One of the leading non-banking firm,
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
Eligibility Conditions for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana
Minimum Entry Age
Maximum Entry Age
Maximum Maturity Age
Policy Terms for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana
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
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
Minimum sum insured
Rs.2,00,000 per member
Maximum sum insured
Rs.2,00,000 per member
Loan on policy
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
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.
Available from day 1
Advantages and Benefits of Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana
The features and benefits of the
are as follows:
On death of a insured, benefits in lump-sum is payable upto RS.2,00,000.
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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I have taken a life insurance in MAX LIFE INSURANCE on 6 years before. The policy is for 50 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It covers up to myself.
The reason for selecting Max life is I felt, the benefits are good and convenient for me. The customer service is better. I have taken a 5years policy and the premium was 50K per year. In the 10th year, I will be getting sum assured of 6L which is double the amount what I have paid.
I had chosen my term insurance from Max Life. Since my friend has recommended about the policy i have taken it. I am paying the premium amount of Rs. 6000 every year. They have given me a coverage value of Rs. 50 lakhs. They do provide cover for partial disability cover also.
I have taken a life insurance in MAX LIFE INSURANCE on 1 year before. The policy is for life term. I am paying premium in the yearly package for 50 thousands. While getting a policy my agent has given an information about the policy details. I visit to office directly to pay the premium amount.
I have life insurance with MAX because of the claim settlement ratio around 98.9% . Yearly I make Rs. 52,000 it has the maturity period of 25 years, its a traditional plan, I get around Rs. 22 lakhs overall and it has life coverage if there is no any demise my nominee get the life cover. I do have flexi pay option.
AXIS bank have recommended Max life insurance comes along with ULIP. I need to invest upto 7 years but the ULIP has the locking period of 12 years, the premium is economical as per the policy. They do have good life cover for the financial security for unforeseen events. It has tax saving under 80c section, I have online credential for max life to check my insurance details and every day I get sms as well. I make the premium on yearly basis through online.
The payment mode is online and making the premium through debit card or credit card. I have taken short term life policy with MAX LIFE. The benefits are good. They have provided me a life cover of 12L with the locking period of 5 years. I have not gone through the documents so cannot tell about this policy much. Their claim settlement rate is good and giving 98.8%.
I have taken Life Insurance policy through Max Life agent .This policy tenure is for 20 years.I am paying the premium through citi bank credit card .The agent gave all the information about the insurance policy .I have received the policy documents on time .This policy is really useful and it is still active .
I have taken a term plan from MAX LIFE because am employee of Axis Bank and that time have take a term plan of 75L. There is no benefits, just am paying the premium. If any demise happens the family will be getting the benefit. The customer service is average. I am doing online payment and its 7K per year.
I have taken a life insurance with MAX LIFE INSURANCE on 2 years before. The policy is for 15 years and it is gain plan policy. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details. I use to pay for 2500 rupees.
I have chosen MAX LIFE for a life insurance. It is for future savings and life insured cover. I am doing yearly premium of Rs.52,000, it will be automatically debited from my account. I receive a statements from them. The sum assured is 5Lakhs.
I have one term plan with Max life for the sum assured of Rs. 70 lakhs, yearly I paid Rs. 22,000 for the term of 16 years and the life cover upto 70 years of age. I have option to add only nominee however the claim settlement is good for this insurance company.
I am having MAX LIFE which was suggested by their staff, the premium is economical. I used to pay Rs. 50,000 per annum it has the term of 19 years, after the maturity I get the lump sum amount along with the monthly bonus. I got the policy bond from the insurance company.
I have purchased a term plan with MAX LIFE because their claim settlement ratio is high compared to other insurance company and also premium is affordable. Their executive is regularly calling me and helpful too. The payment mode is online.
Taken my life insurance policy from Max life. I am paying the premium amount of Rs. 50000. I did the ECS facility hence the amount will be automatically deducted from my account. I need to pay the premium for 10 years and after 10 years the bonus will get added. Total sum assured amount of the policy is 6 lakhs.
I took a life insurance from Max life because the premium is affordable. I have not used the customer service but heard they are doing good. I am paying 35K yearly through online. The payment mode is convenient and am getting notifications immediately. I took it for savings plan.
I have taken a life insurance with MAX LIFE INSURANCE on 6 months before. The policy is for 38 years. I use to do payment through an online. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details.
I have just booked the policy through online and i have got my insurance documents within a day to my mail id. They have sent the documents after 10 days. Axis bank had a tie up with Max life thats the reason i opted this policy. I'm satisfied with the coverage value.No medical examination is required.
I have purchased a life insurance policy from Max Life through online. I am paying premium of Rs.700 monthly through cash and sometimes online. The customer service is good. The policy coverage is 32L. I need to pay the premium upto age of 60K.
Reason to select Max life, I found the claim settlement ratio is good around 98% this year. They also providing critical illness waiver, waiver on disability. The customer care is very prompt they shared terms and condition before availing the plan. It has the life cover upto 80 years and premium 60 years. I paid the premium around Rs. 850 per month, I sum assured of Rs. 1 crore, I have option to add nominees, I avoided half of the lum sum amount and they give monthly payment.