Max Life Insurance
Max Life Insurance is one of the foremost life insurance companies in India. Max Life Insurance Company is a joint venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Company Limited. It was formerly known as Max New York Life Insurance Company Limited. Max Life Insurance was founded in 2000. It is the largest non-bank private sector life insurance company in India.
Top Max Life Insurance Plans (2020)
Max Life Insurance Company offers comprehensive protection and saving solutions to cater to the variant needs of its customers. So let’s discuss top life insurance plans offered by Max Life Insurance in different insurance categories:
- Max Life Term Insurance Plans
Term insurance plans are pure life Insurance protection products which provide financial security and protection to the policyholder and his/her family. In the event of the death of the life assured during the term of the plan, the nominee receives a death benefit which provides the family financial security.
Term Insurance Plans offered by Max Life Insurance are as follows:
|Product Name||Product Description|
|Max Life Online Term Plan Plus||Online Term plan Plus provides a comprehensive protection solution with a choice of three death benefit options to choose from at the time of purchase of the plan. You have the option to pay the premiums for 10 years or till you attain 60 years of age and enjoy the benefit throughout the coverage term of the plan. The plan allows you to enhance your coverage by buying optional riders|
|Max Life Premium Return Protection Plan||Premium Return Protection Plan provides dual benefits of life insurance cover and guaranteed return of the premiums paid on maturity. This plan offers a sum assured as a death benefit in the event of the death of the life assured and 50% of the base sum assured as an inbuilt accidental death benefit. On survival till the maturity of the plan, 100% of the total premium including the extra premium is paid as a guaranteed benefit.|
|Max Life Super Term Plan||Max Life Super Term plan offers an option of increasing the sum assured in which the sum assured under the plan increases at the rate of 5% every policy anniversary till the expiry of the policy term. This plan offers lower rates of premium for non-smokers and female lives as well as for higher sum assured levels. The nominee can receive the death benefit as a lump sum or partly in a lump sum and partly as monthly income for a period of 10 years.|
|Max Life Smart Term Plan||Smart Term Plan enables you to customise your protection requirement through seven death benefit variants to choose from. You can pay the premium once, for a limited period or throughout the term of the policy. The plan provides coverage of up to 85 years of age. The plan also offers money-back benefits with the premium back variant available under the plan by taking an additional amount of premium. You can customise the plan and enhance its coverage with the help of optional riders|
- Max Life Endowment/Savings Plan
Endowment plans help you to create wealth through regular savings and pay a lump sum amount on maturity of the plan. These plans are also called savings plans as they provide an option to save along with enjoying life insurance cover. These plans help you to meet long term financial goals such as house loans, child’s marriage, etc. The lump-sum benefit is paid on the death of the life assured ensuring financial assistance to your family. Max Life Insurance offers a range of savings products some of which offer bonuses to enhance your corpus.
Endowment/Savings plans offered by Max Life Insurance are as follows:
|Product Name||Product Description|
|Max Life Assured Wealth Plan||Assured Wealth Plan provides assured guaranteed returns enabling you to create wealth. The plan offers fully guaranteed benefit paid in a lump sum and provides a comprehensive death benefit in the event of death. The plan offers 6 different variants of policy terms and premium paying terms. You also have the option to customise the plan through additional riders.|
|Max Life Guaranteed benefit Plan||Guaranteed Benefit Plan offers a guaranteed lump sum payout at the expiry of the policy term. You are required to pay the premium for the first five years and you will receive a lump sum payout on the maturity of the plan. This plan has a fixed premium paying term of 5 years and a policy term of 10 years|
|Max Life Savings Advantage Plan||Max Life Savings Advantage plan offers flexible premium paying terms and policy terms. Guarantee additions of 5.5% of sum assured on maturity are added to the plan at the end of every policy year for the first 5 years of the policy. 110% of the guaranteed sum assured on maturity is paid along with accrued guaranteed additions and terminal bonus if any on the maturity of the plan.|
|Max Life Whole Life Super||Whole Life Super is a participating insurance plan which offers guaranteed protection till 100 years of age. When the life assured attains 100 years of age, the plan pays 100% of the sum assured on maturity along with the accrued paid-up additions and terminal bonus, if any. The plan offers flexibility to select from the three bonus options and you also have the flexibility to withdraw the cash value from the plan under the paid-up additions bonus option.|
|Max Life Guaranteed Income Plan||Max Life Guaranteed Income Plan provides guaranteed benefits which start immediately after the expiry of the policy term. This insurance plan provides guaranteed income for a specified tenure of 10 years after the completion of the policy term. In addition, a one-time guaranteed terminal benefit is payable at the expiry of the payout period.|
|Max Life Smart Wealth Plan||Smart Wealth Plan offers guaranteed benefits along with guaranteed additions which boost your maturity corpus. It offers a choice of four variants which include lump sum variant, short term income variant, long term income variant and whole lifelong income variant. You can cover your spouse under the whole life income variant in a single plan. The guaranteed additions accrue in the last four years of the policy and are paid on maturity of the plan.|
- Max Life Money Back Insurance Plan
Money-back plans provide you guaranteed money back benefits at specified periods ensuring that your short term goals and immediate requirements are fulfilled. Money-back plans are similar to endowment plans with the benefit of regular pay-outs during the term of the plan. While endowment plans pay a lump sum amount on maturity, money-back plans provide a specified percentage of the sum assured during the policy tenure in the form of money back benefits. Max Life Insurance offers one money back plan which provides the triple benefit of life cover, bonus and inbuilt premium waiver benefit.
Money-Back Insurance Plan offered by Max Life Insurance is as follows:
|Product Name||Product Description|
|Max Life Monthly Income Advantage Plan||Monthly Income Advantage Plan provides guaranteed monthly benefits for a period of 10 years starting from the expiry of premium paying term till the maturity of the plan. The plan also offers a lump-sum death benefit to the nominee on death of the life assured and pays accrued reversionary bonus and terminal bonus if any on the maturity of the plan. In addition, all the future premiums payable under the plan are waived on death to ensure that the survival and maturity benefits are paid to the nominee of the plan as and when due.|
- Max Life Unit Linked Insurance plan
Unit-Linked Insurance plans provide life cover and allow you to invest your premiums in market-linked instruments. By investing in unit-linked plans you get the benefit of better returns over the long term, life cover, flexibility to switch between funds as well as income tax saving. Max Life Insurance offers a range of unit-linked plans, some of which allow lifelong coverage whereas some pay both the fund value and sum assured on death of the life assured.
Unit-Linked Insurance plans offered by Max Life Insurance are as follows:
|Product Name||Product Description|
|Max Life Fast Track Super||Fast Track Super Plan is one where your premiums are invested in the market in any of 6 fund options as per your choice and pays additional loyalty rewards for staying invested for a longer period. You can make two partial withdrawals from the plan every year after the expiry of the first five years. You have an option to receive total fund value on maturity in a lump sum or in monthly instalment over a period of 5 years.|
|Max Life Platinum Wealth Plan||Platinum Wealth Plan offers you the dual benefit of wealth accumulation and life cover. You can choose to invest your premium in six funds based on your risk appetite. There are also two fund strategies. The plan enhances your fund value through guaranteed loyalty additions and wealth boosters. No policy administration charge is charged after the first five years so that you can boost your returns.|
|Max Life Online Savings Plan||Max Life Online Saving Plan provides market-linked returns. You can choose your death benefit and the fund option under the plan as per your requirement. The plan offers two variants and five fund options with zero premium allocation and administration charges so that all your premiums are invested to maximise returns. You can make unlimited free switches in one policy year without any charges.|
|Max Life Flexi Wealth Plus Plan||Flexi Wealth Plus Plan offers two variants which include wealth variant and whole life variant. The plan has flexible premium paying terms and policy terms under both the variants. You can choose to invest your premium in five investment strategies along with the facility to make unlimited free switches during a policy year. The plan also offers guaranteed loyalty additions and wealth boosters to further enhance your fund value. You can also make 12 partial withdrawals in one policy year.|
- Max Life Insurance Child Insurance Plan
Child insurance plans help you to secure the future of your child through the combination of insurance protection and investment/ savings benefit. Life cover is available as a lump sum benefit on the maturity of the plan or on death. Not just this, child insurance plans also provide you with flexible pay-outs to meet important milestones of your child’s life. Max Life Insurance offers two child plans to ensure that your child’s future financial needs are taken care of and fulfilled even in your absence.
Child Insurance plans offered by Max Life Insurance are as follows:
|Product Name||Product Description|
|Max Life Future Genius Education Plan||Future Genius Education plan is a participating, child insurance plan which provides flexibility to choose the policy term, premium paying term and the frequency of the money-back benefits depending on your child’s educational requirements. The plan pays four money back payouts each of which is 25% of the sum assured in the last four policy years.|
|Max Life Shiksha Plus Super||Max Life Shiksha Plus Super is a unit-linked insurance plan which provides the flexibility to invest in the equity market with multiple options of funds. Guaranteed loyalty additions are also added from the 11th policy year till maturity. An amount equal to 10% of sum assured would be paid on every policy anniversary after the date of death of the life assured till the expiry of the policy term subject to a maximum of 10 equal instalments.|
- Max Life Retirement Insurance Plans
Retirement plans help you to plan your retirement and build up a retirement corpus so that you live a worry-free life post-retirement. There are two types of retirement plans which include deferred annuity plans and immediate annuity plans. While deferred annuity plans help you to create a retirement corpus, immediate annuity plans help you utilise a corpus and enjoy life long annuities. Max Life Insurance offers three retirement plans with guaranteed loyalty benefits and three bonus options.
Retirement plans offered by Max Life Insurance are as follows:
|Product Name||Product Description|
|Max life Forever Young Plan||Forever Young Plan is a unit-linked, retirement plan which helps you to create a corpus through regular saving for your retirement years along with safeguarding you from the ups and downs of the equity market. Additional guaranteed loyalty benefit, which is a fixed percentage of the fund value, is added to the fund from the end of the 10th policy year. The plan offers the flexibility to choose your retirement age from which you can start receiving the pension benefits.|
|Max Life Life Perfect Partner Super Plan||Life Perfect Partner Super plan is a participating savings plan which offers life cover till 75 years of age along with money back benefits. 7.5% of maturity sum assured is paid for 15 years from age 61 years to 75 years to take care of your financial needs post-retirement. Maturity benefit is also payable at the age of 75 years which is 100% of the guaranteed maturity sum assured plus accrued bonus and terminal bonus if any.|
|Max Life Guaranteed Lifetime Income Plan||Max Life Guaranteed Lifetime Income Plan is an immediate annuity policy which provides guaranteed regular income after your retirement. The plan offers joint life cover in which you can cover your spouse in a single plan. You can choose to receive your income pay-out on a yearly, half-yearly, quarterly or monthly basis. You also have the option to top up your plan for enhancing the annuity amount. The top option is available for all the six annuity variants.|
- Max Life Cancer Care Plan
Cancer Care Insurance plans provide coverage against cancer and pay a lump sum amount on diagnosis to help you meet the expensive treatment and avoid financial burden. Max Life Insurance offers one cancer care plan which provides coverage against all the stages of cancer. A specific percentage of the sum assured is paid depending on the stage of cancer suffered.
Cancer Care Plan offered by Max Life Insurance is as follows:
|Product Name||Product Description|
|Max Life Cancer Insurance Plan||Max Life Cancer Insurance provides comprehensive and complete protection against all the stages of cancer. If the life assured is diagnosed with early-stage cancer, 20% of the sum assured will be paid upfront and all the future premiums would be waived off. If the life assured is diagnosed with major stage cancer, the entire cover amount would be paid with an additional 10% as an income for the following five years. This plan offers coverage until 75 years of age. The sum insured in this plan increases by 10% for the first five claim-free years enhancing your total coverage to 150% of the original cover without paying any extra premium|
- Max Life Insurance NRIs Plans
Max Life Insurance plans can be brought by NRIs too. If you are an NRI and you want to buy a life insurance policy, then you can purchase any of the insurance plans offered by Max Life Insurance depending on your coverage needs.
- Max Life Insurance Riders
Riders are optional added covers with which you can top up your life insurance plans to enjoy comprehensive and enhance coverage. Riders can be brought by paying an additional premium. Max Life Insurance offers a range of insurance riders to enhance the coverage and customise the plan as per your requirements.
Riders offered by Max Life Insurance are as follows:
|Rider name||Rider description|
|Max Life Accidental Death and Dismemberment Rider||Max Life Accidental Death and Dismemberment Rider provides additional protection in case of accidental death and accidental dismemberment. The rider sum assured is paid to the nominee of the plan in the event of death or disablement suffered by the life assured due to an accident.|
|Max Life Waiver of Premium Plus Rider||Max Life Waiver of Premium Plus Rider waives off all the future premiums of the plan in the event of dismemberment suffered by the life assured, on a diagnosis of 11 specified critical illnesses or on the death of the life assured.|
|Max Life Term Plus Rider||Max Life Term Plus Rider provides additional protection on death. An additional death benefit is paid in the event of the death of the life assured which is in addition to the death benefit paid on the base insurance plan.|
|Max Life Partner Care Rider||Max Life Partner Care Rider waives off all the premiums of the base insurance plan in the event of the death of the life assured during the tenure of the policy. It is a unit-linked insurance rider unavailable to be brought only with unit-linked plans.|
|Max Life Comprehensive Accident Benefit Rider||Comprehensive Accident Benefit Rider provides coverage in case of accidental death or accidental disablement suffered by the life assured. The rider sum assured is paid in the event of accidental death or disablement|
Benefits of Buying Max Life Insurance Plans
Max Life Insurance offers a range of insurance benefits to its customers when they buy the company’s life insurance policies. However, these benefits depend on the type of life insurance plan that you have brought. Following are some of the benefits of buying Max Life Insurance plans:
- Financial Security- Life insurance plans ensure financial security to your family in your absence. A lump sum amount is paid to the nominee on death of the life assured during the term of the plan to help your family face the financial loss due to the breadwinner. Max Life Insurance not only covers risk against premature death but also provides coverage against cancer and pays a lump sum to meet the expensive treatment cost without any financial burden.
- Creation of Corpus- Life Insurance plans help you to create a corpus through long term investments and thereby ensure the accumulation of wealth. This corpus can be used to fulfil various life goals such as your child’s education, house loan, child’s marriage etc. Endowment plans, money back plans and Unit-Linked Insurance plans help you create a corpus for your future financial requirements.
- Child Future Planning- child insurance plans help you to plan your child’s future including their higher education and marriage. The benefits received from Max Life child insurance plan help you fulfil your child’s dream and life goals as you have planned even when you are not around.
- Attainment of Financial Goals- With the help of Max life insurance plans, you can attain your long term and short term financial goals with ease. Term insurance plans help you to fulfil the income replacement goal while retirement plans help you to create a corpus for your retirement. Similarly, child insurance plans help you to plan your child’s future financial needs and cancer care plans help you to meet the expensive treatment cost of cancer.
- Loan Facility- Life insurance plans such as endowment and money-back plans offer policy loans after a specified period. Moreover, Max Life Insurance plans can also be used as collateral security for availing a loan. Hence, life insurance policies are financial assets which help you in taking loans when required.
- Liquidity- Money- back policies provide regular money back benefits which help you meet your liquidity needs. With such plans, you can easily and strategically plan your short-term financial goals. You also have an option to make a partial withdrawal from the unit-linked insurance plan after the expiry of the first 5 years to meet your liquidity needs. In addition, under endowment plans, you can surrender your policy before the completion of policy tenure for funds if you need.
- Retirement Planning- Life Insurance plans help you to plan your retirement. Max Life Insurance offers both deferred annuity plans and immediate annuity plans which help you to receive a regular and steady flow of income after retirement so that you can enjoy the golden period of life without any financial burden.
- Tax Benefits- You can avail tax benefits on both the pay-out benefits received from the plans as well as on the premiums paid subject to certain terms and conditions. You can avail tax-free returns from Max life insurance policies. You can read about the detailed tax benefits below.
Max Life Insurance Claim Settlement Process
Max Life Insurance ensures to create solutions to make its life insurance policies easy, suitable and affordable for every stage of its customers’ life. At the same time, the insurance company is working to make the claims process quick as well as simpler for you and your family. The claim process of Max Life Insurance is as follows:
- You can intimate the claim to the insurance company through your agent or by visiting the nearest branch office of the insurance company. You can also intimate a claim through email at firstname.lastname@example.org
- Download the claim form from the official website of Max Life Insurance Company or obtain it from any branch office and fill it up
- Submit the duly filled form along with the applicable documents at the nearest branch office for claim processing
- The insurance company will review all your documents and verify the claim
- After verification, the claim will be administered and reimbursement will be made within 30 days of the receipt of the claim request
Documents required for Death Claim
Following documents are required to be submitted to register a death claim:
- Original policy documents
- Death claim application form
- Attested copy of death certificate issued by local Municipal authority
- NEFT mandate form attested by the bank along with the cancelled check or bank account passbook
- ID proof and address proof of the nominee
- Additional documents such as attending physician statements, medical records, FIR, panchnama, post-mortem report are required to be submitted in case of death of the life assured due to accident.
Documents required for Maturity Claim
Following documents are required to be submitted for maturity claim:
- Original policy document
- Duly filled ‘Form M’ of the Insurance Company
- Copy of ID proof of the claimant
- A cancelled cheque with pre-printed name or bank passbook copy with the banker’s attestation in case of NEFT.
Max Life Insurance Tax Benefit
Tax benefits are offered on both the investments made by you as well as the returns received from the plans. The tax benefits which can be availed from Max life insurance policies are as follows:
|Income Tax Act Sections||Tax Benefit Available|
|Section 80C||Premiums paid for Max Life Insurance plans can be availed as tax benefit under section 80C of the Income Tax Act, 1961. Premiums up to 10% of the sum assured are allowed as deduction subject to a maximum of INR 1.5 lakhs|
|Section 80CCC||Premium paid for Max Life pension plans can be availed as a deduction under section 80CCC of Income Tax Act, 1961. Premium up to 10% of sum assured subject to a maximum of INR 1.5 lakhs per annum paid towards deferred annuity plans are allowed as deduction.|
|Section 80D||Premiums paid for Max Life Health Insurance plans can be availed as a deduction under section 80D of the Income Tax Act, 1961. The deduction is subject to INR 25,000 for every financial year and for individuals aged 60 years and above the deduction limit is INR 50,000.|
|Section 10(10A)||You can withdraw 60% of the corpus on maturity under deferred annuity plans. This withdrawal of corpus is called commutation of pension. 33% of the commuted corpus is allowed as a deduction under section 10(10A) of the Income Tax Act, 1961|
|Section 10 (10D)||Death benefit received from the life insurance plan is completely tax-free under section 10 (10D) of the Income Tax Act, 1961. Maturity and survival benefits received from Life Insurance policy can also be availed as tax-free incomes under the Section if the premiums for the plan do not exceed 10% of the sum insured. If the premium exceeds 10% of sum assured the entire maturity benefit would be taxable in the hands of the policyholder.|
Max Life Insurance Customer Care Details
Max Life Insurance offers different ways to contact the company for any assistance or feedback or complaint. To contact the customer care department of the insurance company, you can use any of the following modes:
|Online Helpline||0124 648 8900 (9 a.m. to 9 p.m. from Monday to Saturday)|
|Customer Service Helpline||18601205577 (9 a.m. to 6 p.m. from Monday to Saturday)|
|SMS||SMS ‘LIFE’ to 5616188|
|NRI Help Desk|
(9 a.m. to 6 p.m. Monday to Saturday)
Max Life Insurance Review
Some details about Max Life Insurance Company are as follows:
- Asset Under Management of Max Life Insurance is INR 6,847 crores for the financial year 2019-20
- The company has over 269 offices all over India at the end of the financial year 2019-20 and has over 14000 + employees.
- Claim Settlement Ratio of Max Life Insurance stands at 99.22% for the financial year 2019-20
- The solvency ratio of Max Life Insurance is 207% as at the end of the financial year 2019-20
- Max Life Insurance has been ranked 24th as the best companies to work for 2020 in India.
- The company promises to pay the instant claim payment in one day after the submission of the relevant required documents and also promises to pay the interest in case of delay subject to terms and conditions.
- The company has achieved a gross written premium of INR 14,575 crore during the financial year 2018-19.
These statistics about the insurance company shows that it is one of the leading life insurance providers in India with a wide range of insurance products and simple claim settlement process.