Know about Max Life Insurance Company

Max Life Insurance Company is a prominent player in the insurance industry and was instituted in the year 2000. Max Life Insurance Company is a joint undertaking between Max Financial Services a listed holding company and Mitsui Sumitomo Insurance Company a renowned insurer in Japan. The company offers an assorted variety of insurance resolutions to all. With its widespread network of branches across India and robust multi-distribution channels operating across the country, the company is recognized for offering simple and inexpensive insurance propositions to all. 

1. Total assets of the company INR 90,470 crores
2. The company has a massive network of 277 branch offices in 143 cities in India
3. The Claim Settlement Ratio of the company for the financial year 2020-21 is 99.35%
4. The total Sum Assured which are active and in force is INR 1,087,987 Crores for the financial year 2020-21

Max Life Insurance -Company stats

Name	Max Life Insurance Company Limited
Owner	A joint collaboration between Max Financial Services and Mitsui Sumitomo Insurance Company
Company Tagline	Karo Zyaada Ka Iraada
Managing Director and Chief Executive Officer	Prashant Tripathy
Total Branch Offices	239
Asset Under Management	INR 90,470 crores
Solvency Ratio	242%

Awards & Recognition byMax Life Insurance

The company has been recognized by various awards, some of them are as below:

1. Great Place to Work 2021- The Company ranked 18th amongst India’s Best Companies to Work For
2. FICCI Insurance Industry Awards 2021, awarded Max Life Insurance Company the Excellence in Digital Sales and Process Enablement
3. Effie Award 2018- The award was given to the company because of its robust structure in Protection Agenda
4. CMO Asia Award for its Excellence in Claims Service
5. CMO Asia Award for Claims Service Leader
6. Silver Award at ASQ ITEA for Sell Right for Customer Delight at Axis Bank

We will study the various Individual Plans which are being offered by the company which are namely:

1. Term Plans
2. Savings Plans
3. ULIPs Plans
4. Child Plans
5. Retirement Plans

Max Life Term Insurance Plans

Term plans can be defined as the utmost unadulterated form of insurance available to all the patrons of insurance products. The objective is to provide a wide-ranging lifeguard with an assortment of different advantages which suits all individuals. Term plans are obtainable for a definite period of time, wherein case if the policyholder expires, the company will pay the nominee an assured benefit or a lump sum. On the other hand, if the policyholder survives during the policy period, the company does not pay any benefit to the insured at the end of the policy. Tax Benefits under section 80 (C) can be availed under these plans. Max life Insurance term plans are available online and offline to all the customers.

Types of Max Life Term Insurance Plans in India

The company offers three different term plans which are namely: 

1. Max Life Online Term Plan Plus
2. Max Life Super Term Plan
3. Max Life Premium Return Protection Plan

We will have a quick overview of the above plans as below:

1. Max Life Online Term Plan Plus

Max Life Online Term Plan Plus is explicitly created for clienteles on a digital platform that gives financial safety to families against events like death, disability and diseases. The plan has 3 different modifications which are as follows:

1. Max Life Online Term Plan Plus (Basic Life Cover)
   A clean shield that assures to pay a fixed lump sum to the family of the insured individual in the event of unfortunate death. Along with the death benefits, the policy has many other unique features.
   Benefits of Max Life Online Term Plan plus (Basic Life Cover)
   • Coverage for 40 severe illnesses and disabilities 
   • Benefits to cover important events of life such as child marriage, education, childbirth etc.
   • Coverage can be extended to the age of 80 years by paying an additional amount of premium
2. Max Life Online Term Plan Plus (Life Cover + Monthly Income)
   The Plan pays a steady income to the family of the insured individual together with a lump sum financial benefit in case of unfortunate events.
   Benefits of Max Life Online Term Plan Plus (Life Cover + Monthly Income)
   Following are the features of the plan:
   • The lump-sum benefit which is the sum assured is paid to the nominated beneficiary
   • The plan pays 0.4% of the sum assured on a monthly basis to the beneficiary for the period of 10 years
   • Coverage for 40 severe illnesses and disabilities 
   • Benefits of additional riders
3. Max Life Online Term Plan Plus (Life Cover + Increasing Monthly Income)
   The Plan offers to pay a fixed amount to the insured individual’s family as death benefits together with a steady income which is given on a monthly basis for the next 10 years.
   Benefits of Max Life Online Term Plan Plus (Life Cover + Increasing Monthly Income)
   • Other than the basic sum assured, the policy pays 0.4% of the sum assured on a monthly basis in the first year to the beneficiary. Post this, the monthly income increases every year by 10% for the rest of the period of payout
   • Benefits of additional riders
   • Coverage for 40 severe illnesses and disabilities

2. Max Life Premium Return Protection Plan 

Max Life Insurance Premium Return Protection Plan offers a complete safeguard to the insured’s family. The policy gives absolute financial safety during contingencies and supports the financial comfort of the insured’s family. In case the insured survives during the policy term, the plan will return the total premiums paid. 

Benefits of Max Life Insurance Premium Return Protection Plan 

1. 50% of the sum assured is the coverage for availing In-built accidental death benefit
2. The premium payment period of 11 years
3. High sum assured discount is offered on availing coverage for more than INR 30 lakhs
4. Flexibility to choose the term of the policy

3. Max Life Smart Secure Plus Plan 

The Smart Secure Plus Plan by Max Life is a non-linked non-participating plan. A pure risk insurance plan, it offers a death benefit to your nominee in case of your unfortunate death during the tenure of the policy, which prevents the family from going into a financial crisis post the death of the primary earner. You have the option to cover your spouse under the Joint Life option. 

Here are the main features of Max Life Smart Secure Plus Plan

1. Smart Secure Plus Plan by Max Life gives you the option of 2 kinds of death benefits. You can select either at the time of policy purchase:
   • Life Cover 
   • Increasing Life Cover
2. The nominee also is given the freedom to select the payout of the death benefit:
   • Lump-sum 
   • Income on a monthly basis
   • Combination of the above 2 options
3.  On the diagnosis of a terminal illness, there is coverage of INR 1 crore
4. There is the option of Return of 100% of the premiums that you have paid at the time of policy end
5. Life coverage is available up to the age of 85 years

4. Max Life Smart Term Plan

Max Life Smart Term Plan is a plan that offers you comprehensive protection solutions to safeguard the future of your loved ones. Even if something unfortunate happens to you tomorrow, you can rest assured that your family would not be in a financial crisis. This is a term insurance plan, which means that in case of death of the insured member. The nominee will receive a death benefit. 

Let us take a look at the key features of Max Life Smart Term Plan:

1. Max Life Smart Term Plan is a very affordable policy that allows you to protect your family for years to come
2. The plan allows you the freedom to customise your policy. At the time of purchase, you have the option to choose between 7 death benefits variants
3. These variants are:
   • Life Cover
   • Income Protector
   • Income + Inflation Protector
   • Life Cover + Income
   • Life Cover + Increasing Income
   • Increasing Cover
   • Reducing Cover
4. You can further enhance the coverage of the policy by opting for Riders 
5. The plan does not offer any maturity benefit. This means that if the insured outlives the policy term, no benefit is payable
6. There are discounts available when you opt for a high Sum Assured
7. Females policyholders can avail of discounts on the premiums

5. Max Life Saral Jeevan Bima

Saral Jeevan Bima plan by Max Life is a pure term insurance plan. The insured individual is protected for a given period of time for which he is required to pay a fixed amount of premium. With this plan, one can ensure a safe future for their family in case of a tragic event. An easy to understand life insurance plan, it is very affordable and suitable for people from all economic backgrounds. The plan offers a lot of freedom in choosing the term of the plan. 

Given below are the major features of the Max Life Saral Jeevan Bima:

1. You can choose a term of a period of 5 years to 40 years
2. The plan is an affordable one that covers you till th eage of 70 years’
3. Max Life Saral Jeevan Bima is a basic and easy to understand plan
4. There are hardly any restrictions on the plan, and the masses can easily opt for this plan
5. The plan can be purchased online as well as offline

We will have a quick view on the eligibility of all the plans as mentioned above:

Eligibility Conditions of Max Life Term Insurance Plans: Snapshot

Plan Name	Entry Age	Maturity Age	Policy Term	Premium Paying Term	Sum assured
Max Life Online Term Plan Plus (Basic Life Cover)	18 years to 60 years	75 years (can be extended to 85 years)	10 years to 40 years	Same as premium payment term	INR 25 lakhs to INR 100 Cr
Max Life Online Term Plan Plus (Life Cover + Monthly Income)	18 years to 60 years	75 years (can be extended to 85 years)	10 years to 40 years	Same as premium payment term	INR 25 lakhs to INR 100 Cr
Max Life Online Term Plan Plus (Life Cover + Increasing Monthly Income)	18 years to 60 years	75 years (can be extended to 85 years)	10 years to 40 years	Same as premium payment term	INR 25 lakhs to INR 100 Cr
Max Life Super Term Plan – level sum assured	18 years to 65 years	75 years	10 years to 35 years	Same as premium payment term	INR 25 lakhs to No limit
Max Life Super Term Plan – increasing sum assured	18 years to 65 years	75 years	10 years to 35 years	Same as premium payment term	INR 25 lakhs to No limit
Max Life Premium Return Protection Plan	21 years to 55 years	75 years	20 years/25 years/30 years	11 years	INR 5 lakhs to INR 1 Cr
Max Life Smart Secure Plus Plan	18 years to 44/ 65 years	Base Death Benefit: 85 years Accelerated Critical Illness Benefit Option: 75 years Accident Cover Option: 85 years	10 years to 50/ 67 years	5 years to 67 years	Base Death Benefit: INR 20 lakhsIN Joint Life INR 10 lakhs
Max Life Saral Jeevan Bima	18 years to 65 years	5 years to 40 years	5 years to 40 years	INR 5 lakhs to INR 25 lakhs
Max Life Smart Term Plan	18 years to 60 years	85 years	10 years to 50 years	Single Pay Regular pay: 10 years to 50 years Limited Pay: 5 Pay / 10 Pay / 12 Pay / 15 Pay Pay till 60 variant	Minimum: Base Death Benefit: INR 10 lakhs  Accelerated Critical Illness Benefit Option: INR 5 lakhs Accident Cover Option: INR 50,000

1. Max Life Insurance Whole Life Super Plan

The plan helps to have financial support for a long period. This is a whole life plan which provides a guaranteed shield to the insured individual till 100 years. 

Benefits of Max Life Insurance Whole Life Super Plan

1. It’s a non-participating savings plan that provides insurance cover for the entire life thereby providing Maturity and Death Benefit
2.  Maturity Benefit comes in terms of guaranteed sum assured together with accrued paid-up addition (if any) and Terminal Bonus
3. Death Benefit comes with a guaranteed payout with the bonus as applicable
4. The benefit of Terminal Illness comes with immediate payment of 50% of the guaranteed sum assured

2. Max Life Insurance Guaranteed Income Plan

A dual benefit plan which gives complete life protection together with a guaranteed payout in the form of a monthly income for 10 years period.

Benefits of Max Life Insurance Guaranteed Income Plan

1. The plan provides a guaranteed income for 10 years which gets doubled after 5 years
2. immediate pay outpost the term of the policy with absolutely no waiting period
3. Terminal Benefit with guaranteed monthly income for 10 years
4. The nominee gets a guaranteed lump sum payout with an option to alter it into monthly income for 10 years in case of any unfortunate event

3. Max Life Insurance Monthly Income Advantage Plan

A limited premium plan that helps to ensure that to meet the obligations in the future and the family is financially safe in the absence of the policyholder. Under this plan, the coverage of life is up to a period of 25 years.

Benefits of Max Life Insurance Monthly Income Advantage Plan

1. A monthly income for 10 years post paying all the premiums
2. Income Benefit comes in terms of a guaranteed monthly income which is adding up to 1/12th of 10% of Sum Assured for 120 months
3. Maturity Benefit comes in terms of Sum of Accrued Compound Reversionary Bonus (if any) and Terminal bonus (if any) upon completion of the Policy Term
4. Death Benefit comes with the continuation of the policy as it was by which the family receives all the benefits of the policy

4. Max Life Insurance Assured Wealth Plan

A non-lined, non-participating life insurance plan which gives a definite return on investment to meet the savings objective of the individual. The plan gives a scope to generate and build a corpus by way of methodical savings.

Benefits of Max Life Insurance Assured Wealth Plan

1. Guaranteed lump sum maturity benefit 
2. Availability of 6 variants of the premium paying term
3. Payment of lump-sum death benefit upon the demise of the life insured which is higher of 10 times the Annualized Premium or 105% of all premiums paid as on the date of death of the insured or Guaranteed Sum Assured at Maturity or Any absolute amount assured to be paid on death

5. Max Life Insurance POS Guaranteed Benefit Plan

A savings and income plan that gives a guaranteed return to protect the family against all the needs to meet the financial requirements.

Benefits of Max Life Insurance POS Guaranteed Benefit Plan

1. Guaranteed Maturity and Death benefit 
2. Additional riders

6. Max Life Online Savings Plan 

This is a unit link life insurance plan which not only gives you life coverage but also allows you to save your hard-earned money in a systematic and planned way. This plan comes in 2 variants:

1. Online Savings Plan for Wealth Creation
   This plan offers a lot of flexibility and you can choose from a number of available options. There is an inbuilt life cover that allows you to enhance the cover. Other benefits include:
   • You can switch between funds as many times as you want
   • The policy term can be from 5 years to 30 years
   • There are no allocation and administration charges
2. Online Savings Plan for your Child
   This is a comprehensive plan that insures as well as invest. The other features are:
   • The child is secured against the parent’s death with Triple Protection of Monthly Income, lump sum along with Auto Continuation of the policy
   • You can switch between the funds an unlimited number of times
   • You can choose a fund that suits your risk appetite

7. Max Life Smart Wealth Plan

The Max Life Smart Wealth Plan is a life insurance plan that is non-linked and non-participating. Designed for financial security, this plan guarantees you returns and helps you fulfil your goals in life. This is an affordable plan that is suitable for salaried as well as self-employed individuals. If you are the primary earner in the family, planning your future correctly becomes all the more essential. The Smart Wealth Plan will not only cover you for life but also allow you to get capital appreciation. Here are the main features of this plan:

1. In case of death of the insured individual, the policy offers a comprehensive death benefit
2. The plan comes in the following variants, choose the one that suits your needs the best:
   • Lump Sum
   • Long Term Income
   • Short Term Income
   • Whole Life Income
3. At the time of maturity, you will receive the guaranteed sum assured along with any accrued guaranteed additions as per the variant you have selected 

8. Max Life Savings Advantage Plan

For all kinds of you goals in life, whether they are big or small, short-term or long-term, the one thing that you often need to fulfil such dreams is financial stability. In order to make sure that you are well prepared for all the unforeseen incidents that may happen in life, you would have to have a strong plan so that you can tread forward despite obstacles. Max Life Savings Advantage Plan is a life insurance plan that enhances your savings in the most disciplined way.

Here are the major benefits of this plan:

1. This plan allows you to safeguard the future of your loved ones
2.  Receive a partly guaranteed lump sum on the maturity of the policy
3. The tenure of the policy and the premium payment term can be customised 
4. At the time of maturity, you would receive 110% of the guaranteed sum assured along with accrued benefits
5. The plan also allows you to save on taxes under Section 80C and 10(10D)

9. Max Life Cancer Insurance Plan

We are all aware that cancer is a deadly disease. It does not just affect the person infected, but the ripples of mental and financial agony are transferred to everyone in the family. Under such circumstances, it is wise to be protected under the protection of the Max Life Cancer Insurance Plan. This is a comprehensive plan that covers you against all types of cancers. Let us take a look at the various features and benefits of the Max Life Cancer Insurance Plan:

1. In the case of early detection, the individual receives 20% of the initial cover amount in a lump sum and the upcoming premium is waived off
2. The remaining amount is paid if cancer develops into a major stage
3. If cancer is diagnosed at a major stage, 10% of the initial sum insured is paid out for 5 years
4. In case of death of the insured during the term of the policy 100% of the paid premiums are paid out at the death benefit 
5. One can avail of coverage up to the age of 75 years
6. The treatment cost of any kind of cancer is very high. Max Life Cancer Insurance Plan can help you get the best treatment, at a very affordable cost
7. Max Life has a network of renowned hospitals that would offer high-quality treatment 

We will have a quick view on the eligibility of all the plans as mentioned above:
Eligibility Conditions of Max Life Savings Plans: Snapshot

Plan Name	Entry Age	Maturity Age	Policy Term	Sum assured
Max Life Whole Life Super	18 years to 50 years	NA	100 years of Life Insured	INR 50000 with no limit
Max Life Guaranteed Income Plan	25 years to 60 years	67 years	6 years to 12 years	INR 451226 for 6 years Term INR 273986 for 12 years Term Maximum – No Limit
Max Life Gain Premier Plan	18 years to 55 years	15 years term- 70 years20-25 term- 75 years	15 years and 20 years	INR 50000 with no limit
Max Life Monthly Income Advantage Plan	18 years to 50 years and 55 years	75 years and 77 years	22 years and 25 years	INR 324000 for 12 pay variants INR 405000 for 15 pay variants Maximum – No Limit
Max Life Assured Wealth Plan	8 years to 55 years	65 years	10 years	INR 197460 lakhs and with No maximum limit
Max Life POS Guaranteed Benefit Plan	18 years to 50 years	60 years	10 years	INR 97593 till INR 731978
Max Life Online Savings Plan	18 years to 54 years	64 years	5 years to 30 years	INR 60,000 with no upper limit
Max Life Smart Wealth Plan	91 days to 65 years	18 years to 80 years	Depends on the variant selected	–
Max Life Savings Advantage Plan	91 days to 65 years	18 years to 80 years	10 years to 30 years
Max Life Cancer Insurance Plan	25 years to 65 years	75 years	10 years to 40 years	INR 10 lakhs to INR 50 lakhs

Max Life ULIPs

ULIPs are life insurance with investment choices that provide a chance to invest in various markets like equity, debt, stocks, mutual funds or bonds for increased growing simultaneously with coverage of life. ULIPs offers a method to investment planning as they allow to balance equity and debt investments with options to do a switch per the market volatility. Tax Benefits under section 80 (C) and 10(10D) can be availed under these plans as applicable.

Types of Max Life Insurance ULIP Plans

The company offers 2 different ULIP plans which are namely: 

1. Max Life Insurance Fast Track Super Plan

Max Life Fast Track Super Plan is a plan that is envisioned to offer an insurance option together with a safe, easy and simple method to invest in the market with the manifold option of funds available in the market.

Benefits of Max Life Insurance Fast Track Super Plan

• Maturity Benefit is the amount which will be equal to the total value of the policy namely the fund value as on the date when the policy matures
• Death Benefit is the amount payable which will be highest of Sum Assured or the Fund Value as on date of death of the insured or 105% of all the paid premiums
• Choices of 6 fund options with 12 free fund switches in a year
• Partial withdrawals can be done 2 times each year after 5 years
• Availability of loyalty rewards

2. Max Life Insurance Platinum Wealth Plan

Max Life Platinum Wealth Plan, a perfect plan that helps to gather and grow the savings to accomplish the long-term objectives effortlessly keeping in mind the future need of the family.

Benefits of Max Life Insurance Platinum Wealth Plan

• Wide-ranging benefits include maturity benefit as fund value and death benefit to the nominee
• Choices of 6 fund options with 2 free fund tactics
• Zero Policy administration charges after 5 years from the inception of the policy
• A spouse can be covered under this plan
• Flexible premium paying term
• We will have a quick view on the eligibility of all the plans as mentioned above:

Eligibility Conditions of Max Life ULIPs: Snapshot

Plan Name	Entry Age	Maturity Age	Policy Term
Max Life Fast Track Super Plan	5 Pay and Single Pay- 18 years to 60 years Regular Pay- 50 years	70 years	5 Pay- 10 years Regular Pay- 20 years Single Pay- 10 years
Max Life Platinum Wealth Plan	Regular Pay- 55 years Single Pay and Limited Pay- 60 years  Single Pay, Limited Pay and Regular- 18 years	Regular Pay- 65 years  Single Pay and Limited Pay- 70 years	10 years and 20 years

3. Max Life Flexi Wealth Plus

This is a unit-linked life insurance plan which offers flexibility to customise the plan as per your financial needs. Whether you plan to save for your child’s future or save for your golden years, with Max Life Flexi Wealth Plus, it becomes easier to save. While investing in the capital market, the plan also gives you assured additions. These additions help enhance the accumulated fun value that you receive at the end of the policy term. 

Given below are the key features of the Max Life Flexi Wealth Plus plan:

1. The plan offers you Guaranteed Loyalty Additions and Guaranteed Wealth Boosters
2. If the insured survives the term of the policy, you receive the Return of Mortality Charges
3. When you opt for the Whole Life Variant, you can avail of the benefits of the policy up to 100 years
4.  Max Life Flexi Wealth Plus plan comes with an Inbuilt Life Cover with a wealth growth advantage
5.  You are free to make as many switches in the funds as you want
6. Invest in the funds that best suit your risk appetite

Eligibility Conditions of Max Life ULIPs: Snapshot

Plan Name	Entry Age	Maturity Age	Policy Term
Max Life Fast Track Super Plan	5 Pay and Single Pay- 18 years to 60 years Regular Pay- 50 years	70 years	5 Pay- 10 years Regular Pay- 20 years Single Pay- 10 years
Max Life Platinum Wealth Plan	Regular Pay- 55 years Single Pay and Limited Pay- 60 years Single Pay, Limited Pay and Regular- 18 years	Regular Pay- 65 years Single Pay and Limited Pay- 70 years	10 years and 20 years
Max Life Flexi Wealth Plus	91 days to 70 years	18 years to 100 years	10 years to 30 years OR 100 minus the Entry Age

Max Life Child Plans

A child insurance plan is a unique blend of insurance and investment that gives a protected future for the child. At the end of policy period coverage of life is available as a lumpsum payment. Also, these plans provide flexible disbursements at significant milestones of a child’s journey in the education field. It is imperative that the child’s future is protected against all unfortunate events. Tax Benefits under section 80 (C) and 10(10D) can be availed under these plans as applicable.

Types of Max Life Insurance Child Plans

The company offers 2 different Child Plans which are namely: 

1. Max Life Insurance Future Genius Education Plan

A participating non-linked life insurance policy which helps to manage the higher education for the children through very methodical and systematic savings.

Benefits of Max Life Insurance Future Genius Education Plan

• Guaranteed 4 money backs paid annually in the last 4 years of the policy
• Each money back is being paid which is 25% of Sum Assured
• Flexibility to choose premium payment term and the term of the policy
• Choices of 3 bonus- Cash, Premium Offset and Paid-up Additions
• Death and Maturity Benefits are also available

2. Max Life Insurance Shiksha Plus Super Plan

Max Life Shiksha Plus Super Plan helps to have a secured corpus for the child’s future education need and provide great support to fulfil their dreams.

Benefits of Max Life Insurance Shiksha Plus Super Plan

• Flexibility to choose the term of the policy from 10 years or between 15 years to 25 years
• Assured loyalty additions
• The nominee will receive Death Benefit in case of the unfortunate demise of the person insured during the Policy Term
• Maturity Benefit will be payable after the end of the term of the policy

We will have a quick view on the eligibility of all the plans as mentioned above:

Eligibility conditions on Max Life Child Plans: SnapShot

Plan Name	Entry Age	Maturity Age	Policy Term	Sum assured
Max Life Future Genius Education Plan	21 years to 45 years	66 years	18 years	INR 327000 for 8 pay variants INR 212000 for limited Pay  Maximum – No Limit
Max Life Shiksha Plus Super Plan	21 years to 50 years	60 years- For 5 Pay 65 years-For Regular Pay	10 years, 15 years and 20 years	10 X Annualized Premium

Max Life Retirement Plans

Retirement plans are insurance products considered to provide financial security once the income generation ends. The earnings of the retirement plans help to give monthly pension benefits by purchasing annuity plans. The plan builds a fund which can be withdrawn as a whole or in portions during the retirement years. With double benefits of financial protection with investment, these plans are appropriate for covering the financial requirements. 

Types of Max Life Insurance Retirement Plans

The company has 3 different Retirement Plans which are namely: 

1. Max Life Insurance Forever Young Pension Plan

Max Life Forever Young Pension Plan assists to create a strong reserve for retirement years, at the same time safeguarding from the risk and volatility of the equity market. The plan also provides an additional annuity plan benefits to protect the family against unexpected incidents.

Benefits of Max Life Insurance Forever Young Pension Plan

• Creation of safe retirement savings corpus
• Option to secure partner by availing the Partner Care Rider
• The benefit of additional guaranteed loyalty at 0.50% of the fund value
• The option of choosing the retirement age depending on the financial objective 
• Death Benefit allows the nominee to receive the payment as lumpsum or purchase of an annuity
• The benefit of availing Top-up premium thereby adding more to the savings

2. Max Life Insurance Guaranteed Lifetime Income Plan

Max Life Guaranteed Lifetime Income Plan is an annuity plan that allows changing the life-savings into a lifetime regular source of income to protect financial needs.

Benefits of Max Life Insurance Guaranteed Lifetime Income Plan

• Flexibility to choose various payout options – monthly, quarterly, bi-annually or annually
• Multiple Annuity Option Benefits helps to cover both the insured and his/ her by choosing Single Life Annuity or Joint Life Annuity
• The benefit of repaying back of the premiums paid to the nominee
• Death Benefit comes with the amount which will be 100% of the purchase in case of Single Life / Joint Life Annuity Plans together with the Return of Premium (ROP)

3. Max Life Insurance Premium Return Protection Plan

Max Life Premium Return Protection Plan offers protection coverage with the benefit of the return of premiums paid at the end of the policy term upon the survival of the insured individual.

Benefits of Max Life Insurance Premium Return Protection Plan

• Return of total premiums at the end of the policy term
• The benefit of choosing the policy term of 20 years, 25 years and 30 years
• Death Benefit comes with the payment of the sum assured between INR 5 lakhs to INR 1 Crore 
• The benefit of paying only for 11 years and thereby enjoying the benefits for 30 years

Let us have a quick view on the eligibility of all the plans as mentioned above:

Eligibility Conditions of Max Life Retirement Plans: Snapshot

Plan Name	Entry Age	Vesting Age	Policy Term	Sum assured
Max Life Forever Young Pension Plan	30 years to 65 years	50 years to 75 years	50 years to 75 years (Less entry age)	INR 25000 per year Maximum – No Limit
Max Life Guaranteed Lifetime Income Plan	50 years to 80 years	NA	NA	NA
Max Life Perfect Partner Super	91 days to 55 years	NA	INR 50000 per year Maximum – No Limit

4. Max Life Perfect Partner Super

A pension plan that helps you sit back and relax your golden years. You can live a worry-free life knowing that even if something happens to you, your spouse’s needs would be catered for. Annual money backs are guaranteed in this plan, giving you the assurance of regular income. There are riders that can help you secure your wife’s financial future in case of an unforeseen event

Here are the main features of the Max Life Perfect Partner Super:

1. There is guaranteed payback of 212% of Guaranteed Maturity Sum Assured 
2. The Max Life Waiver of Premium Plus Riders secures your spouse’s future well being
3. The sum payable can enhance with accrued paid-up additions and a terminal bonus
4. Max Life Perfect Partner Super also allows liquidity through easy withdrawals
5. The life cover that is guaranteed also grows till the time you turn 75 years of age
6. The premium payment term can be 7 or 10 or 15 or 20 years as per your choice 

5. Max Life Saral Pension Plan

The Saral Pension Plan by Max Life is a non participating non-linked plan. Being a single premium plan, you pay the premium once which ensures a steady flow of income when you retire. As it is an immediate annuity plan, the pension starts immediately when you purchase the policy. It allows you to take care of the financial obligations and everyday expenses that you and your spouse have after you retire. 

Here are some of the major features of the Max Life Saral Pension Plan:

1. You can opt for either a Single Life or a Joint life annuity option. 
2. The annuity payment can be monthly/ quarterly/ half-yearly or yearly
3. In case of death of the annuitant in Single Life, the nominee receives the death benefit which is 100% of the purchase price
4. In case of the death of the annuitant in Joint Life, the secondary annuitant will receive the pension. After his/ her death the nominee receives the death benefit which is 100% of the purchase price
5. The policy also comes with a survival benefit
6. After 6 months of policy purchase, you are eligible for a loan 

Let us have a quick view on the eligibility of all the plans as mentioned above:

Eligibility Conditions of Max Life Retirement Plans

Plan Name	Entry Age	Vesting Age	Policy Term	Sum Assured
Max Life Forever Young Pension Plan	30 years to 65 years	50 years to 75 years	50 years to 75 years (Less entry age)	INR 25000 per year Maximum – No Limit
Max Life Guaranteed Lifetime Income Plan	50 years to 80 years	NA	NA	NA
Max Life Premium Return Protection Plan	21 to 55 years	Maximum Maturity Age: 75 years
Max Life Perfect Partner Super	91 days to 55 years	NA	Till the insured is 75 years of age	INR 50,000 No Upper limit

How to buy Max Life Insurance policies?

You can buy Max Life Insurance plans both offline as well as online. In order to buy the plans offline, you would have to visit the branch directly and purchase the same from the insurance company directly.

However, the same can be purchased online as well from the official website of Max Life Insurance. A simpler process for buying the policies online is through Turtlemint, an online platform to buy and renew insurance policies.

To buy Max Life Insurance Plans, you can:

• Visit https://www.turtlemint.com/
• Opt for Life Insurance:
  https://www.turtlemint.com/life-insurance
• You have a choice of
  • Term Plans
  • Investment and Tax Plans
  • Savings for child
  • Pension/ Retirement
• You need to choose the type of plan that you wish to buy
• And then provide details of yourself like:
  • Gender
  • Marital Status
  • Date of Birth
  • Annual Income
  • Smoking habits
  • Sum Assured
  • Your Contact Details
• Then you will get the details of all the possible plans
• All you need to do is choose the best plan from the options available, which could be from Max Life Insurance as well and then “View Details”
• Once you are convinced of the plan that you wish to buy, you need to click on “Buy Now” tab
• Details need to be entered before purchasing the plan like:
  • Proposer details
  • Insured details
• And then proceed to make the payment to purchase the policy online through Turtlemint

The renewal process of Max Life Insurance Plans

Renewing Max Life Insurance Plans is also an easy affair. You can renew the policy online through the company’s website using the following steps –

1. Visit the company’s home page and renew the same online
2. You will be redirected to a new page wherein you can provide your policy details. You can, then, pay the renewal premium and the policy would be renewed

Renewal of Max Life Insurance Policies can also be done online through Turtlemint. If you have bought the policy through Turtlemint you are an existing customer. You would have the login details with which you can log into your Turtlemint account. After you are logged in, choose the health or car or bike insurance plan which you would want to renew, click on ‘Renew’ and you would be able to check the policy details. If you want to renew without any changes, pay the renewal premium and the policy would be renewed.

Claim Process for Max Life Insurance Policies

The claim process for Max Life insurance plans is very easy and hassle-free. In case of the unfortunate death of the policyholder, the nominee or the claimant needs to follow few steps to claim the policy benefits. 

1. Download the claim form for Max Life Insurance plans from the official website www.maxlifeinsurance.com or obtaining the claim form from any branch office of Max Life Insurance Company. 
2. All the necessary sections must be filled up with correct details. Submit the applicable documents together with the signed claim form as specified by the Max Life Insurance Company.
3. One can email the claims at claims.support@maxlifeinsurance.com as well.
4. The Company will review all documents post which the claim will be administered and reimbursements will be made or rejected, as applicable within 30 days of the receipt of the claim together with any clarifications, if any.
5. The claimant can contact the Toll-free number: 1800 200 5577 for any assistance.

The claims can also be settled through Turtlemint. Turtlemint is a company that provides customers with the facility of claim settlement through a squad of claim specialists. The company needs to be notified by calling their toll-free number 1800 266 0101 or via an email at claims@turtlemint.com. Post this, the claim department will connect and coordinate with Max Life Insurance to process the claims.

Payment modes for Max Life Insurance

The Company offers various modes of payment which one can avail of. Listed below the same:

• Online Payment
  • Max Life Official Website
  • “Renewal Payment” via foreign remittance or transfer
  • NEFT/ RTGS
  • Instapay service
  • Paytm, PhonePe and Airtel Money
• Auto-Debit
  • Direct debit
  • NACH
  • Standing Instruction in Credit card 
  • Electronic Bill Payment and Presentment
• Payment at any Max Life dropbox, branch offices
• Payment and request for a cheque pick up

Renewal process inMax Life Insurance

One can visit www.maxlifeinsurance.com/pay-online and can make the online payment for renewing the policy after filling up the policy number or contact number.

Max Life Insurance Company Address and Contact Information

The Company can be contacted in the following ways by contacting:

1. Helpline number 1860 120 5577 from 9AM to 6PM available from Monday till Saturday
2. Online Term Plan Helpline number 1800 200 3383 which is 24*7 other than National Holidays or email at online@maxlifeinsurance.com
3. NRI Helpline 0124 5098162/ 0124-4905150 or email at nri.helpdesk@maxlifeinsurance.com
4. By writing online at www.maxlifeinsurance.com/contact-us
5. Max Life Insurance Company Operations Center – 2nd Floor 90A, Sector 18, Udyog Vihar Gurugram-122001, India for Life, Health & Group Claims