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Max Life Insurance

Claim Settlement Ratio - 98.74%*
*Data according to IRDA Annual Report (2018-19)
  • Choose From

    20+ Insurers

  • Plans Starting at

    ₹ 490/month*

  • Tax Benefit

    Upto Rs. 75000

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Please note that the quotes shown will be from our partners

Life insurance policies are contracts with an insurance company where the insurer provides a large sum of money known as the death benefit in exchange for periodic premium payments. This benefit is paid to the beneficiaries listed in the policy upon the death of the policyholder. This is a great way to ensure that the loved ones remain financially supported even after the death of the policyholder, especially if he or she is the primary earner of the family.

Why choose Max Life Insurance?

Max Life Insurance has some of the most diverse and beneficial policies. Max Life offers plans that are formulated with the primary goal of aiding the policyholder and their beneficiaries as much as possible. By comparing insurance plans, people can find the perfect plan that will suit their needs and requirement. Also, Max life insurance offers a wide number of riders and additional optional bonuses on their policies to enrich the benefits and protection coverage of the plans.

Types of Max Life Insurance Plans

There are different types of Max Life Insurance Plans. They are as follows:

  • Online Insurance plans

    Online Insurance plans by Max life insurance are policies that aim to make insurance plans more convenient and accessible for the general mass. By making them online, potential policyholders can directly buy them from the official website without the need for a middleman. The premiums of the online plans are comparatively cheaper than the ones that are available offline. 

    There are mainly 2 types of online plans offered by Max Life Insurance – Term Insurance Plans and Cancer Insurance Plan. The term plan provides financial protection to the family of the policyholder in the event of death, critical illness, or permanent disability. The cancer plan, as the name suggests, provides covers for all stages of cancer for the policyholder. 

    The following are the different online insurance plans:

    • Max Life Online Savings Plan
    • Max Life Online Term Plan Plus
    • Max Life Cancer Insurance Plan
  • Child Insurance plans

    The children’s plan offers the opportunity to the parents to establish financial support, which can be utilized for the child’s education and development. These plans help create a fund through disciplined savings. This type of plan takes into consideration the dynamics of a child’s growth and offers flexibility in the payment of premium, policy tenure, and the instance of money back according to the child’s academic needs. 

    The following are the different child insurance plans:

    • Max Life Future Genius Education Plan 
    • Max Life Shiksha Plus Super
  • Retirement plans

    These plans are for those who yearn to establish financial stability for their parents and/spouse in their absence. Having a retirement plan can greatly help in meeting the high cost of treatment and health in old age and creates financial support even after one has stopped working.

    The following are the different retirement plans:

    • Max Life Forever Young Pension Plan
    • Max Life Guaranteed Lifetime Income plan
    • Max Life- Life Perfect Partner Super
  • Saving and Income Insurance Plans

    Savings is a large and vital aspect of a person's life. From early adulthood, everyone is taught the importance and need of saving and having an income. Max Life Saving and income Insurance plans allow potential policyholders to generate a regular source of income through disciplined savings and help create a corpus that assists in taking care of the policyholder’s family needs. This policy also provides a comprehensive insurance cover for the life of the policyholder and his/ her family.

    Different policies under this plan are as follows:

    • Max Life Savings Advantage Plan
    • Max Life Monthly Income Advantage Plan
    • Max Life Guaranteed Income Plan
    • Max Life Wholelife Super Plan
    • Max Life Guaranteed Benefit Plan
    • Max Life Assured Wealth Plan
  • Group Insurance Plans

    The main objective of any group insurance policy is to provide multiple insurance benefits to a group of individuals all at once. This is more popular among various organizations and their employees. Max Life Insurance Group Insurance Policy allows an organization to enjoy monetary security and helps provide a multitude of benefits to the employees (members of the group) on their behalf.

    Below are the Group Insurance Plans by Max Life Insurance:

    • Group Term Life Platinum Assurance Plan
    • Max Life Group Credit Life Premier
    • Max Life Group Gratuity Premier Plan
    • Max Life Group Super Life Premier in Lieu of EDLI
    • Max Life Group Super Life Premier
    • Max Life Pradhan Mantri Jeevan Jyoti Bima Yojna
    • Max Life Group Credit Life Secure
  • Health Insurance Plans

    Medical situations are unavoidable in a person’s life. There will come a time when a person will require medical assistance, and availing such services will need proper financial backing. Max Life health insurance plans provide for just that. Max Life health insurance policy allows the policyholder to be financially equipped to deal with medical treatment and makes the recovery process less burdened financially.

    • Max Life Cancer Insurance Plan

Features and Benefits of Policies

Max Life Insurance plans come backed with different features and benefits. Salient features and core benefits of insurance plans are as follows:

There are different types of Max Life Insurance Plans. They are as follows:

  • Online Insurance plans

    Online insurance plans from Max Life Insurance are as follows:

    Max Life Online Term Plan Plus

    Benefits: This plan offers the policyholder the benefit of paying premium only for their work years till the age of 60. After that, the policy continues to provide coverage until the age of 85. Policyholders can get coverage of up to Rs. 50 Lakh, which can be used against 40 specified critical illness cases.

    The holder can also choose to get a monthly income and a lump sum remainder at the time of maturity, thereby generating an extra source of income.

    Max Life Cancer Insurance Plan

    Benefits: With tax benefits under section 80D of the Income Tax Act, this life insurance plan provides an additional 10% raise to the original sum assured if no claims are made in the first 5 years of the policy term.

    If the early stages of cancer are diagnosed during the premium payment period, then the policy makes 20% of the sum assured payable and waives all future premiums and premium top-ups (if any). In the event of a major or critical cancer diagnosis, the policy provides for a lump sum pay-out like an annual income for 5 years from the date of diagnosis.

  • Child Insurance plans

    Max Life Insurance offers the following child insurance plans:

    Max Life Future Genius Education Plan

    Benefits: On maturity, the amount is 25% of the sum assured.

    Death Benefit: The sum assured on death is payable at the time of death, and the amount is 11 times the annualized premium. The nominee can also choose to get 1% of the death benefit each month for 135 months.

    Max Life Shiksha Plus Super

    Benefits: Upon survival of the policyholder till the date of maturity, a fund value equal to the summation of an accumulated unit in a fund, NAV on the said fund as on the date of maturity, will be payable.

    Death Benefit: Upon the death of the policyholder before the end of the policy term, the highest among the following will be payable:

    Sum Assured
    • 0.5 * policy term* annualized premium
    • 105% of all premiums combined

    For a Family Income Benefit, the policyholder's family, after his or her death, will receive 10% of the Sum Assured on each anniversary of the policy or death of the policyholder. This will continue till the end of the policy term or till 10 instalments, whichever comes first.

  • Retirement plans

    The following retirement plans are offered by Max Life Insurance:

    Max Life Forever Young Pension Plan

    Benefits: At the end of the 10th year of the policy, an additional loyalty benefit of 0.50% of the fund value is payable. This increases by a factor of 0.02% each year from the 11th year of the policy term. The policyholder also receives the pension at the age of their choosing and will receive 10% of total premiums if they opt for the Pension Maximizer Option. If they choose Pension Preserver Option, they will then receive 110% of all premiums paid.

    Death Benefit: Upon the death of the policyholder before or during the payment of premiums, the nominee will receive a pay-out, which is 105% of all premiums paid till the date of death.  This also includes any top-up premiums that may have been made before the death of the policyholder. 

    Max Life Guaranteed Lifetime Income plan

    Benefits: This plan has the option to choose between six annuity options – (Immediate Annuity) Single Life Immediate Annuity for life (with and without death benefit), Joint Life Immediate Annuity for Life (with and without death benefit).

    (Deferred Annuity) Single Life Deferred Annuity for Life and Joint Life Deferred Annuity for Life (both inclusive of death benefit).

    These options generate regular income from the time of policy commencement and generate different regular pay-outs depending on their clauses.

    Max Life Perfect Partner Super

    Benefits: When the policyholder reaches the age of 75 or the anniversary of the policy, whichever comes later, he/she receives a pay-out, which is the sum of guarantee that is to be received at the end of the policy term plus any additional bonuses and any terminal bonus.

    Death Benefit: Upon death before the end of the policy term, benefits in the form of Guaranteed Death Benefit Plus (11 times the annualized premium along with any extra premiums) will be paid along with Accrued paid-up additions and a terminal bonus if applicable.

  • Saving and Income Insurance Plans

    Savings and Income Insurance Plans offered by Max Life Insurance are as follows:

    Max Life Savings Advantage Plan

    Benefits: On survival till the end of the policy term, the maturity benefit payable will be 110% of the Sum Assured on Maturity.

    Death Benefit: If the policyholder dies before 10 years of the policy term, then the nominee will receive a guaranteed death benefit. If the death occurs post-completion of 10 years of the policy, then the benefit will be 110% of the guaranteed death benefit.

    Max Life Monthly Income Advantage Plan

    Benefits: In the survival of the policy term, 1/12th of 10% of the sum assured will be payable every month for a total of 120 months or 10 years starting immediately after the completion of the premium paying term.

    Death Benefit: On the premature death of the policyholder, the nominee will receive a lump sum death benefit, which value at 11 times all premiums and underwriting extra premiums.

    Max Life Wholelife Super Plan

    Benefits: On maturity of this policy, the policyholder will receive a guaranteed maturity sum assured, which is a minimum of Rs 50,000. The maturity benefit is also inclusive of any terminal bonus and accrued paid-up additions.

    Death Benefit: If the policyholder dies before the end of the policy term, then the nominee will receive a death benefit that is 105% of all premiums paid till the date of death along with any term bonus and accrued paid-up additions.

  • Group Insurance Plans

    Max Life Insurance offers the following group insurance plans

    Group term life Platinum Assurance Plan

    Benefits: Upon exiting or surrendering the scheme, a proportionate premium shall be paid to the members of the group for the rest of the unexpired tenure according to the schedule.

    Death Benefit: Upon the death of the life insured, 100% of the death benefit is payable. If there has been an accelerated critical illness benefit claim which has been paid, then the death benefit sum will be reduced according to the claim for the accelerated critical illness benefit.

    Max Life Group Credit Life premier

    Benefits: If surrendered due to foreclosure, then a surrender value equal to 70% of the premiums received * term factor* outstanding Sum Assured will be payable.

    Death Benefit: This policy plan protects the family of the policyholder from the burden of loans as a result of the death of the policyholder. Also, this policy terminates any post payment of the main benefit in case of the untimely death of the policyholder.

    Max Life Group Gratuity Premier Plan

    Benefits: On the retirement of the policyholder, the employee will receive an accrued gratuity, which shall be based on their salary.

    Death Benefit: Upon the death of an employee under this plan, the nominee shall receive an accrued gratuity, which will be based on the salary of the deceased at the time of death with an additional amount of Rs 1000 from the insurance cover.

    Max Life Group Super Life Premier in lieu of EDLI

    Benefits: If a member of the group were to surrender for reasons other than death, then the scheme will continue until the end of its term.

    Death Benefit: In case of accidental or natural death of an employee, the family of that employee will receive a Sum Assured on Death. This amount will be a minimum of Rs. 5,000 per member of the group.

  • Health Insurance Plans

    Max Life Insurance also offers health insurance plans are as under:

    Max Life Cancer Insurance Plan

    Benefits: If the Early Cancer Stage is detected, then 20% of the Sum Insured is payable. Along with this, all pending and future premiums that were to be paid are waived. If a Major Cancer Stage is detected, then 100% of the Sum Insured or/and increased Sum insured of the major stage is detected within half a year from policy commencement, is payable. Additionally, 10% of the sum insured will be payable for a maximum of 5 years, and the income benefit will be aptly paid even if the policy itself expires.

    Death Benefit: If the Life Assured dies within the waiting period of the treatment, then 100% of the premium paid from the start or reinstatement of the policy will be payable. This is exclusive of all cases and taxes that may have been imposed by the government.

Documents required to apply for a Max Life Insurance Policy

  • Filled in the policy application form
  • Identity proof - Aadhaar card, Voter’s ID card, PAN card, Driver’s License, etc.

  • Address Proof - Aadhaar card, passport, electricity or gas or phone bills, rental agreement, property lease agreement, etc.

  • Proof of employment - Salary Slip, attested letter of employment

  • Income Tax Returns

  • Details and proof of identity, address and contact details of Nominee and/or beneficiary

  • Bank statement of the last 6 months

Additional Riders of Max Life Insurance Policies

Apart from the aforementioned plans, Max Life Insurance policies also offer additional riders. They are:

  • CAB or Comprehensive Accidental Benefit

    This rider protects the family of the policyholder from accidental death. This rider is beneficial as many insurance policies do not cover death by accident.

    The CAB rider applies to the Max Life Online Term Life Plus insurance policy.

  • WoP or Waiver of Premium Plus Rider

    As the name suggests, this rider waives all future payment of premium if the policyholder gets dismembered, faces a critical illness, or dies. At the same time, the family of the policyholder continues to reap the benefits of the policy.

    This rider is applicable on:

    • Max Life Super Term Plan
    • Max Life Gain Premier
    • Max Life Perfect Partner Plan
    • Max Life Whole Life Super plan
    • Max Life Online Term Plan Plus
  • Partner care Rider

    Under this additional rider, after the death of the insured, the insurance company pays all future pending premiums under the base policy to the beneficiary.

    The rider applies to the Max Life Forever Young Pension Plan and the Max Life Platinum Wealth Plan.

Eligibility Criteria

One of the positive aspects of Max Life insurance is its lenient eligibility criteria, which is the minimum age for applying is 18 years. Also, the probable policyholder must be a proven citizen of India.

Max Life insurance Policy Claim procedure

  • Visit the Official Max Life Insurance Webpage
  • Go to Claim Documents and select the type of claim to know which documents are required
  • Scan documents as images and send them vial mail or Email to Max Life Insurance at This email address is being protected from spambots. You need JavaScript enabled to view it.
  • Alternatively, you can contact your agent advisor or visit the nearest Max Life insurance branch to submit the documents
  • This will intimate your claim
  • The claim will be then processed, and after a preliminary check of the policy terms and conditions, the claim amount shall be paid

Renewal/ Revival Process

To renew one’s Max Life Insurance policy, the following steps need to be followed:

  • Make sure that all payments and pending premiums for the old policy have been cleared
  • Visit the Max Life Insurance official webpage and go to Download Forms from the Customer Service tab
  • Select the Policy renewal Forms
  • Download the renewal forms and print them out
  • Fill out the policy renewal form
  • Upload the document along with the required document and scanned image of the original policy document
  • Pay the policy renewal premium online or visit the nearest Max Life Insurance branch to finalize renewal premium payment
  • Alternatively, those who do not wish to renew their policy online can download the forms and directly visit the nearest branch to complete their policy renewal process.

How to Buy a Max Life Insurance Plan?

The following steps are to buy an online max Life Insurance policy:

  • Visit the official Max Life insurance webpage at Max Life Website
  • Select the type of insurance policy you wish to purchase
  • Click on “Get Quote” and fill out the required information. This will help provide a personalized quote for the selected plan. Doing this will layout the feasibility of the plan
  • Select riders and optional add- onto the selected insurance to enhance the benefits and the cover
  • Make the required payment through the preferred online mode of payment.
  • Fill out the proposal form and make a schedule for medicals for if/ when the need arises
  • Upload the required documents in the form of images by scanning them
  • For those who wish to purchase a Max Life Insurance policy through offline means must head to the nearest Max Life insurance branch and meet with a Max Life insurance agent. The agent will be able to provide the options for the different policies and guide you through the purchasing process.

Faqs

  • Q: Can the method and frequency of premium be changed?

    Ans: Those who wish to change the method and frequency of the Max Life Insurance premium can do so easily by sending a signed form on the anniversary of the commencement of the policy.
  • Q: How can riders be added to pre-existing policies?

    Ans: Riders to Max Life Insurance plans can be added or deleted by filling a policy amendment request form. Necessary documents must also be attached to this form and sent to your insurance advisor. The same can be used to delete a rider from an active Max life insurance policy status.  
  • Q: How can I pay my premium without logging in?

    Ans: Users can opt to pay their insurance premium without logging in using net banking, credit and payments, debit cards (with and without a PIN), and even through EMI.
  • Q: Is there a helpline that can be called, and what services can be availed from it?

    Ans: Policyholders can call the Max Life insurance helpline number @ 18601205577 for queries and solutions.
  • Q: Is there any automatic premium payment option?

    Ans: Policyholders can opt for an Electronic Clearance System or ECS. This system automatically makes premium payments at regular intervals. This is a quick and easy way to keep premium payments up to date and helps keep the insurance policy in full force.
  • Q: How to cancel my Max Life Insurance policy?

    Ans: Steps to cancel a policy are as follows:

    • Fill out the Freelook Cancellation Form/ letter
    • Visit the nearest Max Life Insurance branch or reach out online via Email

    • Submit a copy of the cancellation cheque with the name and account number of the policyholder

    • Submit the original policy document

    • Provide self- attested ID proof
Written By: Paisawiki - Updated: 10 July 2020
Disclaimer: Paisawiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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