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Max Life Insurance

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Max Life Insurance

Overview
Max Life Insurance Co. Limited is one of the leading insurers in India and is known for its long-term retirement, savings and protection plans along with other solutions. There are distribution partners across multiple channels along with agents. Max Life Insurance Co. Limited has a claims paid percentage of 96.95% while it has a presence in 143 cities with 210 offices in the country. The Sum Assured stands at Rs. 3, 77, 572 crore till the Financial Year 2017-18.

In fact, the company AUM (Assets under Management) has increased to a healthy Rs. 44, 370 crore which represents growth of 24%. The company also outstripped Rs. 10, 000 crore by way of Gross Written Premiums for the first time recently.

Max Life Insurance at a glance
  • No limit to the Maximum Sum Assured subject to underwriting
  • Ranked No.1 in Claims Settlement in 2015
  • First life insurance company in India to be awarded ISO 9001:2008
  • World Finance Best Life Insurance Company India, 2015
  • 210 offices located across 143 cities in the country.
Max Life Insurance Co. Limited Term Plans
Max Life Insurance Co. Limited offers Term plans for greater peace of mind and future financial security for your family. There are reasonable premiums, life insurance and liability coverage and protection from unforeseen events. Families get lump sum amounts in case of the death of the person insured and payouts can be monthly as well. There are riders like disability, accidental death and critical illness as well.

Documentation needed to apply for Max Life Insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph
Max Life Online Term Insurance Plans
  • Max Life Online Term Plan Plus: This plan covers till 75 years and the maximum policy term is 40 years. Option to add riders at affordable cost. It comes in has three variants.
  • Max Life Super Term Plan: A comprehensive term plan with flexibility to choose between policy terms from 10 to 35 years. It also gives you an option to get increasing Sum Assured option to cope with inflation
  • Max Life Premium Return Protection Plan: The premium paid will be returned in case the assured survives till maturity. In case of accidental death the nominee gets an additional 50% of the base policy
1: Max Life Online Term Plan Plus: This plan has three variants: (a) The Basic Cover, (b) Basic Life Cover + Monthly Income and (c) Basic Life Cover + Increasing Monthly Income

Advantages and benefits
  • Life cover till 75 years of age
  • Maximum policy term is 40 years
  • The full sum assured paid as lump sum in case of death
  • Option to add riders at affordable cost
  • Option to avail accelerated critical illness benefit
  • You can increase the sum assured based on life stage events
Age at Entry (age last birthday) Minimum / Maximum Minimum - 18 years 
Maximum :-
Regular Pay:- 60 years / Pay till 60 - 50 years
Maximum Maturity Age (age last birthday) 75 years
Policy Term Base Plan:-
You can pick a Term from 10 to 40 years (in interval of 1 year), subject to Maximum Maturity Age

Critical Illness:-
Choice to pick a Term from 10 to 40 years subject to certain conditions if you have selected Pay till 60 option.
Sum Assured Base Plan:-
Minimum: Rs. 25 lakhs
Maximum: Rs. 100 crores
The sum assured is available in multiples of Rs. 1 lakh and will remain same for the entire policy term, except if ‘Life Stage Event Benefit’ is chosen .

Critical Illness:-
Minimum: Rs. 5 lakhs, 
Maximum: Rs. 50 lakhs
The sum assured is available in multiples of Rs 5 lakhs only and is same for the entire policy term.
Premium Regular Pay - The premium payment term will be the same as the policy
Payment term term
Pay till 60 - The premium payment term will be equal to (60 less Entry Age (Age last birthday)), subject to minimum premium payment term of 10 years and entry age being less than or equal to 50 years. For this variant, the premium payment term will always be less than policy term.
You will have the option to select the premium payment term only at policy inception and once selected, the option cannot be changed.
Premium payment frequency Annual, Semi - Annual, quarterly & monthly.
The premium payment mode can be changed during the premium payment term.

Max Life Online Term Plan Basic Life Cover + Monthly Income
Advantages and benefits
  • 100% sum assured given as death benefit plus assured monthly income of 0.4% of sum assured for 10 years
  • Option to choose the premium payment mode any time during the premium payment term
  • Total payout is 148%
  • Life cover till 75 years of age
  • Maximum policy term being 40 years
  • Option to get accelerated payout in case diagnosed with 40 specified critical illnesses by choosing “Accelerated Critical Illness Benefit”
Max Life Online Term Plan Basic Life Cover + Increasing Monthly Income
Advantages and benefits
  • 100% sum assured to be given as death benefit and an increasing assured monthly income. Monthly income is 0.4% of sum assured in the first month which keeps on increasing at 10% per annum ( Simple interest) for 10 years
  • Three death benefit options to choose from – Lump sum (Sum Assured) or – Lump sum + Monthly income or – Lump sum + Increasing monthly income
  • Total payout is 169%
  • Option to get accelerated payout in case diagnosed with 40 specified critical illnesses by choosing “Accelerated Critical Illness Benefit”
  • Option to change the premium payment mode any time during the policy term
2: Max Life Super Term Plan: A regular pay term insurance plan that protects your family from the ill-effects of inflation by giving you an increasing sum assured option.

Advantages and benefits
  • Flexibility to choose between policy terms from 10 to 35 years
  • No maturity benefit is payable under the plan
  • Flexibility to choose death benefit payout as lump sum or lump sum plus increasing monthly income
  • This plan gives you an option to get increasing Sum Assured option to cope with inflation
  • Guaranteed death benefit payable on death of the insured
Age at entry (age last birthday) Minimum - 18 years,
Maximum – 65 years
Maximum Maturity Age (age last birthday) 75 years
Premium Mode Yearly, Half-yearly, Quarterly, Monthly
Premium Payment Term Premium payment term is same as policy term
Sum Assured Minimum: Rs 25 lakhs subject to minimum premium limit
Maximum: No limit, subject to the underwriting policy of the company. Sum assured is available in multiples of Rs 1 lakh only
Policy Term Maximum : 35 years
Minimum : 10 years
Choice to pick a Term from 10 to 35 year , with intervals of 1 year

3: Max Life Premium Return Protection Plan: A comprehensive protection plan that guarantees return of all premiums paid in case of survival at maturity with inbuilt accidental death benefit.

Advantages and benefits
  • Base policy sum assured paid in case of death
  • In case of accidental death the nominee gets an additional 50% of the base policy sum assured
  • All premiums including all extra premiums to be returned in case the assured survives till maturity
  • Option to choose from 3 policy terms
  • Option to pay premium for a period of 11 years only and choose a policy term for 20, 25 or 30 years.
Age at entry (age last birthday) Minimum - 21 years,
Maximum –
55 years for 20 year policy term
50 years for 25 year policy term
45 years for 30 year policy term
Maximum Maturity Age (age last birthday) 75 years
Premium Mode Yearly, Half-yearly, Quarterly, Monthly
Premium Payment Term 11 years
Sum Assured Minimum: Rs 5 lakhs subject to minimum premium limit
Maximum: Rs 1 crore
Sum assured is available in multiples of Rs 50,000 only
Policy Term 20 years, 25 years, 30 years