Max Life Insurance was started in the year 2000. It was earlier known as Max New York Life Insurance Limited. Max Life Insurance is a joint venture between Axis Bank Limited and Max Financial Services. Max Life Insurance offers a variety of comprehensive life insurance products such as savings plans, max life term insurance, ULIP plans, child plans etc., that are designed to meet the requirements of each individual. Max Life Insurance has a total claim-paid ratio of 99.65% (individual) in FY 2023-24. Moreover, As per the IRDAI annual report (2023-24), Max Life Insurance has 304 offices across India.
Max Life Insurance has won many awards in the last few years. Some of the awards and recognition won by Max Life Insurance are mentioned below:
- Max Life Insurance was awarded the ‘ET BFSI Exceller Awards 2023’.
- Max Life Insurance was honoured as the ‘Most Trusted BFSI Brand 2023’ by Marksmen Daily.
- Max Life Insurance was recognised as ‘The Economic Times Sustainable Organizations 2023’.
- Max Life Insurance was awarded "Advisor Initiative of the Year" at the Insurance Asia Award 2022.
- Max Life Insurance was awarded silver for "Best Use of Internal Communications" at the Fulcrum Award 2022.
- Max Life Insurance was silver at the Economic Times Brand Equity Kaleido Awards 2022 for the "Best Internal Communications Campaign".
- Max Life Insurance was recognized by the Economic Times among the Best BFSI Brand 2022.
- WCRCInt recognized Max Life Insurance among India's Most Trusted Brands 2022.
- Max Life Insurance was awarded the "Best Customer Service Initiative and Best Use of Relationship Marketing in a Loyalty Program, Customer Fest 2022.
Read the below sections to know more about the Max Life Insurance Company.
Max Life Insurance Company Specification
Below mentioned are the key specifications of Max Life insurance company.
| Particular | Specifications |
|---|---|
| Death Claim Paid Ratio (FY 2023-24) | 99.65% (individual) |
| Branches in India | 304 |
| Solvency Ratio (2023-24) | 1.72 |
| Market Share (2023-24) | Rs. 29,529 Cr |
*Data has been sourced from the annual report of IRDAI 2023-24
Key Features of Max Life Insurance
In India, many life insurance companies offer comprehensive life insurance plans. Hence, choosing the best one can be a daunting task for anyone. It is very important to choose the best life insurance company and the best life insurance plan for you that will meet the potential needs of your family. Therefore, before choosing any life insurance company, you should look at some of the key aspects of an insurance company, including its market share, operating network, solvency ratio and claim settlement ratio. Read below to analyze the performance of Max Life Insurance in detail:
Market Share
Market share is a premium underwriting amount held by a life insurance company in a financial year. As per the IRDAI annual report (2023-24), Max Life Insurance recorded a gross written premium of Rs. 29,529 Cr in the financial year 2023-24.
Claim Settlement Ratio
Claim Settlement Ratio (CSR) is the percentage of claims settled against the total claim raised by a life insurance company in a year. Per the IRDAI annual report (2023-24), Max Life Insurance has a individual claim ratio of 99.65% (Individual) in the financial year 2023-24. In addition, Max Life Insurance has introduced a feature called InstaclaimTM for its customers, wherein Max Life Company offers to settle death claims in just one day.
Solvency Ratio
Another critical factor that evaluates a company's ability to meet long-term debt and other financial commitments is its solvency ratio. According to IRDAI, every life insurance company in India must maintain a solvency ratio of at least 1.5. As per the IRDAI annual report (2023-24), Max Life Insurance has a solvency ratio of 1.72 in the financial year 2023-24.
Number of Branches
Max Life Insurance has a presence across pan India with around 304 offices.
How to Choose the Right Max Life Insurance Plan?
When it comes to choosing the right Max Life Insurance plan, it is essential to make an informed decision that suits your financial goals and offers comprehensive coverage. Here are some steps to help you make an informed decision:
-
Assess your Financial Needs
Set your financial goals, such as providing for your family's future, paying off debt, or financing your children's education. This will help you understand how much coverage amount you need.
-
Consider your Age and Life Stage
Different stages of life have different insurance needs. For example, you may need more coverage if you are young and have dependents. If you are nearing retirement, consider a term plan with a premium withdrawal option.
-
Evaluate your Income and Expenses
Analyze your income and expenses to determine how much premium you can afford. Consider your regular annual expenses, major life goals, investments, savings and liabilities. This will help you choose a plan with an appropriate sum assured.
-
Understand Different Plan Types
Max Life Insurance offers a variety of plans, including term insurance, endowment plans, ULIPs and retirement plans. Familiarize yourself with the features, benefits, and limitations of each plan type to determine which plan best suits your objectives and risk tolerance.
-
Evaluate Coverage Options
Consider the coverage options offered by Max Life Insurance. Always Choose a plan that suits your specific coverage needs and provides adequate protection. Evaluate the comprehensive coverage plans, including critical illness coverage, accidental death benefits, or disability coverage.
-
Analyze Policy Terms and Conditions
Review the policy terms and conditions of the Max Life Insurance plan you are considering. Always check the aspects like policy terms, premium payment frequency, flexibility to make changes and surrender value. Ensure the policy terms align with your financial priorities and long-term goals.
-
Compare Premiums
Compare premiums of different Max Life Insurance plans. Evaluate whether premium payments are affordable and provide value for the coverage and benefits offered. Consider the long-term affordability of the premium to ensure that you can maintain the policy for the desired period.
-
Read Policy Documents Carefully
Carefully read the policy documents, terms and conditions of the Max Life Insurance plan you are considering. Understand the inclusions, exclusions and any additional features or riders attached to the plans. Make sure the policy meets your expectations and provides the necessary coverage.
-
Seek Expert Advice
Consult with RenewBuy's Partners for personalized advice. They can help you analyze your needs, assess different plans, and make an informed decision based on your financial situation and goals.
-
Consider Customer Reviews and Ratings
Review customer reviews and ratings of Max Life Insurance plans. It can provide information about policyholders' experiences and help you assess the company's reputation and quality of customer service.
-
Seek Recommendations
Consider asking for recommendations from RenewBuy Partners with experience with Max Life Insurance plans. Their insight and feedback can provide valuable perspectives to aid your decision-making process.
Life Insurance Plans Offered By Max Life Insurance
Max Life Insurance offers a variety of life insurance plans for its customers. These life insurance plans are specially designed to cater insurance needs of every individual. Moreover, max life insurance also offers various types of add-on riders along with their life plans, through which you can enhance the coverage benefits of your life insurance plans. Below we have listed some of the best life insurance plans for each category of life insurance:
Term Insurance Plans
 |
Max Life Smart Total Elite Protection Plan |
Coverage Benefits
- Multiple payout mode
- Guaranteed death benefit
- Terminal illness benefit
Eligibility Criteria
Sum Assured - Rs. 20 Lacs and above*
|
Max Life Smart Secure Plus Plan |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Accident Cover
Eligibility Criteria
Entry Age: 18 Years to 60 Years
Sum Assured: Minimum 20 Lakhs
Income Plans
|
Max Life Smart Wealth Plan |
Coverage Benefits
- Maturity Benefit
- Death Benefit
- Tax Benefits
Eligibility Criteria
Entry Age: 91 Days to 65 Years
Saving Plans
|
Max Life Savings Advantage Plan |
Coverage Benefits
- Financial Security
- Death Benefit
- Tax Benefits
Eligibility Criteria
Entry Age: 91 Days to 65 Years
|
Max Life Monthly Income Advantage Plan |
Coverage Benefits
- Guaranteed Monthly Income
- Lump Sum Maturity Benefit
- Flexibility Feature
Eligibility Criteria
Entry Age: 18 Years to 55 Years
Unit Linked Investment Plan (ULIP)
|
Max Life Fast Track Super Plan |
Coverage Benefits
- Maturity Benefit
- Death Benefit
- Tax Benefits
Eligibility Criteria
Entry Age: 21 Years to 65 Years
|
Max Life Platinum Wealth Plan |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Flexible Premium Payment
Eligibility Criteria
Entry Age: 91 Days to 60 Years
|
Max Life Flexi Wealth Plus |
Coverage Benefits
- Savings + Life Cover
- 3 Additions*
- Partial Withdrawals
Eligibility Criteria
Entry Age: 91 days (for Wealth) and 18 years (for Whole Life)
|
Max Life Flexi Wealth Advantage Plan |
Coverage Benefits
- 2 Variants
- Smart Withdrawals
- Free Switches
Eligibility Criteria
Entry Age: 91 days*
Retirement Plans
|
Max Life Smart Wealth Annuity Guaranteed Pension Plan |
Coverage Benefits
- Multiple premium payment modes
- Return of Premium Option
- Multiple Annuity Options
Eligibility Criteria
Minimum Entry Age: 25 years*
|
Max Life Guaranteed Lifetime Income Plan |
Coverage Benefits
- Guranteed Income
- Death Benefit
- Flexible Payout
Eligibility Criteria
Entry Age: 50 Years to 80 Years
Investment Plans
|
Max Life Smart Wealth Advantage Growth Par Plan |
Coverage Benefits
- Four Variants
- Riders Available
- Loan Against Policy*
|
Max Life Smart Wealth Income Plan |
Coverage Benefits
- Multiple Variants
- Choice of Income Period
- Optional Riders
Eligibility Criteria
Entry Age: 91 days or 18 years (as per policy terms)
|
Max Life Smart Wealth Advantage Guarantee Plan |
Coverage Benefits
- Guaranteed Returns
- Flexible Payout Mode
- Flexible Income Payout Frequency
Eligibility Criteria
Entry Age: 91 days to 18 years (as per variant chosen)
Benefits of Buying Max Life Insurance Plans
Max Life Insurance plans to offer comprehensive benefits to its customers. You can make an informed decision and choose Max Life Insurance Plan to secure your financial future and protect your loved ones. Here are the key benefits of buying a Max Life Insurance plan:
Comprehensive Product Portfolio
Max Life Insurance offers a wide range of plans such as Max Life Term Insurance Plans, Max Life ULIP Plans, Max Life Insurance Saving Plans, Max Life Pension Plans, Max Health Insurance Plans, and optional riders covering protection, savings and retirement needs.
Online Purchase
Max Life plans can be purchased online paperless for convenience. The online application process is simple and hassle-free.
Customized Plans
Max Life Insurance offers customized plans for specific segments like women, children, high net worth individuals etc. You can also customize your Max Life Insurance plan for your future needs.
Loyalty Additions
Many Max Life Insurance plans provide guaranteed loyalty additions if all premiums are paid on time, providing enhanced benefits.
Competitive Premiums
Max Life Insurance's premium rates are competitive compared to other insurance companies due to low operations and the use of technology.
Customer Service
Customers will get a dedicated customer care team when they purchase a Max Life Insurance plan for queries/claims through the website, app, call centre, email, chatbot, social media etc.
Flexibility of Premium Payment Modes
Customers can choose the premium payment methods as per their convenience among monthly, quarterly, half-yearly and annually.
Income Replacement
Max Life Insurance Plan can act as a replacement for your income, ensuring that your loved ones are financially secure even if you are no longer around. This can help cover everyday expenses, mortgage payments and educational costs.
Tax Benefits
You can avail life insurance tax benefits on the Max Life Insurance premium under section 80C and maturity benefits under Section 10(10D) of the Income Tax Act, 1961.
Peace of Mind
Knowing that you have a Max Life Insurance plan gives you peace of mind, knowing that your family will be financially responsible. This feeling of security allows you to live a full life without worrying about the future.
Max Life Insurance Tax Benefits
Max Life Insurance plans offer attractive tax benefits to help you save tax while securing your future. These plans offer a comprehensive tax-saving solution from deduction on premiums under Section 80C to tax-free income on maturity. Consult with RenewBuy's Partner to understand how Max Life Insurance plans can optimize your tax planning strategy.
Let us look at the various policies offered:
Section 80C Deductions
Max Life Insurance plans offer tax benefits under Section 80C of the Income Tax Act, 1961. Premiums paid for these plans are eligible for deduction up to INR 1.5 lakh from your taxable income. This helps reduce your overall tax liability.
Tax-Free Proceeds
The maturity amount received from Max Life Insurance Plan is tax-free under Section 10(10D) of the Income Tax Act, 1961. This means that the sum assured and any bonus or profits earned on maturity are free from income tax. This ensures that your loved ones receive the full payment without any tax deductions.
Additional Tax Savings
Some Max Life Insurance plans also offer additional tax benefits. For example, if you opt for plans that provide critical illness coverage, the premium paid for the rider may be eligible for deduction under Section 80D of the Income Tax Act, 1961. This allows you to save more on taxes while protecting your health.
Wealth Creation with Tax Efficiency
Max Life Insurance plans that offer investment options allow you to grow your wealth while enjoying tax efficiency. By investing in equity or debt funds, you can avail capital gains and dividend tax exemptions, ensuring higher investment returns.
Tax Benefits on Riders
Max Life Insurance plans offer various riders, such as accidental death benefits, disability cover and critical illness cover. Premiums paid for these riders may also be eligible for the tax deduction, reducing your tax liability.
Tax Planning Tool
Max Life Insurance Plan can be an effective tax planning tool. By strategically selecting the coverage amount and policy term, you can align your insurance needs with your tax-saving goals. This helps optimize your tax benefits while providing financial security.
Long-Term Tax Savings
Max Life Insurance plans are long-term financial instruments that offer tax benefits and financial security. By investing in these plans, you can save on taxes year after year while ensuring the well-being of your loved ones in the long run.
Max Life Insurance Plans Buying Process
Max Life Insurance offers a simple and hassle-free buying process. You can buy Max Life Insurance plans in two ways, i.e. from the official website of Max Life Insurance and RenewBuy. Read below to check the buying process of Max Life Insurance in detail.
Buy from RenewBuy
- Visit the official site of "RenewBuy."
- Select the "Life Insurance Plan" tab.
- Select the " Life insurance companies" tab.
- The next tab will show you all the life insurance companies.
- Click on the "Max life insurance" tab.
- Select the desired Max life insurance plan.
- Fill in all the required information.
- Click on "Buy Now".
- Proceed with the payment.
Buy From the Official Website of Max Life Insurance
- Visit the Max Life Insurance official website.
- Click on the desired type of Insurance tab.
- The new page will show you all the "Max life insurance Plans."
- Fill in the required details.
- Click on the "Buy now" button.
- Make the payment, and your life insurance policy document will be sent to your registered e-mail address.
Quick Links
Max Life Insurance Claim Process
Each claimant/nominee is assigned a dedicated Claims Relation Officer who assists in the entire claim process. The life insurance claim settlement process at Max Life Insurance involves the following steps:
- Claim Registration
- Document Submission
- Claim Evaluation
- Claim Decision
- Claim Settlement
Documents required to register a claim are
- Submit policy document (original)
- Original copy of death certificate
- Form A (Death claim application form)
- NEFT mandate form attested by bank authorities
- Cancelled Bank Cheque
- Photo ID of Beneficiary
Apart from the above-mentioned documents, you may need to submit additional documents like a postmortem report attested by the hospital authorities, a death summary, and a copy of the FIR in case of accidental death.
Max Life Insurance Contact Details
Corporate Office Address : Max Life Insurance Co. Ltd. 11th Floor, DLF Square, Building, Jacaranda Marg, DLF Phase 2, Sector 25, Gurugram, Shahpur, Haryana 122002
Online Helpline Number
Phone : 0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday)
E-Mail : [email protected]
Message : SMS 'LIFE' to 5616188
Customer Service Toll-Free
Phone : 1860 120 5577 (9:00 AM to 6:00 PM Monday to Saturday)
NRI Helpdesk:
Phone : 0124 5098162; 0124 4905150 (9:00 AM to 6:00 PM Monday to Saturday)
NRI Support : [email protected]
