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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
      "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
    • Max Life Insurance
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      I have been holding my life insurance from the MAX LIFE INSURANCE from couple of months. My insurance is 15 years and it is a long term one and i have to pay for 15 years. I do my payments that i would be doing for my insurance is through on line and also cheque for sometimes. The policy name is plan gain and apart from that i have no idea regarding the complete policy.
      Was this review helpful? 0
      , noida
      Reviewed on May 20, 2018
    • Max Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      It is actually a very good life insurance what i have taken from the MAX. The benefit from this is that the nominee will be getting benefited. I do my payment for my life insurance through on line that too for yearly once. Documentation is very easy and good and made easy to get through my insurance.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 18, 2018
    • Max Life Insurance
      "Good policy to use"
      0.5 4.5/5 "Excellent!"
      I've been using the Max term Insurance from December month and there hasn't been any problems with the policy yet. we never had any claim experience. As of now we're happy about the product. The Term SA is Rs. 60 Lakhs for a nominal premium of Rs. 779 which is pretty much competitive apart from other providers in the market.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 18, 2018
    • Max Life Insurance
      "Customer service has to be Improved"
      0.5 5.0/5 "Blown Away!"
      Their customer service is not up to the mark. Their is no such reason to select the Max Life insurance Company. I used to pay the premium of Rs. 2100 per month. Total tenure is 15 years. Sum assured amount is 25 Lakhs. Income tax benefitable. I took this policy January this year.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 16, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      It is very good and easy one and when it comes to the payment i have to pay it for monthly once. I pay my dues through online and also with cheque, and i find no difficulties with the paying. My overall experience is very good and i find no issues still now. Sometimes i find that no proper service provided by them.
      Was this review helpful? 0
      , guntur
      Reviewed on May 14, 2018
    • Max Life Insurance
      "Extrinct One"
      0.5 5.0/5 "Blown Away!"
      Customer satisfaction in Life insurance is very transparent, when i get into any issue, they are resolving it immediately. The interaction what I had with them is very good. I'm paying Rs. 987 every month. Total tenure of the policy is 30 years also the Sum assured amount I'm going to get is Rs. 1 Crore. Benefits : Term policy. In between 30 years, if something happened to me, my family will get Rs. 1 crore. This is what is the main reason for choosing this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 14, 2018
    • Max Life Insurance
      "Very good policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance from Max Life, I am satisfied with the plan benefits they have offered and the policy coverage, the policy is for the period of 10 years and I pay the premium yearly, through online. It's a good policy I am satisfied with it.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 02, 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 Mar 21, 2018
    • Max Life Insurance
      "Best"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance policy from Max Life. The policy is good and satisfactory, the plan benefits and policy coverage are suitable to my needs. My total premium is around Rs. 15,900 per year and sum assured to me is around Rs. 1,00,000 and it is for 8 years.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Mar 09, 2018
    • Max Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy taken from Max Life. The policy consists the total premium of around Rs. 17,000 per year and sum assured is around Rs. 2,00,000. I am completely happy and satisfied with the plan benefits and policy coverage. Everything is good I would rate this policy 5 out of 5.
      Was this review helpful? 0
      , manesar
      Reviewed on Mar 09, 2018
    • Max Life Insurance
      "Good term policy"
      0.5 4.0/5 "Great!"
      I own a TERM insurance policy from the MAX LIFE INSURANCE. I can say it is a good policy. I can prefer to pay online payments to renew my Term policy with in due date. My annual premium amount is Rs. 9,100 which is reasonable with other insurance polices.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 09, 2018
    • Max Life Insurance
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance - Online Term Plan Plus - Basic Life Cover + Increasing Income - Monthly plan. It is a term insurance from Max life and I see a difference in the benefits. The tenure is for 30 years. In case anything happens to the policy holder the sum assured of 60 lakhs in handed over to the nominee and after which up to 2 to 4 years every month the nominee will get around 30K on a monthly basis. The premium is of 1400.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Mar 07, 2018
    • Max Life Insurance
      "Good Protection for Family"
      0.5 5.0/5 "Blown Away!"
      Its give best cover of Rs. 1 crore, the premium was also reasonable. I used to make the yearly premium amount around Rs. 8000 it has the term of 40 years, It gives features like complete disability, accidental and critical illness. The claim settle ratio is also good in Max Life.
      Was this review helpful? 0
      , solapur
      Reviewed on Mar 02, 2018
    • Max Life Insurance
      "Satisfied with the policy"
      0.5 4.0/5 "Great!"
      I have taken a life insurance policy from Max Life. The total premium is around Rs. 6,646 and sum assured to me is around Rs. 50,00,000 for the period of 30 years. I received the policy a bit late they took time in processing, other than that the policy is fine and satisfactory.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 26, 2018
    • 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
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