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Max Life Group Credit Life Secure Plan

 4.0 / 5.0   by 517 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Max Life Group Credit Life Secure is a non-linked, single premium group term life insurance plan that allows a protection against non-repayment by borrower on the account of his/her unfortunate demise. As an added option, the plan offers a co-borrower cover as well, increasing the risk cover through a separate insurance scheme.

Key features of Max Life Group Credit Life Secure

This single premium group term life insurance plan from Max Life has the following features

  • Sum assured - The plan is a group credit insurance plan and covers all the loan amounts that have been availed by the members under this policy. The cumulative sum assured at any time will be the cover provided for all the loans taken during a moratorium period and will begin to decrease post that. The sum assured as specified in the Certificate of Insurance will be payable irrespective of the total loan outstanding. The minimum sum assured per member is Rs. 50,000 and there is no maximum cap for the same
  • Premium paying term - Premiums under this policy are payable once
  • Premiums - There are no minimum or maximum limits on the premiums to be paid and the amount of premium will depend on the sum assured chosen per member
  • Premium paying modes - Premiums for this policy can be paid as additional members join in and will be paid in a lump sum amount
  • Premium paying method - Premiums for the policy can be paid through transaction modes accepted by Max Life and viable for the interested policyholder
  • Basis - This is a non-linked group term life insurance plan that allows for protection against risks of non-repayments of loans due to an event of demise of the borrower
  • Policy validity - The policy is valid for the chosen policy term (minimum 1 year)

Benefits of Max Life Group Credit Life Secure Plan

This policy from Max Life is aimed at protecting the lender from unpaid loans in the case of unfortunate demise of the borrower. As such, the following are the list of the benefits offered under this policy -

  • Death benefit - On the insured member’s death, accidental or otherwise, the company pays an amount as per the option chosen by the insured member at the inception of the policy. The following options are available under this policy -
    • Decreasing Cover Death Benefit in accordance with the outstanding sum assured schedule as set at the commencement of the contract. While in the moratorium period, an option is available to keep the Sum Assured unchanged until the monthly repayments of the loan begin. The moratorium option is only applicable for this benefit option
    • Level Cover Death Benefit - Benefit option is chosen through a formula in a way that a minimum sum assured of Rs. 50,000 per member is ensured at inception

  • Surrender Benefit - It is a single premium payment plan. In case a member surrenders his/her cover, a surrender value would be paid. The surrender value thus paid will be calculated as follows - 70% of Premiums received x (Unexpired risk period in months/Total Period of cover in months) x (Sum assured applicable at time of surrender/Sum assured at inception)

Eligibility Criteria for Max Life Group Credit Life Secure

Eligibility criteria for this policy can be mentioned in the following table -

Criteria

Limits

Age

Minimum Entry Age - 15 years

Maximum Entry Age - 69 years

Minimum Maturity Age - 16 years

Maximum Maturity Age - 70 years

Policy Term

Minimum Policy Term - 1 year

Maximum Policy Term - Till 70 years, subject to maximum 30 years term

Group Size

Minimum - 50 members

Maximum - No limit

Other Max Life Insurance Group Plans

  • Group Super Life Premier Plan in lieu of EDLI
  • Group Super Life Premier
  • Other Poular Max Life Insurance Plans

  • Max Life Insurance Child Plans
  • Max Life Insurance Pension Plans
  • Max Life Insurance Investment Plans
  • Max Life Insurance Savings Plans
  • Max Life Insurance Group Plans
  • Max Life Term Insurance Plans
  • GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Max Life Group Credit Life Secure Plan Reviews

    Page 1 of 26 1 2 3 4 5
    • Max Life Insurance
      "Good for tax saving"
      0.5 4.0/5 "Great!"
      AXIS bank suggested Max life its good for the income tax benefits under 80c section, the premium amount is around Rs. 50,000 for 6 years term. On time I got the policy copy, the payment option is good, I need to wait for 20 years but pre closure option is available.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • Max Life Insurance
      "Okay Policy"
      0.5 4.0/5 "Great!"
      I have purchased a term insurance policy from MAX LIFE. I have selected the MAX company because they have higher rating on their claim ratio. I'm really happy about the sum assured amount. Total tenure period is fine. In 2015, i have purchased this policy. I'm really satisfied with the services.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 03, 2019
    • Max Life Insurance
      "Too Good policy"
      0.5 5.0/5 "Blown Away!"
      Just recently 5 months back, i have purchased this life insurance policy. I bought the money back policy from Max Life. Total tenure period of the policy is 11 years. There is no particular reason for choosing this policy. I pay the premium amount of Rs. 50000 in a year. I am making the premium through online.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 02, 2019
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my Term insurance with Max life insurance, there service is good, there agent had clearly explain me about the policy, and benefit coverage , and there premium amount they have charged me was nominal, the premium amount is for half yearly basis, i use to pay through off line mode
      Was this review helpful? 1
      , surat
      Reviewed on Dec 30, 2018
    • Max Life Insurance
      "They are good in market"
      0.5 2.0/5 "Expected more"
      I have purchased a life insurance policy in 2012 from Max life. Because of my boss recommendation and reputation of the company, i find the claim ratio was very good hence i chosen same. Max life premium is slight costlier than other. The customers are completely satisfied with their services. They have class set of policies according the premium amount.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 29, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      MAX LIFE INSURANCE It is a good policy to access. The maturity period of this policy is for 15 years as it is very good added on that it is the user friendly policy to access. The premium i pay for yearly once with this policy. Also they provide coverage for self.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 26, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      The process is very good with the MAX LIFE INSURANCE as i have purchased the life insurance policy with this and also at the beginning the documentation is very good. The maturity period is for 30 years as the premium i pay for monthly once. This give the policy coverage for self.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 22, 2018
    • Max Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I had taken this insurance policy almost five years back and the premium amount has been nominal as well. I have been paying the premium half yearly and the payment method has been simple as well. Their customer care services has also been helpful at times.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 17, 2018
    • Max Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken my life insurance policy with Max life insurance, there 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.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Dec 16, 2018
    • Max Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken my money policy 2 years ago. I have selected the MAX because of the agent who explained me about the policy details. I pay the premium amount of Rs. 50000 per annum. I don't remember about the sum assured amount. This is the tax benefit policy. I pay the premium through cash in their branch office.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 03, 2018
    • Max Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance with Max Life and it was taken through an agent. This is a necessary for me and it was taken for tax benefits. The customer service is good. The policy coverage and plan benefits are fine, it could have been better. I make annual premium of around 30K.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 30, 2018
    • Max Life Insurance
      "Dissatisfied"
      0.5 1.0/5 "Really Bad"
      Its a fix guaranteed, I Have invested but I could take the capital amount if I cancel that policy. MY bank forced me but its not recommend from my end. The policy which I took its very disappointed, the customer service is good in one call they updated my KYC details. But the policy terms is not good I get my amount on retired age.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 30, 2018
    • Max Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have 2 life insurance policies with Max Life Insurance and am using the service for last 10 months. My friend is working in the company so I have taken the policy with them. I am paying the premium yearly 53K plus 24K through online. The policy is good.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Nov 29, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my life insurance with Max life insurance, it has been a month only, and they have charged me premium amount up to 50,000 it was nominal for me and it was based on yearly basis , there agent had explain me policy related norms clearly, overall service is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 21, 2018
    • Max Life Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance policy with the MAX LIFE INSURANCE since from past 2010 where the tenuity period of this policy is for 20 years also the policy coverage is for self as well as the nominee. The customer service is very good and supportive.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Necessary policy for any human being"
      0.5 4.0/5 "Great!"
      I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
      Was this review helpful? 1
      , faridabad
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my Life insurance with Max life insurance , they have many service center near and the process was smooth and there premium they have charge is nominal , i do payment through on line or off line and there agent are very friendly in nature.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 14, 2018
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