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.
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.
There are different types of Max Life Insurance Plans. They are as follows:
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:
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:
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:
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:
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:
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 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 from Max Life Insurance are as follows:
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.
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.
Max Life Insurance offers the following child insurance plans:
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.
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:
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.
The following retirement plans are offered by Max Life Insurance:
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.
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.
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.
Savings and Income Insurance Plans offered by Max Life Insurance are as follows:
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.
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.
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.
Max Life Insurance offers the following group insurance plans
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.
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.
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.
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.
Max Life Insurance also offers health insurance plans are as under:
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.
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
Apart from the aforementioned plans, Max Life Insurance policies also offer additional riders. They are:
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.
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:
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.
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.
To renew one’s Max Life Insurance policy, the following steps need to be followed:
The following steps are to buy an online max Life Insurance policy:
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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