Max Life Insurance
Max Life Insurance Company, established in 2000, is a private insurance company in India. It is a joint venture between Max India Ltd, an Indian multi-business corporate and Mitsui Sumitomo Insurance Co. Ltd, a member of MS&AD Insurance Group, a general insurer. The company has started its commercial operations in 2001. It offers comprehensive life insurance and retirement solutions for the long-term savings and the protection to more than 30 lakh customers.
What is Max Life Insurance?
Max Life Insurance offers inclusive protection, long-term savings, and retirement solution to the insurance seekers. The policies are specifically designed to cater to the various needs of the insurance buyers. The insurance buyers can choose from the extensive range of plans ranging from protection, retirement, child, savings, etc. as per their requirement and suitability. Over the past 15 years and so, the company has progressed in the country and has developed a strong reputation in the market.
Why You Should Choose Max Life Insurance?
Headquartered in Delhi, Max Life Insurance Company has an asset of Rs.62,798 crores. With a claim settlement ratio of 98.74%, the company constantly tries to create a solution to make life insurance plans more affordable, easy, and suitable for customers at every stage of life.
Here is why you should choose Max Life Insurance.
Empathy: The company chooses its customers over numbers. With a customer-centric approach, the company offers a one-stop solution for the insurance needs of the buyers.
Transparency: With a claim settlement ratio of 98.74%, the company offers transparency to the insurance buyers. Insurance buyers can check every detail related to different policies online. With a solvency ratio of 242% (Source Public Disclosure FY 2018-2019), Max Life policies offer reliability to the customers.
Accountability: The company values the trust of the insurance buyers thus provides an excellent customer support service 24X7 to the insurance buyers. The company takes accountability of the policies and provides a hassle-free claim settlement process in case the claim is filed by the nominee of the policy.
Benefits of Max Life Insurance
The company offers many benefits to insurance holders. Let’s take a look at it:
The company offers a wide range of comprehensive policies to cater to the requirements of insurance buyers.
The insurance buyers can opt for a high coverage plan at an affordable premium rate.
Along with the benefit of insurance cover, the policies also provide the advantage of tax exemption U/S 80C and 10(10D) of Income Tax Act.
An individual can purchase policy online in an easy and hassle-free way.
The plans offered by the company helps to secure the financial future of the family of the insured.
Max Life Insurance policies help the insured to provide financial security to their family and safeguard them against any type of eventualities.
Types of Max Life Insurance Plans
Here are all the different types of insurance plans:
Term Insurance Plan
These are comprehensive life insurance plans that offer the much-needed financial protection to you and your family. Following are the term insurance plans
Plan Name
Entry Age (Min – Max)
Maturity Age
Policy Term
Sum Assured (Min – Max)
Max Life Online Term Plan Basic Cover
18 - 60 years
85 years
10-50 years
Rs.25 lakh - Rs.100 crore
Max Life Online Term Plan Life Cover + Monthly Income
18 - 60 years
85 years
10-50 years
Rs.25 lakh - Rs.100 crore
Max Life Online Term Plan Life Cover + Increasing Monthly Income
18 - 60 years
85 years
10-50 years
Rs.25 lakh - Rs.100 crore
Max Life Super Term Plan
18 - 65 years
75 years
10-35 years
Rs.25 lakh - No Upper Limit
Max Life Platinum Protect II
18 - 60 years
75 years
10, 15, 20, 25, and 30 years
Rs.25 lakh - No Upper Limit
Max Life Premium Return Protection Plan
21 - 55 years
75 years
20, 25, and 30 years
Rs.5 lakh - Rs. 1 crore
Max Life Online Term Plan Basic Life Cover
This is a pure term insurance plan. It comes with the option of a regular premium payment. In the event of the sudden demise of the policyholder, the plan offers financial protection to the family of the insured.
Max Life Online Term Plan Life Cover + Monthly Income
This plan offers financial security to the policyholder and his/her loved ones in case of his/her sudden demise. The death benefit amount can be used to pay for major liabilities like purchasing a car, funding the child’s education, home loan, marriage, etc.
Additionally, it provides the monthly payout that can be used to take care of the daily expenses of the family like school fees, groceries, etc. All in all, it ensures that the insured’s family is able to maintain a good lifestyle.
Max Life Online Term Plan Life Cover + Increasing Monthly Income
In case of sudden demise of the insured, this plan offers a lump sum amount as the death benefit. Apart from that, it provides a monthly payout for the next 10 years. The monthly payout can be used to meet various expenses like school fees, groceries, etc.
Even after considering the inflation rate, the plan ensures that the insured’s family is able to maintain a good lifestyle
Max Life Super Term Plan
Under this plan, the life cover increases at the rate of 5% on an annual basis. However, it doesn’t affect the premium rates.
The plan helps insured’s family cope up with rising inflation rate.
Max Life Premium Return Protection Plan
The plan safeguards the financial future of the policyholder’s family against various uncertainties. In case the policyholder survives the policy tenure, it offers the benefit of return of premium payment at the end of the policy term.
ULIP Plans
These are insurance cum investment plans that help to fulfill the goal of wealth generation. The plans offer much-needed flexibility to manage the investment.
Plan Name
Entry Age (Min - Max)
Maturity Age
Policy Term
Max Life Fast Track Super plan
18 years - 60 years(5 Pay and Single Pay), 50 years( For Regular Pay)
70 years
5 pay- 10 years
Single pay- 10 years
Regular pay- 20 years
Max Life Platinum Wealth Plan
Single pay/ Limited pay/Regular pay- 18 years - Single pay/ Limited pay- 60 years & for Regular pay- 55 years
Single pay/ Limited pay- 70 years
Regular pay- 65 years
10 years and 20 years
Max Life Fast Track Super plan
Under this plan, the policyholder gets the opportunity to invest in the market with multiple fund options and get good returns on investment.
Max Life Platinum Wealth Plan
Under this plan, the policyholder gets a chance to maximize his/her wealth through market-linked returns. The plan offers an access to additional wealth boosters to fulfill the goal of wealth generation.
Pension Plans
Pension plans help the policyholder to save for his/her old age. With the help of these plans, the policyholder can enjoy the golden period of his/her life
Plan Name
Entry Age (Min – Max)
Vesting Age
Policy Term
Sum Assured (Min – Max)
Max Life Forever Young Pension Plan
30 – 65 years
50 - 75 years
50 - 75 years (less entry age)
Rs 25,000 p.a. – No Limit
Max Life Guaranteed Lifetime Income Plan
50 – 80 years
-
-
-
Max Life Perfect Partner Super
91 days - 55 years
-
10 years, 15 years and 20 years
Rs.50,000 - No upper limit
Max Life Forever Young Pension Plan
The plan helps the policyholder to save for his/her retirement Life. This plan provides the policyholder access to additional annuity plan benefits which safeguards his/her family against unseen eventualities.
Max Life Guaranteed Lifetime Income Plan
This is a pure non-participating immediate annuity plan that offers a regular flow of income to insured after retirement. Under this plan, the company provides 4 annuity options to choose from:
Single life annuity
Single life annuity with return of premium on the demise of the annuitant
Joint life annuity
Joint life annuity with return of premium on the demise of the last survivor
Max Life Perfect Partner Super
This is a traditional money back policy which is particularly designed to cater to the expenses of the individual post-retirement. The plan offers guaranteed annual money backs to the policyholder after retirement. Additionally, it provides life protection to the insured’s family.
The plan comes with an option of limited premium payment. It offers tax exemption on the premium amount and maturity benefit under section 80C and 10(10D) of the Income Tax Act, 1961.
Child Plans:
Child plans help the policyholder to accumulate and plan his/her finances in such a way that helps him/her to fulfil his/her child’s dreams and aspiration.
Plan Name
Entry Age (Min – Max)
Maturity Age
Policy Term
Sum Assured (Min – Max)
Max life Future Genius Education Plan
21 – 45 years
66 years
18 years
Rs.3,27,000 (8 pay variant), Rs.2,12,000 (For Limited Pay)-No upper Limit
Max Life Shiksha Plus Super Plan
21 – 50 years
For 5 pay- 60 years
For regular pay- 65 years
10,15 and 20 years
10 times the annualized premium
Max life Future Genius Education Plan
This is a participating non-linked life insurance plan. This plan is specifically designed to cover the financial expenses of the child. The plan benefits help to look after the higher education costs with the help of disciplined savings.
The policyholder can select the policy tenure and premium payment tenure of the plan, depending on the education needs of their children.
Max Life Shiksha Plus Super Plan
This is a ULIP plan offered that provides enhanced protection to the insured child. Under this plan, the policyholder can secure funds for his/her child’s future so that he/she can achieve the major milestones of his/her life.
This is an investment come protection plan that invests half of the premium amount in equity-linked savings schemes, whereas, the other half is invested in life protection.
Savings and Income Plans
These plans help the insured to save systematically and achieve his/her life goals by providing a comprehensive coverage.
Plan Name
Entry Age (Min – Max)
Maturity Age
Policy Term
Sum Assured (Min – Max)
Max Life Whole Life Super
18 – 50 years
-
Up to 100 years of Life Insured
Rs. 50,000 - No upper limit
Max Life Guaranteed Income Plan
25 – 60 years
67 years
6- 12 years
Rs.4,51,226 (6 years policy term), Rs.2,73,986(12 years policy term)- no upper limit
Max Life Gain Premier
18 – 55 years
For policy term 15 years- 70 years
For policy term 20-25 years- 75 years
15 years and 20 years
Rs.50,000 - No upper Limit
Max Life Monthly Income Advantage Plan
18 – 50 & 55 years
75 years, and 77 years
22 years and 25 years
Rs.3,24,000 (For 12 pay variant), Rs.4,05,000 (For 15 pay variant) - No upper limit
Max Life Assured Wealth Plan
8 – 55 years
65 years
10 years
Rs.1,97,460 - No upper limit
Max Life POS Guaranteed Benefit Plan
18 – 50 Years
60 Years
10 Years
Rs.97,593 – Rs.7,31,978
Max Life Whole Life Super
This is a savings plan of max life insurance. It helps to create a financial cushion in a long-term. As a whole life protection plan, this plan offers guaranteed protection to the insured until the age of 100 years. The plan also provides accrued bonus facility depending on the needs of the insured.
With the limited premium payment option, the plan also provides additional rider benefits. The riders can be bought to enhance the coverage of the plan.
Max Life Guaranteed Income Plan
This is a savings plan which provides the dual benefits of life protection along with the guaranteed payout as monthly income for a period of 10 years. Moreover, the monthly income is doubled during the last 5 years of the policy period. The plan also offers terminal bonus after the completion of the policy period.
Max Life Gain Premier
This is a traditional participating endowment plan. It provides an opportunity to create a financial cushion through systematic savings. The plan offers a flexible bonus option. Depending on his/her requirements, the insured can enhance the policy coverage with the help of additional rider benefits offered under the plan.
Max Life Monthly Income Advantage Plan
It is a limited premium payment policy that provides life coverage up to the tenure of 25 years. After the completion of the premium payment tenure, the plan provides a guaranteed monthly income for 10 years. Moreover, the plan offers a comprehensive insurance coverage along with the rider benefit.
Max Life Assured Wealth Plan
This is a non-participating, non-linked life insurance plan. It provides a guaranteed return on investment to meet the saving goals of the individual. The plan provides an opportunity to create a corpus by saving systematically.
Note- In order to get the insurance plan that suits you the most, you can compare various Max Life insurance plans.
Max Life POS Guaranteed Benefit Plan
An easy to understand and purchase savings and income plan that offers guaranteed benefits to make sure financial security. The plan offers guaranteed death and maturity benefits. The premium payment term of this policy is fixed and short that helps to build the desired amount for dreams quickly. The plan is easy to understand and simple to purchase.
Best Max Life Insurance Plans
Max Life Insurance Plan Name
Plan Type
Policy Term
Entry Age
Maximum Maturity Age
Premium Paying Term
Basic Life Cover
Online Term Plan
10 – 40 years
18 – 60 years
75 years
Regular
Super Term Plan
Term Insurance Plan
10 – 35 years
18 – 65 years
75 years
Regular
Shiksha Plus Super
Unit-linked Child Insurance Plan
10, 15, 20 years
21 – 50 years
65 years
Limited 5 pay/Regular
Guaranteed Lifetime Income Plan
Traditional immediate Annuity plan (retirement plan)
N/A
50 – 80 years
N/A
Single pay
Forever young Pension Plan
Unit Linked Pension Plan
10 years – 75 years minus age at entry
30 – 65 years
75 years
Regular
Fast Track Super Plan
Unit Linked Insurance Plan
10 years for 5 pay/single pay;
20 years for regular pay
18 years – 50/60 years
70 years
Single, 5 pay, 20 years regular pay
Monthly Income Advantage Plan
Traditional participating Money Back Plan
Premium paying term plus 10 years
18 years – 50/55years
77years(12 pay plan)/ 75 years (15 pay plan)
12 pay variant/ 15 pay variant (regular pay)
Max Life Insurance Plans for Senior Citizens in India
The Max life insurance plan for senior citizens are specifically designed to provide them financial coverage against any type of eventuality. These plans offer the flexibility to choose the coverage and tenure of policy and can be availed easily online. Keeping the requirements of the senior citizen in mind, there are different retirement plans offered by the company to secure the financial future of the individual after retirement. The policy buyers can compare these plans online and choose the most beneficial plan as per their requirement and suitability. Let’s take a look at the various retirement plans for Senior Citizens.
Plan Name
Entry Age
Policy Term
Vesting Age
Premium Payment Term
Max Life Forever Young Pension Plan
30 years/ 65 years
20 years
55 years/75 years
20 years
Max Life Guaranteed Lifetime Income Plan
45 years/80 years
N/A
46 years/90 years
N/A
Max Life Perfect Partner Super
91 days/55 years, 50 years, 45 years
75 years- age at entry of the life insured
N/A
7, 10,15 or 20 years
Max Life Insurance Plans for Child
To secure the financial future of the child, Max Life Insurance offers child insurance plan for insurance seekers. A child insurance plan is a combination of insurance and investment, which ensures a financially secured future for the child. Moreover, these plans also provide flexible payouts at major milestones of the child’s life like for higher education, marriage, etc. let’s take a look at the child insurance plan:
Plan Name
Entry Age
Maturity Age
Policy Term
Max Life Future Genius Education Plan
21years/45 years
66 years
13 years-21 years
Max Life Siksha Plus Super
21 years/50 years
60 years or 65 years
10 years, 15 years and 20 years
Max Life Insurance Riders:
Add-on rider benefits are used to enhance the coverage of the policy. The riders can be purchased by the policyholder by paying extra premium along with the basic premium of the policy. Let’s take a look at the rider benefits.
Comprehensive Accidental Benefit Rider (CAB Rider)
Under this rider option, an extra sum assured amount is paid to the beneficiary of the policy in case of accidental demise or dismemberment of the policyholder.
Waiver of Premium Plus
Under this rider option, all the future premium of the policy is waived off in case of critical illness, death or dismemberment of the insured person. If the insured person and policyholder is the same then the waiver of future premium is provided to the nominee in case of diagnosis of specific critical illness or dismemberment. In case the insured person and policyholder are different then the waiver of future premium is provided to the nominee in case of diagnosis of specific critical illness, dismemberment, or death of the policyholder.
Critical Illness Rider
Under this option of rider benefit, a lump-sum amount is paid to the insured on the diagnosis of critical illness as listed in the plan document.
Partner Care rider
The partner care rider can be added to the life insurance plan to provide extra protection to the dependents in case of death of the insured person. Under this rider option, all the future premiums of the policy are paid to the nominee by the insurance company in the event of the death of the insured during the tenure of the plan.
Exclusion of Max Life Insurance Plan
If the life assured, sane, or insane commits suicide with 12 months from the date of policy initiation or from the date of renewal of the policy, then no death benefit will be offered to the beneficiary and the policy shall be terminated immediately. In such cases, only 80% of the total premium paid till date is returned to the nominee of the policy.
