Best Max Life Insurance Plans
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Max Life Insurance is one of the largest insurance providers in India. Not just comprehensive coverage but it is also known for its smooth claim settlement process and innovative insurance products which are designed to fulfill the insurance needs at every stage of life.
Be it term insurance, saving plans or pension plans, Max Life insurance has a huge range of products for their policyholders, features such as return on premium option, inbuilt terminal coverage, flexible policy terms and comfortable tenure, helps you to achieve long-term stability.
Let’s read this article to understand more about each and every insurance plan of Max Life along with their key features.
Highlights
Here are some of the highlights of Max Life Insurance:
- Claim Settlement Ratio: 99.34% (FY 21-22)
- Maximum life coverage: Up to 85 years
- Coverage: 64 critical illnesses.
- Benefit: In-built terminal illness cover, Policy break in adverse situations
- Discount: 5% (online)
- Minimum Entry Age: 18 years to 65 years.
Types of Max Life Insurance Plans
Max Life Term Insurance Plans
Term insurance is a pure life insurance policy which is designed to provide financial protection to the near and dear ones of the policyholder, in case of their death during the term of the policy. Max Life insurance provides a range of such term plans, which are mentioned below:
Max Life Smart Secure Plus
Key features:
- With life cover and increasing life cover, the life assured has the option to increase the sum assured amount.
- Provides 100 % of the guaranteed death benefit, up to INR 1 crore, upon the diagnosis of terminal illness.
- The policy comes up with waiver of future premium riders in case of critical illness or death.
- The minimum sum assured is:
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- Death Benefit: INR 20 lakh and INR 10 lakh (for joint life cover)
- Accelerated critical illness option: INR 5 lakh
- Accident cover option: INR 50,000
Max Life Term Plan with Return of Premium (TROP)
Key features:
- Pure term plan includes life cover and provides a death benefit to the nominee of the policy.
- The policyholder is entitled for a maturity benefit under the return on premium (RoP) benefit.
- Policy has an inbuilt return on premium benefit, where one receives the total amount of annualized premiums paid, if they survive even after the policy term.
- Provides other benefits such as waiver of premium, accidental death benefit, disability benefit, and protection against critical illnesses.
Max Life Critical Illness Term Plan
Key features:
- Covers over 64 critical illnesses such as heart attack, cancer, brain stroke.
- Provides comprehensive health coverage against major and minor critical illnesses.
- Offers the option to enhance the coverage up to 85 years.
- The policyholder also gets the total and permanent accidental disability cover along with this policy.
Max Life Saral Jeevan Bima
Key features:
- Pure term insurance plan.
- A single premium plan.
- Minimum sum assured is INR 5 lakh, maximum goes up to INR 25 lakh.
- Policy term is of five years to 40 years.
- Only death benefits.
- No maturity and survival benefit.
Max Life Unit-Linked Insurance Plans
A Unit-Linked Insurance Plan which is popularly known as ULIP, has the dual benefits of insurance and investment under a single plan. In ULIPs, one part of the premium is used for providing life insurance protection and the rest is used for creating long-term savings funds. Max Life insurance offers a mix range of ULIP plans which has both insurance and investment components which further helps to create a corpus for supporting long-term goals.
Max Life Fast Track Super- ULIP Plan
Key features
- Total of six fund options.
- 12 free switches allowed in a year.
- Allows two free partial withdrawals.
- Provide death benefits along with market-linked returns.
- Loyalty rewards for staying invested.
- Additional benefits paid annually starting from 11th policy year.
Max Life Platinum Wealth Plan
Key features:
- Guaranteed loyalty additions and wealth boosters.
- Flexibility to choose premium payment terms and policy terms.
- Provides death benefit along with maturity benefit.
- No policy administration charge after five from the policy inception.
- Total of eight fund options.
Max Life Online Savings Plan
Key features:
- Comes in two variants.
- Flexibility to increase the life cover.
- Zero policy administration charges
- Zero premium allocation charges
- Flexibility to choose from eight investment funds.
- Provides death benefit along with maturity benefit.
- Unlimited switches.
Max Life Shiksha Plus Super
Key features:
- Helps to save money for a child’s future education and other goals.
- Flexibility to choose policy term between 10, 15 or 20 years.
- Flexibility to choose from six investment funds.
- Provides death benefit along with maturity benefit and loyalty additions.
- Option to enhance coverage via Max Life critical illness and disability- secure rider.
Max Life Future Genius Education Plan
Key features:
- Option to receive immediate lump sum benefit.
- Get regular payouts to fund children’s education.
- Choose a premium payment term as per your child’s needs.
- Policyholders can take the surrender value (partially or in full).
- Offer death and maturity benefits.
- Minimum annual premium is INR 20,000.
Max Life Pension Plan
A pension plan which is also known as retirement plan, is designed to suit the financial needs which might arise post-retirement, such as, medical emergencies, household expenses, and other living costs. Max Life offers a huge range of pension plans which can be considered as a safe haven for your post-retirement life.
Max Life Forever Young Plan
Key features:
- Get additional annuity plan benefits.
- Flexibility to select retirement age.
- Option to cover spouse under “partner care rider”.
- Provides death benefits along with loyalty benefits.
- Option to enhance coverage via critical illness and disability- secure rider.
Max Life Saral Pension Plan
Key features:
- Single premium plan.
- Ensures steady income post retirement.
- Option to select from two annuity options.
- Offers death and survival benefits.
- Option to cover spouse under “joint life annuity”.
- Option to avail loan post six months of policy.
Max Life Guaranteed Lifetime Income Plan
Key features:
- Several annuity options to choose from.
- Offer death benefits along with guaranteed income.
- Does not offer any maturity benefit
- Minimum premium is INR 1,000 per month.
Max Life Life Perfect Partner Super
Key features:
- Receive coverage up to the age of 75 years.
- Additional benefit to spouse via riders.
- Guaranteed payout of 212% in the form of lump sum.
- Get accrued paid-up additions and terminal bonus.
- Offer death and maturity benefits.
- Additional benefits through riders such as term plus rider, accidental death and dismemberment rider, waiver of premium plus rider and critical illness and disability.
Max Life Smart Fixed Return Digital plan
Key features:
- Plan comes in three variants: gold, platinum and titanium.
- Assured maturity benefits once the policyholder survives the policy tenure.
- Additional payouts to women policyholders.
- Offers death benefit limited to sum assured chosen.
- Option to avail loan against the policy.
- Gold variant offers joint life insurance.
- Two policy tenures of five years and 10 years
Max Life Saving Insurance Plan
Saving insurance plans not only provides life protection coverage but also helps you to accumulate savings over the period of time in a most disciplined manner. Max life insurance provides saving plans which are quite flexible in nature and also provides various benefits if one survives through the policy tenure.
Max Life Savings Advantage Plan
Key features:
- Flexible premium payment tenure and policy term.
- Offers life coverage along with guaranteed additions.
- Provides 110% of assured maturity benefit along with terminal bonus.
- Death benefit increases post 10 policy years.
Max Life Monthly Income Advantage Plan
Key features:
- Offers monthly income up to 30 years.
- Provides accrued bonus such as terminal bonus on maturity.
- Offer life protection cover as death benefit.
- Provides survival benefit which is a sum of income benefit and maturity benefit.
- Entry age is 18 years to 45 years.
Max Life Whole Life Super
Key features:
- Life insurance coverage up to 110 years.
- Offer maturity benefits with additional annual cash bonus till 100 years.
- Flexibility to make partial withdrawals.
- In case of terminal illness, get 50% of guaranteed maturity sum assured.
- Entry age is 18 years to 60 years.
Max Life Assured Wealth Plan
Key features:
- Offers guaranteed lump sum benefit upon maturity.
- Flexible policy term and premium payment options.
- Offers death, maturity and surrender benefits.
- Entry age is 0 years to 60 years.
- Minimum annual premium is INR 24,000.
Max Life Group Insurance Plans
Max Life has a six variety of group insurance plans which covers all the spheres of insurance such as life, health, savings, pure protection or gratuity. These plans offer multiple insurance benefits to a group of people such as employees. They are opted by so many as they provide coverage at very affordable premiums, offer benefits under one policy and help employers to attract and retain employees.
Below mentioned are the group insurance plans offered by Max Life insurance:
- Max Life Group Saral Suraksha Plan
- Group Term Life Platinum Assurance Plan
- Max Life Group Credit Life Premier.
- Max Life Group Credit Life Premier In Lieu of EDLI
- Max Life Group Super Life Premier.
- Max Life Pradhan Mantri Jeevan Jyoti Bima Yojna.
- Max Life Group Credit Life Secure.
Max Life Health Insurance Plan
Max Life Cancer Insurance Plan
Key features:
- Provides multiple claims for early stage cancer treatment.
- Offers 100% sum insured coverage at late stage cancer detection.
- Option to enhance coverage up to 150% with every claim-free year.
- Apart from cancer, cover other 64 critical illnesses.
- Inbuilt coverage for terminal illness at no extra cost.
Max Life Critical Illness and Disability Rider
Key features:
- Extra coverage for 64 critical illnesses such as cancer, stroke, kidney failure.
- Coverage for total and permanent disability arising from sickness or injury.
- Provides reward points on premium on accumulating health points.
- Flexible payment option throughout the policy tenure.
Max Life Smart Secure Plus Plan
Key features:
- Offers three kinds of benefits: base cover, accelerated critical illness option, accident cover option.
- Offers death and maturity benefits.
- Option to cover your spouse under joint life benefit.
- Receive 100 % of the total premiums paid, under return of the premium feature, in case you survive the policy.
- Allows to take a premium break or holiday from paying the premium once the policy has completed ten years.
Claim Settlement Process of Max Life Insurance Policies
The Max Life insurance ensures a quick and hassle-free claim settlement process. With their “Insta Claim” service, they allow you to settle the claims even within a day.
- The policyholders can claim the settlement by following the steps given below:
- A claim can be intimidated by providing written information to the company through-
-
- Agent
- Nearest Max Life Insurance company office
- Email at claims.support@maxlifeinsurance.com
- Fill-up the claim form available on the insurer’s website or at branch.
- Collect all the required documents and submit them to the special claim care team of Max Life.
- The Max Life claims team assesses the documents and reviews its validity.
- If the insurer approves all the documents, then they approve the claim.
- The company pays the benefits as specified in your policy. For instance, under the life insurance claims, life assured’s nominee receives the payout (either lump sum or monthly regular income)
How to Buy Max Life Insurance Plans Online
The online buying of insurance policies or renewing these policies, is quite an easy and hassle-free process as it saves both time and money. Below mentioned are the step which helps you buying Max Life insurance policies online:
- Visit the insurance company’s webpage and click on the tab “buy insurance policies”.
- Select the kind of policy you would like to buy from the dropdown menu. Decide if you want basic life coverage or additional benefits.
- Once you have selected the policy, fill-in all the required details.
- Use an online insurance calculator and look for the best option which offers maximum benefits at a price which suits you.
- Once you have selected the policy and fill in all the details, proceed to buy it online via website.
- Please check all the details of the purchased online insurance policy as soon as you receive it.
- Connect with the insurer instantly in case of any discrepancies.
Max Life Insurance Customer Care Details
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