MAX Life Insurance

Max Life Insurance Company Ltd (formerly known as Max New York Life Insurance Company Ltd) is one of the leading life insurance companies in India.
Max Life Insurance is part of Max India Ltd Group; a joint venture of Max Financial Services and Mitsui Sumitomo Insurance Company.
Founded in 2000, the Delhi-based company is the largest pvt sector non-bank life insurance company in India.

MAX Life Insurance

Life insurance & it’s Importance:

Life insurance is a core insurance product that provides financial security when the insured dies during the insurance period. It aims to protect economic support to family in the case of the death of the breadwinner.

Finding best life insurance plan is an urgent need for people with family in today’s modern world. No one wants their spouse, parents or children to suffer when they’re not there.
The best futures plan depends on three basic factors:

  • Age,
  • Policy duration and
  • The amount of insurance you choose

Features of Max Life Insurance

  • Claims Paid % is 98.74
  • 239 Offices in 143 cities
  • Minimum purchase age is 18 years
  • Maximum purchase age is up to 60 years
  • Choose to increase benefits such as accidental death and dismemberment, free insurance and serious illness insurance
  • Options of monthly premium payment, quarterly, semi-annual or annual
  • Overdue insurance can be re-established within two years after the first unpaid premium

Plans offered by Max Life Insurance

1. Basic Life cover (online term plan)

Policy
Term
10 – 40 yrs
Age
Limit
18 – 60yrs
Maturity
Age
75
Premium
Paying Term
Regular

2. Super Term Plan (term insurance plan)

Policy
Term
10 – 35 yrs
Age
Limit
18 – 60 yrs
Maturity
Age
75
Premium
Paying Term
Regular

3. Shiksha Plus Super (unit-linked child insurance plan)

Policy
Term
10, 15 &
20 yrs
Age
Limit
21 – 50 yrs
Maturity
Age
65
Premium
Paying Term
Ltd Pay/Regular

4. Guaranteed Lifetime Income Plan (retirement plan)

Policy
Term
NA
Age
Limit
50 – 80 yrs
Maturity
Age
NA
Premium
Paying Term
Single Pay
MAX Life Insurance
Life Insurance

5. Forever Young Pension Plan (unit-linked pension plan)

Policy
Term
10 years – 75 years
minus age at entry
Age
Limit
30 – 65 yrs
Maturity
Age
75
Premium
Paying Term
Regular

6. Fast Track Super Plan (unit-linked insurance plan)

Policy
Term
20 years for regular pay.
10 years for 5 pay/single pay
Age
Limit
18 – 60 yrs
Maturity
Age
75
Premium
Paying Term
20yrs regular pay

7. Monthly Income Advantage Plan (traditional participating money back plan)

Policy
Term
Premium paying term
plus 10 yrs
Age
Limit
18 – 50/55 yrs
Maturity
Age
77yrs (12 pay plan) or
75yrs (15 pay plan)
Premium
Paying Term
12 pay variant or
15 pay variant (regular pay)


Benefits of Max Life Insurance

  • Variety of Plans: Max Life Insurance offers a wide variety of life insurance plans to meet the different needs of its clients.
  • Tax Savings: Life insurance premiums (up to INR 150,000 per annum) are exempt from income tax under Section 80C of the Income Tax Act, 1961. In addition, Article 10 (10D) offers a total exemption from the amount or bonus.
  • Low-Cost Extended Coverage: Plans offer extended coverage to insured person for low premiums.

Also Watch: Videos on Insurance at our YouTube channel

Benefits of Term Life Insurance 2019

Steps to Buy MAX Life Insurance Online:

Step 1: The first step in purchasing insurance online is to use an online insurance calculator and estimate the premium for the planned amount and duration. Choose your insurance amount and term
Note: The ideal benefit amount for your term life insurance should be 10 to 15 times the annual income of your takeaway

Step 2: Add drivers; choose the benefits of basic coverage. In the event of an unfortunate event such as disability and diagnosis of a life-threatening illness, additional benefits can increase your financial support and are optional benefits for paying additional premiums. You can add the following two drivers to your online risk insurance plan:

  • Accidental death and disability pension
  • Advanced exemption for diagnosis of serious illness or disability

Step 3: Pay the premium. Once you are satisfied with the benefits and bonus amount, you can complete your personal information and pay the premium. You can pay for your premium online, such as a debit card, credit card or online banking. You must enter the following information and pay the premium:

  • Information about income, occupation and education
  • Information about the nominee
  • Current address (your medical test will be performed at this address)

Step 4: Complete the application form. The application form is the detailed version of the life insurance application form. It focuses on information in your life that may affect your aspirations in the future.
The key areas of an application form are health issues related to medical history (including those of the immediate family and parents) and living habits such as drinking and smoking

Step 5: Medical Tests
Medical examinations are carried out in some cases because of the individual risk of life. This is done after successfully completing the application form and submitting all required documents. If necessary, you can be notified of the medical test


Claim Process of Max Life insurance

Through the following channels, customers can claim to report.

  • Nearest Max Life Insurance Company Office
  • Personal Agent Advisor if available
  • Email to Claims Department at claims.support@maxlifeinsurance.com

Also Read: Top 5 best Health Insurance Companies in India

Mandatory documents required for claim

Along with the duly filled claim form the following documents needs to be submitted:

  • Original policy documents
  • Original/attested copy of death certificate issued by local municipal authority
  • Death claim application form (Form A)
  • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook
  • Nominee’s photo identity proof such as copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.

Additional documents required for claim

  • 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
  • After filling the forms and attaching necessary documents it needs to be submitted to the nearest Max Life Insurance branch.
  • All valid claims need to be settled within 30 days after receiving the all correct documents as per the guidelines provided by IRDA. However, Max Life Insurance has its own benchmark to settle the claim within 10 days.
  • Claim amount will be dispatched as per the option chosen at the time of submitting the claim documents. However, electronic transfer is recommended for fast and hassle-free experience.

Exclusion of Max Life Insurance Plan

If life insured – whether healthy or insane – dies as a result of suicide within 12 months of the effective date or policy revision date, the policy will be terminated immediately. Here, the company will only reimburse the total premiums paid.


Also Read: LIC Jeevan Saral Policy


FAQs on Max Life Insurance

Q. How to check Max Life Insurance Policy Status?
Answer: If you are a registered policyholder, you can simply log in with your registered user ID and Password at the company’s website and check the status online.

Q. What is the policy cancellation process?
Answer: Individuals seeking to cancel their life insurance policy can do so during the free-look period. The insurer would require one to fill-up a cancellation form (available on the company website), and submit it along with the original policy copy.

Q. Can I take a policy loan?
Answer: If the policy has a cash surrender value, then the insured can avail a policy loan of up to 90% of the cash surrender value. This, however, is subject to a minimum availability of INR 10,000. The loan can be taken for active policies, any time following the completion of three policy years.

Q. How is Max Life Insurance Term Plan?
Answer: This long-term plan is the simplest form of life insurance, offering you high life coverage at affordable prices and low premiums. Benefit from 360-degree protection with Max Life’s Long-Term Plus plan with additional coverage through the Accidental Death Rider, Reinstatement of the Premium Plus Endorsement and insurance in case of serious illness.

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Created by Rishabh Mishra

Content Writer & SEO intern who specializes in Advertising & PR. Know more at Linkedin & Quora
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