Max Life Insurance Company Limited
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi business corporation. Max Life has a total claims paid ratio of 99.35% as per the annual audited financials for the FY 20-21.
Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including agency and third party distribution partners.
Why opt for Max Life Insurance?
- Empathy: Customers are more important than the number for Max Life Insurance as it follows a customer-centric approach to offer all kinds of insurance needs and solutions to the policy seekers.
- Transparency: Max Life Insurance boast of claim settlement ratio of 99.22% which itself is proof of its credibility. The policy seekers can check each and every detail about the company online and be sure about the reliability factory of the insurer.
- Accountability: Max Life Insurance values customers’ trust more than anything. They make sure to provide 24X7 seamless customer care service to the insurance buyers. The company provides a hassle-free claim settlement process and takes accountabilities for all its products and policies.
Facts about Max Life Insurance
|Claims Paid Percentage||99.22% (as reported to IRDAI FY19-20)|
|Max Life Presence||277 Offices (as reported to IRDAI, FY 20-21)|
|Sum Assured||Rs 1,087,987 crore (Max Life Public disclosure, FY 20-21)|
|Assets Under Management||Rs. 90,407 Cr (Max Life Public disclosure, FY 20-21)|
|13th Month Persistency||84% (Max Life Public disclosure, FY 20-21)|
|Solvency Ratio||202% (Max Life Public disclosure, FY 20-21)|
|Conservation ratio||87% (Max Life Public disclosure, FY 20-21)|
Benefits of choosing Max Life Insurance
Let’s look into several other benefits that Max Life Insurance offers:
- The insurer offers a wide range of life insurance policies catering to the requirements of all policy seekers.
- The life insurance policies are eligible for tax benefits for the premiums paid u/s 80C and 10(10 D) of the Income Tax Act.
- The company offers a hassle-free online policy buying process and claim settlement process.
- The plans offered by the insurer are carefully designed to provide comprehensive financial security to policyholders against eventualities.
- The policy seeker can opt for high policy coverage at affordable premiums.
Types of Life Insurance products offered by Max Life Insurance Company
Every policy buyer must be aware of different types of life insurance policies to make the right buying decision.
- Term Insurance: It is the most affordable and simplest form of life insurance that offers high insurance coverage at considerably low premiums. The insurer promises to pay the sum assured to the policy nominee upon the untimely demise of the policyholder.
- Unit Linked Insurance Plan (ULIP): This kind of life insurance offers double benefits of life cover as well as market-linked returns. Under ULIP, a part of your premium is paid towards life cover and the other portion is invested in various funds options.
- Endowment Plans: These plans are a combination of savings and life insurance. Endowment plans offer benefits of life cover as well as savings benefits. In case the insured outlives the policy term they will receive maturity benefit along with periodic bonuses (if any).
- Child Plans: Child plans helps in creating wealth to support your child’s future such as higher education. It is another form of ULIP which gives you the flexibility to invest in different funds depending on your long-term goals and financial condition.
- Retirement Plans: As the name suggests, retirement plans help in creating wealth for your retirement phase, such that you can enjoy financial independence. In case of your demise, the policy nominee will receive the sum assured amount, else you will receive the benefit amount on surviving the policy term.
Max Life Term Insurance Plans
- Max Life Online Term Plan Plus
- Max Life Super Term Plan
- Max Life Smart Term Plan
Documents required to apply for Max Life Insurance Policy
To purchase a Max Life Insurance policy, you need to have the following official documents
- Duly filled form
- Voter ID
- Aadhar Card
- PAN Card/Form 60
If these documents do not have updated address, then you need the below-mentioned documents:
- Property tax receipt
- Utility bills
- Family Pension Payment Orders issued to the retired individuals
- Letter of accommodation allotment from the employers such as PSUs and other statutory bodies
Exclusions in Max Life Insurance Policy
Death due to suicide: In case of the insured’s demise due to suicide within 12 months of the date of policy commencement, no death benefit is payable by the insurance company, and the policy will get terminated immediately. The insurer will refund the total premiums paid till date.
How can I check the status of my Max Life Insurance Policy?
Registered policyholders can log in with their registered user ID and password on the company's website and check their policy status online.
What is the process to renew Max Life Insurance Policy?
Max Life Insurance Policy can be renewed through the insurance company's official website by selecting the 'Pay Premium' option, appearing on the top of the page. To proceed with the renewal process, the users further need to enter their policy number or mobile number along with their date of birth.
What are the various modes of premium payments?
The various modes to pay premiums for Max Life Insurance Policy includes:
• Netbanking (NEFT/RTGS)
• Through Credit card or Debit Card
How Max Life Insurance Company settles policy claims?
The first step towards the policy claim process includes informing the insurer about the claim. Then the nominee needs to complete the claim form and submit it along with all the necessary documents like a death certificate, medical reports, etc. After that, the insurance company will further examine the documents and processes the claim within 30 days if the claim is genuine and all documents are received and verified. However, if further verification is required, then the claim settlement might take up to 180 days.
How can I cancel the Max Life Insurance policy?
You can cancel Max Life Insurance Policy during the free-look period. You would need to fill up a cancellation form which is available on the company website, and submit the same with the original policy copy.
Is it possible to surrender Max Life Insurance Policy?
Max Life Insurance Policies with saving or investment components can be surrendered after the lock-in period of the policy gets over. However, as per the guideline by IRDA, life insurers cannot levy surrender charges in case the insured choose to terminate the policy after five years.