Max Life Insurance
Max Life Insurance, one of the leading life insurers and it is a joint venture between Max India Limited and Mitsui Sumitomo Insurance Company Limited. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. They offer comprehensive life insurance and retirement solutions for long-term savings. It has a huge diversified distribution network including the country’s leading agent advisors, exclusive arrangement with Axis Bank and several other partners. Max Life Insurance is a quality business focused on delivering excellence to customers through advice based sale process, customer centric approach to business, financial stability & investment expertise and strong human capital.
The most important vision of the organization is to become the `most admired `life insurance Company by securing financial future of the customers. They aim at being a honest and committed at doing what is right. They have a strong social relevance and aim at contributing to the society by supporting causes in health and well-being. In the financial year 2013-14 Max Life Insurance ranked the 4th largest amongst private Insurance companies.
Max Life Traditional / Investment Plans
Max Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits.
Max Life Monthly Advantage Plan– It is a comprehensive savings & protection plan that provides guaranteed monthly income for 10 years to meet your recurring expenses and lump-sum benefit, which comprises of non-guaranteed bonuses, at maturity to cater to your long-term financial goals. Few of its features are as follows:
Guaranteed Monthly Income – Guaranteed monthly income for 10 years immediately after completion of Premium Payment Term.
Lump Sum benefit on Maturity – Accrued Bonus + Terminal Bonus on maturity.
Benefits through Riders
Tax benefit is available on the premium paid and the claim received.
Policy continuance Benefit – in case of eventuality one can get lump sum benefit immediately on death to ensure financial security or can get future premiums waived off and ensure all other benefits are payable to the beneficiary .
Survival Benefit = Income Benefit + Maturity Benefit.
Max Life Guaranteed Income Plan – Max Life Guaranteed Income Plan offers guaranteed benefits from the very outset. The plan provides for a period of 10 years after the Policy Term. The income payable monthly in the last 5 years of the payout period is twice the income payable monthly in the first 5 years of the payout period. This is followed by a one-time guaranteed Terminal Benefit payable at the end of the Payout Period. It also ensures that the lifestyle of your family is protected against any exigencies. Few of its features are as follows:
Guaranteed Monthly Income – Guaranteed monthly income for 10 years along with one time guaranteed Terminal Benefit at the end of the payout period.
Guaranteed Income that doubles after 5 years – Guaranteed monthly income offered in the first 5 years of the payout period is doubled in the remaining 5 years.
Immediate payout after Policy Term – Monthly Income Benefit immediately after the Policy Term.
Guaranteed Protection with choice of payout options on death – The plan offers life cover for the entire Policy Term by providing guaranteed death benefit. On death during the Policy Term, the nomineeA person or firm into whose name the policy is transferred in order to facilitate transactions, while leaving the customer as the actual owner. will have an option to select either a) Lump sum Death Benefit or b) Income for 10 years post death.
Flexibility to get monthly income as lump sum – The Plan offers you an option wherein you can receive the present value of the survival and death benefit respectively instead of the monthly payouts.
Tax benefit is available on the premium paid and the claim received. Eligibility Details
Max Whole Life Super Plan – This is a life insurance plan in which you pay premiums for only a limited number of years and enjoy protection up to the age 100 years. Few of its features are as follows:
Guaranteed Life Time Protection – This plan offers protection for life till age 100 which continues through bonuses. At the age of 100, this plan gives you 100% of Guaranteed Maturity Sum Assured along with Accrued paid up additions and Terminal Bonus.
Flexible Bonus Option – it allows you to choose from a few bonus options – Bonus paid in cash, Premium Offset – Bonus declared is used to offset future premiums payable, paid up Additions – in this case, bonus declared is used to purchase additional sum assured, which helps to boost the maturity value through power of compounding.
Access the money through paid up additions withdrawal – it allows you to withdraw the cash value of the same in case of any need.
Customization of Policy.
Terminal Illness Benefit – The plan offers unique Terminal Illness benefit, in which if the Life Insured is found to be suffering from terminal illnessA disease that cannot be cured or adequately treated and that is reasonably expected to result in the death of the patient within a relatively short period of time. that is likely to lead to his/her death, within six months of diagnosis in the opinion of registered medical practitioner, the Company will advance 50% of the Guaranteed Maturity Sum Assured (up to maximum of Rs.10 lacs across all policies which provide this benefit) immediately on Policyholder’s request.
Rider Benefits are available at nominal charges.
Max Life Life Gain Premier Plan – This plan helps to build a corpus in a systematic manner and one can utilize to fulfill the important goals of life. Few of its features are as follows:
Flexible Premium Payment Terms and Policy Terms –The plan offers you 6 options to choose from, basis your need
6 or 8 years Premium Payment Terms with Policy Terms of 15 and 20 years
10 years Premium Payment Term with Policy Term of 20 years
12 years Premium Payment Term with Policy Term of 25 years
Flexible BonusDividends paid to shareholders from funds created out of additional profits realised by the company.
Options – The plan offers the flexibility to choose from 3 bonusDividends paid to shareholders from funds created out of additional profits realised by the company. options basis your need.
Guaranteed Maturity Benefit – The plan offers 100% of Guaranteed Maturity Sum Assured on maturity of the policy
Guaranteed Death Benefit – The plan offers a guaranteed death benefit to ensure financial security of your loved ones in case of any exigencies
Terminal Illness Benefits – In case you are diagnosed to be suffering from a disease, which is likely to lead to death within six months, the Company will pay 50% of Guaranteed Maturity Sum Assured.
Guaranteed Solution for Your Child’s Needs -This will ensure policy continuance and availability of funds for your child’s education / marriage at maturity even in your absence
Flexibility To Withdraw Money To Meet Any Emergency – You have the flexibility to withdraw the accumulated bonusDividends paid to shareholders from funds created out of additional profits realised by the company.es in case of any need.
Tax benefit is available on the premium paid and the claim received.
Riders are available at nominal cost.
Max Life Future Secure II Plan – This plan is a non-linked, participating, limited pay endowment Life Insurance Plan. This plan helps in fulfills all the commitments at every walk in our life along with a cozy retirement. It helps in securing a financially secured life. Few of its features are as follows:
1. Policy continuance benefit in case the life insured is a minor at the time of proposal. Ensures guaranteed continuance of the policy and benefits in an unfortunate case of death of the proposer during the premium payment term.
2. Immediate financial support to the family In the unfortunate case of the death of the life insured, 100% of the sum assured along with the accrued bonuses, if any, is paid to the nomineeA person or firm into whose name the policy is transferred in order to facilitate transactions, while leaving the customer as the actual owner..
3. Maturity Benefit – 100% of Sum Assured + Accrued Compound Revisionary Bonus (if any) + Terminal Bonus (if any).
4. Death Benefit – 100% of Sum Assured + Accrued Compound Revisionary Bonus (if any) + Terminal Bonus (if any).
Max Life Traditional Plans- FAQ
1. How to pay a premium? What are the modes of payment available?
The Max Life Insurance company Ltd. offers 6 modes of premium payment namely:
Cash payment at the branch
Credit card Instructions
Payment at Axis Bank Branch
Payment at Axis Bank ATM
Your bank branch
Sky pack Drop boxes
Get the premium cheque collected from home within 7 days. You can call for this service on the toll free number 1800-180-5577 (BSNL/MTNL) or 1800-200-5577 (GSM/CDMA/Others)
For the online payment mode, the policyholder can pay via;
2. How can I check policy status for Max Life traditional plans?
Registered users can check policy status online. Login with your username and password on the LOGIN tab give on the companys home page
3. What is the policy renewal process for Max Life traditional plans?
For policy renewal online follow these 3 easy steps
Step1: Enter your Client ID and Date of Birth to login into e-portal
Step2: Enter the policy details and payment method (Debit/Credit Card or Net Banking)
Step3: Save/print premium deposit receipt on successful payment intimation
Alterantively, you can pay via cash/cheque at any of the nearest branch.
4. What is the companys process to settle claim for Max Life traditional plans?
For claim settlement the nominee can visit the nearest branch with all the policy documents and the revlant claims form. The claims are settled within 10 working days from collection of all necessary documents for claim settlement.
5. What is the policy cancellation process for Max Life traditional plans?
For cancellation you need to visit the nearest branch in person with policy documents and surrender form. Upon successful proceedings, the refund will be directly apid in your bank account.