Max Life Insurance, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the leading insurers in the world. Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 15 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future of our customers'. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.
Key Highlights of Max Life Insurance
1 Crore Life Cover
Get 1 Cr Life cover @ ₹ 21*/day
Claim Settlement Ratio
Claim-settlement ratio of 96.95% for year 2015-2016
100.00% Grievances Settled for year 2015-2016
To be eligible for Max Life Insurance
You should be at least 18 years old
You should be less than 60 years old
You should be either Salaried, Self- employed, a professional or have your own business
Max Life Insurance at a Glance
A maximum tenure of 35 years
Min Sum Assured: Rs 25 Lakhs
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Add-on covers for Max Life Insurance
Max Life Comprehensive Accident Benefit Rider
Max Life Comprehensive Accident Benefit Rider to your life insurance policy to provide additional protection against an unfortunate accident.
Monthly Income Term Plan
This offers you twin benefits of Sum Assured on death as well as level income every month for 10 years.
Increasing Monthly Income Term Plan
In addition to Sum Assured payable on death, it provides monthly income for 10 years, that increases at 10% simple rate of interest every year of the first year monthly income.
Documentation needed to apply for an Max Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Types of Max Life Insurance Plans
- Max Life Savings Plans
The funds invested in these plans are generally invested in debt instruments, which provide standardized profits to the insured.
- Max Life Guaranteed Income Plan - Savings plan with guaranteed monthly income that doubles after 5 years.
- Max Life Whole Life Super - Policy tenor available till 100 years of age of applicant, with the added option of withdrawing funds when needed, without compromising the life cover.
- Max Life Life Gain Premier - Guaranteed maturity, death and terminal illness benefits. Flexible bonus payout and tenors available.
- Max Life Future Secure II (non-linked, limited pay endowment, participating life insurance plan)- 12 year premium payment plan with maturity and death benefits up to 20 years after policy inception.
The ULIP plans or growth plans are essentially market-linked plans, where the performance of your investment is decided by the financial instrument they are invested in. These plans typically give a higher return when compared to traditional plans.
- Max Life Fast Track Super Plan- Plan provides multiple Fund options (5) and portfolio strategies. Life cover, protection against market volatility, and partial withdrawal available.
- Max Life Maxi Super - The investments are automatically balanced between debt and equity instruments to provide higher and safe returns.
- Max Life Platinum Wealth Plan: The Max Life Platinum Wealth ULIP comes with attractive features and supreme flexibility, and offers Guaranteed Loyalty Additions and Guaranteed Wealth Boosters. The plan charges very low and offers higher death benefits with its Partner Care Rider option. Customers can also avail tax benefits with this plan. The plan comes with 23 product variants.
Group plans from Max Life provide employers and other persons with the option to enroll large number of people for a policy, whose benefits are paid out according to respective policy terms.
- Max Life Group Gratuity Premier Plan- Meant to provide effective means to employers to fund gratuity payments, with fixed cover of Rs.1,000 per member and option to choose between 4 funds.
- Max Life Group Super Life Premier Plan in lieu of EDLI: Great tool to secure future of employees’ dependents against death. Also works as an excellent employee retention tool.
- Max Life Group Super Life Premier - Life insurance for groups with Top-up option to provide additional cover.
- Max Life Group Credit Life Secure - Meant to provide coverage against loans sanctioned to employees, in case of their unfortunate demise in the loan repayment period.
Child plans from Max Life are a great choice if you want to secure your child’s financial future. These plans pay out the death benefits to the child of the insured, after a certain age has been reached by the child (generally 18 years). Benefits may be paid out singly or in instalments.
- Max Life Shiksha Plus Super - Coverage includes future premium payment by insurer in case of insured demise, as well as family income benefit.
Max Life offers pension plans which give a steady income after a customer has retired from his/her job and is in the pension period now.
- Max Life Forever Young Pension Plan: Traditional non-linked annuity plan with guaranteed income stream after retirement.
- Max Life Guaranteed Lifetime Income Plan: Terminal illness, death and maturity benefits. 7.5% of Sum Assured to be paid every year for 15 years from age 61 to 75 of applicants.
- Max Life Life Perfect Partner Income Plan:Death and maturity benefits, as well as equity participation for building large retirement corpuses, while providing protection against market downturns.
The online term plans from Max Life provide the option for enrolling online. These plans fall under traditional policies as well as linked plans.
- Basic Life Cover:Pure term plan with competitive premium rates. Premium is less with 1 crore life insurance cover.
- Life Cover Monthly Income: Death benefits and assured monthly income (fixed) for 10 years and 1 crore life cover .
- Life Cover Increasing Monthly Income:Death benefits as well as assured monthly income for 10 years (incrementing at 10% p.a. simple interest).
With its array of choices as well as vast network of branches, Max Life is a sure partner for you when trying to secure your and your loved ones’ futures.
Max Life Insurance, being one of the leading insurance providers in India ensures that you stay protected against the uncertainties in life. The company offers the best support to you as and when you need it. Max Life Insurance Company maintains a transparent and fast claim settlement procedure. You can enjoy complete peace of mind with Max Life’s hassle free and best in class claim settlement procedure.
Types of life insurances claims offered by Max Life
Max Life Insurance Company offers two types of life insurance claims which include – maturity claims and death claims. In case of death claims, the beneficiary will receive the policy money following the death of the policyholder. The policy will pay for all death claims after completion of 3 continuous policy years. However, if the life insured survives till the end of the policy tenure and maintains the life insurance policy continuously without any break in premium payments, he/she will be eligible to get the maturity benefits offered by the policy. You are eligible get tax exemption on your maturity benefits on fulfilling certain conditions under section 10D of the Indian Income Tax Act, 1961. Normally, all life insurance policies offer death claims and maturity claims, excerpt for pure term insurance plans
How to make a claim?
You can make a claim by contacting your nearest branch of Max Life Insurance Company. You can also make a claim by contacting your agent. You can also write to the company after which the company representative will get in touch with you as per your request. What you have to do is to download a claim form, fill it up and submit to it your nearest branch or agent. Max Life offers provides dedicated claims relationship officers to handle all death related claims. The company makes sure that all death claims get paid within 10 working days of receipt of all claim documents.
Documents required for death claims and maturity claims vary. In case of a maturity claim, Max Life maintains a very simple process. You don’t have to submit too many documents to claim your maturity benefits with Max Life. But, if it is a death claim, you need to submit the following mandatory documents:
- The original policy document.
- Original or attested copy of death certificate provided by local municipal authority.
- A copy of death claim application form.
- An NEFT mandate attested by bank together with a cancelled cheque.
- A copy of any of the following documents - passport, PAN card, voter identity card or Aadhar as a proof of the nominee’s identity.
Documents required to make a claim caused by natural death:
- A medical statement from the concerned physician.
- Medical records including admission notes, test reports and death summary.
Documents required to make a claim caused due to unnatural death:
- A copy of first information report (FIR) or police complaint.
- A copy of post mortem report (PMR).
- A copy of the final police investigation report (FPIR).
Max Life Claim Settlement Process for Pradhan Mantri Jeevan Jyoti Bima Yojana
Max Life Insurance Company, one of the many companies that offer insurance under the Pradhan Mantri Jeevan Jyoti Bima Yojana, has recently outlined its claims process.
Life insurance cover of up to Rs.2,00,000 is payable to nominees in the event of the death of the insured. This cover is provided for everyone between the ages of 18 and 50.
The insurance claim process is as follows:
Step 1: Contact the bank branch in which the insured person had his/her savings bank account that was used to apply for the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme.
Step 2: Acquire and fill up the claim form, which requires various details.
Step 3: Submit the duly filled out claim form and attested copies (or originals) of relevant documents, like – death certificate of the insured, identity proof, cancelled cheque of the nominee’s bank account or nominee’s passbook where name and account number is present. If the nominee’s passbook or cancelled cheque isn’t available, an NEFT mandate form that’s been attested by the bank can be submitted.
It’s that simple.
After the documents have been submitted, the bank will verify the details in the claims form. The bank also verifies and conducts checks on all submitted documents (of the insured and the nominee) to ensure that everything is up to the mark in terms of authenticity. After this, the bank will send these documents and details to the Max Life Insurance Operations Centre in Gurgaon (2nd Floor, 90 ‘A’ Udyog Vihar Phase IV, Sector 18, Gurgaon – 122015).
If you have trouble finding a claims form in any of the many Max Life Insurance offices or bank branches, an online form is available for download from the Max Life Insurance website.
Max Life Insurance claims that they will settle all claims within 30 days of receiving the last document/clarification and also reserve the right to demand additional documentation and information to evaluate the claim. They could use this clause to extend the time frame, as they will settle claims within 30 days from receipt of the last document.
Max Life Insurance FAQs:
- Q. What are the different premium payment options available with Max Life Insurance policies?
A. Max Life Insurance Company offers policyholders a variety of premium paying options:
- Online payments:
- Phone payments
- Auto Debit facilities
- Other modes of payment
- Q. Can I change the premium paying mode in my Max Life insurance policy?
A. Yes, the premium paying mode can be changed, but only on policy anniversaries for active policies. There is a form that needs to be signed and submitted for the same.
- Q. How do I change the nomination / nominee in my Max Life Insurance policy?
A. In order to change the nominee details in your Max Life Insurance policy, you must fill out a policy amendment request form and submit it to your nearest Max Life branch office.
- Q. What types of riders are available with Max Life Insurance Policies?
A. There are 4 riders available under Max Life’s product portfolio, which are:
- Personal Accident Benefit Rider pays out a benefit amount in the event of an accident.
- Accidental Death Rider Benefit provides a benefit pay-out in the unfortunate event of death by accident.
- Dreaded Disease / Critical Illness Rider provides a benefit pay-out in case the policyholder contracts any of the critical illnesses mentioned in the rider document, or during surgery.
- Waiver of Premium Rider Benefit: In case the policyholder dies / is rendered disabled due to accident, the premiums will be waived off.
- Q. Are there any situations in which claims can be denied by Max Life Insurance Co. Ltd.?
A. Yes. In case the policyholder fails to disclose any of the material information at the proposal (or reinstatement) stage, the claim will not be honoured – as this information could have affected the policy in many ways, and could even have resulted in the policy not being issued or revived.
Non-fulfilment of the terms of the contractual terms and conditions could also be the reason that claims are denied.
- Q. Can a loan be taken a Max Life Insurance policy?
A. Yes, a loan can be taken out against your Max Life Insurance policy if the policy has acquired a Cash Surrender Value. The loan against the policy can be availed for up to 90% of this value, subject to a minimum availability of Rs.10,000. Loans can be taken after 3 policy years have been completed on active policies. Loans cannot be taken for policies in the grace period.
There is no loan available for Max Life Term Plans and Life Marker Unit Linked Plan.
- Q. What is OPPB and when can the option of exercising OPPB be utilized?
A. OPPB refers to the Option to Participate in Progressive Bonuses. From time to time, payment of one-time premiums can enhance the insurance coverage. Although it is subject to underwriting guidelines, this option can be added to a Whole Life Par Plan at any time. If the OPPB plan is not opted for at least once every 2 years, it lapses.
- Q. What documents are required in order to process a Maturity claim?
A. Original Policy Pack.
- Copy of ID proof.
- Form M.
- For NEFT – cancelled cheque or a copy of the bank passbook with the banker’s attestation, or the banker’s attestation on Account Details in Form M.
- Q. Does Max Life Insurance have any retirement plans?
A. Yes, Max Life has the following retirement plans:
- Max Life Forever Young Pension Plan.
- Max Life Guaranteed Lifetime Income Plan.
- Max Life Perfect Partner Super.
How to Apply Max India Life Insurance Online
News About Max Life Insurance
Max Life Insurance has a new stakeholder
Axis Bank, the country’s 3rd largest bank, has made a stake purchase in Max Life Insurance for an amount of Rs. 95.75 crore. With the purchase, the bank now owns 4.99% stake of the insurance provider. 3.99% of this stake is from Max Financial Services and 1% Mitsui Sumitomo Insurance Company. Max Life Insurance is worth Rs. 2,115 crore in paid-up capital and Rs. 31,973 crore capital under management.
2nd March 2016
9.95% stake for KKR in Max Life
Kolkata Knight Riders, the IPL cricket team from Kolkata has purchased stakes worth 9.95% in Max Life insurance. KKR acquired its stake from a sponsor group and made its investment from its portfolio of Asian Funds II.
KKR is one of the leading contestants for the winner of the IPL trophy and Max Life is one of the leasing insurance providers of the country with a huge customer base as well as deep penetration in urban and rural parts of the nation.
18th February 2016
Max Life leads in terms of claim settlement ratio
Claim settlement ratio is one of the biggest factors that determine the success of an insurance policy. The topmost insurance companies, all have an outstanding claim settlement ratio which is also a parameter that is evaluated by customers when they are about to zero down on a particular insurance provider or insurance policy.
Max Life insurance has once again excelled and come out as a top performer in claims ratio settlement. This means that the company is fast and effective in settling insurance claims made by customers who own insurance policies fro Max Life. As per the latest report furnished by IRDA, the outstanding claims ratio for Max Life was 0.07 per cent as on March, 2015. For the financial year 2015-16, Max Life has paid a total of Rs.245.46 Crore as claim settlement.
30th January 2016
Max Life changes its Logo
Max Life insurance company- the leading life insurance provider in India, recently introduced its new logo. The logo has been changed considering its demerger of Max India Limited as Max Financial Services Limited. The design of the logo has been slightly changed to make it appear more contemporary. However, while doing so, the company has retained its previous components intact that represents Max Life’s vision- it’s commitment to do the right and protect the future of customers.
26th January 2016
Max India to be renamed and trade ex-demerger
Recently, the Max Group reveals that from 27th January onward, Max India would start trading ex-demerger. So far, the Max Group has approved demerger into 3 companies and very soon the existing Max India will be renamed as Max Financial Services. Previously, Max India demerged into 3 separate companies namely - ax Financial Services, Max India and Max Ventures and Industries.
Going forward, the Max Financial Company would focus on managing Max Groups’ flagship life insurance business. The company aims to turn itself as the first Indian listed company focusing exclusively on life insurance.
24th January 2016
BSE Indices to exclude Max India.
Following the demerger of Max India's specialty film business and health and allied vertical, the company will be released from BSE indices from January 27th. The company is s demerging its health and allied business into Taurus Ventures Limited and specialty film business into Capricorn Ventures Limited. Max India will be barred from 7 indices which include S&P BSE 500, S&P BSE 200, S&P BSE Industrials and S&P BSE AllCap.
22nd January 2016
Max Life announces it Embedded Value.
Max India, the leading life insurance company in India recently announced the EV (Embedded value) for its life insurance business in India. In September, the EV of the company is Rs. 5,363 crore which is higher than its previous EV in March, 2015. In March 2015, the company’s EV was Rs. 5,232 crore.
Recently, the company also declared its corporate restructuring plan to divide the company into three separate listed companies. It is expected that all these three entities will get approval soon and will be listed on Indian bourses in December. Besides, Max Life Insurance also declared the value of it New Business which stands at Rs. 163 crore.
2nd January 2016
Max India Sells Stake in Max Bupa to Unlock Value
The insurance industry has witnessed a lot of deals in the recent past owing to the improvement in the cap on direct investment from overseas, from 26% to 49%. Earlier this week, Max India revealed that it sold 23% of its stake in Max Bupa (the company’s health insurance sector) to Bupa Plc. (its overseas joint venture partner). Following the sale, the holding of Max India in Max Bupa has reduced from 74% to 51%.
The Insurance Bill was passed in the past year, thus encouraging companies to engage in stake sales to unlock value. Max India can unlock value in its insurance subsidiary now that shares will be transferred in favour of the company’s overseas partner.
25th November 2015
Max Life Insurance launches a new product – Monthly Income Advantage Plan
Max life insurance has launched a new product Max Life Monthly Income Advantage Plan which is a traditional, participating and money back life insurance plan. You get a guaranteed monthly income for 10 years and a lump sum is paid at maturity. The scheme comes in two variants, premium payment term of 12 years with 22 years policy term and premium payment term of 15 years with 25 years policy term. The plan also offers tax benefits on the premiums paid and on the benefits received by the insured.
20th October 2015
Max Life Platinum Wealth Plan – the new life insurance product launched by Max Life
One of the leading providers of life insurance in India, Max Life Insurance Company recently launched ‘Max Life Platinum Wealth Plan’. The plan is particularly designed to provider higher returns in shorter tenure. Customers can enjoy unlimited free switches among different funds which helps in better managing their portfolio. Customers can choose to invest in invest in 5 funds available with this plan.