Max Life Insurance Company Limited India
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.
Axis bank and its two subsidiaries – Axis Capital limited and Axis securities limited collectively own 12.99% stake in Max Life Insurance Company giving the status of co-promoter to Axis Bank in the company. Axis Bank is the leading private sector bank in India after ICICI & HDFC, which is eyeing to increase the share in Max Life insurance company to 20% in few months’ time. Max Life insurance has been the Bancassurance partner for Axis Bank for a very long time providing the life insurance services to Axis customers.
Max Life insurance company has different life insurance products such as pure term insurance, Return of premium insurance, Annuity insurance products, Child plans, Investment plans, Money Back plans, ULIPs etc. Max Life insurance has started offering Health insurance plans after the Insurance regulator has given nod for life insurance companies to provide health insurance to their customers.
Why Choose Max Life Insurance?
Max Life Insurance industry has many happy customers based on their claims percentage, sum assured, assets under management, persistency, and solvency ratio. The Max Life Insurance company dedicatedly tries to create a solution to make life insurance plans more affordable, easy, and suitable for all customers at every stage of life. The company is situated at 277 offices all over India and have management assets of Rs. 90,407 Crores with percentage of claims paid in year 2020 to 2021 are 99.35% these make Max Life Insurance popular and trustworthy.
Wavelength: Max Life Insurance Company maintains a specific wavelength with their customers featuring number of unique insurance plans to the need of the customers.
Sum Assured and Solvency Ratio: The Company have a transparency with Sum assured of Rs. 1,087,987 Crore, Solvency Ratio of 202%, and persistency of 84.1%.
Responsibility: Max Life Insurance company values the most to buyers thus provides an excellent customer support 24/7 and gives hassle-free claim settlement process.
What are the Benefits of Max Life Insurance Plans?
Affordable premium: Term insurance is one of the most affordable life insurance covers available in the Indian insurance market. The term insurance plans doesn’t have any investment component which thereby reduces the premium to be paid for availing the life coverage. Term life insurance plans from Max are the cheapest in the market with high life coverage.
Easy Policy issuance: The policy issuance process in Max Life Insurance Company is very smooth and the policy would be issued within the least possible time, within 1 day in some cases. Max life has the robust systems in place and is upgrading continuously to provide seamless service to their customers.
Tax Benefits: Term insurance policies provide certain tax benefits under the section 80C of the income tax act, 1961. The premiums paid towards term insurance premiums are eligible for a tax deduction. Additionally, any amount received through the policy maturity, surrender or on the death of the life assured is tax-exempt under Section 10 (10D) of the Income Tax Act, subject to provisions stated therein.
Financial Security: Max Life Insurance policies help the insured to provide financial security to their family and safeguard them against any type of eventualities.
Online Availability: Max life offers life insurance plans online along with their 277 offices. Term insurance plans such as Max Life Smart Term Plan and Max Life Whole Life Super Saving plan are the most famous online term insurance plans which are available at discounted rates when compared to the other term insurance plans from Max Life Insurance.
Max Life Term Insurance plans:
Max Life Smart Secure Plus Plan:
The Smart Secure Plus Plan is introduced to fulfil your financial security needs and provide a support in case of any emergencies. Max Life Smart Secure Plus Plan offers two death benefit. You also get inbuilt benefits such as cover for terminal illness, joint life cover; premium breaks, additional pay out on accidental death these will fulfil your needs.
- Terminal Illness Cover: This term insurance plan covers if you are diagnosed with a terminal illness then the financial needs are secured by the company. The 100% guaranteed death benefit will be paid.
- Accident Cover: In this cover, the insured's family receives the cover amount, along with the basic cover, in case of the insured individual’s death due to an accident. You can add this cover at any time during the premium payment term, subject to the conditions for the accident cover.
- Death Benefit: Each person can give financial security for your loved ones with the Max Life Smart Secure plus Plan Cover. This plan allows you to select from different options and ensure that the sum assured is adequate even for the upcoming years. This plan role is to cover the insured individual’s life and financial liabilities.
- Maturity Benefit: Suppose you opt for the return of premium variant with smart secure plus plan at the time of purchase. In that case, it entitles you to receive a maturity benefit upon surviving the policy term. With this option available, you can receive the total premium amount paid at the end of the policy term.
- Accelerated Critical Illness: Accelerated Critical Illness benefits you with the cover amount upon diagnosis any of the specified critical illnesses.
- Joint Life Benefit: Joint Life Benefits that can cover your spouse’s needs after your death. A significant concern when buying term insurance is the financial care of your spouse in case of an unfortunate event.
- Riders: Max life smart secure plus plan, you can choose from various riders to add-on to your policy. These include a waiver of premium plus rider, critical illness cover (CIDR).
- Return of Premium: In Max Life term insurance, you can receive 100 % of the total premiums paid with the return of the premium. If you wish to have the assurance of getting your money back at the end of the policy term, this plan may work well for you.
- Special Exit Value: Max Life term insurance, you will have a one-time option to exit the policy with an exit benefit of Return of Premiums at the time of revising the option, for the basic cover only. Once the premiums of the policy have been returned, the policy will be fired. It is not available with the return of premium variant if the policy term for the pure protection plan is 40 years or more it will applicable.
- Premium Break: With this feature, you can take a premium break from paying the premium once the policy has completed ten years of occupancy. When you opt to take the break, the policy remains in force with the risk cover functional as per the terms and conditions of the max life term plan.
- Top-Up Sum Assured: In voluntary sum assured top-up feature of the Max Life term insurance, you can increase the sum assured at a later stage in the policy term. If the sum assured chosen, at inception of the policy, is greater than or equal to Rs.50 lakhs, you can revise this option after completing one policy year.
Max Life Smart Term Plan:
Parents think about term life insurance whether this Max Life Smart Term Plan is to protect child's future or to ensure that they can return their home loan. It is challenging that the financial needs of today’s policy buyers there is a need for insurance products which can fulfil the changing requirements.
- Choice of 7 Death Benefit Variants: The option of increasing or reducing the sum assured death benefit pay out as monthly income or lump sum, all these can be availed as per the flexibility of the insured customer. The detailed description of the death benefit variants are mentioned below:-
- Life Cover
- Income Protector
- Income Protector + Inflation Protector
- Life Cover + Income
- Life Cover + Increasing Income
- Increasing Cover
- Decreasing Cover
- Enhance Cover with Changing Needs: There is an option to increase the sum assured in future at various stages of life such as Marriage, Child Birth or House Loan.
- Return of Premium: The premiums payable for a policy with “Return of premium” cover would be slightly higher than that of a normal policy as the premium has to be returned to the policyholder at the end of the policy period after which the policy would be terminated. The return of premium policy enables the customer to get back the premiums paid during the policy period if he/she is able to survive the policy period.
- Comprehensive Protection: The Max Life Smart Term plan provides a comprehensive protection to the customer by ensuring the protection against death, diseases and disability by adding Max life Waiver of premium plus rider & against any accidental death by adding Accident cover option.
- Accelerated Critical Illness Benefit: Accelerated critical illness benefit is payable on diagnosis of any of the 40 critical illnesses during the CI benefit cover period, provided the policy is in-force and meets the terms and conditions. The ACI sum insured has to be chosen in intervals of Rs.5 Lacs. The ACI Sum insured shall accelerate the death benefit sum insured to the extent of ACI Sum insured with the remaining death benefit payable on death.
- Longer cover duration: The maximum term under which the policy can be availed with Max Life Smart term plan is 85 years. The maximum policy term is 50 years under the policy. The longer cover under the Max Life smart term plan enables the customer to get life insurance coverage for an extended period of time.
- Choice of premium payment terms: Max Life smart term plan offers the customers to pay the premium as per their convenience in accordance to the choices available under the plan.
Max Life Online Term Plan Plus:
A Max Life Online term plan plus is insurance plan that you can buy over the internet. Not same as offline term insurance, online term plans allow you to compare, analyse, and select the financial life insurance coverage from the convenience of your own home.
- Claim Settlement Ratio: The Claim Settlement Ratio indicates how many claims have been settled out of the total number of claims submitted in a given year.
- Ratio of Solvency: The solvency ratio indicates your insurance customer is financially capable or not of settling your claim.
- Rider: Rider benefits are of Critical illness, premium back benefit, accidental death, and permanent disability insurance riders, among others, should be available to add to your term online term plan.
- Lower Premiums
- Time Saving
- Easy to understand
- Quick Comparison
Max Life Online Savings Plan:
Max Life Online Savings Plan is a Unit Linked Insurance Plan is your doorway to inexpensive market linked investments. It is a market-linked product that gives you dual benefit of insurance & investment.
- Unit Linked Insurance Plan for Retirement
- Unit Linked Insurance Plan for Wealth Creation
- Unit Linked Insurance Plan for Child
Max Life Term Plan with Return of Premium:
Max life term plan with return of premium is same as standard term plan. It works as a life cover and provides a death benefit. The main point is the maturity benefit applicable on a term plan with return of premium.
- Premium Payment Options
- Surrender Value
- ROP Benefit
- Death Benefit
- Tax Benefits
Max Life Smart Wealth Plan:
At Max Life Insurance which is designed to help secure your financial future through perfect returns. This smart wealth plan will help you pursue your dreams and achieve milestones.
- Financial Security: Comprehensive death benefit in case of your death during the policy term.
- Guaranteed Maturity Benefits: Maturity benefits on your tax savings, to help you meet your savings plan.
- Flexibility: Max Life Smart Wealth Plan has Lump sum, Short Term Income, Long Term Income, and Whole Life Income variants.
Max Life Critical illness and Disability Rider:
At Max Life Insurance, we understand that your intention behind buying a life insurance policy is to ensure financial protection for yourself and your family for Critical health issues like Cancer, Stroke, and Kidney failure require comprehensive treatment. The claim settlement ratio is of 99.35%, critical illness cover, temporary and permanent disability cover.
Max Life Critical Illness and Disability Rider provide critical illness cover as per the selected variants like gold variant, platinum plus variant and gold plus variant, etc. It works differently for different variants based on the diagnosis of various major and minor critical illnesses.
- Comprehensive Critical Illness Cover: The critical illness coverage under this Rider spans over 64 Critical Illnesses depending on the variant you what you need.
- Total and Permanent Disability Cover: Get insurance coverage for Total and Permanent disability under specified variant of this critical illness insurance rider.
- Flexible Payment: You can get critical illness cover under this Rider by paying premiums in regular pay or a limited pay.
- Critical Illness Coverage for an Extended Period: Critical illness cover under this Rider is its extended coverage period. Get coverage for yourself or your loved ones up to age 85 years.
- Duly filled and signed claim form
- Certificate from Medical Practitioner
- Medical test reports
- KYC Documents