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 99.35% in FY 2021-22. Moreover, As per the IRDAI annual report (2020-21), Max Life Insurance has 269 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 "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
Claim Paid Percentage (2020-21) 99.35%
Branches in India 269
Solvency Ratio (2020-21) 2.07
Market Share (2020-21) 19,017.90 crore

*Data has been sourced from the annual report of IRDAI 2020-21

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:

01

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 (2020-21), Max Life Insurance recorded a gross written premium of INR 19,017.90 crore in the financial year 2020-21.

02

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 (2020-21), Max Life Insurance has a claim settlement ratio of 99.35% in the financial year 2020-21. 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.

03

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 (2020-21), Max Life Insurance has a solvency ratio of 2.07 in the financial year 2020-21.

04

Number of Branches

Max Life Insurance has a presence across pan India with around 269 offices.

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:

Max Life Child Insurance Plans

Group Life Insurance Plan

Term Insurance Plans

Income Plans

Saving Plans

Unit Linked Investment Plan (ULIP)

Retirement and Pension Plan

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.com. Read below to check the buying process of Max Life Insurance in detail.

Buy from RenewBuy.com

  • Visit the official site of "RenewBuy."
  • Select the "Life Insurance Plan" tab.
  • Select the "Best Life insurance companies in India" 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.

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, Jacaranda Marg, DLF City Phase II, Gurugram, Haryana 122002

Online Helpline Number
Phone :
0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday)

E-Mail : online@maxlifeinsurance.com

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)

Mail : nri.helpdesk@maxlifeinsurance.com