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Max Life Insurance Benefits

Max Life Insurance Company Limited, previously known as Max New York Life Insurance Company Limited, is an Indian company based in New Delhi that offers life insurance services. It was established in 2000 following changes in India's insurance laws and began its operations in 2001.

Originally, the insurer was formed as a collaboration between Max Financial Services and Mitsui Sumitomo Insurance Group. Max Financial Services owned 68% of the company, and Mitsui Sumitomo owned 26%. Later, in 2012, after teaming up with Mitsui Sumitomo, the company changed its name from Max New York Life to Max Life Insurance.

Moreover, this life insurance provider offers a variety of life insurance plans, allowing customers to personalise their life insurance policy based on individual needs and preferences.

Unique Features Offered by Max Life

The unique features of Max Life Insurance are as follows:

  • Claim Settlement Record: Max Life Insurance has an impressive claim settlement ratio of 99.51% according to the IRDAI Report for the fiscal year 2022-23. This means that nearly all claims submitted to the company are approved and paid out.
  • Strong Financial Stability: This insurance company maintains a solvency ratio of 190% for the fiscal year 2022-23. This ratio reflects the company's sound financial position and its ability to meet its obligations towards policyholders.
  • Premium Holiday Option: The Max Term plan offers a Premium Holiday feature that allows policyholders to skip premium payments twice a year during the policy term. This option can be used once every 10 years, providing flexibility in managing financial commitments.
  • Voluntary Top-up: Max Life Insurance offers a voluntary top-up feature where policyholders can enhance their existing term insurance coverage once during the policy term. This involves undergoing new medical checks and underwriting, covered by the insurer, with the added benefit of a premium discount compared to market rates.
  • Zero Cost Exit: Max Life's Zero Cost Exit feature enables term insurance policyholders to exit their policy without any additional charges, based on the specific policy term they have selected.

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Benefits of Buying Max Life’s Insurance Policy

The following are the benefits of buying Max life’s insurance policy:

  • Comprehensive Death Benefit Variants: Max Life Smart Term Plan offers seven customisable death benefit variants to suit your protection needs at affordable rates. Some of the death benefit variants include Life Cover, Income Protector, Inflation + Income Protector, and more.
  • Multiple Premium Payment Options: When purchasing the Max Life Smart Term Plan, you can select from various premium payment terms, including one-time, for a limited period, or throughout the policy term. Premiums can be paid yearly, half-yearly, quarterly, or monthly.
  • Long Coverage Duration: With the Smart Term Plan of Max insurance, you can choose a policy term that provides coverage up to the age of 85. This long coverage duration ensures extended protection.
  • Accelerated Pay-out for Critical Illness: If the policyholder is diagnosed with any of the 40 specified critical illnesses, the insurer’s life Insurance plan offers an “Accelerated Critical Illness Benefit” on the payment of a small additional premium.
  • Premium Back Variant: The Premium Back variant of this life insurance company allows you to receive a refund of all premiums paid (including any extra underwriting premiums) if you survive the policy term. This option must be selected at the time of purchasing the policy and cannot be added later.

Frequently Asked Questions (FAQs)

Q 1. What sets Max Life Insurance apart from others?

Ans. Max Life Insurance boasts an exceptional claim settlement ratio of 99.51% for the fiscal year 2022-23, ensuring that nearly all claims received are approved and paid out promptly.

Q 2. Does Max Life Insurance offer flexibility in premium payments?

Ans. Yes, the Max Term plan includes a Premium Holiday feature allowing policyholders to skip premium payments twice a year during the policy term, providing flexibility in managing financial commitments.

Q 3. Can I enhance my coverage with Max Life Insurance during the policy term?

Ans. Yes, Max Life offers a voluntary top-up feature where policyholders can boost their term insurance coverage once during the policy term.

Q 4. Is there a way to exit my policy without additional charges?

Ans. Yes, Max Life's Zero Cost Exit feature allows term insurance policyholders to exit their policy without any extra charges, based on the chosen policy term.

Q 5. Does Max Life Insurance offer a premium refund option?

Ans. Yes, the Premium Back variant of the Max Life Smart Term Plan refunds all premiums paid, including any additional underwriting premiums, if the policyholder survives the policy term.

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User Reviews

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What users are saying
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  • Trustworthy Recommendations

    In the starting, I was confused about which Max Life Insurance plan should I buy, but InsuranceDekho helped me decide which plan was best for me. I appreciate the honesty and transparency in the policy recommendations provided by their team. They didn't push unnecessary add-ons but rather gave me advice based on my actual needs. Thank you InsuranceDekho, you are truly a reliable choice.

    By Md. Salman
    On: Feb 28, 2024
  • Great Service

    Thank you, InsuranceDekho, for helping me buy a life insurance policy with ease. I am impressed with the dedicated customer support service of InsuranceDekho. Firstly, I was confused about purchasing a MAX life policy online. Now, I will recommend everyone purchase a Life insurance policy online.

    By Sunny Sharma
    On: Jan 25, 2024
  • Easy to Buy Plans

    When I was looking for the max life insurance I found the InsuranceDekho website and it was easy for me to understand the process and buy the max life insurance policy from here.  I also thank the Insurancedekho team coordinators for helping me with the buying process of the max life insurance policy.

    By Ashutosh Yadav
    On: Dec 04, 2023
  • Reasonably priced plan

    The Max Life Insurance Policy available on InsuranceDekho matched my budget in the best way. So, all those looking for a reasonably priced plan can prefer buying the plan from InsuranceDekho. 

    By Kalpana Sethi
    On: Nov 22, 2023
  • Affordable Premiums

    I found competitive premiums on InsuranceDekho for my Max Life Insurance Policy. The affordability factor, coupled with comprehensive coverage, made it a compelling choice for securing my family's future.

    By Ketan Parikh
    On: Nov 16, 2023

Claim Process at Max Life Insurance

  • 1

    Claim Intimation

    In the event of the death of the life assured, the insurance company should be intimated as early as possible.
  • 2

    Submission of Documents

    For easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
  • 3

    Claim Evaluation

    After successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
  • 4

    Claim Settlement

    If claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.

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  • What is the grace period of Max Life Insurance plans?

    Max offers a grace period of thirty 30 days from the premium due date yearly and 15 days in case of Monthly mode for payment of each premium. The policy will not lapse during the grace period and will lapse thereafter if no premium is paid.

  • What are the benefits of buying Max Life Term Insurance?

    Max Life Term Insurance offers high coverage at affordable premiums, protection from illness (optional), long term coverage and disability benefits.

  • How to check Max life Insurance policy status?

    If you are an existing policyholder you can simply log in to the website of the company using a registered user ID and Password and check your status online.

  • Why should I opt for Max Life Insurance Plans?

    Max Life Insurance company in the FY 2019-20, has recorded a claim settlement ratio of 99.22%. They provide long term coverage till the age of 85 or 100 years which is higher as compared to other life insurance companies. You can also add different riders for additional benefits like Disability rider, Accidental Death Rider and Critical Illness. Under Max Life insurance plans, policyholders can save up to 1,50,000 under section 80C of The Income Tax Act,1961.

  • Can I change my mode of premium payment?

    Yes, you can change your mode of premium payment on the policy anniversary. You can avail of this option by sending Max Life Insurance a signed form.

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