Bankbazaar

Max Life Group Credit Life Secure Plan

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 from Max Life has the following features

  • Sum assured - The 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 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

     4.0 / 5.0   by 565 users
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    Max Life Group Credit Life Secure Plan Reviews

    Page 1 of 29 1 2 3 4 5
    • Max Life Insurance
      "Excellent insurance"
      0.5 5.0/5 "Blown Away!"
      My relation and friend circle chosen the life insurance policy from Max thats the reason i have chosen them. I have been paying the premium amount of Rs. 1 lakh for the annual payment mode. Total term period of the policy is 12 years. Through cheque, i made the premium.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 16, 2019
    • Max
      Max Life Insurance
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I have taken my life insurance policy with ICICI bank,there service is quite good, their premium they have charged me was nominal, i pay premium on monthly basis, and their agent had properly explain about the plan benefits and policy ,so far i did not face any issue from them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 09, 2019
    • Max Life Insurance
      "Good insurer"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX LIFE INSURANCE few month before taken. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payment through an online.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 05, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX INSURANCE before 11 years ago.The policy is for 20 years.I am paying premium in annual package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an online.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Jul 05, 2019
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I am using the term plan since from last few months and the reason for getting the policy is because of good returns. It is a term plan of maturity is of 30 years, premium paying for monthly once also the coverage is for self. I got the hard copy on time.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 05, 2019
    • Max Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance in MAX LIFE INSURANCE. The policy is for 55 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 28, 2019
    • Max Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      MAX LIFE INSURANCE is the institue where i have taken the life insurance policy on 2015 also the name of the policy is MAX LIFE GAIN it has the maturity period of 20 years as the policy premium paying for yearly once and it gives the policy coverage for self.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 27, 2019
    • Max Life Insurance
      "Good service and good returns"
      0.5 5.0/5 "Blown Away!"
      Max Life policy is my long term policy. Overall market rate is good in this company. I get a returns upto 15% at this time. I have been investing the money of Rs. 1500 every month. Total coverage value is Rs. 5 lakhs. This is a tax benefitable policy. I make the premium through online.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 24, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a term insurance in MAX LIFE INSURANCE 2 years before. The policy is for 40 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online. The policy coverage up to myself.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 14, 2019
    • Max Life Insurance
      "Pretty Good Policy"
      0.5 4.0/5 "Great!"
      I pay the premium amount of Rs. 50000 every year. Total term period is 12 years. I took the life insurance policy from Met LIFE. Once the maturity is over, i will get Rs. 6000 for every month for the next 10 years. This is a fixed value with guaranteed along with that 4% or 5% appreciation amount i will get which is an optional one. I make the premium through online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 14, 2019
    • Max Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken life Insurance through Max life it is a Maturity benefit policy is for the tenure of 15years .The premium is paid online ,The premium is amount is Rs. 36000.The premium is paid on yearly basis ,policy is still active and the agent gave all the relevant details about the policy .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 07, 2019
    • Max Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Life Insurance policy through Max Life directly This is a maturity policy is for the tenure of 10 years ,The premium is monthly basis,premium is very nominal ,The premium paid was yearly and then i have changed it as now monthly basis , Axis bank referred this Max life policy .I have received the policy documents on time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 02, 2019
    • Max Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Life Insurance policy through Max Life Insurance company directly.This is a maturity policy ,it is for the tenure 15years ,premium is very nominal ,policy documents got on time ,it will be closed after 15years.I have got all the required information about the policy .This policy is very useful .
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 02, 2019
    • Max Life Insurance
      "Good Service"
      0.5 2.0/5 "Expected more"
      I have taken Life insurance policy directly taken through Max Life Insurance company .The agent gave all information about the life insurance through the agent ,it is for the tenure of 8years ,The premium is paid through online ,premium is very nominal policy documents received on time ,The agent gave all the details .so far not faced any difficulties , I have closed this policy .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 30, 2019
    • Max Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Max Life insurance year policy through Online ,it is valid till age 50 years and i need to pay till 60years ,policy documents got on time ,The agent gave all information about the policy .The payment is done through online and using credit card for making the payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 29, 2019
    • Max Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I have been paying the premium recently with MAX LIFE for the term plan. The premium is good and they are providing better benefits than other insurer. The customer service is good. I make monthly premium of Rs.1900 through online. They have explained about the policy well.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 29, 2019
    • Max Life Insurance
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      I have purchased the life insurance policy with the MAX LIFE INSURANCE where using it since from last 3 years the policy has the coverage for self and i have purchased the pension plan with this policy. The customer support is good also it is a good policy to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 28, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX LIFE INSURANCE for the past 3 years ago. The policy is for 30 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an agent. The coverage up to myself.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 26, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX LIFE INSURANCE. The policy is for 20 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. The coverage for my whole family members. Through an online I used to payments.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 24, 2019
    • Max Life Insurance
      "Best way to protect the family"
      0.5 5.0/5 "Blown Away!"
      I have term plan with Max life, per month I make Rs. 1900 it has term upto 50 years old, the sum assured for Rs. 1 crore to protect my family. I checked the claim settlement and grievance resolved ratio its good. They need improvement on support remain all fine, they do have waiver on the critical illness and disability.
      Was this review helpful? 0
      , pune
      Reviewed on May 21, 2019
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