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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.

    Highlights of Max Life Insurance Updated on 21 Jul 2018

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    Percentage of Grievances Solved 100%
    Claim Settlement Ratio 98.26%
    Group Death Claims 99.35%
    Percentage of Claims Rejected 0.65%
    Solvency Ratio 3.09 (for the quarter ended March 2017)

    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:

    Online Term Insurance Plans Protection Plans Child Plans Retirement Plans Growth Plans Savings Plans Group Plans
    Max Life Online Term Plan Plus Basic Life Cover Max Life Cancer Insurance Plan Max Life Future Genius Education Plan Max Life Forever Young Pension Plan Max Life Fast Track Super Plan Max Life Guaranteed Income Plan Max Life Group Gratuity Premier Plan
    Max Life Online Term Plan Plus Life Cover + Monthly Income Max Life Super Term Plan Max Life Shiksha Plus Super Plan Max Life Guaranteed Lifetime Income Plan Max Life Platinum Wealth Plan Max Life Whole Life Super Savings Plan Max Life Group Super Life Premier in Lieu of EDLI
    Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income Max Life Premium Return Protection Plan   Max Life Perfect Partner Super Plan Max Life Maxis Super Plan Max Life Life Gain Premier Max Life Group Super Life Premier
              Max Life Monthly Income Advantage Plan Max Life Group Credit Life Secure
              Max Life Future Secure ii Plan Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

     

    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 Cancer Insurance Plan
    • Max Life Super Term Plan
    • Max Life Premium Return Protection Plan

    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 2016-17:

    No. of claims received No. of claims approved Claim settlement percentage Average time taken Percentage of claims rejected
    9,821 9,606 97.81% 5 Claendar days 2.16%

    While the aforementioned table lists out claims for 2016-17, below is another table which will provide details of the settlement ratio from 2014-15 to 2017-18

    Year 2014-15 2015-16 2016-17 2017-18
    Claim settlement percentage 96.0% 97.9% 97.8% 98.26%

    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
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am using my life insurance from the MAX LIFE INSURANCE since last 1 years where the documentation done on line and the tenuity period of my life insurance is for 15 years an the premium i pay monthly once where i get the sum amount as 1crore at the end.
      Was this review helpful? 0
      , yavatmal
      Reviewed on Jul 17, 2018
    • Max Life Insurance
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      MAX LIFE INSURANCE is the insurance provider that i have been holding for my life insurance and it is not a secured provider and also the good returns is not a fixed sum amount and the tenuity period it is a short term policy. I am using it since 7 years.
      Was this review helpful? 0
      , rawatbhata
      Reviewed on Jul 17, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I am holding a policy called ENDOWMENT PLAN from the MAX LIFE INSURANCE since along back years and the premium of my life insurance that i am paying for yearly once through the on line that too 30k and at the beginning i am not aware of the policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 15, 2018
    • Max Life Insurance
      "Nice experience"
      0.5 4.0/5 "Great!"
      Max life is also good in the life insurance policy. The customer services are good and it was very convenient to buy my policy. I am okay with the sum assured and the benefits of the policy. The premium is normal and I bought this policy because my friend referred it to me.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 21, 2018
    • Max Life Insurance
      "Benefits are good"
      0.5 5.0/5 "Blown Away!"
      I have a ULIP policy with Max Life. The process to buy this policy is good and there are no hassles in the process. The tenure is for 20 years. The premium is on a yearly basis. It is a simple normal policy. The sum assured and benefits are good. The payment mode is also convenient.
      Was this review helpful? 0
      , sonipat
      Reviewed on Jun 14, 2018
    • Max Life Insurance
      "Beneficial policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance with Max Life. The policy is beneficial and there are good plan benefits and the sum assured as well. The tenure is for 35 to 40 years and the company also has a normal premium. The payment options are also convenient to pay my premiums.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 13, 2018
    • Max Life Insurance
      "BETTER"
      0.5 4.0/5 "Great!"
      I have been using the life insurance from the MAX LIFE INSURANCE since 1 year. My family gets benefited with the insurance. Premium i pay for yearly once and i pay through the net banking. Tenuity is for 12 years and it is short term. Due to benefit i took the insurance.
      Was this review helpful? 0
      , bulandshahr
      Reviewed on Jun 12, 2018
    • Max Life Insurance
      "Benefits are good"
      0.5 3.0/5 "Satisfactory"
      Max life is not that up to the mark on the customer services. But after the recent take over of HDFC Life, the customer services has been good on the life insurance policy. The name of the plan is whole life. This policy is a kind of term insurance. The benefits and sum assured is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 09, 2018
    • Max Life Insurance
      "Satisfied with the features"
      0.5 5.0/5 "Blown Away!"
      My life insurance is with Max Life. I have taken a policy for my spouse. I need to pay 45K on a yearly basis. The tenure is for 20 years, and I would pay this premium only for ten years. The balance ten years I would not. The customer services are good. I get reminders about my payment.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 08, 2018
    • Max Life Insurance
      "Term insurance from Max LIFE"
      0.5 4.0/5 "Great!"
      This is my first time buying term insurance policy from Max life insurance. All the benefits of this policy is for my nominee. I have to make the yearly premium. The benefits are informed at the time of taking the policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 08, 2018
    • Max Life Insurance
      "Overall good "
      0.5 4.0/5 "Great!"
      Max life is good in the services. It was very convenient to buy the term policy. I have taken a Online Term Plan Plus - Basic Life Cover + Increasing Income - Monthly. I am not very sure on the tenure. I guess it is for 30 years or more. The sum assured is for one crore. The benefit of this plan is after the death of the policy holder, there would be a monthly income of 40K for the first ten years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 07, 2018
    • Max Life Insurance
      "AVERAGE"
      0.5 5.0/5 "Blown Away!"
      I have been using since 1 year from MAX. Premium i pay through the on line for yearly once through the online. Plan benefit is good. Coverage is also good but i am not so experienced with the insurance. Documentation i have done through the on line.
      Was this review helpful? 0
      , allahabad
      Reviewed on Jun 05, 2018
    • Max Life Insurance
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken my term insurance with Max life. I have taken a Online Term Plan Plus - Basic Life Cover + Waiver Of Premium Plus plan. The coverage is of 3000000 + Waiver Of Premium Plus + Waiver Of Premium Plus. I received the hard copy and soft copy on time. The tenure is for 40 years.
      Was this review helpful? 0
      , guwahati
      Reviewed on Jun 04, 2018
    • Max Life Insurance
      "Benefits are good"
      0.5 4.0/5 "Great!"
      I have taken my term insurance from Max life. The customer services are good and the process was easy to buy the policy. The tenure is for 28 years and the premium is also normal. In all I am satisfied with the benefits and sum assured in the policy.
      Was this review helpful? 0
      , tirupati
      Reviewed on Jun 04, 2018
    • Max Life Insurance
      "Satisfied with the features"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance policy with Max life insurance. The process to get the policy is easy. The tenure is quite long and the benefits are for the nominee. The premium is also normal. The sum assured which they would provide is also good. No hassles in the payment mode.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 03, 2018
    • Max Life Insurance
      "BETTER"
      0.5 5.0/5 "Blown Away!"
      It is a good and i have not yet received my hard copy regarding to my insurance. I have been using since 6 months. Payment i do through the on line yearly once 15-16 thousand rupees. I have to pay for 75-80 years till i turn. Plan benefit is okay. No idea regarding the plan benefit. Documentation is easy and simple.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • Max Life Insurance
      "WORST"
      0.5 1.0/5 "Really Bad"
      I had a very bad experience with this life experience. When i have applied for the policy the wrong name has been entered and my policy is continuing with the same name. I paid for 3 months and also the status is laps. Customer service not yet contacted.It is for 35 years and i pay the payment through the on line. Plan benefit is good and policy coverage is good and it is a long term insurance.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • Max Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I had a very good experience. From 3-4 months using this insurance. I do payment monthly once that to through the on line. Plan benefit is good and also policy coverage is good and it is for 40 years and it is along term policy. Documentation is easy and simply done through on line. Customer service i have not yet contacted,.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • Max Life Insurance
      "BELOW AVERAGE"
      0.5 1.0/5 "Really Bad"
      Overall it is good insurance. From 5years i am using the insurance and payment doing through on line, and that too for yearly once. Customer service i have not yet contacted. Plan benefit is average. Policy coverage is for long term for 20 years. I am not happy with this insurance due to force i got this insurance.
      Was this review helpful? 0
      ,
      Reviewed on May 22, 2018
    • Max Life Insurance
      "Average service"
      0.5 2.0/5 "Expected more"
      Got my life insurance from max life insurance , it normal policy with normal term plan. It has good premium amount taken for 10 years Paying premium amount annually through online banking . Their customer service and response is good .Overall am satisfied with this policy
      Was this review helpful? 0
      , sikar
      Reviewed on May 22, 2018
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