Max Life insurance is one of the most admired life insurance companies in India that is working diligently with an aim to make the process of buying term insurance plans and claiming their benefits simpler, affordable, & accessible.
Max life term plans include a wide range of online and offline policies. While the online term insurance plans give you freedom from messy paperwork, offline plans can be availed of easily with the help of advisors.
Max Life Insurance Company Overview:
Max Life Insurance Company Limited, previously known as Max New York Life Insurance Company Limited is one of the leading life insurance companies in the Indian insurance market. The organisation is the largest non-banking private sector life insurance companies in India and is a subsidiary of the publicly listed Max Financial Services Limited.
The company was founded in 2000 and began its operation in 2001. The organisation has its headquarters in New Delhi, India. Mr Analjit Singh is the current founder and chairman of Max Life Insurance.
Max Life Term Plans
Max life term insurance plans are the insurance contracts that pay a lump-sum amount to the beneficiary/nominee in case the policyholder insured dies during the policy term. The policyholder gets tax rebate on premium amounts as well as the final amount paid as the death benefit. These term plans fall under the category of protection plans.
Tax benefits might be available on the premium amounts paid and the final amount that is achieved as a pay-out as per death benefit. Plans available under this category are also known as protection plans.
Below-enlisted is the list of Max Life Term plans:
|Plan Name||Entry Age (Min/Max)||Maturity Age (Max)||Policy Term (Min/Max)||Sum Assured (Min/Max)|
|Max Life Super Term Plan|
|18 years / 65 years||75 years||10 years / 35 years||Rs 25 lakhs / No Limit|
|Max Life Online Term Plan Plus|
|18 years / 60 years||85 years||10 years / 50 years||Rs 25 lakhs / Rs 100 crores|
|Max Life Premium Return Protection Plan|
|21 years / 55 years||75 years||20 years / 30 years||Rs 5 lakhs / Rs 1 crore|
Max Life Super Term Plan
- Flexible Pay-out options: The policyholders have the option to receive the cover amount as lump sum or a mix of lump sum and monthly income
- Increasing Life Cover: The life insurance cover increases at the rate of 5% annually without any increase in the premium.
- It offers an attractive premium rate for non-smokers.
Max Life Online Term Plan Plus
Max Life Online Term Plan Plus is available in 3 covers:
|Plan Name||Description||Unique Features|
|Basic Life Cover||Pays a fixed Amount as life cover to the nominee/s|
|Basic Life Cover + Monthly Income||Pays a fixed Amount as life cover to the nominee/s + a fixed monthly income|
|Basic Term Life Cover + Increasing Monthly Income||Pays a fixed Amount as life cover to the nominee/s + a fixed monthly income increasing @ 10% annually|
Max Life Premium Return Protection Plan
- Limited Premium payment term: By paying a term for 11 years, the policyholders can get the benefits for the next 30 years.
- Flexible premium payment options: Annual, semi-annual, quarterly and annually
- Survival Benefit: The insured will get total premiums paid by her/him at the end of the policy term (including extra premiums).
Max Life Online Term Plan – Features
- You get an option to choose between different payout options like lump sum, lump sum + monthly income, etc.
- Premium payment option offers limited pay option.
- You get to add additional benefits such as premium waiver, accidental death & dismemberment and critical illness cover by paying an additional premium.
- There is a freelook period of 30 days for the policies bought through online mode.
- The policyholders are given a grace period of 15 days for regular premium payment mode, in case they weren’t able to pay the premium on the given due date. For other payment modes, the grace period offered is of 30 days.
- The policyholders are provided with policy revival facility, in case the policy gets lapsed due to non-payment of premium. The policy revival facility is available within the first two years of the first unpaid premium.
- Max life term plans give the flexibility to receive their payout as monthly income, besides the lump sum cover amount.
- The insured can also opt for riders to make her/his Max life term plans more comprehensive.
- The policyholders also have an option to increase their cover amount at major life stages such as marriage, birth of a child, etc.
Benefits of Term Insurance Plan
Max life online term plans not only benefit the insured but also its family members. Few of the benefits offered by Max Life Term insurance plans are:
- It offers affordable premiums. For instance, in the Max Life Online Term Plan Plus plan, one can get Rs 1 crore cover at approximately Rs. 563/month. This is a standard premium meant for 30-year old non-smoker male individual who buys a policy with a term of 30 years.
- It offers flexible pay out options to choose from, viz. one-time lump sum payment, lump sum amount plus regular monthly income or lump sum amount plus increasing monthly income.
- The insured’s family gets a regular income to support their day-to-day needs such as rent, groceries, EMIs, bills, etc.
- It gives financial protection to kids’ future education by providing for their school or higher education fees.
- The death benefit given to the policyholders are eligible for tax rebate u/s 10(10D) of the Income-tax Act, 1961.
- Max life term plans offer one more benefit of staying away from tobacco. In Max life term insurance plans, non-smoker applicants get lower rate of premiums as compared to the individuals with smoking habits.
- With Max life term plans, one gets an access to special discounts in premium rates, if s/he goes for higher sum assured.
- Max life term insurance plans offer comparatively lower premium rates for female candidates as compared to male applicants.
Claim process of Max Life Term Plan:
One can initiate the claim process with Max life term plan inflowing ways:
- Contacting her/his personal agent/advisor
- Visiting nearest Max life insurance office
- Sending email at claims.support@maxlifeinsurance[dot]com
- By sending a written intimation to:
Max Life Insurance Operations Centre-–
Max Life Insurance Company,
Operations centre, – 2nd floor,
90A, Sector 18, Udyog Vihar,
The claimant can get claim forms from different sources, including:
- Claims Section available on the company’s website
- Nearest Max Life Insurance branch/office
- Talking to the agent
Documents Required for Claim Process
The following is the list of documents required submitting a death claim for Max life term insurance plans:
- Original policy documents
- The original copy of attested death certificate by the local municipal authority
- Death claim application form (Form A- can be downloaded from the company’s website)
- Bank account passbook or a cancelled cheque along with NEFT mandate form attested by the bank authorities
- Photo identity proof of the nominee such as copy of PAN Card, Passport, Aadhaar (UID) Card, Voter identity card, etc
Additional Documents Required (Based on the Death Cause)
For Natural or Medical death:
- Statement of the attending physician (Form ‘C’- can be downloaded from the company’s website)
- Medical records including admission notes, test reports, death or discharge summary, etc.
For Accidental or Unnatural death:
- Copy of the Police Complaint or Panchnama or First Information Report (FIR)
- Copy of Autopsy and Viscera report or Post Mortem report (PMR)
- Copy of the Charge Sheet or Final Police Investigation report (FIR)
Process of Claim Settlement for Max life term plans
- All the claims submitted by the claimants are initially examined by Max life insurance based on the information provided in the documents.
Therefore, it becomes really important to provide complete information to the company for faster and smoother processing of the claims. Once satisfied with its verification process, the company will process the claims.
- As per regulations, all valid claims are settled within one month (30 days) once the company has received all the documents and the verification process is completed.
In case, there is further verification needed, it may take up to 180 days to get the claims settled. Whatever decision is taken, it is communicated to the claimant.
- The claim amount will be given to the claimants depending upon the option chosen by them at the time of submitting the claimants. However, the company encourages and prefers electronic mode of payments in order to provide a faster and hassle-free claim settle experience.
FAQs Related to Max Life Online Term Plan:
Q1) How does Max life term plans work?
Max life term insurance plans are the simplest life Insurance product offered by the company. It is a pure protection plan wherein the nominee will be given payout by the company only in case of death of the insured. There aren’t any survival or maturity benefits provided in the plan. In case of
Q2) Should one go for add-on or riders with Max Life online term plans?
Riders or add-ons are the most affordable and effective option to enhance the cover and improve the comprehensiveness of one’s policy. These riders need to be purchased at the time of buying the term plan. Therefore, it is advisable to carefully go through the individual riders and their benefits that meet your requirements.
These are the riders offered by Max Life Term Plans:
- Critical Illness Benefit Rider:
Under this rider, the life insured is provided with one-time lumpsum as the benefit amount in case s/he is diagnosed with any of the 40 critical illnesses specified in the policy document.
- Max Life Waiver of Premium Plus Rider:
Under this rider, all future premiums waived for a max life term plan is waived off in case of critical illness or disability.
- Max Life Comprehensive Accident Benefit Rider :
With this rider, the insured is eligible to get additional protection for accidental death or dismemberment due to death.
Q3) How to decide which Max life term insurance plan variant is best?
With Max Life online term plans, one gets the option to customize the particular term plans suiting their needs. One also gets to choose how the insurance cover will be paid to her/his family in the event of her/his death:
- Basic Life Cover – Under this option, the insured’s nominees/family will get the payout as one-time lumpsum that will help them cover immediate financial liabilities and the remaining amount can be fixed to earn interest on the fixed amount.
- Basic Life Cover + Monthly Income – Under this option, besides getting the lump sum payout, your family will also get a regular monthly income for the next 10 years (which will be tax-free). This life cover helps the family members to manage their day-to-day household expenses like groceries, school fees, house rent, etc.
- Basic Life Cover + Increasing Monthly Income – Under this option, the monthly income will keep on increasing by 10% every year which is ultimately an ‘inflation proof’ solution to one’s family needs.
If an individual feels confident about her/his family’s future financial conditions and knows that her/his family members will be able to manage future cash flows without any problem, s/he can opt for basic life cover. If that’s not the case, it’s always a better option to go for the income option.
Q4) Can anyone purchase more than one Max Life Term Plan?
Yes, an individual can have multiple Max life term insurance policies. With age, one’s income and liabilities keep on increasing. Hence, getting extra term life cover becomes sometimes important in order to sustain one’s lifestyle changes.
Q5) How can one evaluate her/his term plan premium?
One can easily calculate her/his term plans premium by using Max Term Insurance Calculator. All one has to do is to enter her/his name, age, gender, smoking habits, etc. and the calculator will display the result based on the information shared by the individual.