Max Life Insurance Review
No matter how young or old you are, everyone wants the best for their family. But how would your loved ones cope if you were to suffer a serious illness or pass away unexpectedly? As well as taking care of your funeral expenses, they’d need to adapt to the fact that they could no longer rely on your regular income. With this in mind, how could they afford to repay the mortgage, pay off other debts, manage ongoing expenses and even simply maintain their current lifestyle?
This is why it’s such a sensible financial decision to take out life insurance cover. Life insurance offers your beneficiaries a lump sum payment when you die or are diagnosed with a terminal illness, allowing them to cope with the heavy financial burden of your passing. Other forms of life insurance, such as trauma insurance and TPD cover, can provide financial protection if you suffer a serious illness or injury, or if you become disabled.
Max Life Insurance, a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd, offers a range of life insurance solutions to its customers. The company aims to help its customers secure their financial future and enjoy much-needed peace of mind and protection.
Who is Max Life Insurance?
Max Life Insurance is a leading life insurance provider that was formed by Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a multi-business corporation, while Mitsui Sumitomo Insurance is a member of leading global general insurer, MS&AD Insurance Group.
Max Life Insurance offers an extensive range of life insurance and retirement savings solutions to more than three million customers. The company’s vision is: “To be the most admired life insurance company by securing the financial future of our customers.”
Online Term Plan
Max’s suite of products starts with the Online Term Plan. This type of cover is offered online and is designed to help your family cope financially with your death. The Online Term Plan offers the choice of three death benefits so that you can tailor your policy to your needs.
Protection Plans from Max Life Insurance offer affordable protection to ensure that your family is looked after when you’re no longer around. There are two plans to choose from, each offering a different level of cover to suit a variety of needs.
Child Plans are designed to help you take care of your child’s education and marriage expenses in the future. The plans work by encouraging you to invest a fraction of your income to ensure a secure financial future for your child.
Other product offerings from Max Life Insurance include Growth Plans, Retirement Plans, Saving Plans and Group Plans.Back to top
Why Choose Max Life Insurance?
Max Life Insurance is one of India’s leading life insurance providers. After being founded in 2000, Max has grown quickly to become one of India’s leading life insurance providers. In the 2013-14 financial year, the company was ranked fourth among the country’s private life insurance providers with a market share of 10.3%.
At the end of March 2014, Max Life Insurance had assets under management of 24,716 crore. And the company’s share capital of 2,127 crore with a solvency margin of 485% lets customers know they are dealing with a company that is backed by a position of significant financial strength.
With this in mind, both policyholders and shareholders know that their money is safe and secure with Max Life insurance and they will continue to receive stable returns. The company also offers a balanced distribution network right across India to help a wide variety of customers access a diverse range of products.
Max Life Insurance aims to build relationships based on trust with its customers. Its well trained and professional team offers quality advice to help customers make informed decisions about planning for their financial future.
As recognition of its commitment to providing effective life insurance solutions, Max Life Insurance has taken out multiple industry awards. These include the Global Finance Best Life Insurance Company 2014, India, and the trophy for Best Underwriting Initiative of the year in the Asia Banking, Financial Services & Insurance Excellence Awards.Back to top
Max Life Insurance Policy Options
Online Term Plans
Max Life Insurance’s Online Term Plan is designed to help your family manage their financial needs if you are no longer around to provide for them. There are three plan options to choose from, each with its own unique death benefit. Max Life Online Term Plan Basic Life Cover is like a typical term life insurance policy, offering affordable protection and a lump sum benefit when you die or are diagnosed with a terminal illness. Max Life Online Term Plan Life Cover + Monthly Income offers a lump sum plus a monthly income to help your family cope with initial expenses and then rely on a regular income into the future. Finally, Max Life Online Term Plan Life Cover + Increasing Income offers both a lump sum and then a monthly income that will increase over time. This will help your loved ones cope with the rising cost of living and other expenses.
Max Life’s Protection Plans are designed to offer protection for you and your family against death, diseases and disabilities. Designed to be affordable, these plans offer maximum protection when the worst happens and you may no longer be able to support your family financially. Max Life Platinum Protect II is a comprehensive life insurance plan that offers a death benefit, low premium rates, flexible term options, and tax benefits on premiums and policy benefits. The Max Life Premium Return Protection Plan, meanwhile, is designed to offer financial security and strength to your family when disaster strikes. Key features of cover include a death benefit, accidental death benefit, the flexibility to choose the period for which you need cover, and the guaranteed return of your premiums if you survive until the end of the policy term.
A Child Plan from Max Life Insurance is designed to help parents do everything they can to look after the financial needs and futures of their much-loved children. Max Life Shiksha Plus Super is a savings plan to help you take care of important expenses at each stage of your child’s education, even if you’re no longer around to provide financial support. It offers a Family Income Benefit and guaranteed funding of future premiums in case of your death. Other features include the option to choose your policy term and premium payment term, the option of making partial withdrawals to pay for unplanned expenses, plus the choice of five funds to satisfy the desires of investors with different approaches to risk.
Other plans. Max Life Insurance also offers a range of savings and investment plans to help its customers reach their financial goals. These include Growth Plans, Retirement Plans, Saving Plans and Group Insurance Plans.Back to top
Who is Max Life Insurance Backed By?
As a member of MS&AD Insurance Group, Mitsui Sumitomo Insurance Company is backed by financial strength and stability. MS&AD Insurance Group was formed in 2010 when Mitsui Sumitomo Insurance Group Holdings, Inc., Aioi Insurance Co., Ltd. and Nissay Dowa General Insurance Co., Ltd were all integrated under the one umbrella.
In the 2012-13 financial year, the group reported total assets of 1,671 billion yen (US$167 billion) and a consolidated net premium of 2,811 billion yen (US$ 28.1 billion). MS&AD Insurance Group has headquarters in Tokyo, Japan, and has an extensive history of more than 120 years in the insurance business.
The Group aims to expand through five key business areas: domestic non-life insurance, domestic life insurance, overseas insurance, financial services and risk-related businesses. It has a network of more than 400 bases in some 39 countries around the globe.
Mitsui Sumitomo Insurance Company was itself formed in 2001 following a merger between the former Mitsui Marine & Fire Insurance Co., Ltd. ("Mitsui Marine") and the former The Sumitomo Marine & Fire Insurance Co., Ltd. ("Sumitomo Marine"). Mitsui Marine had a history dating back to 1918, while Sumitomo Marine’s history dated back to the late 19th century.Back to top
Max Life Insurance Claims
Max Life Insurance aims to make the claims handling process as fast, easy and stress-free as possible. When it comes to claims processing, the company’s stated mission is to be the ‘Fairest, Fastest and Friendliest'.
In order to bring this vision to life, Max Life Insurance employs a dedicated team of professional claim assessors. The company offers a fast turnaround for life insurance claims, with each person given an individual claims handler to help take them through every aspect of the claims process. All Unit Linked Insurance Plans will be paid within two days of claims being lodged, while death claims will be paid within 10 working days of the company receiving all relevant claim documents and information. Interest is paid at a rate of 6% for any delays.
In addition, the company promises to honour all claims on policies that have been in effect for more than three continuous years, except for those that were obtained with fraudulent intentions. More detailed information on how to lodge a claim with Max Life Insurance and the supporting information you may be required to supply can be found on the company’s website.