Max Life Insurance: Eligibility, Plans, Documents & More

Max Life Insurance Company Limited, part of the Max Group, began in 2000 along with Mitsui Sumitomo. It recently joined forces with Axis Bank. The company’s goal is to assure its clients an assured financial future. Being the biggest non-bank private life insurance company in India It provides a range of insurance plans that meet various requirements. They comprise Life Insurance, Term Life Insurance and unit-linked insurance Plans, Endowment Policies, Money-back policies, Whole Life Insurance, and Retirement Plans.

Max Life has won 3 prizes from IRDAI for the speed with which claims are settled within 24hrs. If there’s an inability to settle claim settlement, Max Life will pay interest at the rate of 4.65 percent per year. In addition, an insurance term plan provides employees with a 5% discount on the first year’s costs.

Why You Should Choose Max Life Insurance?

The Reasons Max Life is a consistent Life Insurance Company:

• Claims Settlement Ratio: Max Life Insurance has the highest claim settlement rate of 99.51 percent compatible with the IRDAI Annual Report FY22-23. It means that they accept nearly every claim, providing peace of mind for the policyholders as well as their families in challenging times.
• Settlement Summaries: In FY22-23, Max Life paid out Rs. 1242 Crores in settlements. This highlights their determination to assist policyholders financially in times whenever they require it.
• Solvency Ratio: Max Life has a high solvency rate of 190 for FY22-23. That indicates they’re financially stable and can fulfill their obligations to their policyholders.
• Assets under Management (AUM): The firm manages around the assets of Rs. 122079 Crores in assets at the end of FY22-23. This shows the company’s significant presence in the market.
• Sum Assured In Force: Max Life offers a total amount assured of approximately Rs. 11,38,020 Crores. It provides protection for policyholders as well as their families from the risks of life.
• Premium Holiday Choice: The feature permits policyholders to avoid payment of their premium for a term insurance plan up to 2 times per year, however only after the gap has been 10 years.
• Nominee Choice Payment: The company allows nominees to select how they wish to receive their sum guaranteed. You can pick either a lump sum or monthly income or a mix of both.
• Voluntary Top-up: Policyholders can add more protection to their current policy at the beginning of the duration of their plan. It requires a new medical check however, the insurance company will cover all costs and the cost will be less than the current market rate.
• Zero Cost: Also called the Special Exit option the choice permits policyholders to leave their insurance plan with no fees.

Eligibility To Buy Max Life Insurance Plans

Eligibility Criteria to be a part of Max Life Insurance Plans

Term Insurance Approach for Salaried Individuals:

To be eligible to be eligible for Max Term Insurance, you must earn a minimum income of the equivalent of Rs. 5 lakhs if you’ve completed the 12th class. If you’re a student between the ages of 18 and 40 the income you earn must be at minimum three lakhs. 3 lakhs. If you’re older than 41, your annual income should be at least Rs. 5 lakhs or higher.

Term Insurance Approach For Non-Salaried Individuals:

If you’ve finished 12th grade, you need to make a minimum of the sum of Rs. 5 lakhs a year to qualify to be eligible for Max Term Insurance. Graduating students must also earn an income at least of Rs. 5 lakhs.

Investment Plans:

The minimum age to join Max Life Investment plans is one month and the maximum age limit is 65. The age limit for Max Life Investment plans can vary according to the investment plan that you select.

Types of Plans Offered By Max Life Insurance

Max Life Insurance Company offers various types of plans:

Child insurance approach: This plan is a combination of investment and insurance to ensure the financial security of your child. It offers a lump sum to be paid after the policy, and also flexibility in payouts to cover important occasions such as marriage and education.

Term Insurance The life insurance policy safeguards your family members financially. If you pass away within the term of your policy the beneficiary receives an amount that is set.

The Retirement approach: This plan can help you save money to fund your retirement. This plan ensures that you will have an income that is steady even once you retire and creates financial security in your retirement years.

Unit Linked Insurance Strategy (ULIP): ULIPs combine insurance as well as investment. A portion of the premium you pay covers life insurance. The remaining is invested in the funds you decide to invest in. The funds impart flexible investments and the possibility to earn higher yields.

Guaranteed income Strategy: This plan offers the possibility of a sure monthly income for a specified duration or even for the rest of your life following the terms. It guarantees regular income which makes it the ideal choice for people who want steady earnings during retirement.

The Guaranteed savings approach: These plans benefit from saving money, and provide life insurance. They let you plan for the future while providing security.

Max Life Insurance Best Plans

Plan Name	Plan Type	Entry Age	Maximum Maturity Age/ Policy Term	Premium Payment Term
Smart Secure Plus	Term	18 years – 65 years	85 years	Regular PaySingle PayLimited Pay – 5, 10, 12, 15 and pay till 60 years
Smart Total Elite Protection	Term	18 years – 65 years	85 years	Regular PaySingle PayLimited Pay – 5, 10, 12, 15 and pay till 60 years
Capital Guarantee	Investment	18 years – 60 years	70 years	Standard Time – 10 or 20 years
Smart Wealth Plan	Investment	91 days – 65 years	85 years	Standard Time – Minimum 8 years or 20 years
Smart Wealth Advantage Guarantee	Investment	91 days – 65 years	80 years	Standard Time – 10 or 20 years

Step By Step Process To Buy?

If you’d like to purchase insurance with the Max Life Insurance plan, you’ll be able to do so on the Max Life site or the official site of the company. Here’s how:

Buy the Max Life Policy on the Max Life website

Step 1: Visit the website

Visit the Max Life site and then click the Insurance tab on the right. Then select Life Insurance.

Step 2: Enter Your Details

Enter your name and gender, as well as your birthday date, mobile number, and any other information. Select the button to view Plans for Free.

Step 3: Select the PlanStep

Utilize filters to determine your perfect Max Life Insurance plan that is right for you. It is also possible to add additional benefits by adding additional options.

Step 4: Provide Additional Details

Input specific information such as your name, educational level as well as your income.

Step 5: Payment of the Premium

Check the amount of premium of the plan you are interested in before clicking Pay and Accept to complete the payment.

Step 6: Submit Your Proposal Form & Documents

Once you have paid, fill out the Proposal Form together with the necessary documentation like KYC and proof of income. You may be required to offer additional documents depending on the answers you provide. It is important to note that there are fewer documents required in Investment Plans.

Step 7: Medical Examination and Underwriting

If you opt to go with the Max Term approach, you might require a medical examination. The underwriting staff will examine the proposal and medical outcome to determine policy acceptance.

Step 8: Policy issuance

Following approval, you’ll receive the Max Life Insurance policy confirmation via email, and also to your registered mobile.

Documents Required For Max Life Plans

For you to purchase a policy through Max Life Insurance, you require the following documents:

• Identity Proof: Present one of the following documents Permanent Driving Licenses (Passport) Voter ID Card and Aadhaar Card.
• Address Proof: Send one of the following documents to prove your address permanent Driving License, Passport, Voter ID Card as well as an Aadhaar Card.
• Income Proof: Present proof of your income by presenting documents such as the three-month pay slips, the last three years’ return, tax forms, or an official rent receipt. Documents required may differ in case you’re salaried, or self-employed.
• Medical Reports: for MaxTerm Insurance Plans You may be required to grant medical records to benefit insurance companies to understand your condition and create appropriate life insurance.
• Additional Documents: There may be other documents you require, including current passport-sized photos, information on past or current insurance policies, as well as the medical information you have. These documents benefit insurers by evaluating your risks and determining the best coverage for you.

Claim Process

This is a quick guide on the process of claiming a Max Life insurance policy upon the policyholder’s death.

• Step 1. Notify the Claimant
  If the person insured dies The nominee has to notify the insurer immediately.
• Step 2: Submit Documents
  The person who is requesting the nomination must grant essential documents, such as the Policy Number, the Death Certificate as well as an official Government Identification. In the event of the death, they could also be required to provide an FIR or Postmortem Report.
• Step 3: Read the Claim
  When all documents have been received The insurance company will examine the claims.
• Step 4: Settlement of Claim
  If the claim is accepted the insurance company begins the settlement procedure.

NOTE: If there is no beneficiary named or nominated, or if the beneficiary is unavailable then the claim is transferred to the legal heir. However, they have to add evidence of legality.

Payment Options

• NEFT/RTGS
• Paytm
• PhonePe
• Google Pay
• Airtel Money
• Foreign Remittance
• Credit Card SI
• NACH/ECS
• Direct Debit
• EBPP
• InstaPay
• Cheque
• Amazon Pay

Max Life Awards and Achievements

Award	Year
ET BFSI Exceller Award	2023
The Economic Times Insurance Awards	2023
E4M Martech India Awards	2023
ET Brand Equity DigiPlus Awards	2023
Elets Newgen Insurance Innovation Awards	2023
Platinum Award for P2P Investment Project	–
Celent Global Model Insurer Award	–
Most Trusted BFSI Brand by Marksmen Daily	2023

Customer Service & Support

Contact via WhatsApp via text message ‘Hi’ to +91 74283-96005. For customer login, visit https://www.maxlifeinsurance.com/cs/login. If you need to write, please email [email protected]. For support via phone, dial at 1860 1205577 They are available from Monday to Saturday between 9 AM and 6 pm.

Conclusion:

Max Life Insurance Company, one of the most prominent players in the Indian insurance market has earned its reputation as a dependable provider offering a wide array of insurance solutions. Since its beginning at the end of 2000 and its subsequent association in 2001 with Axis Bank, it has consistently focused on providing the highest level of financial security and service. Max Life Insurance has a strong rate of settlement for claims, significant investments under management as well as several honors for its exceptional service. With plans suited to the specific needs of each customer and a focus on client satisfaction, Max Life Insurance stands out as the top choice for a comprehensive life insurance policy.

Related read:- Aditya Birla Sun Life Insurance: Protecting Families, Building Legacies Effortlessly!

FAQs:

Article References:

1. https://www.maxlifeinsurance.com/about-us
2. https://irdai.gov.in/document-detail?documentId=4417599
3. https://www.maxlifeinsurance.com/blog/life-insurance/rider-options-of-insurance-plan
4. https://www.maxlifeinsurance.com/
5. https://www.maxlifeinsurance.com/customer-service/premium-payment-options
6. https://www.maxlifeinsurance.com/about-us/awards-achievements
7. https://www.maxlifeinsurance.com/customer-service/grievance-redressal