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Max Life Insurance
Max Life Insurance

About Max Life Insurance Life Insurance

Max Life Insurance Company, established in 2000, is one of the most admired private insurance companies in India. Max Life Insurance Company Ltd is a joint venture between Max India Ltd, an Indian multi-business corporate and Mitsui Sumitomo Insurance Co. Ltd, a member of MS&AD Insurance Group, a general insurer. The company started its commercial operations in 2001.

Max Life Insurance Company Ltd offers comprehensive life insurance and retirement solutions for long-term savings and protection to millions of customers.

Products offered

  • Unit linked insurance plans
  • Pension plans
  • Protection plans
  • Child Plans
  • Savings plans

Types of Max Life Insurance Plans

Max Life Savings Plans

Premiums invested in these plans are generally invested in debt instruments, which provide standardized profits to the insured. These plans are low on risk and have a high degree of predictability

 

  • Max Life Guaranteed Income Plan-- Savings plan with guaranteed monthly income that doubles after 5 years.
  • Max Life Whole Life Super -Policy tenor available till 100 years of age of applicant, with the added option of withdrawing funds when needed, without compromising the life cover.
  • o Max Life Life Gain Premier - Guaranteed maturity, death and terminal illness benefits. Flexible bonus payout and tenors available.
  • o Max Life Future Secure II (non-linked, limited pay endowment, participating life insurance plan)- 12 year premium payment plan with maturity and death benefits up to 20 years after policy inception.

Max Life Growth/ULIP Plans

ULIP plans or growth plans are stock market-linked plans, where the performance of your investment is decided by the performance of financial instrument your funds are invested in. These plans typically give a higher return when compared to traditional plans but also come at higher risk

  • Max Life Fast Track Super Plan- Plan provides multiple Fund options (5) and portfolio strategies. Life cover, protection against market volatility, and partial withdrawal available.
  • Max Life Maxi Super - The investments are automatically balanced between debt and equity instruments to provide higher and safe returns.
  • Max Life Platinum Wealth Plan: The Max Life Platinum Wealth ULIP comes with attractive features and supreme flexibility, and offers Guaranteed Loyalty Additions and Guaranteed Wealth Boosters. The plan charges very low and offers higher death benefits with its Partner Care Rider option. Customers can also avail tax benefits with this plan. The plan comes with 23 product variants.
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Max Life Group Plans

Group plans from Max Life provide employers and other persons with the option to enroll large number of people for a policy, whose benefits are paid out according to respective policy terms.

  • Max Life Group Gratuity Premier Plan- - Meant to provide effective means to employers to fund gratuity payments, with fixed cover of Rs.1,000 per member and option to choose between 4 funds.
  • Max Life Group Super Life Premier Plan in lieu of EDLI:Great tool to secure future of employees’ dependents against death. Also works as an excellent employee retention tool. Max Life Group Super Life Premier - Life insurance for groups with Top-up option to provide additional cover.
  • Max Life Group Credit Life Secure - Meant to provide coverage against loans sanctioned to employees, in case of their unfortunate demise in the loan repayment period.

Max Life Child Plans

Child plans from Max Life are a great choice if you want to secure your child’s financial future. These plans pay out the death benefits to the child of the insured, after a certain age has been reached by the child (generally 18 years). Benefits may be paid out singly or in instalments.

  • Max Life Shiksha Plus Super -Coverage includes future premium payment by insurer in case of insured demise, as well as family income benefit.

Max Life Retirement Plans

Max Life offers pension plans which give a steady income after a customer has retired from his/her job and is in the pension period now.

  • Max Life Forever Young Pension Plan: Traditional non-linked annuity plan with guaranteed income stream after retirement.
  • Max Life Guaranteed Lifetime Income Plan: Terminal illness, death and maturity benefits. 7.5% of Sum Assured to be paid every year for 15 years from age 61 to 75 of applicants.
  • Max Life Life Perfect Partner Income Plan:Death and maturity benefits, as well as equity participation for building large retirement corpuses, while providing protection against market downturns.

Max Life Online Term Plans

The online term plans from Max Life provide the option for enrolling online. These plans fall under traditional policies as well as linked plans.

  • Basic Life Cover:Pure term plan with competitive premium rates. Premium is less with 1 crore life insurance cover.
  • Life Cover Monthly Income: Death benefits and assured monthly income (fixed) for 10 years and 1 crore life cover .
  • Life Cover Increasing Monthly Income:Death benefits as well as assured monthly income for 10 years (incrementing at 10% p.a. simple interest).

With its array of choices as well as vast network of branches, Max Life is a sure partner for you when trying to secure your and your loved ones’ futures.

FAQs about Max Life Insurance Life Insurance:

Are there any advantages in buying Max Life Insurance insurance at an early age?

Yes. The premium that you pay on your insurance policy is mainly dependent upon two things - your age and the tenure of the policy. The younger you are, the lower is your insurance premium amount. At younger age, you would be physically sound and may not be suffering from illnesses/ medical. This would entitle you to a lower premium on the policy. Therefore it is advisable to buy insurance at an early age to reduce the cost of insurance.

Do you need life insurance?

If you have dependents and financial responsibilities towards them, then you certainly need insurance. Imagine what would happen if you were to lose your life suddenly or become disabled and cannot earn. Being insured in a situation like this is a necessity. When you insure your life, in effect what you are doing is insuring your earning capacity. This guarantees that your dependents will be able to continue living without financial hardships even in case of your demise. Most insurance plans available today come with a savings element built into it. These policies help you plan not only for protection against death but also for a financially independent future, which would enable you to have a comfortable retirement.

How else does life insurance help?

The primary need is buying financial security for your family. Other aspects that insurance helps fulfill are:

Tax benefits of opting Max Life Insurance Life Insurance?

The Tax exemption available under our insurance and pension policies are described below:

Deductions

*The aggregate amount of deduction under section 80C and 80CCC shall not exceed one lakh fifty thousand rupees.

Exemption

  • Benefit is available to individual assessee and Hindu Undivided Family assessee.
  • In case of individual assessee - himself/herself, spouse, children of such individual.
  • In case of HUF assessee - any member of HUF.
  • Premiums paid under a life insurance policy are eligible for deduction under Section 80C* of the Income Tax Act, subject to the provisions of the said section.
  • Contributions to a pension plan are eligible for deduction under Section 80CCC* of the Income Tax Act, subject to the provisions of the said section.
  • The proceeds under a life insurance policy are exempt under Section 10(10D) of the Income Tax Act, subject to the provisions of the said section.
    Note: If the amount of premium paid in a financial year for a policy is in excess of 10% of the actual capital sum assured, then deduction will be allowed only for premiums up to 10% of the actual capital sum assured.

How much do I insure myself for?

One of the simplest rules is to assume that insurance is a replacement for your lost earning capacity. Calculate your total income for the years that you expect to work. Assuming that the prevailing interest rate is 8%, you need to insure your life for at least 12 times your current annual income. Assuming that a family needs Rs.100 annually for household expenditure and the rate of interest would be at 8%, then the breadwinner needs to have a life insurance policy of approximately Rs.1200. If the insurance amount were to be put in the bank by the family, the family would get a comfortable Rs.96 p.a., which would at least let the family maintain the current life style.

However to calculate your insurance need more precisely, use the following steps:
  • Calculate Monthly Livable Income required (Post tax). This is the monthly amount that the survivors of the policyholder will need in the event of his death. This is taken at 70% of the current total family expenses. Denote this as "M".
  • Calculate Monthly Income required (Pre tax) as M/ (100-t)%. Denote this as "M1". Here t = Tax rate.
  • Assume Estimated-earning rate on capital as 8%. Denote this as "r".
  • Calculate Capital livable income required (C ) as A/ r%.
  • Subtract Existing Insurance Cover amount (if any) from "C".
  • The final amount you arrive at is the amount for which you should buy insurance

How much does it cost to buy Max Life Insurance life insurance?

Pure protection covers have become fairly affordable over a period of time. Further, the amount of premium depends on the cover and benefits one needs

Is there any policy where I can receive money during the tenure of the policy?

Yes, a MoneyBack Policy. This is an anticipated endowment policy with an additional feature of receiving benefit at regular intervals during the tenure of the policy. The risk cover continues for the entire policy term inspite of the installments already paid. If you outlive the policy, the maturity benefit along with accumulated bonus is paid back to you.

This is suitable for you if
  • You plan to coincide the funds received from the policy with your future anticipated needs like a car, an overseas holiday, children's educational needs, marriage expenses, etc.

What are riders?

Riders are additional benefits that can be attached onto your basic life insurance policy. These riders give you the benefit of increasing your risk cover in case of certain events happening. For instance if you have taken an Accident Death Benefit rider and you die due to an accident then your beneficiaries can get up to a maximum of twice the basic sum assured subject to Claims acceptance. Similarly there are different riders addressing different contingencies like Critical Illness, Permanent Disability Benefit, etc. There are riders available that waive your future premiums in case of death or disability of the proposer. These riders come at a nominal cost and can be availed of depending on the policy taken. These can be taken at the beginning of the policy term or during the policy term.

What are the different premium paying options available?

Nearly all policies provide yearly, half yearly, quarterly and monthly modes of premium payment. In addition, some plans also have the option to pay the premiums only for a limited period of time and not for the full policy term

What is an Max Life Insurance Endowment Policy?

An Endowment Policy is a combination of savings along with risk cover. These policies are specifically designed to accumulate wealth and at the same time cover your life. In simple words, these polices are issued for specific time periods during which you pay premiums. If you die during the tenure of the policy, your beneficiaries will receive the death benefit along with the accumulated bonus additions and if you outlive the policy tenure you will receive the maturity benefit along with accumulated bonus additions (if any). This is suitable for you if You want to accumulate capital for anticipated financial needs like buying an asset such as a home, providing for your old age, your children's education, marriage, etc.

What is Life Insurance?

Life Insurance is a contract between you and a life insurance company, which provides your beneficiary with a pre-determined amount in case of your death during the contract term. Buying insurance is extremely useful if you are the principal earning member in the family. In case of your unfortunate premature demise, your family can remain financially secure because of the life insurance policy that you have purchased. The primary purpose of life insurance is therefore protection of the family in the event of death. Insurance is also seen as a tool to plan effectively for your future years, your retirement, and for your children's future needs. Today, the market offers insurance plans that not just cover your life and but at the same time grow your wealth too.

What is Max Life Insurance Term Insurance?

Term Insurance, also known as pure life cover, is the cheapest and the simplest form of insurance. Under this insurance policy, against payment of regular premium, the insurer agrees to pay your beneficiaries the Death Benefit in event of your premature death. However, if you survive till the end of the policy term, nothing is payable to you. This policy has no savings component and the premiums you pay are purely a cost to buy you a life cover. This is suitable for you if
• You are looking for a low cost life cover without any savings benefits attached.

What will I receive on maturity of my policy?

On maturity, you will receive the maturity benefit as defined as for respective Plan.

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