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:
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.
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.
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.
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
 |
Max Life Future Genius Education Plan |
Coverage Benefits
- Customization
- Death Benefit
- Tax Benefits
Eligibility Criteria
Entry Age: 21 Years to 45 Years
Sum Assured: 2.12 Lakhs to No Upper Limit
|
Max Life Shiksha Plus Super Plan |
Coverage Benefits
- Family Income Benefit
- Funding of Premium
- Loyality Benefits
Eligibility Criteria
Entry Age: 21 Years to 50 Years
Sum Assured: Minimum 2.5 Lakhs
Group Life Insurance Plan
|
Max Life Group Super Life Premier Plan |
Coverage Benefits
- Spouse Cover
- Dependent Cover
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 75 Years
Sum Assured: 1 Lakh to No Upper Limit
|
Max Life Pradhan Mantri Jeevan Jyoti Bima Yojna Plan |
Coverage Benefits
- Death Benefit
- Fixed Premium
- Affordable Cost
Eligibility Criteria
Entry Age: 18 Years to 50 Years
Sum Assured: 2 Lakhs
|
Max Life Group Credit Life Secure Plan |
Coverage Benefits
- Comprehensive Cancer Insurance
- Medical Second Opinion
- Tax Benefits
Eligibility Criteria
Entry Age: 15 Years to 75 Years
Sum Assured: No Upper Limit
|
Max Life Group Saral Suraksha Plan |
Coverage Benefits
- Comprehensive Coverage
- Death Benfits
- Flexibility
Eligibility Criteria
Entry Age: 18 Years to 80 Years
Sum Assured: 1K per member to 2 Lakhs Per member
|
Max Group Term Life Platinum Assurance Plan |
Coverage Benefits
- Tax Benefits
- Loyality Benefits
- Top-up Cover
Eligibility Criteria
Entry Age: 18 Years to 80 Years
Sum Assured: Up to 1 Crore
|
Max Life Group Credit Life Premier Plan |
Coverage Benefits
- Loan Feature
- Comprehensive Coverage
- Death Benefit
Eligibility Criteria
Entry Age: 15 Years to 75 Years
|
Max Life Group Gratuity Premier Plan |
Coverage Benefits
- Flexibility
- Gratuity Benefits
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 74 Years
Sum Assured: 1K per person
|
Max Life Group Super Life Premier in lieu of EDLI |
Coverage Benefits
- Tax Benefits
- Lucrative Add-on Riders
- Comprehensive Coverage
Eligibility Criteria
Entry Age: 18 Years to 74 Years
Sum Assured: 6,01,000 per Member to 6,10,000 per Member
Term Insurance Plans
|
Max Life Term Plan with Return Of Premium |
Coverage Benefits
- Return of Premium
- Death Benefit
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 65 Years
Sum Assured: 75 Lakhs to 2 Crore
|
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
|
Max Life Guaranteed Income Plan |
Coverage Benefits
- Survival Benefit
- Tax Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 25 Years to 60 Years
|
Max Life Whole Life Super Plan |
Coverage Benefits
- Lifetime Protection
- Terminal Illness Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 18 Years to 60 Years
|
Max Life Assured Wealth Plan |
Coverage Benefits
- Maturity Benefit
- Tax Benefit
- Flexible Premium Payment
Eligibility Criteria
Entry Age: 91 Days to 60 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 Online Savings Plan - Variant 1 |
Coverage Benefits
- Death Benefit
- Tax Benefit
- Maturity Benefit
Eligibility Criteria
Entry Age: 18 Years to 60 Years
|
Max Life Online Savings Plan - Variant 2 |
Coverage Benefits
- Flexibility of Investment
- Maturity Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 18 Years to 54 Years
|
Max Life Forever Young Plan |
Coverage Benefits
- Death Benefit
- Tax Benefit
- Vesting Benefit
Eligibility Criteria
Entry Age: 30 Years to 65 Years
|
Max Life Shiksha Plus Super |
Coverage Benefits
- Maturity Benefit
- Tax Benefit
- Loyalty Benefit
Eligibility Criteria
Entry Age: 21 Years to 50 Years
Retirement and Pension Plan
|
Max Life Saral Pension |
Coverage Benefits
- Survival Benefit
- Death Benefit
- Tax Benefits
Eligibility Criteria
Entry Age: 40 Years to 80 Years
|
Max Life Guaranteed Lifetime Income Plan |
Coverage Benefits
- Guranteed Income
- Death Benefit
- Flexible Payout
Eligibility Criteria
Entry Age: 50 Years to 80 Years
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