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Max Life Insurance

Life Insurance
  • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
  • Claim up to Rs. 1,50,000 deduction under section 80C**
  • Choose between annual and monthly premium payment options

Max Life Insurance is the leading private insurance company that isn’t affiliated to and promoted by any of the major banks in the country. The company is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Over the last 15 years, the Max Life has maintained a strong foothold in the insurance market by providing a few innovative products for the consumers. The firm has expanded its presence across the nation with offices over 750 cities.

Products and Services offered by Max Life Insurance:

Max Life Insurance offers plenty of products and services for the Indian markets. These plans range from savings, protection, and retirement plans. Mentioned below are all the products the company has on offer:

Max Life Online Term Insurance Plans:

These plans offer coverage for individuals for a specific period of time and provide lump sum payment to the beneficiaries in case a policyholder meets an untimely demise. Term plans offered by Max Life has three distinct death benefit offers to choose from. Here’s a list of all the products the company has:

  • Max Life Online Term Plan Plus Basic Life Cover
  • Max Life Online Term Plan Plus Life Cover + Monthly Income
  • Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income

Max Life Protection Plans:

Protection plans are those which offer coverage against death, disability, and diseases so that a policyholder’s family can live a financially secure life in case he/she dies. Max Life offers the following protection plans for prospective customers:

Max Life Child Plans:

Child plans offer individuals an opportunity to save for their children’s future. These plans help policyholders save a vast sum of money for their children’s education, marriage, and any other major expense a parent might incur when bringing up a child. Here’s a list of all the child plans offered by Max Life:

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

Max Life Retirement Plans:

Retirement plans help individuals save for their own future and to set up up a corpus which they can use post their retirement. Max Life offers the following retirement plans for prospective customers:

  • Max Life Forever Young Pension Plan
  • Max Life Guaranteed Lifetime Income Plan
  • Max Life Perfect Partner Super Plan

Max Life Growth Plans:

Growth plans are those which help individuals increase their wealth through calculated investments. These plans are typically ULIPs, meaning the returns a policyholder receives is a result of their indirect investment in mutual funds. They are termed as an indirect investment because pumping the money into the stock market is done by company-appointed fund managers. Here’s all the growth plans the company has on offer:

  • Max Life Fast Track Super Plan
  • Max Life Platinum Wealth Plan
  • Max Life Maxis Super Plan

Max Life Savings Plans:

Savings plans help policyholders save for their future and also offers life cover apart from returning the premiums paid with interest. Plans offered by Max Life under this category include:

  • Max Life Guaranteed Income Plan
  • Max Life Whole Life Super Savings Plan
  • Max Life Life Gain Premier
  • Max Life Monthly Income Advantage Plan
  • Max Life Future Secure ii Plan

Max Life Group Plans:

Group plans are primarily offered to employment organisations which are required by law to provide a number of benefits to their employees. These benefits range from gratuity, leave encashment, annuation, and the like. Here’s a list of group plans Max Life offers:

  • Max Life Group Gratuity Premier Plan
  • Max Life Group Super Life Premier in Lieu of EDLI
  • Max Life Group Super Life Premier
  • Max Life Group Credit Life Secure
  • Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

Company Offices - Where you can find Max Life Insurance?

Max Life Insurance has presence across all the states in the country through its own offices and partnered offices in the form of AXIS Bank. Here’s a list of offices from some major cities and states:

State City No. of offices Contact
Andhra Pradesh Vijayawada 1 1800 200 5577 1800 200 4006 866-6638080& 6638081
Tirupati 1 1800 200 5577 1800 200 4006 877-2266373 & 2266377
Vizag 1 1800 200 5577 1800 200 4006 891-6620876 & 6620888
Gujarat Ahmedabad 5 1800 200 5577 1800 200 4006
Gandhinagar 1 1800 200 5577 1800 200 4006
Surat 3 1800 200 5577 1800 200 4006
Delhi Delhi 16 1800 200 5577 1800 200 4006
Haryana Gurugram 3 1800 200 5577 1800 200 4006
Karnataka Bangalore 5 1800 200 5577 1800 200 4006
Mysore 1 1800 200 5577 1800 200 4006
Kerala Kochi 1 1800 200 5577 1800 200 4006
Calicut 1 1800 200 5577 1800 200 4006
Madhya Pradesh Bhopal 1 1800 200 5577 1800 200 4006
Indore 2 1800 200 5577 1800 200 4006
Maharashtra Mumbai 13 1800 200 5577 1800 200 4006
Pune 4 1800 200 5577 1800 200 4006
Nagpur 2 1800 200 5577 1800 200 4006
Orissa Bhubaneswar 2 1800 200 5577 1800 200 4006
Cuttack 1 1800 200 5577 1800 200 4006
Punjab Amritsar 1 1800 200 5577 1800 200 4006
Jalandhar 1 1800 200 5577 1800 200 4006
Rajasthan Jaipur 2 1800 200 5577 1800 200 4006
Jodhpur 1 1800 200 5577 1800 200 4006
Udaipur 1 1800 200 5577 1800 200 4006
Tamil Nadu Chennai 5 1800 200 5577 1800 200 4006
Coimbatore 2 1800 200 5577 1800 200 4006
Erode 1 1800 200 5577 1800 200 4006
Telangana Hyderabad 1 1800 200 5577 1800 200 4006
Warangal 1 1800 200 5577 1800 200 4006
Uttar Pradesh Lucknow 3 1800 200 5577 1800 200 4006
Noida 2 1800 200 5577 1800 200 4006
Ghaziabad 2 1800 200 5577 1800 200 4006
West Bengal Kolkata 2 1800 200 5577 1800 200 4006
Asansol 1 1800 200 5577 1800 200 4006

Max life Insurance Market Share:

Based on the data released by Max Life Insurance for the year 2014-15, the company ranks fourth amongst private insurer in the country and has a market share of 9.7%. In money terms, the firm has a gross written premium of Rs.8,172 crores with sum assured Rs.2,26,701 crores.

Awards won by Max Life Insurance:

Max Life Insurance has won a number of awards for its contribution to the insurance industry. Here’s all the awards the company has bagged so far:

  • Compliance 10/10 Award for its Compliance Programme in 2015
  • World Finance Best Insurance Company for the year 2015
  • India’s Most Trusted Brand 2015 - Indian Insurance Awards
  • Ranked First in claim settlements for 2015
  • Best Finance Company by Global Finance 2014
  • Superbrand of the year 2013-14
  • Golden Peacock Award for innovation for its Max Vijay product
  • Asia Insurance Industry Innovation of the Year 2009
  • Indo American Corporate Excellence Award in Financial Services category for 2006.

Max Life Insurance - Board of Directors and Shareholding pattern:

Max Life has a number of esteemed individuals who are at the helm and have led the company towards constant growth. Here’s a list of all the key members from the management team:

  • Rajesh Sud - Executive Vice Chairman and Managing Director
  • Prashant Tripathy - Senior Director and Chief Financial Officer
  • V.Viswanand - Senior Director and Chief Operations Officer
  • Alok Ban - Director and Chief Distribution Officer
  • Amitabh Lal Das - Director and Head - Legal, Compliance, and Regulatory Affairs
  • Mihir Vohra - Director and Chief Investment Officer
  • Shailesh Singh - Director and Chief People Officer
  • Manik Nangia - Director Marketing and Chief Digital Officer
  • Jose John - Director and Appointed Actuary

Share holding pattern of the company:

Max Financial Services is the majority shareholder of the company with 72.1% stake, while the rest of the 27.9% shares are held by Mitsui Sumitomo Insurance Co. Ltd and other players.

Claim Settlement Ratio:

As per the data released by IRDAI, here’s the company’s claim settlement ratio for the year 2014-15:

No. of claims received No. of claims approved Claim settlement percentage Average time taken Percentage of claims rejected
9,149 8,786 96.03% 26 days 3.9%

While the aforementioned table lists out claims for 2014-15, below is another table which will provide details of the settlement ratio from 2009-10 to 2014-15

Year 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Claim settlement percentage 66% 78% 90% 94% 94% 96%

How to Settle a Life Insurance Claim with Max Life Insurance - Claim Documentation and Process:

Max Life Insurance has a robust claim settlement process, every claimant needs to follow to have their claims settled. Here’s a list of all the steps:

  • Step 1: Registering the claim

    To have a claim settled a claimant must first register the claim with the company. Registering the claim requires the individuals to fill the relevant application forms depending on the type of claim being made i.e., death claim, health claim, group claim, and cancer claim. Each of these forms require a different set of documents to be submitted. Listed below are all the documents that are required:

  • For life claims:
    1. Original policy document
    2. Attested and original copy of death certificate provided by the local municipal body
    3. Fully filled death claim from
    4. Photo ID and address proof of the nominee such as passport, Aadhaar card, PAN card, or voter ID
    5. NEFT mandate form with cancelled cheques and bank passbook
    6. Other supplementary documents required include attending physician’s statement (Form C) in case of medical/natural death along with medical records such as test results, treatment and death summary
    7. In case of accidental and unnatural death, a copy of the FIR, police complaint or police panchnama should be furnished along with a copy of post mortem report (PMR), Final Police Investigation Report (FPIR), charge sheet, and autopsy report
  • For health claims:
    1. Application form for health claim
    2. Statement from the attending physician
    3. Copies of all the medical records
    4. NEFT mandate form
  • For group claims:
    1. Claim form depending on the type of claim being made i.e., gratuity, GTL employer employee, or EDLI
    2. Attested and original copies of death certificate issued by local municipal body
    3. Claim form with regards to lender borrower/non-lender borrower
    4. NEFT mandate form attested by banks and cancelled passbook and cheque
    5. Other supplementary documents required include attending physician’s statement (Form C) in case of medical/natural death along with medical records such as test results, treatment and death summary
    6. In case of accidental and unnatural death, a copy of the FIR, police complaint or police panchnama should be furnished along with a copy of post mortem report (PMR), Final Police Investigation Report (FPIR), charge sheet, and autopsy report

News Related to Max Life Insurance

  • Increase in Consolidated Net Profit for Max Financial Services in 2016-17 Recorded at 57%

    Max Financial Services revealed its consolidated net profit for FY 2016-17, showing an increase of Rs.396 crore which was a 57% increase in comparison with the previous year. For FY 2016-17, the sole operating subsidiary of Max Financial Services Limited, Max Life Insurance showed a profit before tax of Rs.768 crore, which was a 50% increase in comparison with FY 2015-16. The embedded value of Max Life Insurance was recorded at Rs.6,590 crore on the 31st of March, 2017, and the operating return on EV was recorded at 20%.

    1 June 2017

  • Max Life Insurance Wins ASQ Bronze, Makes India Proud

    One of the biggest and most popular life insurance companies in India, Max Life Insurance, has won the AS Bronze award for ‘Improve 7 calendar day TAT for policy servicing; at the World Conference on Quality and Improvement. The project worked around the extensive utilisation of Lean Six Sigma tools and methodology – the results of which were lower servicing turnaround time by 50% of prescribed regulatory timelines of 15 days. A certificate of recognition for persistence in project management was also awarded to the project.

    A couple of other projects revolving around ‘Reducing Crude Death Rate’ and ‘Clearance of Unclaimed Balance’ also won certificates of recognition. Each of the aforementioned projects were in keeping with the mission of Max Life Insurance Company Ltd., which is “being an honest life insurance company, committed to doing what is right for the customer”.

    Max Life has made India proud not only with its work, but by also winning an award in which more than 300 projects participated from the world over this year. The Senior Director and COO of Max Life Insurance, Mr. V. Viswanand said, “We are pleased to receive this recognition on a global platform. This award is a testament to our constant endeavour in improving and delivering outstanding service to our customers to whom we offer comprehensive life insurance solution for long-term savings and protection as well as retirement solutions. The recognition received by all three participating projects from Max Life Insurance is a big recognition. The wins make it even more significant as our projects were representing India at this global platform and we proved that India can now compete with the world in terms of quality standards.”

    17 May 2017

  • Rate Cut Up To 25 Basis Points Expected In Coming 12 Months Says Max Life CIO

    In a recent discussion, Mr. Mihir Vora, Director and Chief Investment Officer of Max Life Insurance, mentioned that the MPC (monetary policy committee) is likely to slash repo rates by 25 basis points in the coming 12 months. He also mentioned that structural liquidity available in the global system and local system has been a driving force in the past few months. For the future, Mr. Vora is hopeful of consistent consumption following the upcoming Pay Commission which will impact people’s spending power and help drive about a growth in the range of 6.5 % to 7%.

    Speaking about the growth, Mr. Vora commented that even though the environment has been positive, the market growth has not yet reflected in the physical economy. He said that government spending is the cause of the economic hold-up, along with urban and rural consumption that are stopping capital expenditure from coming in.

    4 May 2017

Max Life Insurance Reviews

  • Max Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance from Max Life. My total premium is around Rs. 536 per month and sum assured to me is around RS.60,00,000 for the period of 40 years. Based on the policy coverage I am satisfied with the policy, it's a good policy and I already recommended to my friends.
    Was this review helpful? 0
    , new delhi
    Reviewed on Feb 23, 2018
  • Max Life Insurance
    "Very good"
    0.5 5.0/5 "Blown Away!"
    I Have a life insurance from Max life. My total premium is around Rs. 26,314 and sum assured to me is around Rs. 50,00,000.The policy tenure is for 15 years.I am totally satisfied with the policy and I am happy with it. If I come across any I would tell them about the policy.
    Was this review helpful? 0
    , mohali
    Reviewed on Feb 16, 2018
  • Max Life Insurance
    "Average"
    0.5 3.5/5 "Pretty good"
    I have a Life insurance policy from Max Life. I have taken this policy for investment purpose, I make the payment for 7 years and get the benefit after 15 years. My total premium is around Rs 4,090 for every quarter and sum assured to me is around Rs. 1,65000. Only thing I had a bad experience with the payment systems with Max Life. They debit amount from y account after 5 days of due date sometimes it gets bounced from their end.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Feb 14, 2018
  • Max Life Insurance
    "Good Penison Scheme"
    0.5 3.0/5 "Satisfactory"
    Max life insurance has the term of 25 years, but I should make the payment of 15 years. From 18 years onwards I get the monthly premium around Rs. 18,000 . My yearly premium was around Rs. 1.04 lakhs, Max Life has good ratio on claim settle and grievance resolved.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Feb 05, 2018
  • Max Life Insurance
    "Good benefits"
    0.5 4.0/5 "Great!"
    I have taken a term insurance from Max life. The benefits and coverage is good. But the details on the proposal form does not match with the details on the soft copy. They have also not sent me any hard copy. The policy name is Online Term Plan Plus - Basic cum Standard Income Life Cover- Monthly. The Coverage is for 10000000 + a Monthly income of 40,000 for 10 years if there is any risk or critical illness. The tenure is for 40 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 01, 2018
  • Max Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance policy from Max. I would like to say the services are fine even the policy coverage and benefits. But only thing is the service and it is very rigid, I wanted to convert my premium from monthly to annually which they said is possible but later denied, in that way its disappointing!
    Was this review helpful? 0
    , anand
    Reviewed on Jan 25, 2018
  • Max Life Insurance
    "It's good"
    0.5 4.5/5 "Excellent!"
    I have taken a Life insurance policy from Max. It's a good policy, I have been given good benefits and payment options. My total premium is around Rs. 742 and sum assured to me is around Rs. 65,00,000. Over all the policy is very good I like it and I would like to recommend to others.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 25, 2018
  • Max Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am fully satisfied with this life insurance policy from Max. Online term plan plus, where everything went well,the service provided by them the benefits and even the coverage are excellent. Payment option could have given clear information however it is good. My premium amount is Rs.1202 and sum assured to me is Rs. 60,00,000. I already recommended this to my friends and families. Excellent.!
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 22, 2018
  • Max Life Insurance
    "Best in market"
    0.5 5.0/5 "Blown Away!"
    I had a good experience taking life insurance with Max. One term plan plus is a plan where it provides all the policy coverage,customer service, plan benefits were suitable along with the payment option. Hence, I would like to give 5 star to this policy . Further, I would recommend this to my family members and friends. This product is best in the market My premium amount is around Rs. 1114 and the sum assured to me is Rs. 75,00,000.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2018
  • Max Life Insurance
    "It's the best"
    0.5 4.0/5 "Great!"
    It's the best life insurance provided to me by Max. It is online term plan plus plan and it is the best in the market. The benefits provided to me is satisfactory and also the policy coverage, timely customer service was provided to me and good payment options were also provided. The premium amount of mine is around Rs. 1038 and sum assured to me is Rs 1,00,00,000. It's the excellent product and I would definitely recommend this policy to my friends and relatives.
    Was this review helpful? 0
    , udaipur
    Reviewed on Jan 22, 2018
  • Max Life Insurance
    "More than satisfactory"
    0.5 5.0/5 "Blown Away!"
    Max Life insurance is overall good. The customer services more than satisfactory. It is a traditional policy plan. The features are good and there is a good coverage too. The payment options are very convenient. The best is the services, they are supportive.
    Was this review helpful? 0
    , patna
    Reviewed on Jan 19, 2018
  • Max Life Insurance
    "Good for working professional who doesn't have any security"
    0.5 4.0/5 "Great!"
    Max Life insurance, brand value and claim settle ratio is good among all the insurance provider. At the time of term insurance activation, I paid the premium around Rs. 715, for the sum assured of Rs.1 crore it has the tenure of 30 years. Which included tax benefits, financial security for unforeseen events. But they have deducted the premium without any intimation last month, it would be great if they send some notification before the due date.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jan 16, 2018
  • Max Life Insurance
    "Payment gate way should be simpler"
    0.5 5.0/5 "Blown Away!"
    Max Life, premium is low with higher sum assured value, therefore I took term insurance with them. They have good features like no of critical illness, waiver on the disability. I have chosen the value of Rs. 50 lakhs, By the premium around Rs.2300, plan name called. Online Term Plan Plus - Basic Life Cover + Comprehensive Accident Benefit Rider. Everything is fine but in their website, there is no option to make the premium as per my convenience, It would be great if they improve their website.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 16, 2018
  • Max Life Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    I took one more term insurance on my spouse name, for that term insurance cover around Rs. 50 lakhs for the annual premium of Rs. 3800. It has tenure of 10 years but I would to change the tenure. I have got the confirmation from their end, this policy also has good benefits.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 09, 2018
  • Max Life Insurance
    "Good Coverage at a decent period"
    0.5 4.0/5 "Great!"
    My interaction with Max Life is smooth for the term insurance, I got my policy on time. Communication is also clear, the premium was cheapest one. The sum assured is best which I was chosen. The claim settle ratio is good, I took Online Term Plan Plus - Basic Life Cover , I paid the premium around Rs.. 14,000 on yearly basis. The Sum assured value around Rs. 1 crore it ha the term of 38 years.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 09, 2018
  • Max Life Insurance
    "Good policy to hold"
    0.5 5.0/5 "Blown Away!"
    I have my 20 years term insurance policy with Max Life Insurance company which is the only insurance company which agreed to give me a term insurance policy despite my past medical history. So they are surely a good insurance company which provides the customer satisfaction here in the first place then coming to the coverage they offered is Rs. 50,00,000 and also ADB is Rs. 50,00,000. The annual premium is Rs. 15,930.
    Was this review helpful? 0
    , faridabad
    Reviewed on Jan 05, 2018
  • Max Life Insurance
    "Good services and benefits"
    0.5 5.0/5 "Blown Away!"
    I have taken my term insurance from Max Life. It is a Online Term Plan Plus - Basic Life Cover plus Waiver Of Premium Plus- Monthly. There is a sum assured of 75 lakhs and the critical illness is also covered in this policy. The policy term is for 25 years. Coverage: 6000000 + Waiver Of Premium Plus + Waiver Of Premium Plus Policy Term: 25 years
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 05, 2018
  • Max Life Insurance
    "Good policy to hold"
    0.5 4.0/5 "Great!"
    My term insurance is with MAX LIFE INSURANCE. I took this term insurance as it has all the features and benefits like the other policies which I hold. I have been paying the premium monthly basis which is around Rs. 1100. This insurance policy is a 1 crore coverage policy and the tenure is for 40 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 05, 2018
  • Max Life Insurance
    "Good Protection for my family"
    0.5 4.0/5 "Great!"
    I have term policy from Max life, when I compared TATA AIG, HDFC Ergo, Max life, I found Max is best in term of sum assured towards the premium. Even the claim settlement and grievance resolve ratio is also good. My premium amount was around Rs. 14,000 for a year. It also has financial security against unforeseen events and income tax benefits. I selected the sum assured value around Rs. 50 lakhs as a lump sum amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 04, 2018
  • Max Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    Max life is best in term of premium and policy coverage, totally its a term insurance policy. I have selected the sum assured of Rs. 25 lakhs, for the monthly premium around Rs. 480. This term insurance includes accidental coverage of Rs.10 lakhs with tax benefit . Plan name is Basic Life cover for the term of 40 years.
    Was this review helpful? 0
    , pondicherry
    Reviewed on Jan 03, 2018
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