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Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

One of the leading non-banking firm, Max Life Insurance offers wide range of insurance and financial protection plan. Recently, they launched the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana. This Plan makes sure that you are financially secure even during uncertainties. Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana protects the members of the policy in case of loss of life. This is a grouplife insurance policy. Unlike other insurance schemes, this plan requires only one policy and one contract to protect the entire group.

Type of the plan Non participating Group life insurance plan

Eligibility Conditions for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

Minimum Entry Age 18 years
Maximum Entry Age 50 years
Maximum Maturity Age 55 years

Policy Terms for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

Minimum 1 year
Scheme year A scheme year is from 1st June to 31st May Every Year
Minimum group size 50 members within one year from the date of commencement of the policy.
Maximum member in the group No limit
Minimum premium available Rs.330 per member which is exclusive of taxes and cesses.
Maximum premium available Rs.330 per member which is exclusive of taxes and cesses.
Premium Payment frequency Annually only
Minimum sum insured Rs.2,00,000 per member
Maximum sum insured Rs.2,00,000 per member
Riders plan Not available
Loan on policy Not available

Please note: If members sign the policy after june 1st, they will have to pay full premium of Rs.330 for complete coverage till 31st May.

Key Features of Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

Premium Payment options Annually
Revival option for reduced paid up policy Policyholders who discontinue the policy for any reason is allowed to revive the policy by submitting a certificate of good health at the time of re-joining.
Death benefit Available from day 1
Maturity benefit Not available
Surrender benefit Nil

Advantages and Benefits of Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

The features and benefits of the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana are as follows:

Death benefit

On death of a insured, benefits in lump-sum is payable upto RS.2,00,000.

Tax benefit

Most of the schemes offered by Max Life Insurance company comes with tax benefits and Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is no exception. Premium paid by the members is eligible for tax benefits as the the taxation law in India.

What you should know about Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

  • Risk coverage is available at low cost.
  • Fixed premium to be paid irrespective of the age of the policyholder for a coverage of Rs.2.00.000.
  • Participation in the scheme is voluntary.
  • No suicide exclusion under this plan.
  • All death claim payments are exempted from tax.
  • Cess and service tax payable by the members is recovered from the policyholder.
  • The risk coverage can be terminated on death of the insured member, account closure, or on attaining the maximum age limit on annual renewal date, whichever occurs first.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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Max Life Monthly Income Advantage Plan Reviews

Page 1 of 27 1 2 3 4 5
  • Max Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    MAX LIFE INSURANCE is the insurance provider where i am holding the TERM PLAN with this policy, and using it since from last 6 years. The policy has the maturity period of this policy is for 70 years of the age. The premium paying for monthly once.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 23, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    Max life is also good and the premium is reasonable for the life insurance. I took a short term plan and the tenure is 10 years. The customer services are good. I make the premium through ECS, it was around 70,000 rupees per annum for two policies.
    Was this review helpful? 0
    , kolkata
    Reviewed on Apr 23, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I hold my life insurance with Max life for a long time, They have given me good benefits, and the agent had clearly explain me about the plan and policy coverage, Their customer care service is quite average, i pay premium on yearly basis ,it use to get deducted annually from my account.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 13, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    The Axis bank is tie up with Max insurance company, so they have recommended me this life insurance,The agent had properly explain me about the plan benefits and policy coverage , Even they have given me hard copy as well, I use to pay premium on yearly basis, It use to get auto debited from my account.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Apr 10, 2019
  • Max Life Insurance
    "Need improvement on the maturity amount"
    0.5 4.0/5 "Great!"
    Yearly I pay Rs. 26,125 to the Max life policy, it has the tenure period of 10 years, then I get the maturity benefits around Rs. 2.9 lakhs + 50,000 bonus amount. The service is proactive, they send the timely reminder. But I feel the benefits are very average, I have activated for ecs payment. It has the tax benefits, however premium should be reduced and the maturity should be higher.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 10, 2019
  • Max Life Insurance
    "Good claim settlement process"
    0.5 4.0/5 "Great!"
    For a Sum assured Rs 1 crore , I taken a policy from MAX life insurance . Max has a very good settlement ratio . So I need not to worry about settlement for my family . It covers every types of risk benefit . while getting the policy , Max life executive helped me a lot in understanding the policy .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Apr 09, 2019
  • Max Life Insurance
    "App can be improved"
    0.5 4.0/5 "Great!"
    Recently I have started my policy with Max Life Insurance before 4 months back. I have tried the online comparisons and found MAX is good with reasonable premium. It was applied through online and the tenure is 15 years. The maturity amount is good depends on the market as well. They don't have direct login online facility but still I can view the statement through the site.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 28, 2019
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have been holding the life insurance policy with the MAX LIFE INSURANCE and i am using it from last 20 years, the documentation process was simple and the customer support is good with this policy. It is the long term policy also the policy has good features.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 19, 2019
  • Max Life Insurance
    "Communication should be clear"
    0.5 3.5/5 "Pretty good"
    When I was taking this Max life insurance, they told I need to pay upto 60 years . Monthly I make Rs. 500, before the policy gets maturate if some thing happen to me, the nominees get the sum lump, if I live after 60 years, there is no benefits. They need to give at least partial amount to insured person. I am not aware of complete benefits before availing it.
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 16, 2019
  • Max Life Insurance
    "good service "
    0.5 5.0/5 "Blown Away!"
    I have taken a Max Insurance from Bajaj Insurance company .This is a combine policy both Health and Term policy.The coverage was Rs. 15,00,000. Term policy can coverage was Rs. 1000000 and medical coverage Rs. 500000.I am getting Tax benefits for this policy to claim Tax.I am paying yearly Rs. 12000 premium.In medical still there is no claim so i have some no claim bonus .During renewal time i use to get call for renewal at that time i can re assist my coverage value also its good .I am holding this policy since 1 year customer service is good.
    Was this review helpful? 0
    , kochi
    Reviewed on Mar 14, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my life insurance policy with Max life insurance, Their service is good,The agent had clearly explain me about the policy and benefits, and they have charged me nominal premium amount, and on yearly basis i pay premium through on line.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 13, 2019
  • Max Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have taken my life insurance policy with Max life insurance, Their service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.but now i have closed this insurance ,as there was no return.
    Was this review helpful? 1
    , lucknow
    Reviewed on Mar 03, 2019
  • Max Life Insurance
    "Not satisfied"
    0.5 1.0/5 "Really Bad"
    I have taken my life insurance policy with Max life insurance. Their service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.i have pay up to 40,000,but i did not felt any kind of benefit,so i have closed this insurance,on year bases i was paying premium up to 20,000,for 2 installment i paid then i have closed it.
    Was this review helpful? 1
    , mumbai
    Reviewed on Feb 26, 2019
  • Max Life Insurance
    "Good Policy to protect the family with Max Life"
    0.5 5.0/5 "Blown Away!"
    I have term plan with Max Life, the claim ratio is really good. I do make the premium around Rs. 28k per annum until 60 years of my age , it laps the age of 82 days, there is a premium terminal for the disability, critical illness. On some certain demise my nominees will get Rs. 1 crore lump sum and also they will be getting monthly Rs. 40,000 for next 10 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 21, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Max life insurance , and their service is good. the agent had clearly explain me about the policy and coverage benefits. and the premium amount i use to pay on yearly basis. and i use to pay premium amount through on line.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 14, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with MAX life, and the agent had clearly explained me about the policy coverage and benefits,i have taken this policy for my kids like after 12 years,they will be getting the coverage amount ,and the premium amount they have charged me on yearly basis, and i pay my premium through on line.Till now their service is good.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Feb 11, 2019
  • Max Life Insurance
    "Good saving plan"
    0.5 4.0/5 "Great!"
    I have taken a saving plan from MAX LIFE and the tenure period is 18 years. It was purchased through online. Its a children plan and am paying per month 5K through online option via credit card. I have received the insurance paper. I will lump some amount once and there is bonus on every month.
    Was this review helpful? 2
    , bangalore
    Reviewed on Feb 08, 2019
  • Max Life Insurance
    "Good for saving"
    0.5 4.5/5 "Excellent!"
    I pay about Rs. 15000 for one year plan in Max Life, it has the term of 8 years again the period of 7 years I got some policy covered after maturity period, they tax benefits and life cover is good for any certain demise they have payment mode like online , cash.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Feb 07, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with MAX life, and i have applied through on line, and the premium amount they have charged me on yearly basis, and i pay my premium through on line. I have been got the hard copy of the policy , and till now my experience with this insurance company was good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 30, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with MAX life, and the agent had clearly explained me about the policy coverage and benefits, and the premium amount they have charged me on monthly basis, and i pay my premium through on line.Till now their service is good.
    Was this review helpful? 1
    , kochi
    Reviewed on Jan 27, 2019
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