Max Life Insurance

A merger between Mitsui Sumitomo Insurance Company Limited and Max Financial Services Limited resulted in the incorporation of Max Life Insurance, which is one of the leading insurance providers of the country. Mitsui Sumitomo Insurance Company is a part of MS&AD Insurance Group, and it is one of the largest insurers throughout the world. Max Financial Services, which is a part of Max Group is one of the largest multinational corporations in the country. They provide customers with comprehensive retirement solutions, protection, and long-term savings solutions.

Benefits of Max Life Insurance

Max Life Insurance offers an array of policies and plans that could help in meeting the financial requirements of an average Indian household. This company also has a quality distribution system and multi-channel distribution partners. Max Life has garnered a solid reputation amongst the insurers in the last 15 years. It has tied up with many industry experts so that its customers can get the best investment advice.

The company aims at becoming the most valued life insurance company by securing the financial future of its customers. Its strong customer-centric approach which relies on high-quality human capital is one of the

Types of Insurance Policies Offered by Max Life

Max Life has an extensive portfolio of various types of plans which cater to the huge customer base. Apart from the features and benefits that are provided by the insurance company, Max Life has all the solutions that you need. The different types of solutions (and services) provided by Max Life are:

Online Insurance Plans

There are two kinds of insurance policies which Max Life Insurance currently offers, namely, online term plan and cancer insurance plan.

You can financially secure your family from any unforeseen events such as terminal illness or death with the help of this plan. Term insurance plans offer adequate and extensive coverage from significant life risks and it also gives an option to the policyholder to enhance the existing policy. Cancer insurance plan provides coverage against all kinds of cancer, irrespective of the stage in which the person is in.

Type of Insurance Plan	Variants
Online Insurance Plans	Max Life Online Term Plan Plus Max Life Cancer Insurance Plan
Child Insurance Plans	Max Life Future Genius Education Plan Max Life Shiksha Plus Super
Savings and Income Plan	Max Life Monthly Income Advantage Plan Max Life Assured Wealth Plan Max Life Guaranteed Income Plan Max Life Whole Life Super Max Life Life Gain Premier Max Life POS Guaranteed Benefit Plan
Term Insurance Plans	Max Life Super Term Plan Max Life Premium Return Protection Plan Max Life Online Term Plan Plus
Retirement Plans	Max Life Forever Young Pension Plan Max Life Guaranteed Lifetime Income Plan Max Life Perfect Partner Super
Group Insurance Plans	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 Beema Yojana Max Life Group Credit Life Secure
Health Insurance Plans	Max Life Cancer Insurance Plan
ULIP Plans	Max Life Fast Track Super Plan Max Life Platinum Wealth Plan

Child Insurance Plans

These insurance plans essentially combine the components of insurance and investment. The child receives a lump sum amount as life cover at the end of each policy term. These plans also financially secure the milestones of a child's life. the plans also provide financial coverage against unfortunate events like terminal illness or death.

Type of the Plan	Minimum and Maximum Age of Entry	Basic sum assured	Premium payment term (PPT)	Policy term
Max Life Future Genius Education Plan	Minimum age of entry - 21 years as of the life insured’s last birthday Maximum age of entry - 45 years as of the life insured’s last birthday	Minimum sum assured:  For 8 pay variant - Rs.3.27 lakh For limited pay variant - Rs.2.12 lakh (this number will be subject to minimum premium limitations)	The plan offers two premium payment term alternatives:  For 8 pay variant - 8 years’ PPT For limited pay variant - the PPT will be 3 years less than the policy term	The policyholder will have the option to choose a policy term from 13 years to 21 years
Max Life Shiksha Plus Super	Minimum age of entry - 21 years as of the last birthday Maximum age of entry - 50 years as of the last birthday Additionally, the life insured (who is also the policyholder) will also be required to have a child aged 0-18 years	Minimum sum assured:  For 5-pay policies - Rs.5 lakh For regular pay policies - Rs.2.50 lakh (if premium payment mode is annual) and Rs.4.80 lakh (if premium payment mode is non-annual)	For 5-pay variants - the premium payment term (PPT) will be 10 years For regular pay variants - the premium payment term will range between 15 years and 25 years	The available policy terms one can choose from are 10 years, 15 years, to 25 years

Savings and Income Plans

These plans are offered by Max Life to help people in developing a saving habit. Additionally, these schemes can provide guaranteed returns to the individual, either as a monthly income or as a lump sum amount. The flow of returns depends on the policy chosen by the individual. Moreover, these plans are also advantageous as they offer death benefits, rider benefits, tax benefits, etc. These plans are the best fitting for people who are the sole providers for their families.

The various types of savings and investment plans offered by Max Life Insurance are:

Type of the Plan	Minimum and Maximum Age of Entry	Basic Sum Assured	Premium Payment Term (PPT)	Policy Term
Max Life Monthly Income Advantage Plan	Minimum age of entry - 18 years as on the last birthday Maximum age of entry:  For a 12-pay variant, the maximum age of entry will be 55 years For a 15-pay variant, the maximum age of entry will be 50 years	Minimum sum assured:  For a 12-pay variant - minimum sum assured = Rs.3.24 lakh For a 15-pay variant - minimum sum assured = Rs.4.05 lakh  Maximum sum assured - No limitations (subject to underwriting policy of the company)	The available premium payment terms one can choose from are 12 years and 15 years	The available policy terms one can choose from are:  For a 12-pay variant, policy term = 22 years (a year added to the premium payment term) For 15-pay variant, policy term = 25 years (a year added to the premium payment term)
Max Life Assured Wealth Plan	Minimum age of entry - 8 years as of the last birthday of the life insured Maximum age of entry - 55 years as of the last birthday of the life insured	Guaranteed minimum sum assured on the maturity of the policy = Rs.1.97 lakh Guaranteed maximum sum assured on maturity = subject to underwriting policy of the company	The available premium payment term (PPT) is 5 years	The available policy term under the plan is 10 years
Max Life Guaranteed Income Plan	Minimum entry age - 25 years as of last birthday of the life insured Maximum entry age:  60 years 55 years	The Guaranteed Sum Assured on Maturity (GSAM) is paid by the company to the policyholder upon completion of the policy term	The available premium payment terms one can choose from are 6 years and 12 years	The available policy terms one can choose from are 6 years and 12 years (same as PPT)
Max Life Whole Life Super	Minimum entry age - 18 years as of last birthday of the policyholder Maximum entry age - 50 years as of last birthday of the policyholder	Minimum guaranteed sum assured on maturity (GSAM) = Rs.50,000 Maximum guaranteed sum assured on maturity (GSAM) = No limitations (also subject to underwriting policies of the company)	The available premium payment terms one can choose from are 10 years, 15 years, or 20 years	The policy is a whole life policy, which means it will be valid until 100 years of age of the life insured
Max Life Life Gain Premier	Minimum age of entry - 18 years as of last birthday of the policyholder Maximum age of entry:  For a 15/20-year policy term, maximum entry age = 55 years For a 25-year policy term, maximum entry age = 50 years as of last birthday of the policyholder	The policyholder (or the life insured) will be entitled to a Guaranteed Sum Assured on Maturity (GSAM) at the end of the policy term	For a 15-year policy term, PPT = either 6 or 8 years For a 20-year policy term, PPT = either 6, or 8, or 10 years For a 25-year policy term, PPT = 12 years	The available policy terms that one can choose from are 15, 20, and 25 years
Max Life POS Guaranteed Benefit Plan	Minimum age of entry - 18 years as of last birthday of the life insured Maximum age of entry - 50 years as of last birthday of the life insured	Guaranteed sum assured on maturity:  Minimum GSAM = Rs.92,285 Maximum GSAM = Rs.6.95 lakh	The available premium payment term under the policy is 5 years	The available policy term under the plan is 10 years

Term Insurance Plans

These policies are considered to be absolute protection plans as they do not include the investment element. Term plans are simple to understand, require cheaper premiums and also provide financial assistance to the policyholder. Term plans provide life cover which an individual is free to choose, depending on their family's financial needs. There are no lump-sum payouts under the term plans since they are predominantly insurance plans. However, a lump-sum amount is provided to the family of the insurer to help them in coping with the financial stress if the policyholder dies while the policy is still running.

the various types of term insurance plans that are offered by Max Life Insurance are described below:

Type of Plan	Minimum and Maximum Age of Entry	Basic Sum Assured	Premium Payment Term (PPT)	Policy Term
Max Life Super Term Plan	Minimum age of entry - 18 years as of last birthday of the life insured Maximum age of entry - 65 years as of last birthday of the life insured	Minimum guaranteed sum assured - Rs.25 lakh (this amount is subject to minimum premium limitations) Maximum guaranteed sum assured - No limitations (subject to the underwriting policies approved by the Board)	The available premium payment terms that one can choose from are 10 years and 25 years. This is a regular premium paying plan	Minimum policy term that can be chosen = 10 years Maximum policy term that can be chosen = 35 years
Max Life Premium Return Protection Plan	Minimum age of entry - 21 years, for all policy terms Maximum age of entry:  For a 20-year policy term, maximum entry age = 55 years as of last birthday of the life insured For a 25-year policy term, maximum entry age = 50 years as of last birthday of the life insured For a 30-year policy term, maximum entry age = 45 years as of last birthday of the life insured	Minimum sum assured = Rs.5 lakh (subject to minimum premium limitation) Maximum sum assured = Rs.1 crore	The plan offers a premium payment term (PPT) of 11 years that policyholders can opt for	The available policy terms that one can choose from are 20 years, 25 years, and 30 years

Retirement Plans

retirement plans that are offered by this insurer help people in leading a certain type of lifestyle after their retirement. Individuals can choose to get a lump-sum amount at the end of the policy term or they can choose the annuity plans, where they can get an amount each month. Under this plan, the insurer provides monthly payouts to the insured. If you wish to invest in such a plan, then you'll be required to give a portion of your salary each month so that they can make use of the amount post-retirement. This saving can be withdrawn in installments or in whole. Retirement plans give the benefits of protection and insurance; they're ideal for a retired employee. Different kinds of retirement plans that are offered by Max Life Insurance are described below:

Type of the Plan	Minimum and Maximum Age of Entry	Basic Sum Assured	Premium Payment Term (PPT)	Policy Term
Max Life Forever Young Pension Plan	Minimum age of entry - 30 years as of the last birthday Maximum age of entry - 65 years as of the last birthday	A retirement corpus is provided by the insurer to the insured either in a lump sum or as a pension	Regular pay and single pay are available as premium paying terms	The policy is offered for a fixed term of 10 years (minimum) 75 years (maximum)
Max Life Guaranteed Lifetime Income Plan	Minimum age of entry - 50 years. However, the minimum age is 55 years for policies that are sourced under Qualifying Recognized Overseas Pension Scheme or QROPS, according to Her Majesty’s Revenue & Customs pronouncements Maximum age of entry - 80 years as of the last birthday	An annuity is paid to the annuitant by the insurer. The multiple annuity options available are:  Single life annuity for life (without death benefit) Single life annuity for life with return of premium (ROP) payable upon death Joint life annuity for life (without death benefit) Joint life annuity for life with return of premium (ROP) payable during death of the last survivor	Minimum premium (purchase price) - minimum single premium will be subject to payment of at least Rs.1,000 as Minimum Annuity payout to the annuity policyholder Maximum premium (purchase price) - No limitations	Two annuity terms are available under the plan:  Single life variant Joint life variant
Max Life Perfect Partner Super	Minimum entry age - 91 days as of last birthday Maximum entry age -  For 7 and 10-year premium payment term, maximum entry age = 55 years For 15-year premium payment term, maximum entry age = 50 years For 20-year premium payment term, maximum entry age = 45 years	Minimum guaranteed sum assured - Rs.50,000 (subject to limits of minimum premium) Maximum guaranteed sum assured - No limitations (subject to approved underwriting policies of the Company)	The plan offers fixed premium payment terms (PPT) of 7, 10, 15, and 20 years	The policy will remain in force till the policyholders attain 75 years in age

Group Insurance Plans

To support the advantages of life insurance and raise the percentage of insured individuals in the country many companies have begun providing comprehensive life and health insurance policies to their employees. Companies offer insurance policies which cover life, health, savings plans and different forms of gratuity schemes. These plans provide policies to the customers who are suitable for the policyholders. This approach is executed to cover all the facets of savings and investment to impart financial security to their members.

Different types of group insurance plans are described below:

Type of the Plan	Minimum and Maximum Age of Entry	Basic Sum Assured	Premium Payment Term (PPT)	Policy Term
Max Life Group Credit Life Premier	Minimum age of entry:  For education loans - 14 years as on the last birthday For loans of other types - 18 years as on the last birthday  Maximum age of entry - 75 years and 77 years as on the last birthday of the policyholder	Minimum initial sum assured - Rs.5,000 Maximum initial sum assured - No limitations (subject to underwriting policies of the Company approved by the Board)	Single pay PPT is available under the plan	Minimum policy term - 2 years Maximum policy term - 40 years
Max Life Group Gratuity Premier Plan	Minimum age of entry for employees - 18 years as on the last birthday Maximum age of entry for employees - 74 years as on the last birthday	Each member under the plan receives a fixed life insurance cover of Rs.1,000. The minimum group size for the policy is 10 and there is no limitation for the maximum group size	There are certain percentages under each investment fund that the group members will be required to pay. There are no premiums involved in group plans	The scheme can be renewed after a duration one year from its inception
Max Life Group Super Life Premier in Lieu of EDLI	Minimum age of entry - 18 years as on the last birthday Maximum age of entry - 74 years as on the last birthday	Minimum uniform sum assured for a single member of the group = Rs.6.01 lakh Maximum sum assured for a single member of the group = Rs.6.10 lakh	Premiums for the plan are paid by the employer and the premium modes available are annual, quarterly, semi-annual, and monthly	The policy will remain in force for a duration of one year, post which it can be renewed as per the relevant conditions
Max Life Group Super Life Premier	Minimum age of entry - 18 years as on the last birthday Maximum age of entry - 74 years as on the last birthday	Minimum basic sum assured: Rs. 6,01,000 per member Maximum basic sum assured: Rs. 6,10,000 per member	There are no premium payment terms available under the plan as they are paid by the employer itself. The minimum premium amount is Rs.5,000 which excludes additional mortality, rider premium, taxes, and cesses	The policy is offered for a fixed term of one year
Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana	Minimum entry age - 18 years as on the last birthday Maximum entry age - 50 years as on the nearest birthday of the policyholder	Minimum sum assured for a single member of the group - Rs.2 lakh Maximum sum assured for a single member of the group - Rs.2 lakh	There are no premium payment terms involved under the plan. The premium payment mode available is annual only	The policy is offered for a fixed term of one year
Max Life Group Credit Life Secure Plan	Minimum entry age - 15 years as on the last birthday Maximum entry age - 75 years as on the last birthday	Minimum sum assured for a single member of the group - Rs.5,000 Maximum sum assured - No limitations (subject to Board-approved underwriting policies of the Company)	The premium payment term under the policy is single pay only	Minimum policy term - 2 years Maximum policy term - up to 77 years as on the last birthday (subject to a maximum period of 30 years)

Health Insurance Plans

Health insurance plans cover medical expenses if an individual for an unforeseen event such as an accident, critical illness, etc. To help people in coping with their financial requirements in such stressful situations. The insurance policies cover the outpatient charges as well as certain medical procedures.

The health plan that is provided under Max Life Insurance has been described below:

Type of the Plan	Minimum and Maximum Age of Entry	Basic Sum Assured	Premium Payment Term (PPT)	Policy Term
Max Life Cancer Insurance Plan	Minimum age of entry - 25 years as on the last birthday of the policyholder Maximum age of entry - 65 years as on the last birthday of the policyholder	Minimum sum insured = Rs.10 lakh Maximum sum insured = Rs.50 lakh  The sum insured can be chosen by the policyholder at the intervals of Rs.5 lakh only	The premium payment term available for the plan is regular and is equivalent to the policy term	Minimum policy term = 10 years Maximum policy term - 40 years

How you can Claim Insurance with Max Life

For death claims the customers are required to present the following documents:

Mandatory documents:

• Original policy documents

• Original/attested copy of the death certificate

• Death claim application (Form A)

• NEFT mandate form

• Copy of the bank passbook

• ID and address proof

Additional documents (depending on the cause of death)

In case of natural death:

• Form C/Attending Physician's statement

• Medical Records

In case Accidental/Unnatural Death:

• Copy of the FIR

• Copy of Post-mortem report/autopsy and viscera report

• Copy of FPIR/Chargesheet

Documents Required in case of Group Claims

For employer-employee policies

• Claim form

• Original/attested copy of the death certificate

• NEFT mandate/copy of bank passbook

• For Non-Employer Employee Policies

Compulsory documents:

• Insurance certificate

• Original/attested copy of the death certificate

• Claim form

• NEFT mandate

Additional documents (depending on the cause of death)

In case of natural death:

Form C/Attending Physician's statement

Medical Records

In case Accidental/Unnatural Death:

Copy of the FIR

Copy of Port-mortem report/autopsy and viscera report

Copy of FIR/Charge Sheet

• The policyholder will be required to intimate the company by dropping off a letter along with the details of the policy and the policyholder in their nearest Max Life Insurance branch or through email.

• The claimant will be required to download the claim forms from the claims section from the official website of Max Life Insurance or by visiting the nearest Max Life Insurance branch.

• the applicant must make sure that the details are correct and there is no fraudulent information in the claim form. if there is any fraudulent information in the form, then the claim might get rejected

• After the claimant has submitted the form, the officials verify all the details provided by the claimant and the claim is generally settled after 30 days of intimation.

Documents Needed to Purchase A-Max Life Insurance Policy

• Proposal Document

• Identity Proof

• Address Proof

• Any document requested by the insurer

How to Check Max Life Policy Status

For checking the status of your Max Life Insurance policy, you can follow the steps described below:

• Log in to the official website of Max Life Insurance through your client ID, username and password.

• You can check the policy status after logging in to the portal; you can check the status by entering your policy details along with other details mentioned in the page

• you'll be required to create an account with Max Life Insurance if you haven't registered with them through their website before

• Customers can check their policy status by calling 1860 120 2277 or sending an email at [email protected]

Max Life Insurance Online Payment

Customers who want to make premium payments through online mode can either visit the nearest Max Life Insurance branch or by visiting the official website of Max Life Insurance. the official website has a facility which allows them to make a payment through debit cards, credit cards, etc. You can complete the premium payment online by following the steps described below

• Visit the company website

• Click on Existing Customer and then Policy renewal under the customer service section

• Enter your date of birth and policy number

• Confirm all your policy details

• Select the payment gateway and make the payment

Max Life Insurance Premium Calculator

Customers can also calculate their premium by visiting the official website of Max Life Insurance, locate the calculator, enter the necessary details and click on 'Calculate.'

The results will show on the screen.

Max Life Insurance Customer Care

Customers are an essential part of any organization and customer satisfaction can make or break the company. the company has multiple channels through which the customers can get in touch, such as email, helpline number, writing to the customer care or visiting the branch in person. There is a separate desk for NRIs as well.

Max Life Insurance Frequently Asked Questions

What are the different premium payment alternatives available with Max Life Insurance policies?

Max Life Insurance Company offers a variety of premium payment options to its policyholders. A list of premium payment options are listed below:

• Online payments

• Phone payments

• Auto-Debit facility

• Other payment modes

Can I change the premium payment mode in Max Life insurance policy?

Yes, the premium payment mode can be changed in Max Life Insurance but only on policy anniversaries for policies that are active. You must acquire the necessary form from the nearest branch or download it from the official website.

How can I change the nominee and nomination information in my Max Life Insurance policy?

To change the nominee details in your life insurance policy, you must fill out the policy amendment request form and then submit it in your nearest Max Life branch office.

Which types of riders are available with Max Life Insurance Policies?

There are four riders available under Max Life’s product portfolio. They are listed below:

• Personal Accident Benefit Rider pays out the benefit amount if an accident happens.

• Accidental Death Rider Benefit offers a benefit payout in an unfortunate accident which led to a death

• Dreaded Disease / Critical Illness Rider offers a benefit pay-out if the policyholder contracts a critical illness mentioned in the policy document or during surgery

• Waiver of Premium Rider Benefit

• If the policyholder dies or he/she is rendered disabled due to an accident, the premiums are waived off.

Are there any circumstances under which Max Life Insurance can deny claims?

Yes. If the policyholder fails to disclose any of the information during the proposal stage, the claim won't be honored by the company.

Non-fulfillment of the contractual terms and conditions can also pose as a reason for denial of the claim.

Can I take a loan with Max Life Insurance policy?

Yes, a loan can be taken against your Max Life Insurance policy. However, you can take the loan only if the policy has received a Cash Surrender Value. The loan against the policy can be acquired for up to 90% of the cash surrender value. Loans can't be taken for policies under the grace period.

There's no loan available for Max Life Term Plans and Life Maker Unit Linked Plan (ULIP).

What is OPPB and when can OPPB be utilized?

OPPB refers to Option to Participate in Progressive Bonuses. Payment of one-time premiums can improve insurance coverage. Although it is subject to pre-existing guidelines, this option can be combined with a Whole Life Par Plan at any time. If the OPPB plan isn't chosen for at least once every two years, it lapses.

What are the documents required to process a Maturity claim?

• Original Policy Documents

• Copy of ID proof.

• Form M.

• A canceled cheque or attested copy of bank passport

Does Max Life Insurance offer any retirement plans?

Max Life offers the following retirement plans:

• Max Life Guaranteed Lifetime Income Plan.

• Max Life Perfect Partner Super

• Max Life Forever Young Pension Plan

How can I cancel my Max Life Insurance policy?

If you wish to cancel your Max Life Insurance policy, you must visit the nearest Max Insurance branch. You'll be required to provide the original policy document and request letter for surrendering the policy. The officials will ask you to fill in necessary forms. After filling up the forms correctly, you'll receive an assessment of the surrender value of the policy. If you agree with the value, your policy will be terminated and you'll receive the amount you invested after mandatory deductions which involve the cost of stamp duty fees and miscellaneous charges.

When does my life insurance policy lapse?

If you don't manage to make your premium payment on time, you must ensure that the premiums are paid within the grace period imparted by the company. Failure to make premium payments within the due date will result in lapsing of the policy and you'll not receive any benefits on the maturity of the policy. However, customers can their lapsed policies to make sure that they can avail the benefits. To revive a lapsed policy, you'll need to pay your outstanding premiums along with the interest charge levied and your policy will be activated. However, the company holds the discretion for deciding whether a life insurance policy can be revived or not.

Can I buy a Max Life Insurance policy online?

Yes, you can purchase an insurance policy from Max Life online.

How Can I make premium payments towards my Max Life insurance policy?

Premiums can be paid in cash to the company by visiting the home branch of the insurance company or through the internet by using debit and credit cards or you can send a cheque to the main office of the insurance company.