max Life Forever Young Pension Plan comes with guaranteed vesting benefits. This means that one can receive a higher fund value or 101% of all premiums paid. One can choose the vesting age as per his or her requirements.

    Guaranteed loyalty additions of 0.50% of fund value are also added every policy year after the 10th policy year. The max life partner care rider option is also provided along with top-ups to enhance the retirement corpus.

    A death benefit of 105% of the complete premium paid is provided. Some other details of the policy are given below.

    Features

    Max Life Forever Young Pension Plan

    Entry Age

    30 years - 65 years

    Vesting Age

    50 years - 75 years

    Annual Premium

    INR 25,000 - No limit

    Premium Payment Term

    5 years - 25 years

    Premium Payment Modes

    Annual, semi-annual, quarterly, and monthly

    Health Plans

    Max Life Cancer Insurance Plan

    Cancer is a disease that has a very costly treatment plan. It can be a huge burden to the family. This is why this comprehensive plan covers everything that one could need to get rid of the financial burden during those tough times.

    This plan covers all stages of cancer and comes with an increasing sum assured feature. The sum insured increases by 10% every year up to a total of 150%. There are tax benefits associated with this policy. Other details of the plan are given below.

    Feature

    Max Life Cancer Insurance Plan

    Entry Age

    25 years - 65 years

    Maturity Age

    75 years

    Annual Premium

    INR 1,700 - INR 1,960

    Sum Assured

    INR 10,00,000 - INR 50,00,000

    Death Benefit and Maturity Benefit

    Not provided

    Best Policies of Brand

    Max Life Insurance provides several policies to its customers. However, there are some insurance policies that are always on the insurance bestseller list. And these policies are mentioned below.

    Max Life Child Insurance Plans

    The Max Life child insurance plan mainly has components of both investment and insurance in it. At the end of every policy term, the child will receive a lump-sum amount. This amount acts as a life cover from Max Life Insurance.

    Further, these plans also provide a payout benefit at regular intervals. This helps in financially securing the major milestones of the child’s future. There is also a sizable financial coverage provided in case of terminal illness or death.

    Max Life Savings and Income Plans

    The Max Life savings plans help individuals to develop a savings habit. People are provided with guaranteed returns in this policy. These guaranteed returns can be in the form of monthly income or a lump-sum payout. One can decide regarding the steady flow of returns on the basis of the policy and the needs of the policyholder.

    These plans also provide the policyholder with death benefits, tax benefits, and rider benefits like terminal illness benefits. These plans are ideal for individuals who are the sole earners in their families and wish to secure the financial wellbeing of everyone.

    Max Life Term Insurance Plans

    Max Life term insurance plans are simply protection plans that lack an investment angle. The policies come with a cheaper premium, are easier to grasp, and provide financial security to the entire family of the policyholder in the case of his or her absence.

    One can freely choose to include a life cover in the term plan. This decision would depend on the financial requirements of the family of the policyholder. There is no lump-sum involved because term plans are mainly insurance plans. Hence, if the policyholder passes away while the policy is still active, then the organization provides a lump-sum payout to the family.

    Max Life Retirement Plans

    As the title indicates, Max Life retirement plans provide help to individuals to lead a certain lifestyle even after their working income stops. One can choose to either get a lump-sum benefit when the policy term ends or one can also opt for annuity plans.

    In the case of annuity plans, monthly payouts are provided to the policyholder by the insurer. These plans often require the policyholder to give away a portion of their earnings from their monthly income. This results in a considerable saving that can be used during the retirement years. Retirement plans also come with other protection and insurance benefits.


    Max Life Insurance is known for its customer-centric policies and plans. The plans of this organization come with excellent inbuilt benefits and the option of several important add-ons is also available.

    Because of these reasons, Max Life Insurance has been able to position itself on a very high stand on the quality platform. It has also been successful in maintaining a strong presence and good reputation in the Indian market.

    In the financial year of 2014 - 2015, Max Life Insurance was able to rank fourth amongst all private life insurers in India. It has a market share of 9.7%. This organization has further been named as the fastest-growing life insurance company in India.

    The solvency margin of the company is 425%. It is 2.8 times the mandatory 150% which is indicative of the financial stability and strength of the organization. As of 31 March 2015, Max Life Insurance had an asset under management of INR 31,220 crore.

    The organization also has a strong product and business portfolio. There are also several customers who have had great experiences with Max Life Insurance. Some of those reviews are given below.

    Good Insurer (3 stars / 5 stars) - Mayank Mehta

    I purchased Max Life insurance around 6 months back. The cover period or the tenure of the policy is 35 years. There are also many hospitals tied up with Max Life and I was able to avail of these services a few weeks back. The services were provided quickly and I’m very thankful to Max Life Insurance for that.

    Blown Away by the Services (5 stars / 5 stars) - Rishabh Kumar

    I have a life insurance policy from Max Life Insurance and the tenure of the policy is 10 years. I pay the premium yearly through ECS mode. As of now, I’m very satisfied with the policies and amazed at how easy it is to maintain the policies through the years.

    Excellent Services (5 stars / 5 stars) - Shweta Tiwari

    I purchased my life insurance from Max Life Insurance on the recommendation of one of my friends. This was a few years ago and since then I have been very happy with the benefits provided in the policy.

    Max Life Insurance FAQs

    1. I have a Max Life Insurance policy. Can you tell me about the different premium payment options available with the organization?

    There are several premium paying methods that one can choose from. Some of these methods are:
    Online payments
    Auto debit facilities
    Phone payments
    Other modes of payment

    2. Is it possible to change the premium paying mode in my Max Life Insurance policy?

    Yes, it is possible to change the premium paying mode in your Max Life Insurance policy. However, one can only do this on the policy anniversaries for active policies. All you need to do is fill out a form, sign, and submit it.

    3. Can I change the nomination or nominee of my Max Life Insurance policy?

    Yes, you can change the nomination or nominee of your Max Life Insurance policy. In order to do that, you will be required to fill out a policy amendment request form. You can submit that form to your nearest Max Life Insurance branch office.