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Max Life Insurance

  • We help in maximising your retirement corpus
  • Simple and uncomplicated comparisons of all plans
  • Clear features, benefits, and costs for each plan
  • Tax free corpus, maximum returns & right vesting age

Max Life Insurance

Overview
Having recently crossed Rs. 10, 000 crore in its Gross Written Premiums, Max Life Insurance Co. Limited is on a roll in India. The company has a comprehensive network of 210 offices spread throughout 143 Indian cities. Max Life Insurance Co. Limited also has a claim settlement ratio of 96.95%. The company has also reached Rs. 3, 77, 572 crore by way of Sum Assured till FY2017-18. Savings, retirement and protection plans are offered to clients in addition to other solutions. The company has also increased its AUM (assets under management) by 24% and this presently stands at around Rs. 44, 370 crore.

Max Life Insurance at a glance
  • Claim paid ratio of the company is 97.59%.
  • The first company to be recognised as a training institute by IRDAI
  • Gross Written Premium of the Company witnessed 17% growth (Rs. 10,780 crores) in financial year 2016-17.
  • Sum Assured figure stands at Rs. 3, 77, 572 crore as of the FY 2017-18.

Max Life Insurance Co. Limited Retirement Plans
There are several Max Life Insurance Co. Limited retirement plans on offer. These policies offer ample financial security post retirement along with monthly pension/annuity income as well. They help in creating a financial corpus for the sunset years. There are several riders and annuity options available for customers to choose from.

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 Retirement Plans
  • Max Life Guaranteed Lifetime Income Plan: This plan offers option to get life- long annuity for yourself or till your partner is alive. Option to receive return of purchase price on death – After the death of the annuitant(s), the purchase price of the policy is returned to the nominee.
  • Max Life Forever Young Pension Plan: A person between 30 – 65 years of age at the time of entry can take this plan. There are three types of benefits available - Death, Vesting and Loyalty
  • Max Life Perfect Partner Super: The plan offers life insurance coverage until the age of 75 years and Guaranteed money back for 15 years from age 61 years to 75 years. Three bonus options - paid in cash, premium offset or paid up additions to choose

1: Max Life Guaranteed Lifetime Income Plan: An ideal plan for persons who want a regular stream of income post-retirement to maintain the life-style they are accustomed to.

Advantages and Benefits
  • Four modes of payout Yearly, Half--yearly , Quarterly or Monthly to choose from
  • Guaranteed income till you live
  • Option to get life- long annuity for yourself or till your partner is alive
  • Option to receive return of purchase price on death – After the death of the annuitant(s), the purchase price of the policy is returned to the nominee.
  • Guaranteed Income to cater to your needs as long as you live
  • Option to receive life-long payments for as long as you or your partner is alive – You have the option to choose a single life or a joint life annuity
Features Description
Age at entry (age last birthday) Minimum - 50 years, years (55 years for policies sourced under Qualifying Recognized Overseas Pension Scheme
Maximum – 80 years
Payout Mode Yearly, Half-yearly, Quarterly, Monthly and Single Pay
Annuity Term Till the death of the annuitant in case of single life variant
Till the death of the annuitant in case of single life variant
Minimum Premium Subject to minimum annuity payout being Rs 1000 per month
Maximum Premium No limit, subject to underwriting 

2: Max Life Forever Young Pension Plan: A unit linked pension plan for people aged between 30 and 65 years of age, that gives you the opportunity to maintain your lifestyle post retirement

Advantages and Benefits
  • Three types of benefits available - Death, Vesting and Loyalty
  • A person between 30 – 65 years of age at the time of entry can take this plan
  • Option to choose premium payment mode from amongst Annual, Semi-Annual, Quarterly, Monthly or Single Pay available
  • Flexibility to choose from two investment options – Pension Maximiser and Pension Preserver option
  • Guaranteed loyalty addition from the end of the 10th policy year
  • Option to exercise the Max Life Partner Care rider
Features Description
Age at entry (age last birthday) Minimum - 30 years,
Maximum – 65 years
Vesting Age (age last birthday) Minimum: 50 years (55 years for policies sourced under Qualifying Recognized Overseas Pension Scheme
Maximum: 75 years
Premium Mode Yearly, Half-yearly, Quarterly, Monthly and Single Pay
Policy Term Vesting age less entry age, subject to following conditions:
  • Maximum 75 years less entry age
  • Minimum 10 years
You can choose any vesting age as long as the vesting age is at least 50 years (55 years for policies sourced under QROPS).
Minimum Premium Single Pay – Rs 1,00,000, Regular Pay - Rs 25,000 per annum 
Maximum Premium No limit, subject to underwriting 

3: Max Life Perfect Partner Super: A money back life insurance plan that guarantees 212.5% of guaranteed maturity sum assured

Advantages and Benefits
  • Flexibility to withdraw the accumulated bonuses to meet an emergency situation
  • Life insurance coverage till the age of 75 years.
  • Guaranteed money back for 15 years from age 61 years to 75 years
  • Maturity benefits at the age of 75 years.
  • Three bonus options - paid in cash, premium offset or paid up additions to choose
  • In case the insured dies within the policy term his nominee to get guaranteed death benefit plus accrued paid up additions (if any) plus terminal bonus (if any)
  • Option to choose from 4 premium payment terms
Features Description
Age at entry (age last birthday) Minimum – 91 days
Maximum –
55 years for premium payment term 7 and 10 years
50 years for premium payment term of 15 years
45 years for premium payment term of 20 years
Maximum Maturity Age  75 years.
Premium Payment Term 7, 10, 15, 20 years
Sum Assured Minimum: Rs 50,000 subject to minimum premium limit
Maximum: No limit, subject to underwriting
Policy Term Up to 75 years of Life Insured. Policy Term = 75 less age at entry of Life Insured.