Max Life Insurance

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Enhance your cover through riders like permanent disability/accidental death rider

Max Life Insurance Company with a claim settlement ratio of 98.26% is one of the leading insurance companies in India. It offers different types of insurance products ranging from protection plans to products offering the benefits of both protection and savings.


Benefits of Max Life Insurance:

Max Life Insurance not only offers a variety of plans and policies that can help in meeting the financial requirements of an extensive customer base, but it also has a quality distribution system in addition to multi-channel distribution partners.

Different Types of Life Insurance Policies Offered by Max Life Insurance:

Max Life has a large portfolio with a number of different plans that cater to an extensive customer base.  Following are the various plans offered by Max Life Insurance.

Online Insurance Plans
  • Max Life Online Term Plan Plus
  • Max Life Cancer Insurance Plan
Child Insurance Plans
  • Max Life Future Genius Education Plan
  • Max Life Shiksha Plus Super
Savings and Income Plan
  • Max Life Monthly Income Advantage Plan
  • Max Life Assured Wealth Plan
  • Max Life Guaranteed Income Plan
  • Max Life Whole Life Super
  • Max Life Life Gain Premier
  • Max Life POS Guaranteed Benefit Plan
Term Insurance Plans
  • Max Life Super Term Plan
  • Max Life Premium Return Protection Plan
  • Max Life Term Plan with Return of Premium
  • Max Life Online Term Plan Plus
Retirement Plans
  • Max Life Forever Young Pension Plan
  • Max Life Guaranteed Lifetime Income Plan
  • Max Life Perfect Partner Super
Group Insurance Plans
  • Max Life Group Credit Life Premier
  • Max Life Group Gratuity Premier Plan
  • Max Life Group Super Life Premier in Lieu of EDLI
  • Max Life Group Super Life Premier
  • Max Life Pradhan Mantri Jeevan Jyoti Beema Yojana
  • Max Life Group Credit Life Secure
Health Insurance Plans
  • Max Life Cancer Insurance Plan
ULIP Plans
  • Max Life Fast Track Super Plan
  • Max Life Platinum Wealth Plan

Online Insurance Plans:

There are two types of online insurance policies that Max Life Insurance currently offer. They are:

Online Term Insurance Plan

Cancer Insurance Plan

With the help of Max Life Online Term insurance plans, you can protect your family from any unforeseen events such as death or terminal illness. Term insurance plans provide sufficient and comprehensive coverage from major life risks and also provide the option of enhancing the existing cover with add-on benefits like critical illness rider.

Cancer insurance plan, like the name suggests, provides coverage against all types of cancer, irrespective of which stage it is in.

Child Insurance Plans:

Child insurance plans offered by Max Life Insurance essentially provide the components of both insurance and investment. At the end of each policy term, the child receives a lump-sum amount as life cover from Max Life Insurance. On top of that, these plans also provide payout benefits at regular intervals, to financially secure the important milestones of your child’s life. The plans also provide substantial financial coverage against unfortunate events such as terminal illness or death.

Savings and Income Plans:

The savings plans offered under Max Life Insurance essentially help people develop a disciplined saving habit, and they also provide guaranteed returns, either as monthly income or as a lump-sum payout. The steady flow of returns depends on the need and the policy chosen by the respective individuals. Furthermore, these plans are also beneficial as they provide death benefits, rider benefits (like terminal illness benefits), tax benefits, and so on. These plans are most suitable for people who are the sole breadwinners of their families and want to ensure financial security for them.

Term Insurance Plans:

Term insurance policies are considered to be pure protection plans as they do not incorporate the investment element. Term plans are effectively simple to understand, demand cheaper premiums, and also provide financial security to the family of the policyholder in case of his/her absence. Term plans offer life cover that an individual is free to choose, depending on the financial needs of his/her family. There is no lump-sum amount involved as term plans are predominantly insurance plans, however, if the policyholder passes away while the policy is still in force, the insurer provides a lump-sum payout to the family to tide over financial losses.

Retirement Plans:

The retirement plans offered by Max Life Insurance essentially help people lead a certain lifestyle after their working income comes to a halt. Individuals can either choose a lump-sum benefit at the end of the policy term, or annuity plans. In annuity plans, the insurer provides monthly payouts as pension benefits to the insured. Individuals who invest in such plans are required to give away a portion of their earnings from their income, so that they are able to make use of that saving during their retirement years. This saving can be withdrawn either in parts or in whole, depending on the insured. Since retirement plans offer the benefits of both protection and insurance, they are ideal for one’s golden years.

Group Insurance Plans:

In order to promote benefits of life insurance and increase the percentage of insured individuals in the country, multiple organisations, groups, and corporates have started providing comprehensive life and health insurance policies to their employees in one go. Companies provide insurance policies ranging from health and savings plans to insurance and group gratuity plans. These plans have diverse, distinctive characteristics and they offer widely different benefits, most suitable for the policyholders. This approach is implemented in order to cover all the facets of investment and savings, to eventually impart complete financial security to the members.

Health Insurance Plans:

The health insurance plans offered under Max Life Insurance essentially ensure that all medical expenses of the members in the group are covered, especially during unforeseen events like accident. Any other illnesses, like critical illnesses are also covered under the plan offered by Max Life. In order to cover medical costs extensively and tide over the financial losses incurred during the event, Max Life Insurance offers health plans that cover outpatient expenses and certain medical procedures as well.

ULIP Plans:

The ULIP plans offered under Max Life Insurance fundamentally incorporate the elements of both insurance and investment, thereby providing the policyholders the chance to invest in multiple financial products such as stocks, bonds, mutual funds, and so on. These investments yield huge returns for the insured while simultaneously providing a protection cover as well. ULIPs are highly suitable for people who want to invest in high-yielding products while balancing their fund with debt and equity components, with the choice to make a switch in case the market undergoes a change in the future.

How to Claim Insurance with Max Life:

In case of a death claims, customers will have to be ready with the following documents:

  • Original / Attested copy of Death Certificate Issued by local municipal authority.
  • Death Claim Application Form (Form A)
  • NEFT Mandate form attested by bank officials in addition to a cancelled cheque or bank account passbook.
  • Beneficiary's photo identity proof like copy of passport, PAN card, Voter identity card, Aadhar (UID) card etc.

Additional documents (as per the cause of death)

  • Medical / Natural death:
    • Attending Physician's Statement (Form 'C').
    • Medical records (Admission notes, Discharge/ Death Summary, Test reports etc.)
  • Accidental/ Unnatural Death:
    • Copy of the First Information Report (FIR) or Panchanama / Police Complaint.
    • Copy of Post Mortem Report (PMR) / Autopsy and Viscera report.
    • Copy of the Final Police Investigation Report (FPIR)/Charge sheet.

Renewal Procedure For The Policy

The process to renew the policy is simple and can be completed online. The step-by-step procedure to renew the policy online is mentioned below:

  • Visit the official website of Max Life Insurance.
  • Click on the ‘Pay Online’ option.
  • On the next, page you can enter the policy number and date of birth.
  • Click on ‘Submit’.
  • The policy details will be displayed on the next page. You will find the option to renew the policy as well.

Documents Required in case of Group Claims

  1. For Employer Employee Policies
  • Claim Form (GTL Employer Employee, EDLI, Gratuity) as applicable.
  • Original/Attested copy of Death Certificate issued by municipal authorities.
  • EFT Mandate form to be completed by nominee / policyholder along with the copy of the cancelled cheque wherein the name of the account holder is printed or copy of Bank pass book.
  1. For Non Employer Employee Policies

Compulsory documents required

  • Certificate of Insurance.
  • Original / Attested copy of Death Certificate Issued by local municipal authority.
  • Claim Form (Lender Borrower/Non Lender Borrower) as applicable.
  • NEFT Mandate form attested by bank authorities in addition cancelled cheque or bank account passbook.

Additional documents (as per the cause of death)

  • Medical / Natural death:
    • Attending Physician's Statement (Form 'C').
    • Medical records (Admission notes, Discharge/ Death Summary, Test reports etc.)
  • Accidental/ Unnatural Death:
    • Copy of the First Information Report (FIR) or Panchanama / Police Complaint.
    • Copy of Post Mortem Report (PMR) / Autopsy and Viscera report.
    • Copy of the Final Police Investigation Report (FPIR)/Charge sheet.

To start the claims process with Max Life, the policyholder / nominee will have to intimate the insurance company about the claim by either writing to the insurer via their insurance agent, or dropping off their written communication at the nearest branch of Max Life Insurance Company Limited, or by sending an email. Written communication can also be sent to Max Life Insurance Operations Centre – Claims Department, Max Life Insurance Company, Operations Center – 2md Floor, 90A, Sector 18, Udyog Vihar, Gurgaon – 122015, India.

Once you have intimated the insurance company, you will have to download the claim forms from the Claims Section of the company’s official website or by visiting the nearest Max Life branch. Make sure that all claim forms are filled in correctly as the presentation of false / fraudulent information can result in a rejection of claims. Also make sure that all the documents required are attested along with the claim form which must be submitted at the nearest branch of the company. The company will then verify the details presented by you and settle the claims within 30 days of receiving the intimation.

Claim Settlement Ratio and Total Earned Premium of Max Life Insurance for the Year 2017-18

Claim Settlement Ratio 98.26%
Total Earned Premium (in Crore) Rs.12500.89 crore

For the year 2017-18, the annual report by IRDAI clearly highlights the fact that Max Life Insurance has yet again surpassed the claim settlement ratios of all other insurance companies in India. With a claim settlement ratio of 98.36%, Max Life has left behind eminent players from the insurance market such as Life Insurance Corporation of India (98.04%), ICICI Prudential Life Insurance (97.88%), Tata AIA Life Insurance (98.00%), and HDFC Standard Life Insurance (97.80%).

IRDAI report has further revealed that the number of rejected claims in the private insurance sector has gone down considerably from 4.85% to 3.97%.

Documents Required to Purchase A Max Life Insurance Policy:

Customers who wish to purchase a life insurance policy from Max Life will have to furnish the following documents:

  1. Proposal form
  2. Identity Proof
  3. Address Proof
  4. Any other documents as requested by Max Life Insurance Company Limited.

Max Life Insurance Online Payment:

Customers who wish to make premium payments online can do so without the need for stepping outside their house and visiting a branch of Max Life Insurance Company Limited. All you need is a computer, an internet connection and a payment gateway. The company’s official website has a facility that allows customers to make premium payments online using Visa debit cards, net banking, and credit cards (Visa / MasterCard).

The process of making an online payment can be completed in three simple steps:

  1. Visit the company’s website and under the Customer Service section, click on Existing Customer and select Policy Renewal and enter your policy number along with your date of birth.
  2. Confirm your policy details.
  3. Select a payment gateway and make payment.

Customers can also log on to their bank’s website and transfer funds from their account directly to their insurance policy by using RTGS / NEFT. The following details must be entered while using RTGS / NEFT:

Beneficiary Name: Max Life Insurance Co. Ltd.

Beneficiary Credit Account Number: 1165 (followed by policy number)

Beneficiary Bank IFSC Code: HSBC0110002

Beneficiary Bank Name: HSBC Limited

Branch Name: Barakhamba Road, New Delhi – 110001

Max Life Insurance Premium Calculator:

To calculate the premium applicable to a Max Life insurance policy, just visit the company’s website, locate the calculator and enter the details required, such as policy name, sum assured, premium payment term and payment mode, age, policy term, gender, date of quotation, etc. and select ‘Calculate’. The result will appear on your screen immediately.

How to Check Max Life Policy Status:

In order to check the status of your Max Life insurance policy, you can log on to the official website of the company and login using your client ID or username, and password, in the space provided for Individual Policy Holder. Once you have logged in to the portal, you check your policy status by simply entering your policy details along with any other information requested by the page. In case you are a new user, you can register with Max Life by providing the requested details.

Customers can also check the status of their insurance policies by calling 1860 120 5577, or sending an email at service.helpdesk@maxlifeinsurance.com

Max Life Insurance Customer Care:

Customer care forms an integral part of any life insurance organization where customer satisfaction can nearly make or break the reputation of the company. Max Life is one of the many insurers in India which has established a dedicated customer service division for enabling customers to get in touch with the company to resolve their grievances, get answers to their queries, or send their feedback. The insurer has set up multiple channels via which customers can get in touch with the customer care dept. to get in touch, customers can call on the helpline number to get on-call assistance, write in to the customer care on the designated email ID, locate an office or an agent from the official website, or request a call back from the customer care department. There is also a separate helpdesk that has been set up for NRI customers.

FAQ's-of-Max-Life-Insurance

Max Life Insurance Frequently Asked Questions:

  1. 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
  2. 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.

  3. 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.

  4. 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.
  5. 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.

  6. 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.

  7. 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.

  8. What documents are required in order to process a Maturity claim?

    • 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.
  9. 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.
  10. Can I cancel my Max Life Insurance policy?

    A. Customers who wish to cancel their policy must visit the nearest branch of Max Life Insurance Company Limited along with the original policy document and request for a surrender of policy. The officials will request you to fill in certain forms after which you will receive an estimate of the surrender value of the policy. If you accept the value, your policy will be terminated immediately and you will receive the money you invested after deductions have been made towards stamp duty fees and other charges.

  11. When is my Max Life insurance policy considered lapsed?

    A. In case you fail to make premium payments on time, you will have to ensure that due premiums have been paid within the grace period granted by the company. Failure to make premium payments within the grace period will mean that your policy has lapsed and no benefits will be paid out on maturity. However, customers can revive their lapsed policies to ensure that they are eligible for benefits. To revive a lapsed policy, all you have to do is pay your outstanding premiums in addition to the interest charge levied by the company and your policy will be active again. However, it is the company that holds the sole discretion of determining whether or not a life insurance policy can be revived based on the particular situation of a customer.

  12. Can I apply for a Max Life Insurance policy online?

    A. Yes, you can make the most of an internet connection and online payment systems to purchase an insurance policy from Max Life without stepping outside your house.

  13. How do I make premium payments towards my Max Life insurance policy?

    A. Premiums can be paid directly in cash to the company by visiting a branch of the insurer, or via the internet using debit and credit cards or net banking to transfer funds through the company’s official website, or by a cheque that can be sent to the company’s main office.

Max Life Insurance

News About Max Life Insurance

  • Max Life Insurance Introduces Disability and Critical Illness Secure Rider

    Max Life Insurance added a critical sickness and disability secure rider to its lineup, as well as strengthening its existing riders including the accidental death and dismemberment rider and the waiver of premium plus rider. These upgraded riders are designed to provide comprehensive financial protection in the event of death, disease, or disability.

    26 August 2021

  • Max Life Insurances launches the feature of 'Buy Now, Pay later'

    Max Life Insurance has introduced the ‘Buy Now – Pay at Approval’ feature for the customer while purchasing online policies. This is being done to provide the best services for customers during the COVID-19 pandemic.

    This feature will allow customers to apply for a policy with the proposal form along with a payment instruction through the digital payment method. However, the deduction of money will not happen until the proposal is evaluated by the company. The money will only be deducted just before the policy is issued.

    With this feature, Max Life has seen an uplift in conversion along with the contribution of sales from the affluent segment and better customer experience. There was also a reduction in grievance and other issues related to refunds.

    5 November 2020

  • 'Buy Now, Pay at Approval' feature introduced by Max Life Insurance

    Max Life Insurance has launched the feature of ‘Buy Now – Pay at Approval’ to provide the most efficient services during the COVID-19 pandemic. The feature will be available for the policies which are bought online and will allow the customers to apply along with the proposal form and make payments through various digital payment platforms.

    However, the money will be credited once the insurer evaluates the proposal. Just before the policy is issued to the applicant, the actual premium will be deducted. This newly-launched feature ensures that any applicant will not be required to make the premium payment at the time of applying for an insurance policy.

    According to the data, around 8% of all the policies applied for had resulted in either decline or postponement. Due to this, the insurer would have to pay back the amount collected from the applicant which includes a refund process taking about 8-10 working days and this has process not been positively received by customers.

    13 October 2020

  • Covid-19 one-year term rider launched by Max Life insurance

    Max Life Insurance Company has launched Max Life COVID –19 One Year Term Rider, a non-linked non-participating individual pure risk premium life insurance rider. The rider comes with an annualized premium of Rs.271 for an assured sum of Rs.1,00,000. It will be available to customers looking to protect themselves against the pandemic. The newly launched rider can also be attached to Max Life’s existing products like term plans, savings plans, income plans, and retirement plans. Customers will also be provided with diagnosis benefits in addition to death cover through the Max Life COVID – 19 rider. The benefits will be payable over and above the base policy benefits and is available to those between the age of 18 to 65 years.

    The Deputy managing director of Max Life Insurance has stated that they through the rider want to partner with customers in a bid to help them tide over the immediate Covid-19 related financial worries and build a secure future for themselves and the loved ones.

    9 October 2020

  • Add-on insurance cover introduced by Max Life for COVID-19

    Max Life Insurance has recently launched the ‘Max Life COVID-19 One Year Term Rider’ which includes a diagnosis and death benefit for the policyholders. The Max Life COVID Rider starts with an annual premium of Rs.271 and an assured sum of Rs.1 lakh. This rider can be attached to any of the 12 existing products by Max Life including term plans, savings plans, income plans, and retirement plans.

    This rider will provide financial assistance and protection in the case of a COVID-19 diagnosis and will be available for the customers between the age of 18 to 65. The diagnosis benefit will be offering a fixed sum of 20% of the sum assured. However, in case of death, the rider will provide a lump sum amount which would be 100% of the sum assured.

    16 September 2020

  • Axis Bank and Max Life tweak JV to get regulatory approval

    Axis Bank and Max Life Insurance have made changes in their Joint Venture (JV) in order to secure regulatory approvals. This was done by erasing some clauses in order to get the approval of the Insurance Regulatory and Development Authority of India (IRDAI). Earlier, the IRDAI had also requested the change of a clause that allowed one of the two parties to appoint auditors in Max Life. In the revised deal, both entities have equal rights to appoint auditors. This brings the JV closer to fruition, which will also help boost the distribution of Max Life.

    2 September 2020

  • Max Life Insurance launches Group Saral Suraksha Plan

    With a lot of sections of the society now unlikely to command the economic heft to be able to invest in flexible life insurance during the current situation, the life insurer Max Life has now launched the Group Saral Suraksha Plan which is a Micro Insurance product for people and this offers flexibility in terms of payment and tenure.

    The company has said that this plan has been curated for providing financial protection to the members and borrowers of the micro-finance cooperatives, institutions, and small finance banks.

    This plan offers the option of enhancing the protection of the group members and also providing cover against a risk of permanent disability (TPD) which is caused by accidents.

    10 June 2020

  • Yes Bank extends bancassurance tie-up with Max Life Insurance for next five years

    YES Bank has extended its bancassurance partnership for next 5 years with private sector life insurer Max Life Insurance on Monday. The life insurance company announced the news.

    The insurer will sell all its product under the partnership, through the branches of Yes Bank.

    The two firms who have remained committed to each other for 15-year partnership and has provided their customers a broad range of need-based products and services, aimed to deploying technology across the customer value chain to further enhance efficiencies and leveraging existing ecosystems to facilitate superior experiences for their customers, the insurance company said.

    The partnership between the two companies began in February 2005, with a core objective towards securing the financial future of their customers.

    Having started the journey by securing lives of the branch banking customers, the relationship between the two entities have expanded across several new banking verticals including business and rural banking services over the years. Both the companies together have offered customised solutions to more than 2.5 lakh customers across each and every touch point with the bank.

    22 April 2020

  • Manu Lavanya appointed as Director and Chief Operations Officer of Max Life Insurance

    Max Life Insurance has appointed Manu Lavanya as the Director and Chief Operations Officer. In the new role, he will be leading the ‘fulfilment group’ which comprises of Operations, Information Technology, Underwriting & Claims, Digital Transformation and Quality, and Innovation & Service Excellence. Lavanya will play an important role in strengthening the quality culture in a bid to craft superior customer experiences, enhance the operations value chain, and lead the digital transformation agenda. He will be based in the corporate office located in Gurugram and report to Prashant Tripathy, the Managing Director and CEO of Max Life Insurance.

    Talking on his appointment, Manu Lavanya stated that it provides him a unique opportunity to bring together themes of digital transformation, operational excellence and quality focus to deliver world-class experience to our customers. He added that he was looking forward to working with a team where customer centricity was at the heart of all operations.

    It must be noted here that Manu Lavanya comes with over two decades of experience in successfully creating, transforming, and scaling businesses across multiple industry verticals. He has worked with companies like Incedo, Brillio Technologies, Cognizant, and ITC in multiple leadership roles.

    18 March 2020

  • IPQ report shows that Urban India feels financially unsafe

    Max Life Insurance and KANTAR released the Indian Protection Quotient (IPQ) survey. This reflects how prepared Indians are to combat financial uncertainties. Faring at 37 on a scale of 0 to 100, Urban India does not feel well-equipped to face any kind of financial hindrances. However, from last year, the IPQ score has witnessed an improvement of 2 points.

    Prashant Tripathy, Managing Director & CEO, Max Life Insurance had said that India has been improving gradually on the scale of IPQ. Although the increase is just of two points, the step up from 35 to 37 reflects that Indians do feel a little more protected than they were before, but there is still room for a lot of improvement.

    This survey had also shown that the ownership and awareness of term plans have become better over the past year. It reported that the knowledge index, measuring the level of awareness about life insurance products has boosted to 48.

    6 March 2020

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

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