Max Life Insurance

A joint venture between Mitsui Sumitomo Insurance Company Limited and Max Financial Services Limited, Max Life Insurance is one of the leading insurance providers in the country.

Different Types of Life Insurance Policies Offered by Max Life:

Max Life has a large portfolio with a number of different plans that cater to an extensive customer base. Regardless of what features and benefits you may be looking for, Max Life has all the solutions you need. Following are the various life insurance plans offered by Max Life.

Max Life Savings Plans:

Max Life Savings plans are ideal investment options if you wish to accumulate wealth for later use. Following are the savings plans offered by Max Life Insurance Company Limited:

1. Max Life Guaranteed Income Plan: Savings plan with guaranteed monthly income that doubles after 5 years.
2. Max Life Whole Life Super: Policy tenor available till 100 years of age of the applicant, with the added option of withdrawing funds when needed, without compromising the life cover.
3. Max Life Monthly Income Advantage Plan: The Monthly Income Advantage Plan, as the title suggests, guarantees a monthly income payment for a period of 10 years to meet their financial requirements in case of any unforeseen circumstances.

Max Life Child Plans :

Max Life Child plans can help in accumulating wealth to meet future expenses of your children, such as higher education, marriage, purchase of a home/vehicle, etc. Investing in a policy at an early stage of the child’s life will ensure that there are adequate finances to meet future requirements. Following are the child plans offered by Max Life Insurance Company Limited:

1. Max Life Shiksha Plus Super: Coverage includes future premium payment by the insurer in case of insured demise, as well as family income benefit.
2. Max Life Future Genius Education Plan: The Future Genius Education plan from Max Life is a non-linked participating life insurance plan that pays a lump sum on maturity.

Max Life Growth Plans:

Max Life Growth plans are great investment options if you wish to save money more long-term growth whilst availing an added benefit of protection in addition to the flexibility of investing in a variety of options. Here are the two growth plans offered by Max Life:

1. Max Life Fast Track Super: The investments are automatically balanced between debt and equity instruments to provide higher and safe returns.
2. Max Life Platinum Wealth Plan: The Max Life Platinum Wealth ULIP comes with attractive features and supreme flexibility, and offers Guaranteed Loyalty Additions and Guaranteed Wealth Boosters. The plan charges very low and offers higher death benefits with its Partner Care Rider option. Customers can also avail tax benefits with this plan. The plan comes with 23 product variants.

Max Life Retirement Plans:

Max Life Retirement plans are smart investment solutions that provide you with regular income even when you are no longer professionally active. In return for a periodical premium payment, you will receive regular monthly income to lead a comfortable retired life. Here are the three retirement solutions you can find at Max Life:

1. Max Life Forever Young Pension Plan: Traditional non-linked annuity plan with guaranteed income stream after retirement.
2. Max Life Guaranteed Lifetime Income Plan: Terminal illness, death and maturity benefits. 7.5% of Sum Assured to be paid every year for 15 years from age 61 to 75 of applicants.
3. Max Life Perfect Partner Super: The Perfect Partner Super plan from Max Life is a traditional, participating, money back life insurance plan that guarantees benefits on maturity in addition to death benefits in case of the death of a spouse.

Max Life Group Plans

Max Life Group plans can be purchased by employer-employee groups so as to strengthen the relationship between employers and employees while ensuring that the employees are financially covered whilst plying their trade with a particular employer. Following are the group plans that can be purchased from Max Life Insurance Company Limited:

1. Max Life Group Gratuity Premier Plan: Meant to provide effective means to employers to fund gratuity payments, with fixed cover of Rs.1,000 per member and option to choose between 4 funds.
2. Max Life Group Super Life Premier Plan in lieu of EDLI: Great tool to secure future of employees’ dependents against death. Also works as an excellent employee retention tool.
3. Max Life Group Super Life Premier: Life insurance for groups with Top-up option to provide additional cover.

Max Life Online Term Plans:

Max Life Online term plans offer customers the option of purchasing the policy online without having to meet an agent or visiting a branch of the insurance company. These plans could either be traditional policies or unit linked plans. The online term plans offered by Max Life Insurance Company Limited are as follow:

1. Max Life Basic Life Cover: Pure term plan with competitive premium rates. Premium is less with 1 crore life insurance cover.
2. Max Life Life Cover + Monthly Income: Death benefits and assured monthly income (fixed) for 10 years and 1 crore life cover.
3. Max Life Life Cover Increasing Monthly Income: Death benefits as well as assured monthly income for 10 years (incrementing at 10% p.a. simple interest).

How to Claim Insurance with Max Life:

In case of a death claims, customers will have to be ready with the following documents:

Compulsory documents required:

Original policy documents:

• Original / Attested copy of Death Certificate Issued by local municipal authority.
• Death Claim Application Form (Form A)
• NEFT Mandate form attested by bank officials in addition to a canceled cheque or bank account passbook.
• Beneficiary’s photo identity proof like a copy of passport, PAN card, Voter identity card, Aadhar (UID) card etc.

Additional documents (as per the cause of death)

• Medical / Natural death:
  • Attending Physician’s Statement (Form ‘C’).
  • Medical records (Admission notes, Discharge/ Death Summary, Test reports etc.)

• Accidental/ Unnatural Death:
  • Copy of the First Information Report (FIR) or Panchanama / Police Complaint.
  • Copy of Post Mortem Report (PMR) / Autopsy and Viscera report.
  • Copy of the Final Police Investigation Report (FPIR)/Charge sheet.

Documents Required in case of Group Claims

1. For Employer-Employee Policies

• Claim Form (GTL Employer-Employee, EDLI, Gratuity) as applicable.
• Original/Attested copy of Death Certificate issued by municipal authorities.
• EFT Mandate form to be completed by nominee/policyholder along with the copy of the canceled cheque wherein the name of the account holder is printed or a copy of Bank pass book.

1. For Non-Employer Employee Policies

Compulsory documents required

• Certificate of Insurance.
• Original / Attested copy of Death Certificate Issued by local municipal authority.
• Claim Form (Lender-Borrower/ Non-Lender Borrower) as applicable.
• NEFT Mandate form attested by bank authorities in addition canceled cheque or bank account passbook.

Additional documents (as per the cause of death)

• Medical / Natural death:
  • Attending Physician’s Statement (Form ‘C’).
  • Medical records (Admission notes, Discharge/ Death Summary, Test reports etc.)

• Accidental/ Unnatural Death:
  • Copy of the First Information Report (FIR) or Panchanama / Police Complaint.
  • Copy of Post Mortem Report (PMR) / Autopsy and Viscera report.
  • Copy of the Final Police Investigation Report (FPIR)/Charge sheet.

Documents Required to Purchase A-Max Life Insurance Policy:

Customers who wish to purchase a life insurance policy from Max Life will have to furnish the following documents:

1. Proposal form
2. Identity Proof
3. Address Proof
4. Any other documents as requested by Max Life Insurance Company Limited.