Max Life Insurance

Max Life Insurance Company Limited or Max Group started its journey in 2000 by collaborating with Mitsui Sumitomo and recently the insurer collaborated with Axis Bank. The insurer's main goal has always been to make sure that its customers have a secure financial future. As the largest non-bank private-sector life insurer in India, The company offers a diverse range of insurance plans to cater to various needs and requirements. These plans involve Life Insurance, Term Life Insurance, Unit-Linked Insurance Plans, Endowment Policies, Money-back Policies, Whole Life Insurance, and Retirement Plans.

The company has also received 3 awards from IRDAI as it guarantees to settle claims within 24 hours. And, the best part is that the Max Life Insurance company pays interest in case of claim delay at the rate of 4.65% PA. Moreover, the term insurance plan is designed for salaried customers as it gives a 5% discount on first-year premiums. [1]

The following are the reasons that make Max Life a reliable life insurance company:

• Claim Settlement Ratio: Max Life Insurance boasts an exceptional claim settlement ratio of 99.51% as per theIRDAI Report FY22-23. This means that almost all claims received by the company are honored, offering reassurance to policyholders and their families during tough times.
• Settlement Amounts: In the Fiscal Year 2022-23, company disbursed a substantial Rs. 1242 Crores in claim settlements. This showcases the insurance provider's commitment to offering financial assistance to policyholders when it matters most.
• Solvency Ratio: With an excellent solvency ratio of 190% in FY22-23, Max Life Insurance indicates strong financial health and the ability to fulfill commitments to its policyholders.
• Assets Under Management (AUM): With Rs. 122079 Crores of Assets Under Management in FY22-23, company manages a substantial pool of funds, reflecting the company's market cap.
• Sum Assured in Force: With a sum assured of Rs. 11,38,020 Crores in force, Max Life Insurance provides extensive coverage to the policyholders and safeguards them and their loved ones against various life risks and uncertainties. [2]
• Premium Holiday Option: This paid feature of the Max Life Term plan allows you to drop the payment of your term insurance plan up to 2 times for the entire year during the policy term. But this feature can be availed in a gap of 10 years.
• Nominee Choice Payout: The insurer gives nominees the flexibility to opt for Sum Assured payment frequency. The options for payout included Lump Sum, Monthly Income, or Lump Sum + Monthly Income.
• Voluntary Top-up: As per this feature, Max Life allows policyholders to top-up their existing term insurance plan once in the Policy Term. But for this, fresh medical and fresh underwriting will be done at the insurer’s cost. Also, a discounted premium will be charged in comparison to the existing market rate.
• Zero Cost: Also known as the Special Exit feature, the Zero Cost by Max Life allows term insurance policyholders to exit from the policy, based on the policy term slab they fall in. For 40 to 44 years of Policy Term, one can exit after the 25th year or at the age of 65 years, whichever is earlier. And, for the 45 & above Policy Term, the policyholder can exit at the 30th year or at the age of 65, whichever is earlier.

The eligibility criteria to buy Max Life Insurance Plans are defined below based on Term Plans and Investment Plans:

Term Insurance Plans

For Salaried Individuals

• In order to qualify for the Max Term Insurance plan eligibility criteria, your minimum verifiable annual income should be at least or equal to Rs. 5 lakhs annually. This condition applies if you have completed 12th grade.
• If you are a graduate and your age is between 18 to 40 years, your minimum verifiable annual income must be equal to or more than Rs. 3 lakhs to be eligible for Max Term Insurance plans. And if your age is more than 41 years, your minimum verifiable annual income must be at least Rs. 5 lakhs.

For Non-Salaried Individuals

• You must earn at least or equal to Rs. 5 lakhs annually as verifiable annual income if you want to qualify for Max Term Insurance as a 12th pass.
• If you are a graduate, you can buy the Max Term Insurance plan if your minimum verifiable annual income is equal to or above Rs. 5 lakhs.

Investment Plans

91 days is the average minimum entry age and 65 years is the average maximum entry age requirement for Max Life Investment plans. Please note that these age limits might differ depending on the investment plan you opt for.

The different types of plans offered by Max Life Insurance Company are as follows:

• Child Insurance Plan: Child Insurance Plan combines the benefits of both insurance and investment to secure your child's future financially. It offers a lump sum payment at the end of the policy term and flexible payouts for important milestones like a child's education, marriage, etc.
• Term Insurance: Term Insurance is a life insurance product that provides financial protection to your loved ones. If something happens to you during the policy term, your chosen beneficiaries will receive a predefined amount of money, commonly known as sum assured.
• Retirement Plan: A Retirement Plan helps you build a fund for your retirement years. This ensures a steady flow of income even after you stop working. It helps you create a financial safety net for your golden years.
• Unit Linked Insurance Plan (ULIP): ULIPs combine insurance and investment in one product. A portion of your premium goes towards providing life coverage, while the remaining amount is invested in various funds of your choice. ULIPs offer flexibility in investment choices and the potential for higher returns.
• Guaranteed Income Plan: A Guaranteed Income Plan offers a guaranteed income stream for a specific period or for life, depending on the policy terms. It provides financial security by ensuring a regular payout and is ideal for individuals seeking a stable source of income during their retirement years.
• Guaranteed Savings Plan: With Guaranteed Savings Plans, you can save money while also ensuring protection. These kinds of investment policies help you plan for your future goals while offering life cover for additional security.

The best plans offered by Max Life Insurance are tabulated below:

Max Life offers the below-listed riders to the policyholders on the payment of extra premium:

• Terminal Illness Benefit: If two IMA-certified doctors confirm in writing that a person insured under the policy isn't expected to live beyond 180 days, the full sum assured will be paid out before the death of the policyholder, a maximum of Rs. 1 crore.
• Accidental Death Benefit: If the policyholder dies immediately or within 180 days of an accident, the nominated person will receive a benefit amount.
• Accidental Disability Rider: If unexpected accidents affect your ability to work or if the policyholder's 2 pairs of limbs get disabled permanently or for 180 days, this rider will provide a single payout to the policyholder.
• Critical Illness Rider: If the policyholder is diagnosed with any of the 64 critical illnesses specified by the company, this rider will provide a lump sum amount to cover medical expenses related to that illness. However, it only activates after 90 days and requires the policyholder to survive for at least 30 days after diagnosis.
• Waiver of Premium Rider: In the event of accidental disability or diagnosis of any of the 64 critical illnesses, the insurer will waive off all future premiums. The waiting period for this rider is 90 days, and the policyholder must survive for at least 30 days after diagnosis. [3]

NOTE: A rider is an extra feature that can be added to the main life insurance policy for additional benefits. However, these benefits are accessible only by paying an extra premium.

If you are interested in buying the Max Life Insurance plan, you can effortlessly purchase it either through the InsuranceDekho website or via the company official website. The steps for both are included below:

Buy Max Life Policy Through the Official Website

Alternatively, you can purchase any of the Max Life Insurance policies through the official website by following the steps below:

Step 1: Go to Max Life Insurance Website

Visit Max Life Insurance official website [5].

Step 2: Follow Previous Steps

To proceed, simply follow the same steps (starting from Step 2) outlined in the section "Buying a Max Life Policy Through the InsuranceDekho Website" to complete your policy purchase from Max Life's website.

To purchase a plan from Max Life Insurance, you will require these documents:

• Identity Proof: Provide one of the following - Permanent Driving License, Passport, Voter ID Card, or Aadhaar Card to prove your identity.
• Address Proof: Submit any of these documents as proof of address - Permanent Driving License, Passport, Voter ID Card, or Aadhaar Card.
• Income Proof: Provide supporting documentation such as the last three months' salary slips, the previous three years' income tax returns, a valid rent receipt, etc. Notably, these required documents might differ depending on whether you are a salaried or non-salaried individual.
• Medical Reports: Insurers, especially for MaxTerm Insurance Plans may request medical reports to gain an understanding of your health status. This helps them customise a life cover that suits your needs effectively.
• Additional Documents: Apart from medical reports, you may also need to provide additional documents such as recent passport-size photographs, information regarding current or past insurance policies, and details of your medical history. These documents assist insurers in accurately assessing your risk profile and determining appropriate coverage options.

Here's a step-by-step guide on how to make a Max life insurance policy claim in the event of the policyholder's death:

Step 1: Notify the Claim

As soon as the insured individual passes away, the nominee needs to notify the insurance company.

Step 2: Submission of Documents

The nominee is required to submit essential documents including the Policy Number, Death Certificate, and Government ID proof. Additionally, depending on the cause of death, documents such as the FIR Report or Postmortem Report might be necessary.

Step 3: Review of Claim

Upon receiving all the necessary documents, the insurance company reviews the claim.

Step 4: Settlement of Claim

Once the claim is approved, the settlement process starts.

NOTE: In cases where there is no nominated beneficiary or if the nominee is unavailable, the claim will be disbursed to the next legal heir, but only with appropriate legal evidence.

How InsuranceDekho can Help?

If you submit your claim settlement request through InsuranceDekho, our team will work with your insurer to make the process easier for you. Also, we will be there to help you with any issues or questions you may have.

If you find yourself in need of assistance with your Max Life Insurance policy, reaching out to InsuranceDekho's customer support team [8] is a quick and hassle-free process. There are two convenient ways to get in touch with them:

• Email: If you prefer written communication, you can send an email outlining your concerns to support@insurancedekho.com. A member of our team will respond promptly to address your issues.
• Phone: If you prefer direct interaction or immediate assistance, you can simply dial InsuranceDekho's support hotline at +91-755 1196 989. A representative will be available to assist you during operational hours.

If you have a problem with Max Life Insurance, you can get help in the following ways:

Grievance Redressal with InsuranceDekho

For assistance with issues such as pending claims, unresolved queries, or claim rejection, you can contact InsuranceDekho in the following ways:

• Contact Number: Call the dedicated customer support team at 755 1196 989. The team is available 24/7, Monday to Sunday (excluding national and gazetted holidays)
• Email ID: Send us an email at support@insurancedekho.com

In case you need to escalate your concern further, you can contact Mr. Rohit Khurana, the designated Grievance Redressal Officer at InsuranceDekho, by emailing grievance@insurancedekho.com. And, if your issue is still not resolved, you can escalate it to the Principal Officer by emailing at PO_GIBPL@girnarinsurance.com [9]

Grievance Redressal with Max Life Insurance Company

In order to solve a grievance directly with Max Life Insurance Company, you can contact the customer service executive at any of their branch offices and explain your issue to them. You can also send an email to service.helpdesk@maxlifeinsurance.com. Moreover, if your grievance isn't resolved to your satisfaction, you have the option to escalate it to the Insurance Ombudsman. [10]

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.insurancedekho.com/
5. https://www.maxlifeinsurance.com/
6. https://www.maxlifeinsurance.com/customer-service/premium-payment-options
7. https://www.maxlifeinsurance.com/about-us/awards-achievements
8. https://www.insurancedekho.com/contact-us
9. https://www.insurancedekho.com/grievance-redressal
10. https://www.maxlifeinsurance.com/customer-service/grievance-redressal