Know about Max Life Insurance Company

Max Life Insurance Company is a prominent player in the insurance industry and was instituted in the year 2000. Max Life Insurance is a joint venture between Max Financial Services Ltd. (a part of the Max Group) and Axis Bank Ltd. (one of India’s largest private-sector banks). The company offers an assorted variety of insurance solutions to all. With its widespread network of branches across India and robust multi-distribution channels operating across the country, the company is recognized for offering simple and inexpensive insurance propositions to all.

1. Total assets of the company INR 150,836 crores
2. The company has a massive network of 304 branch offices in India
3. The Claim Settlement Ratio of the company for the financial year 2023-24 is 99.65%
4. The total Sum Assured which are active and in force is INR 1,779,409 Crores for the financial year 2023-24

Max Life Insurance -Company stats

Awards & Recognition by Max Life Insurance

The company has won numerous awards for its products, services, and corporate excellence. Here are some of the notable awards they have received:

1. Awarded Digital Enterprise of the Year – BFSI at The Economic Times CIO Awards 2024
2. Awarded for ‘Excellence in Financial Reporting for FY’23’ for the second consecutive year at the ICAl
3. Ranked #2 amongst India’s top Insurers in delivering Best In Class Customer Experience in the 4th edition of Hansa Research’s marquee CuES Report
4. Awarded in the Best Claim Settlement category at the Banking Frontier’s- Insure Next awards and summit for the second consecutive
5. Accorded the Laureate honor by Great Places to Work for featuring as one the best companies to work for an incredible 10 years
6. Winner for our ‘Peer to Peer Investment Opportunity (P2P) under Diverse Products and Services category in ET BFSI Exceller Awards 2023
7. Awarded for Digital First Approach for Digital Technology Platforms – Tech Circle Business Transformation Summit 2023

We will study the various Individual Plans by Max Life which are being offered by Turtlemint:

1. Term Plans
2. Savings Plans

Max Life Term Insurance Plans

Term plans can be defined as the utmost unadulterated form of insurance available to all the patrons of insurance products. The objective is to provide a wide-ranging lifeguard with an assortment of different advantages which suits all individuals. Term plans are obtainable for a definite period of time, wherein if the policyholder expires, the company will pay the nominee an assured benefit or a lump sum. On the other hand, if the policyholder survives during the policy period, the company does not pay any benefit to the insured at the end of the policy. Tax Benefits under section 80 (C) can be availed under these plans. Max life Insurance term plans are available online and offline to all the customers.

Types of Max Life Term Insurance Plans in India

The company offers two different term plans which are namely:

1. Max Life Smart Secure Plus Plan
2. Max Life Total Elite Protection Plan

We will have a quick overview of the above plans as below:

1. Max Life Smart Secure Plus Plan

This is a non-linked non participating individual pure risk premium life insurance plan that offers death benefits along with enhanced protection through add-ons such as special exit value and terminal illness benefit built into it. Opting for this term insurance policy can help you create a financial shield for any future emergencies your loved ones might face. UIN: 104N118V09

Benefits of Max Life Smart Secure Plus Plan

• Option of increasing life cover with each policy anniversary
• Choose between lump sum payout, monthly income or a combination of both
• Benefit of add-ons like Accident Cover*, Critical Illness and Disability Rider*
• Protect your spouse in same plan with joint life policy
• Avail premium break option* up to 2 times during policy term

2. Max Life Smart Total Elite Protection Plan

This is a non-linked non participating individual pure risk premium life insurance plan that offers high death benefit cover in lieu of reasonable premium payments. Policyholders also get in-built terminal illness and cover continuance benefit with the plan that enhances the financial protection offered to your loved ones. UIN: 104N125V06

Benefits of Max Life Smart Total Elite Protection Plan

• InstaClaim on claim intimation
• Special Exit Value~1 benefit available from the 30th policy year
• Get enhanced protection with add-ons like Critical Illness and Disability Rider*, Accident Cover*, etc.
• Customise plan with lump sum, monthly income or a combination of both
• Waiver of Premium* benefit available in the case of disability or diagnosis of critical illness
• Lower premiums for women and non-smokers

Max Life Savings Plans

Investment Plans are essentially financial instruments that help create sustainable wealth for the future. Various investment plans in India enable us to invest our savings into different money-market products in a disciplined and periodic manner to achieve our financial goals.

Overall, investment plans provide the much-needed advantage of maximising our savings through systematic, long-term investments and create wealth for the future. The first step towards having an investment plan in India is to assess your risk profile and financial needs, and then choose an investment plan that aligns with your needs.

Types of Max Life Savings Plans in India

The company offers the Max Life Smart Wealth Advantage Guarantee plan with Turtlemint.

1. Max Life Smart Wealth Advantage Guarantee

This non-linked non-participating individual life insurance savings plan (UIN: 104N124V08) allows policyholders to customise their investments and choose from a range of survival, maturity and death benefits* to meet the financial as well as protection needs of their loved ones. With the option to choose between various premium term options and option to change premium payment mode at any time this plan allows you to grow your savings at your desired pace.

Benefits of Max Life Smart Wealth Advantage Guarantee

• Choice of different premium payment modes* – annual, semi-annual, quarterly and monthly
• Enhance protection through policy continuance benefit1 (PCB) and multiple add-ons/riders*
• Option to customise payout mode* – accrual or save the date and payout frequency*

How to buy Max Life Insurance policies?

You can buy Max Life Insurance plans both offline as well as online. In order to buy the plans offline, you would have to visit the branch directly and purchase the same from the insurance company directly.

However, the same can be purchased online as well from the official website of Max Life Insurance. A simpler process for buying the policies online is through Turtlemint, an online platform to buy and renew insurance policies.

To buy Max Life Insurance Plans, you can:

• Visit https://www.turtlemint.com/
• Opt for Life Insurance:
  https://www.turtlemint.com/life-insurance
• You have a choice of
  • Term Plans
  • Investment and Tax Plans
  • Savings for child
  • Pension/ Retirement
• You need to choose the type of plan that you wish to buy
• And then provide details of yourself like:
  • Gender
  • Marital Status
  • Date of Birth
  • Annual Income
  • Smoking habits
  • Sum Assured
  • Your Contact Details
• Then you will get the details of all the possible plans
• All you need to do is choose the best plan from the options available, which could be from Max Life Insurance as well and then “View Details”
• Once you are convinced of the plan that you wish to buy, you need to click on “Buy Now” tab
• Details need to be entered before purchasing the plan like:
  • Proposer details
  • Insured details
• And then proceed to make the payment to purchase the policy online through Turtlemint

The renewal process of Max Life Insurance Plans

Renewing Max Life Insurance Plans is also an easy affair. You can renew the policy online through the company’s website using the following steps –

1. Visit the company’s home page and renew the same online
2. You will be redirected to a new page wherein you can provide your policy details. You can, then, pay the renewal premium and the policy would be renewed

One can visit www.maxlifeinsurance.com/pay-online and can make the online payment for renewing the policy after filling up the policy number or contact number.

Renewal of Max Life Insurance Policies can also be done online through Turtlemint. If you have bought the policy through Turtlemint you are an existing customer. You would have the login details with which you can log into your Turtlemint account. After you are logged in, choose the health or car or bike insurance plan which you would want to renew, click on ‘Renew’ and you would be able to check the policy details. If you want to renew without any changes, pay the renewal premium and the policy would be renewed.

Claim Process for Max Life Insurance Policies

Max Life Insurance ensures a simple, efficient, and transparent claim settlement process designed to offer peace of mind during difficult times. The process is streamlined into three key steps:

1. Claim Registration & Document Submission: The nominee can begin by submitting essential documents such as the original policy, death certificate, claim application form, and NEFT mandate either online through Max Life’s Claim Centre or at a nearby branch.
2. Claim Evaluation: Max Life’s claim assessors thoroughly review the submitted documents. For eligible policies under the InstaClaim™ initiative, claims up to Rs. 50 lakh are processed within 24 hours, provided the policy has been in force for over three years, the nominee’s title is clear, and all mandatory documents are submitted by 3 pm on working days.
3. Claim Decision & Settlement: After evaluation, Max Life either approves and settles the claim or requests additional information. A dedicated Claims Relationship Officer (CRO) is appointed to guide the nominee through the entire process for a smooth experience.

For detailed information on Max Life’s claim process, please visit their Claim Settlement Page.

The claims can also be settled through Turtlemint. Turtlemint is a company that provides customers with the facility of claim settlement through a squad of claim specialists. The company needs to be notified by calling their toll-free number 1800 266 0101 or via an email at claims@turtlemint.com. Post this, the claim department will connect and coordinate with Max Life Insurance to process the claims.

Payment modes for Max Life Insurance

The Company offers various modes of payment which one can avail of. Listed below the same:

• Online Payment
  • Max Life Official Website
  • “Renewal Payment” via foreign remittance or transfer
  • NEFT/ RTGS
  • Instapay service
  • Paytm, PhonePe and Airtel Money
• Auto-Debit
  • Direct debit
  • NACH
  • Standing Instruction in Credit card 
  • Electronic Bill Payment and Presentment
• Payment at any Max Life dropbox, branch offices
• Payment and request for a cheque pick up

Max Life Insurance Company Address and Contact Information

For instant response, customers can connect with Max Life Insurance team via one of their many digital servicing options:

Max Life Insurance Company Address and Contact Information

1. Scan the QR code from their website or send ‘Hi’ on WhatsApp number +91 74283 96005 from your registered mobile number.
2. Visit the customer login section to manage your policy
3. Policyholders can write to them at service.helpdesk@maxlifeinsurance.com from their registered Email ID. Their usual response time is 5 days.
4. Existing Customers can call this helpline number 1860 120 5577 from their registered mobile number (9AM to 6PM available from Monday till Saturday)
5. For NRI customers the helpline number is +91 11 71025900, +91 11 61329950 (Available 24X7 Monday to Sunday) and email is nri.helpdesk@maxlifeinsurance.com
6. Customer Operations Center: Plot No. 90-C Udyog Vihar, Sector 18, Gurugram, Haryana – 122015

You can visit their website for more information and details.