Max Life Insurance Company Limited

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10 min read

Updated on Jul 13, 2022

About Max Life Insurance Company

Max Life Insurance Company was founded in 2000 as a joint venture between Max India Limited and a reputed bank, Axis Bank. The company was formerly named Max New York Life Insurance Company Limited. It is the largest non-banking private sector insurance company in India. It is a part of Max India Limited Group and a subsidiary company of Max Financial Services. 

Max Life Insurance is amongst the foremost formed life insurance companies in India. It provides long-term protection, retirement, and savings plans through its multi-channel distribution and agency partners.  Max Life Insurance has recently introduced comprehensive riders in order to provide financial protection against disease, death, and disability. 

Key highlights of Max Life Insurance Company

Let’s have a look at some of the key highlights of Max Life Insurance: 

Asset Under Management For the financial year 2021, Asset Under Management is more than INR 90,407 crores
Total number of branches 277 offices
Solvency ratio 202%

 

Awards and Achievements by Max Life Insurance Company

In its endeavor to become the most admired and trusted life insurance company in India, Max Life Insurance has won many achievements and awards since its inception. Some of the recent achievements and awards won by Max Life are mentioned as follows: 

  • It is ranked as the 18th best company in 2021, amongst, ‘India’s Best Companies to Work For,’ recognized by Great Place to Work Institute 2021. 
  • Received Gold Award in Outlook Money Awards 2020 for Life Insurance Provider of the Year
  • The company has won a silver trophy under the ‘Corporate Turnover of more than Rupees 5000 crore’ category in the TIOL National Taxation Awards 2020. 
  • In NASSCOM AI Gamechangers Award 2021, Max Life Insurance is recognized as a Challenger. 
  • Ranked 55th in the Great Place to Work amongst ‘2021 Best Workplaces in Asia. 

Why choose Max Life Insurance Company

Max Life Insurance provides complete coverage to you and your loved ones. The reasons why you should choose Max Life Insurance plans are as follows: 

  • The life insurance company is providing health services through camps from the year 2018 and has provided services to more than 5.5 lakh people. 
  • It has specially created and customized its insurance policies to suit the specific needs of its customers. 
  • Its 13th-month persistency stood at 84.1% in financial year 20-21, which indicates the plans offered by the company suit the needs of the customers, and the customers continue to retain insurance plans for longer periods. 
  • Max Life Insurance is constantly and consistently trying to create life insurance solutions easy, suitable, and affordable for every stage of people’s lives and provides a very simple and quick claim settlement process. 

Types of life insurance plans offered by Max Life Insurance Company 

Max Life offers different types of life insurance plans which include the following –

A. Term insurance plans

If you are looking to secure financial protection for your family in your absence, you can opt for term insurance plans. Term plans are protection-oriented policies that provide financial security in the case of premature death. The premiums are low so that you can afford a high coverage for optimal protection. Moreover, term plans allow various types of customization benefits that enable you to avail of all-round protection.

Max Life offers the following type of term insurance plan for its customers which has a comprehensive scope of coverage –

1. Max Life Smart Secure Plus Plan

This is a flexible term insurance plan that allows customization through a range of optional coverage benefits. You can choose the required coverage benefits to build a plan that matches your needs. The salient features of the plan are as follows –

  • You can avail of coverage for up to 85 years of age
  • You can include your spouse under the joint-life coverage option
  • You can avail of additional coverage against critical illnesses and accidental death by paying an additional premium
  • You can also choose the return of premium option to get your premiums refunded on maturity
  • There is an option to discontinue the premium for a specific time without affecting the coverage of the policy
  • Optional riders help in enhancing the coverage
  • You can top-up your sum assured if you want to enhance the coverage 

Eligibility conditions 

Entry age  18 years to 65 years
Maximum age at maturity 85 years
Policy term 10 years to 67 years
Premium paying term Regular pay – equal to the term of the plan

Single pay – once

Limited pay – 5 years, 10 years, 12 years, 15 years, 60-entry age

Sum assured  Rs.20 lakh onwards

 

Other plans offered by Max Life Insurance

Besides term insurance plans, Max Life Insurance offers other types of life insurance policies as well. These are as follows –

B. Endowment plans

Endowment plans are traditional policies aimed at creating a savings corpus during the policy tenure. You can choose from participating or non-participating endowment plans. While the former gives bonuses, the latter does not. Endowment plans also provide insurance coverage and pay a death benefit in case of death during the policy tenure. Alternatively, on maturity, a maturity benefit is paid which is guaranteed. 

C. Money-back plans

Under money-back plans too you can create a guaranteed saving corpus during the policy tenure and get a death benefit on premature death. However, while endowment plans pay a lump sum benefit on maturity, money back plans pay the sum assured in installments during the policy tenure. 

D. Unit linked policies

Unit-linked plans are market-linked. Your premium is invested in the capital market so that you can earn attractive returns. There are professionally managed fund options to choose from as per your risk appetite. You also get the facility of partial withdrawals, switching, top-up, etc. making the policy flexible.

E. Pension plans

Pension plans are designed to help you plan a worry-free retirement. You can either choose a deferred pension plan to build up a retirement corpus or an immediate annuity plan to get regular and lifelong pensions. You can choose a suitable policy as per your needs and requirements.

F. Health insurance plans

Health insurance plans cover specific illnesses and provide financial assistance in medical emergencies. You get a lump sum benefit if you suffer from a medical emergency that is covered under the plan. Max Life offers comprehensive health insurance plans to cover your medical needs.  

How to buy Max Life Insurance plans? 

Max Life Insurance plans can be brought online which makes it a very hassle-free and simple process. The process takes only a few minutes and the policy is issued instantly. Some of Max Life Insurance plans are available online which you can buy through PayBima. The steps to buying Max Life Insurance plans online are as follows: 

  • Submit the application form

Visit www.paybima.com and choose the option of ‘Life Insurance’. There would be an online application form that you should fill and submit providing your details. These details include your gender, date of birth, policy term, sum assured, and other details. You should ensure to fill in the correct details in the application form and submit the form online. 

  • Compare the available plans online

A list of available life insurance plans on the basis of the information provided will be offered to you. You can compare the available policies and then choose one plan that meets your coverage needs, provides a comprehensive scope of coverage, and is also priced competitively. 

  • Fill the proposal form

After selecting the life insurance plan, fill the proposal form with your personal and financial information. The proposal form is required for policy issuance as it forms the basis of the contract. Based on the information provided on the form, the insurer would underwrite the policy and issue it.  

  • Submit the relevant documents

Certain documents are required to be submitted along with the proposal form to buy the Max Life Insurance policy. The documents which are required to be submitted as stated as follows- 

  • Passport-sized photographs
  • Valid identity proof such as driving license, passport, PAN card, etc. 
  • Valid address proof such as electricity bill, driving license, voter ID card, passport, rent agreement, etc. 
  • Age proof such as birth certificate, passport, Aadhaar card, etc. 
  • Income proof, such as salary slips, bank statement, Form 16, Financial Statement, etc. 

Collect these documents and submit them so that the proposal form can be verified. 

  • Take a pre-issuance medical screening if needed

Some instances might require you to undergo a pre-issuance medical screening before the insurance plan is issued. Generally, insurance companies require health check-ups if the sum is assured or the age is high as high risk is involved in both cases. Hence, a medical screening will be required in such cases before the plan is issued. 

  • Payment of Premium

The final step is the payment of premium after which your policy will be issued to you instantly. You can pay the premium online through NEFT, credit or debit cards, or through any other payment gateways offered by PayBima. 

Lapse of policy and its revival

Your policy may lapse on non-payment of the premium within the renewal date. However, a grace period is offered by Max Life Insurance within which you can pay the premium and continue your policy. If you fail to pay the premium even within the grace period, then your policy will lapse and you would lose on the policy benefits. 

However, you can revive a lapsed plan by applying to the insurance company. You can enjoy uninterrupted coverage and full coverage benefits only after the revival of the insurance plan.  You will have to do the following to revive your policy- 

  • Pay all the outstanding premium along with the interest due on the outstanding amount
  • Submit a declaration of good health to the insurance company along with the outstanding amount. 

If a lapsed insurance policy is not revised within the revival period offered by the company, your policy might terminate after the end of the revival period or continue at a reduced value called the paid-up value. In such cases, you lose out on the full potential of the policy.

For reviving, you can take the help of PayBima for ease and convenience. Just call 800 267 67 67 or drop an email at paybima.care@mahindra.com. Our executives would, then, reach out to you to help with the revival process.

The process to claim Max Life Insurance plans

Making a claim for a Max Life Insurance Plan is as simple as buying one. Follow these easy steps to file a claim for Max Life Insurance plans: 

  • Inform the Insurance Company

First and foremost, you are required to inform the insurance company either by visiting the official website of the company online or by visiting the branch office of the insurance company. You can also call on the toll-free number on 1860 120 5577 or send an email to notify the company about the claim. 

  • Fill in the claim form

Fill the claim form with correct details of the policy after notifying the claim to the insurance company. Mention the type of the claim and the cause of making the claim at the time of submitting the claim form. 

  • Submit the relevant documents

Certain documents are required to be submitted to the insurance company as proof of a valid claim. These documents are studied by the claim department of the insurance company in order to process the claim. The documents are as follows: 

  • Duly filled and signed claim form
  • Original policy document
  • Death certificate of the insured issued by the local municipal authority
  • Photo identity and address proof of the nominee
  • NEFT mandate or bank detail of the claimant to credit the proceeds of the claim
  • In case of accidental death, additional documents such as post-mortem reports, Police FIR, medical reports, panchnama, etc. 

Review of Max Life Insurance Company 

Max Life Insurance has consistently delivered relevant solutions to its customers. Here is an overall review of the company –

  • For the financial year 2020-21, the company’s claim settlement ratio stood at 99.35%
  • As of the end of the financial year 2020-21, Max Life has policies worth Rs.10,87,987 crores
  • The plans offered by the company are comprehensive while the premiums are affordably priced
  • Max Life also allows you to customize your coverage with optional riders for a more comprehensive scope of coverage 

 

Frequently Asked Questions

Q: How is the death benefit paid under Max Life’s term insurance plan?

Max Life’s Smart Secure Plus Plan gives you three options to avail of the death benefit. You can choose the lump sum option and get the death benefit at once. You can choose the monthly income option to get the benefit in monthly installments for 10 years after death. Lastly, you can choose the combination of lump sum and monthly incomes and also specify the proportion of benefit that you want in a lump sum and in installments.

 

Q: What is the terminal illness cover?

Under the terminal illness cover, if the insured is diagnosed with a terminal illness, 100% of the death benefit, subject to a maximum of Rs.1 crore, would be paid in advance on the diagnosis of the illness. This helps the insured take care of his financial obligations.

 

Q: Are premiums higher for smokers?

Yes, smokers are charged a higher rate of premium because their smoking habit increases their mortality risk. To compensate for the higher mortality risk, insurers increase the premium rate.

 

Q: If I opt for the return of the premium variant, would the maturity benefits be taxed?

If the premium is within 10% of the sum assured, the aggregate premiums refunded on maturity under the return of the premium variant would be completely tax-free in your hands. The premium refund would be treated as a tax-free income under Section 10(10D) of the Income Tax Act, 1961.

 

Q: What is the concept of special exit value under the term plan offered by the company?

Max Life Smart Secure Plus offers a special exit value option wherein you are allowed to exit from the plan before it matures. When you exit, you get the premiums refunded back to you. This facility of special exit is allowed only if you have opted for a policy tenure of 40 years and you have not selected the return of premium option under the policy. 

Jan 19, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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