Max life Insurance plans

Max Life Insurance

Max Life Insurance, one of India’s premier non-bank promoted private life insurer, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the leading insurers in the world. The listed Max Financial Services owns a 72.5 per cent stake in Max Life Insurance and Mitsubishi Sumitomo Insurance (MSI) holds 25.5 per cent. It may be recalled that Axis Bank had in April this year signed a definitive agreement with MFS to buy 29 per cent stake in Max Life Insurance in an all cash deal. This Axis Bank-MFS deal is still awaiting regulatory nod.

Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 15 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future of our customers'.
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Max Life insurance review

Max life Insurance plans
Distribution - Number of branches pan India (March 2019)
Entry Age Minimum/Maximum (Years) - Term Plans
Sum Assured Minimum / Maximum - Term Plans
10 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
Solvency Ratio (FY 2018-19) *
Number of Policies Sold (Ind+Group) *
Number of Lives Covered (Ind+Group) **
Claims Settlement Ratio (Ind+Group) ***
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Max Life Plan Insurance Benefits

  • Awards & Recognitions
  • Why Max Life Insurance?
  • Key Benefits
  • Claims Process

Awards & Recognitions

Some of the awards and recognitions that Max Life has garnered over the past few years include:
  • Ranked No 24 in Great Places to Work in India by Great Place to Work Institute for 2020
  • Best Company on Fraud Risk Mitigation Processes at the Fraud, Risk & Compliance Conference 2.0
  • Most Admired Campaign for Brand Revitalization and Excellence in Customer Insights and Market Research for Max Life India Protection Quotient at ACEF 2019
  • Disruptive Technology Innovator of the Year 2019 – mREC at ET BFSI Excellence Awards 2019
  • Best Term Plan Company of the Year (OTP+) at CMO Asia 2019
  • Claims Service Leader at CMO Asia Awards
  • Gold Award in Best Email Marketing Campaign at India Digital Awards at IAMAI 2018

Why should one choose Max Life Insurance?

Some of the key reasons to choose Max Life include:
  • Claims Paid Percentage of 99.22% (Source : As per Annual Audited Financials, FY' 19-20)
  • Max Life Presence across India : 269 Offices
  • Sum Assured of ₹9,13,660 Cr. In force for individual policies
  • Assets Under Management of ₹68,471 Cr.
  • Policy Issuance is also best in industry with average TAT of just 10 days for more than 80% of portfolio (for Online Term Plan)
  • Protection against death, Disease and Disability through Riders
  • Coverage age till 85 years
Max Life Insurance had a claims settlement ratio of 98.95% in 2018-19, they also covered 64.38 lac lives during the year 2019-20 and had a 13th Month Persistency ratio of 79%, as per the data provided by IRDAI as well as the Public Disclosures available on the company’s website.

Benefits of buying Max Term Life Plans

  • Protected Family : The concept of insurance is based on community, and thus the term insurance plans too. Term insurance plans benefit not just the buyer and the families but the society at large
  • Affordable premiums
  • Peace of Mind : Future is unpredictable and term insurance protects your family from unforeseen risks like death, disability and disease. Knowing your family will be secure in your absence, helps in reducing fear and stress of unpredictability.
  • Choice of 3 death benefit options: This Plan helps to customize the protection required at affordable prices by offering 3 death benefit options to choose from at the time of purchase.
  • Option to pay premiums till age 60 (retirement age) and enjoy the benefit till coverage term.
  • Accelerated payout in case diagnosed with 40 specified critical illnesses by choosing “Accelerated Critical Illness Benefit” by paying additional premium.
  • Additional Protection with Additional Liabilities. Enhance coverage at important mile-stones of life by choosing Life Stage Event Benefit by paying additional premium.
  • Comprehensive protection against Death, Dismemberment & Critical Illness by adding Max Life Comprehensive Accident Benefit Rider & Max Life Waiver of Premium Plus Rider by paying additional premium.
  • Hassle free online application process
  • Tax Savings : Term insurance helps you save taxes under Section 80C, 80D and 10(10D) under prevailing tax laws.

Claims Process

For any Claims Assistance:
Customer Service Helpline: 1860 120 5577 (9am - 6pm / Monday to Saturday)
Online Plus Helpline: 1800 200 3383 (8am - 9pm / Monday to Saturday)
NRI Helpdesk: 0124 5098162 / 0124 4905150
Email ID:
Write to us at: Max Life Insurance Operations Centre-Claims Dept,
Max Life Insurance Company
Operations centre, - 2nd floor
90A, Sector 18, Udyog Vihar,
Gurgaon-122015, India

For Cashless Benefit Claims:
Call on: Toll free number 1800-290-3151
Email at:
Write to the TPA at: Paramount Health Services Pvt. Ltd.
D-39, Okhla Industrial Area, Phase 1,
Near D. D. Motors, New Delhi -110 020

Document to be submitted at the time of a Claim

We request you to submit the following documents to register a death claim:
Mandatory documents required:
  • Original policy documents
  • Original/attested copy of death certificate issued by local municipal authority
  • Death claim application form (Form A)
  • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook
  • Nominee's photo identity proof such as copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.

Additional documents required on basis of cause of death:
  • Medical/Natural death:
    • Attending physician's statement (Form 'C')
    • Medical records (admission notes, discharge/death summary, test reports, etc.)
  • Accidental/Unnatural death:
    • Copy of the First Information Report (FIR) or Panchanama/Police complaint
    • Copy of Post Mortem report (PMR)/Autopsy and Viscera report
    • Copy of the Final Police Investigation report (FPIR)/Charge sheet
Documents Required for a Health Claim
We request you to submit the following documents to register a health claim:
  • Health claim application form (Details of forms available under claim forms section) – Cancer Claim Form in case of a Cancer Claim
  • Attending physician's statement
  • Attested copies of all medical records
  • NEFT mandate form

Claims FAQ's

Where can I get claim forms and list of documents required for submission?
You can get claim forms
  • Download from the Website Claims Section at eindiainsurance
  • Visit the nearest Max Life Insurance company branch

Why is it essential to submit all the records / documents as required by the company?
All claims are examined and settled by the company on the basis of information present in documents submitted by you in connection with the claim. It is advisable to provide complete information to us for faster and smoother claims processing.

What is the time frame within which the claim has to be reported to the company?
It is advisable to intimate the claim at the earliest after death has happened. In case of Dread Disease and Critical Illness claims, claim should be intimated only after the end of survival period (after 28/30 days of event occurrence)

What is the time frame within which claims are settled?
As per regulations, all valid claims are to be settled within 30 days after all necessary documents /clarifications have been received. In case, the claim warrants further verification, it may take upto 120 days to settle the claim. Subsequently, when a decision is taken, it is communicated to the claimant.

How will I receive the claim amount?
You will receive the claim amount as per the option that you have chosen at the time of submitting the claim documents. We encourage electronic fund transfer in order to provide our customers fast and hassle free experience.

What is the procedure when there is no nomination or in case of nominee’s death?
In such circumstances, we would require the proof of title like Registered Will or Succession certificate issued by the competent court. The succession certificate should specifically provide orders for disbursement of policy monies. If, however, the deceased has left a Registered Will, a probate of the Registered Will is required along with the copy of the Registered Will.

Who is entitled to receive the policy money?
A claim is declined on the non-disclosure of any material information made at proposal/reinstatement stage, which affects the issuance/reinstatement of policy/rider. Also, non-fulfillment of contract terms and conditions may also lead to claim being declined.

What are the different types of riders offered by the company?
  • Personal Accident Benefit Rider (PAB) provides benefit in the event of accidental disability.
  • Accidental Death Rider Benefit (ADB) provides benefit in the event of accidental death.
  • Dreaded Disease / Critical Illness Rider Benefit provides benefit in case of occurrence of any of the conditions / surgeries covered in the contract.
  • Waiver Of Premium Rider Benefit (WOP) provides benefit in the form of premium waiver in case of accidental disability of the payer / death of the payer.
* For details on rider benefit, please refer to the policy document

What are the exclusions under the rider benefits?
Exclusions include:
  • In case the dreaded disease / surgery occurs within waiting period (90 to 180 days) of the policy issuance, depending upon the contract terms and condition*.
  • If the condition / surgery is not covered under the policy terms and conditions*.
  • Accidental injury, which occurs due to self-inflicted injury.
  • In case, the life assured commits suicide within 1 year of the policy issuance.
  • In case, the life assured is involved in any unlawful activity resulting in injury.
  • In cases where the injury occurred is not as per the policy terms and conditions*.
* For complete details on exclusion, please refer to the policy pack

When can a claim get rejected?
  • Policy has lapsed as on date of the unfortunate incident
  • In case of any material non-disclosure at the time of proposal signing
  • If the condition/ surgery is not covered under the policy terms and conditions
  • If the criteria for the illness / surgery is not fulfilled as per the policy terms and conditions

Exclusions under Max Life Insurance Plans:

Please find below some of the key exclusions under the Max Life Insurance plans. For the entire list of exclusions, kindly go through the Terms and Conditions shared with your policy kit:
  • Existence of any sexually Transmitted Disease (STD) and its related complications or Acquired Immune Deficiency Syndrome (AIDS) or the presence of any Human Immunodeficiency Virus (HIV).
  • ‘Pre-existing diseases’ which are defined as “Any condition, ailment or injury or related condition(s) for which the assured life had signs or symptoms, and / or were diagnosed, and / or received medical advice / treatment within 48 months prior to the first policy issued by the insurer”. Pre-existing illness will be covered after 48 consecutive months of continuous coverage have elapsed from the coverage effective date
  • External Congenital Anomaly which is in the visible and accessible parts of the body
  • Failure to seek or follow medical advice deliberately or failure to follow treatment under reasonable circumstances from any registered and qualified Medical Practitioner.
  • Intentional self-inflicted injury, attempted suicide, while sane or insane.
  • Alcohol or Solvent abuse or taking of Drugs, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner.
  • War, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, strikes.
  • Taking part in any naval, military or air force operation during peace time.
  • Participation by the insured person in any flying activity, except as a bona fide, fare-paying passenger or pilot and cabin crew of a recognized airline on regular routes and on a scheduled timetable.
  • Participation by the insured person in a criminal or unlawful act with criminal intent.
  • Engaging in or taking part in professional sport(s) or any hazardous pursuits, including but not limited to, diving or riding or any kind of race; underwater activities involving the use of breathing apparatus or not; martial arts; hunting; mountaineering; parachuting; bungee-jumping.
  • Disability due to psychiatric illnesses, post-traumatic stress disorder, chronic fatigue, chronic pain, and fibromyalgia are excluded
  • Nuclear Contamination; the radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature

Other Max life plans from this provider are

Plan provides comprehensive coverage for simple insurance plans.
Smart investment plans by Max life.
Max Life Whole Life Super insurance plan is a savings plan which helps the insured to systematically raise a corpus for the family over a period of time.
Max Life Pension Insurance plans are insurance products aimed to provide you financial security when your income stops.
Unit Linked plans (ULIP) investment plans help you create lumpsum and fulfill your wishes.
Endowment plan provides with a combination of both an insurance cover as well as an savings plan.
Child insurance plan provides a secure financial future needs for your child and helps you in building a corpus so that when the right time come.
Health insurance plans in India are basic indemnity-based insurance products, which are specifically designed to provide financial assistance against medical expenses incurred in case of hospitalization or critical illnesses.

Search for other Max life plans

Get answers to all your questions?

Life Insurance is a financial cover for a contingency linked with human life which include death, disability, accident, retirement etc against all possible risks and this results in loss of income to the household, if the insured was an income earning member of the family.Though human life cannot be valued, a monetary sum could be determined based on the loss of income in future years. Hencethe Sum Assured payable as a benefit in case of any eventuality. Life Insurance products provide a definite amount of money in case the life insured dies during the term of the policy or becomes disabled on account of an accident.

Everyone wants to insure the following risks:
  • Dying too soon
  • Living too long
Life Insurance is perhaps one of the most critical investments that any individual can make to financially protect themselves and their families from any uncertain and unpredictable even in the future. It is needed:
  • To ensure that one’s immediate family has financial support in the event of the insured’s unfortunate and untimely demise
  • To finance future expenses that include children’s education, marriage expenses, investments in fixed assets
  • To ensure a recurring and consistent source of income post retirement
  • To provide for unplanned financial contingencies and to ensure life style upkeep

IRDAI stands for Insurance Regulatory and Development Authority of India and they are the apex body that regulates the Insurance industry in India, both for Life and Non Life Insurance and are based in Hyderabad. They are similar to the Reserve Bank of India (RBI) who is the Banking regulator. Apart from protecting the interests of the policyholders, it regulates the overall industry and takes concrete steps towards development of the insurance sector in India.

According to IRDAI guidelines, the insurance company must mandatorily process a claim within 30 days after receiving all claim related information/documentation. If the claim needs further investigation based on the circumstances and supporting documents provides, the process should be completed within 6 months.

Anyone who is an income generator for a family, whether they are the primary earner or no, needs to ensure they have Life Insurance cover. Due to the value of their contribution to the family, it becomes essential to protect the family incase any unforeseen event happens to the income generator and this is what Life Insurance does. Sometimes even homemakers and children can also be covered for life insurance given their future income potential being at risk.

Currently in India, Life insurance is one of the most preferred tax planning financial instruments. Premiums paid for all life insurance policies are exempt from tax up to a maximum of ₹ 1.5 lacs under Section 80C of the Income Tax Act, 1961. Further under Section 10D, on settlement of a claim, the claim amount paid to the nominee is exempted from any tax.

The straightforward answer is the younger the individual, the lesser the premium. Hence it is advisable for young adults to invest in Life protection through Term Life covers at an early stage to ensure the most competitive premiums for their policy. This is on account of the individual being in better health at a younger age and free from pre existing health conditions.

The amount of Life Insurance coverage can also be terms as the Sum Insured of the Life insurance policy, which is basically what the nominee will get incase of the unfortunate demise of the insured . While there is no scientific approach to arrive at this Sum Assured, some of the factors that need to be considered while fixing this include:
  • Age + Number of dependants of the Life Assured
  • Financial Commitments in terms of Loans, Future Expenses etc based on the lifestyle of the individual and family
  • Specific Financial Goals like Children’s Education / Marriage etc
  • Current Income & Future Potential Income levels of the life assured

Yes, all life insurance plans cover death due to natural disaster, like flood, earthquake, storm, etc.

Yes, all life insurance policies offer coverage for Death by all means, except suicide. This includes unfortunate demise of the life assured due to terrorist attack/war/natural calamities/epidemics/pandemics etc (unless specifically excluded by insurance company).

Yes, Non-Resident Indians (NRIs), People of Indian Origin (PIOs) can buy a life insurance plan in India. Foreign Exchange Management Act (FEMA) allows NRIs to buy any plan that meets their requirements of protecting themselves and their family whether he is currently residing in India or not.

Generally most documents required are KYC documents that include:
  • Income proof (Salary slip, Form 16, ITR)
  • Age proof (Aadhar Card, Voter’s ID card, Passport)
  • Address proof (Aadhar Card, Utility bills, Driving License)
  • Photo identity proof (Passport, Voter’s ID card, PAN card)
  • Recent passport size photographs
If required, the insurance companies might call for additional supporting documents to the one specified above.

Yes, a change in premium payment mode is allowed on the policy anniversary for active policies. You can avail this option by sending us a signed form.

We offer you several convenient options to make your premium payments:
  • Through ECS which is available across all modes, i.e., monthly, quarterly, half-yearly or annually
  • Through drop boxes at various locations in your city
  • Through IVR - call helpline number 1860 120 5577
  • Online through the website eindiainsurance
  • At all our branch locations in your city.

All you need to do is to log on to our customer service section on MLI website and download the premium receipt. You can also call us on our customer helpline number 1860 120 5577, or send us an email at and we will send across the required document to you within 2 working days (receipt or statement).

We will send you reminders before debiting your account to ensure that you have sufficient balance.

Yes, we will send the official receipt, after the realization of the regular premium payment made to the insurance company to keep the policy in force.

  • Nomination change: You can make or change nomination anytime during the benefit period of active policies or just by filling out the policy amendment request form. In case, you have not effect a nomination during policy application, you must effect a nomination for easy settlement of claims.
  • Address change: You can change your address by sending a filled out policy amendment request form along with your address proof (if cumulative premium of all your active policies is greater than ₹10,000 inclusive of all applicable taxes, cess, and levies as imposed by the Government).

If your policy has a cash surrender value, you can avail a policy loan of up to 90% of the cash surrender value subject to a minimum availability of ₹10,000. The policy loan can be taken for active policies (other than the ones in grace period), any time after completion of three policy years.

Please note that policy loan is not available for Term Plans and Life Maker Unit Link Plan.

The policy can be revived within the revival period as prescribed in the policy contract, if you send us a filled out health declaration form, and provide evidence of insurability acceptable to us as per our underwriting practices. All your overdue premiums and unpaid charges should be paid, if any

Yes, you can add riders by sending us a filled policy amendment request form, and submitting the required documents, subject to prevailing underwriting rules. Deletion of rider is also allowed. You may send us a filled policy amendment request form for deleting a rider. For details, please contact your insurance advisor, or email us at

The document required while filing a Maturity claim include:
  • Form M
  • Original policy pack
  • Copy of ID proof
  • In case of NEFT a cancelled cheque with preprinted name/copy of bank passbook with the banker's attestation/banker's attestation on account details in Form M.
The document required while filing a Surrender claim include:
  • Surrender form
  • Original policy pack
  • Copy of ID proof
  • In case of NEFT a cancelled cheque with preprinted name/copy of bank passbook with banker's attestation/banker's attestation on account details in surrender request.
Freelook period for both Online and Offline sourced policies starts after policy pack is delivered to the Customer.
Freelook period:
  • For Offline policies - 15 days
  • For Online policies - 30 days
Procedure to Cancel the policy - Submit the following documents:
  • Freelook cancellation Form/Letter
  • Customer have to visit any nearest Max Life Insurance branch for case sourced other than online. Online cases can be consider through registered email id
  • Furnish printed copy of Cancelled Cheque with name and account number. (If not printed, copy of the bank passbook/statement with printed account holder details)
  • Furnish Original Policy pack
  • Self-attested ID proof

OPPB is the option to participate in progressive bonuses. Through OPPB, the insurance coverage can be enhanced from time to time by paying a one-time premium. This option can be added anytime in a Whole Life Par Plan, subject to underwriting guidelines. The OPPB option lapses in case the same is not exercised once in two years.

Yes, you may access the following services over our helpline number 1860 120 5577 :
  • Change of address (if the annual is less than ₹10,000 including all applicable taxes, cess, and levies as imposed by the Government)
  • Change of bonus options
  • Change of contact details
  • Change of premium payment mode (only for conventional policies)
  • Reinstatements within 90 days

A convenient time-saving and hassle-free service that enables automatic payment of premium regularly, made to the insurance company to keep the policy in force. Payments can be made directly from any of your bank account. A filled NACH/ECS/Direct Debit mandate instruction form can be sent to the nearest Max Life Insurance branch with an original cancelled cheque.

No more signing of cheques, preparation of demand drafts, visits to branches for payments, etc. Upon registration, premiums will automatically be debited in time from the customer’s account. This helps in reduced instances of lapsed policies.



CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025