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Articles » Life insurance » Max Life Insurance – Compare Plans, Premiums & Renewals
Max Life Insurance

Max Life Insurance Overview


   Max Life Insurance Company Limited also was known as Max New York Life Insurance company Limited is a leading life insurance company in India.

The company is a subsidiary of the publicly listed Max Financial services limited and is the largest non- bank private -sector life insurer in India.

Max life insurance company was established in 2000 after the liberalization of the insurance sector in  india and its operations began in 2001.

Analjit Singh, founder of Max Healthcare,is the chairman of Max Life.

   Max Life Insurance Products are available over 1453 locations ensuring ease of reach anywhere over the country.

Max Life Insurance has the sight ‘To be the most admired life insurance company by securing the financial future to their customers’.

The company has a good customer-centric near focused on advice-based sales and quality service.

In the financial year 2015, Max Life recorded Gross Written Premium of Rs.8,172 crore with sum confident  of Rs.2,26,701 crores and Asset Under Management of Rs. 31,220 crore as on 31st March 2015.

Max Life Insurance co. ltd., one of the top ranking insect  insurers, it is a joint venture between Max India Ltd and Mitsui Sumitomo Insurance Co Ltd.

Max financial services Ltd is part of the Max a member of MS & AD; Insurance group, which is between the leading general insures in the world.

Max Life Insurance co. ltd., provides comprehensive long-term savings, Protection and retirement solution through its high- quality agency distribution and partners.

A financially sound company with a strong show track record over the last 15 years. Max Life Insurance Co. Ltd., offers outstanding investment expertise.

Max Life Insurance

Interesting Fact about company:


  • Max life Insurance started its operations in the year 2000 with its Headquarters is in Delhi.
  • Max life insurance company limited has assets of Rs. 44,716 crore.
  • It has a vast network of 210 Offices in 143 cities.
  • Advisor base of almost 50,ooo.

Benefits of Max life insurance company:

  • Variety in Plans:-   Max Life Insurance company cover good variety in life insurance plans to suit different requirements of their customers.
  • Tax savings-  Life insurance premiums (up to Rs . 150,000 per annum) are tax exempt under the Section 80C of the Income Tax Act, 1961. In addition, Section 10 (10D) covers total exemption of claim amount or bonus.
  • Extensive coverage for low cost-  and provides extensive coverage to insured for low premiums.

Also read: SBI Life Insurance

Max Life Insurance Plans


There are under classified as types of plans:

Online Max Life Insurance Term Plan


Max Life Online Term Plan Plus (Basic life cover)


  • The minimum record age for this plan is 18 years and maximum is 60 years.
  • Lump sum benefit payable to the nominee if the insured dies during the term period.
  • Select the adding riders, comprehensive accidental death benefit and Max
  • Life waiver of premium plus.
  • Annual, semi- annual, quarterly and monthly payment modes available
  • Tax benefit applicable on all premiums and policy benefits as per the prevailing tax laws.
Max Life Insurance

Also read our blog on HDFC Life Insurance

Max Life Online Term Plan Plus (Life cover + Monthly income)


  • The least entry age for this plan is 18 years and maximum is 60 years.
  • Lump sum benefit and monthly income for 10 years is payable  to nominee if the insured dies during the term period.
  • Choice of adding riders, comprehensive accidental death benefit and Max Life waiver of premium plus.
  • Annual, semi- annual , quarterly and monthly payment modes available.
  • Tax benefit applicable on all premiums and policy benefit as per the prevailing tax laws.

Max Life Online term Plan Plus (Life cover + increasingly Monthly Income)


  • The minimum entry age for this plan is 18 years and maximum is 60 year.
  • Lump sum benefit and monthly income at the increasing annual rate of 10% is payable to the nominee if the insured dies during the term period.
  • Choice of adding accidental death benefit rider with this plan.
  • Only annual payment mode available under this plan.
  • Tax benefit applicable on all premiums and policy benefits as per the    prevailing tax laws
Max Life Insurance

Protection Plan


Max Life Cancer Insurance Plan


  • Comprehensive cancer plan that offers all stages of cancer.
  • Minimum record age is 18 years and maximum entry age is 65.  
  • Lump sum payouts to cover medical cost of treatment across all stages.Waiver of all premiums for entire policy term if in case diagnosed with.
  • Carcinoma in Situ (CiS) or Early Stage Cancer.
  • No maturity benefit under this plan.
  • No death benefit is payable under this plan.
  • Tax benefit as per prevailing tax laws.
Max Life Insurance

Max Life Super Term Plan


  • Minimum entry age is 18 years and maximum entry age is 65 years.
  • Maximum maturity age is 75 years.
  • Option to have increasing sum assured the rate of 5% every year.
  • At simple rate till the end of the term period without increasing in premium amount.
  • Flexibility in selecting the death benefit payment as one lump sum or lump sum plus monthly payout.
  • Option in selecting policy terms from 10 years to maximum 35 years.
  • Select the adding riders, comprehensive accidental death benefit.
  • Max Life waiver of Premium plus.
  • No maturity benefit is payable under this plan.
  • Tax benefit as per prevailing tax law.

Max Life Premium Return Protection Plan


  • Minimum entry age is 21 and maturity age is75.
  • Comprehensive protection plan with inbuilt accidental death cover
  • Whereby nominee gets extra 50% of the sum assured if death due to an accident.
  • Guaranteed return of premiums on maturity including extra premiums paid.
  • Flexibility to choose policy term for 25, 25 or 30 years
  • Premium payment term is 11 years.
  • Tax benefits on premium paid and policy benefits

Child Plans


Max Life Future Genius Education Plan


  • Minimum entry age is 21 years and maximum entry age is 45 years.
  • Maximum maturity age is 66 years.
  • Secures your child education fund in your absence or even if your survive term.
  • Option of choosing policy term from 13 years to 21 years basis your child future education requirements.
  • There is also an option of choosing two premium payment terms, 8 years fixed premium payment or policy term less 3 years.
  • Option to attach riders to enhance protection in the plan.
  • Tax benefit apply to premiums paid and benefits received as per the prevailing tax laws.

Also read: Birla Sun Life Insurance

Max Life Insurance

Max Life Shiksha Plus Super Plan


  • Entry age is minimum 21 years and maximum 50 years.
  • The insured should have a child (own of legally adopted) aged 0-18 years.
  • The plan offers comprehensive coverage including family income benefit and funding  of future premiums in case of death of the life insured.
  • Annual, semi-annual, quarterly and monthly premium payments modes available.
  • Option to choose between two investment strategies to safeguard fund against market volatilities.

Retirement Plans


Max Life Forever Young Pension Plan


Minimum entry age is 30 year and maximum entry age is 65 years.
  • Pension Maximiser Option-101% of total premiums paid.
  • Pension preserver option- 110% of total premiums paid.
  • Death benefit of 105% of all premiums paid and on choosing Max Life
  • Guaranteed Loyalty Additions at 0.05% of fund value added to the fund, from the end of 10th policy year.
Guaranteed Lifetime Income Plan guaranteed lifetime income for the insured.
  • Minimum entry age is 50 years and maximum is 80 years.
  • Can cover partner under joint life annuity.
  • The plan offers the return of purchase price to the nominee after death of the annuitants.

Max Life Perfect Partner Super Plan


  • Guaranteed Maturity Sum Assured to 15 years from age 61 years to 75 years on each policy anniversary.
  • 100% of Guaranteed Maturity Sum Assured plus accrued Paid- Up.
  • Flexible premium payment terms of 7,10,15 and 20 years basis individual needs.
  • Enhance the plan by attaching Max Life Waiver of Premium Plus rider
  • Flexibility to withdraw  money in case of an urgent financial emergency .
  • Guaranteed protection which continues to grow through bonuses till maturity age.
  • Different options to utilize bonuses as per the need.

Growth plans


Max Life Fast – Track super plan


  • Offers opportunity to grow your sum assured by investing in different funds.
  • Life insurance coverage is available in this plan.
  • Minimum entry age is 18 years and maximum is 60 years in 5 pay and single pay.

Max Life Platinum Wealth Plan


  • Minimum entry age is 18 years and maximum is 60 years in 5 pay and single pay. In regular pay entry age is 50 years.
  • Maximum maturity age under single pay and 5 pay is 70 years and 65 years under regular pay.
  • Choice of Funds or Fund based strategies- Choose from 5 Funds for investors with different risk appetites.
  • Option to choose between two investment strategies to safeguard fund against market volatilities.
  • Low charges  to boost customer returns.
  • Guaranteed Loyalty Additions and wealth boosters to enhance fund value.
  • There is no limit on number of switches done in a being levied.

Max Life Maxis Super Plan


Minimum entry age is 18 years and maximum entry age is 55 years.

  • Cho Maximum maturity age is 70 years.
  • Life insurance coverage- choice of protection cover basis age of the Life Insured.
  • Option to choose premium payment term as per your convenience.
  • ice of five funds for investors with different risk appetite.
  • Flexibility to make partial withdrawals to meet any urgent financial needs.

Max Life Monthly Income Advantage Plan


  • Minimum entry age is 18 years and maximum entry age is 55 years and 50 years.
  • Maximum maturity age is 77 years.
  • Guaranteed monthly income for a period of 10 years.
  • Lump-sum maturity benefit on maturity.
  • Lump-sum benefit immediately on death of the life insured to ensure financial security of your loved ones.

Max Life Guaranteed Income Plan


Income plan that ensures guaranteed benefits on death or survival of the policy term.

  • Only annual mode for premium payments.
  • Monthly income  gets doubled in the remaining 5 years of monthly income payout term.
  • Entry age is 25 years to 60 years for 6 years policy term and 25 years to 55 years for 12 year policy term
    Only annual mode for premium payments

Max Life Whole Life Super Plan


This plan ensures coverage till the age of 100 years.

  • Minimum entry age is 18 years and maximum is 60, 55.
  • On attainment of age 100, this plan gives you 100% of Guaranteed Maturity sum assured.

Also read: Exide Life Insurance

Group Plans


Max Life Group Credit life Premium Plan



Max Life Group ‘Credit Life Premier plan, a single pay group insurance product covering life cover to the borrowers of banks/financial institutions.

  • The product can be offered to new or existing borrowers.
  • This product provides risk cover against loan in case of an eventuality.
  • The plan offers lump sum benefit enabling the member’s family to settle the loan liability in case of an unfortunate event.

Max Life Group Gratuity Premier Plan



The plan is for employers to fund their gratuity liability.

  • The plan is for employers to fund their gratuity liability.
  • Low cost  as changes on Policy administration, Switching charges, premium allocation, premium redirection.
  • Life insurance coverage is available in this policy.
  • The plan is for employers to fund their gratuity liability.
  • Only fund management, mortality and surrender charges applicable.

Max Life Group Credit life Premium Plan


  • Under this scheme, the deceased employee’s insurance benefit will depend on the length of service and the PF balance in the account.
  • Balance paid towards premium may be treated as business cash and is eligible for tax benefit.

How To Buy Max Life Insurance Online?


The Buy Online Max Life Insurance process is very easy.

Choosing best term insurance plan is a simple five step process:

  1. Choose  your life insurer( or the company from whom you wish to buy life insurance).
  2. Estimate the sum assured and duration of your  plan.
  3. Choose the add-on Benefits.
  4. Compare the premium.
  5. Purchase the plan.
IndustryFinancial Services and Insurance
Founded2000
HeadquartersNew Delhi
Net income INR 440 crore
Total assetsINR 35,825 crore
Websitehttps://www.maxlifeinsurance.com

Max Life Insurance Policy Details


The life cover provided by the policy can be extended up to 1 crore. The company has a high settlement ratio.

The company has always maintained a high percentage of grievances resolved, and for the year 2015-2016,

  • The least age limit for the policy is 18 years.
  • The maximum age limit is 60 years.
  • The customer availing a policy must be salaried or self-employed.

Features Of Max Life Insurance Policy

  • The least tenure for any Max life insurance policy is 35 years.
  • The minimum sum confident in any of the policies is 25 lakhs.
  • There is no limit on the maximum sum assured, and it is subject to underwriting.
  • All the plans have certain specific exclusions like suicide within the first year of
  • Purchasing the policy.
Max Life Insurance
What are the documents that I need to submit for processing a surrender request?
  1. Surrender form.
  2. Original policy pack.
  3. Copy of ID proof (Adhar card, PAN card, Pass port, Driving license, Voter ID card and Govt. Employee ID proof).
  4. To furnish NEFI, customer needs to offers copy of Bank Passbook /cancelled cheque /Banker’s attestation on account details mentioned in surrender form

Also read: What is life insurance?

Max Life Insurance Payment


You can select any one of the following payment modes.Max Life Insurance Payment Very easy and hassle-free payment process.

Max Life Insurance premium payment process is the one of the best.

Pay Online


Online Payment Through Max Life Website

  • You can pay premium in under two minutes.
  • Choose from credit card, EMI on card, Net Banking , debit cards, wallets/cash cards, and UPI.

Do two small steps:

  1. Select your preferred payment gateway.
  2. Fill in your information and make the payment.

Max Life Insurance Premium Receipt


You can download, and email your policy receipts and statements

Follow two easy steps:

  •    Enter the Policy number, statement type and Date rance.
  •    Click ‘Generate Statement’ link and your receipts are available for download.

   After you get the Max Life Insurance Premium Receipt.

Why do you need Max Life Insurance?

Life insurance is a financial investment that can help your family reduce their financial burden in case you are no longer there. It empowers them to not only continue their current lifestyle but also attain the the goals and milestones you planned together.

  • Financial Cover for your loved ones

Your dependents will receive a lump sum or monthly income in case of your demise during the policy period. While nothing can relieve the emotional loss, financial security can enable your family to mitigate the liabilities and continue the comfortable life that you provided for them.

  • Investment Component

A part from term plans , most insurance policies double up as systematic & protection plans.

Based on your specific require and goals ,you can select  from between the various protection,wealth creation and long- term retirement plans available.

  • Tax Savings – An Added Benefit

While this should not be the only reason to purchase a term insurance policy, remember that you can also save tax on life insurance.

Life insurance premiums are tax-exempt under the Section 80c of the Income Tax Act, 1961, Life insurance should also be considered to the peace of mind it brings to you.

Max Life Insurance

Max Life Insurance Customer care  


Max Life Insurance Customer care No:- 0704 0096 736.

Address:- Near Wanwadi, Fatima Nagar, Wanwadi, Pune, Maharashtra 411013.

Open: Closes at 9 pm

Max Life Insurance

Also read: Aviva Life Insurance

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