10 min read
Updated on Jul 13, 2022
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.
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|
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:
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:
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 –
|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|
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.
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:
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.
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.
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.
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-
Collect these documents and submit them so that the proposal form can be verified.
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.
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.
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-
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 firstname.lastname@example.org. Our executives would, then, reach out to you to help with the revival process.
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:
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 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.
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:
Max Life Insurance has consistently delivered relevant solutions to its customers. Here is an overall review of the company –
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.
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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