Get Complete knowledge of Max Life Insurance in 2021
Max Life Insurance Company ltd.
Max Life Insurance is a part of a max group, we also know as that the founder of the max group is Mr.Analkit Singh is a very famous person or you can say famous personality, he got Padma Bhushan Award in the year 2011 and he also got an honorary doctorate in the year 2015 from Amity University Noida, India. and Mr.Prashant Tripathy is the Present managing director & chief executive officer of Max life Insurance Company Ltd. The Group is very Passionate became they provide lots of Services like Health insurance, life, Health Care, and many more. the Group continues Providing Different Types of services to their clients.
Max life Term Insurance
Max Life Term Insurance is like life Insurance, Only you have to pay a small amount you can secure a Big Amount. if you only person in your family who gets a job or money-making source, the company is recommending you at least get a 15 to 20 Assured.
The Most Important Knowledge
Claim Settlement ratio is all about life insurance company when the application of settlement How many passed or not the ratio of claim Settlement os must be greater than 90% also you can choose top of the 99%, 98%, 96%, etc. Claim Settlement Ration is published by IRDA which is an insurance bassed Regulatory Body.
The last report of Max Life Insurance is Published on Previews Year in December 2019. According to the report about score claim, the settlement ratio is 98.74% which is great you can choose a plan.
If you compare the claim settlement ratio with the most Famous company LIC and is 97% as MAx life Insurance is a Private Company but is making competition for LIC the Public Company, is great for their CSR Claim Settlement Ration you can be sure to get a Max Life Insurance Policy.
Max life Smart Term Plan
Is also available on Online you can get, you can get, you don’t want to go Max life Office and Max Life Smart Term Plan is one of the best policy throughout in India.
Sum assured (Death Benefit)
First of all the parameter is about Sum assured ( Death Benefit) If the Policy Holder gets a death After the Whole Amount of Sum Assured.
You can get a min 25 Lakhs and maximum there is no limit.
Min Entry Age Which must be 18 Years and the Maximum entry age is 60 years.
Policy Coverage age
Maturity age or Policy Coverage age you can get a maximum of 85 years old.
The meaning at that time when you get a policy (Maturity to entry age) you can choose 10yr to 50yr it depends on you. for example your age 40yr and you take policy term for 30 yr so the maturity age is 70 yr in case if your death in certain time your Nominee can get the full benefit but in case you’re lucky you cross the 70yr age limit your policy for 30yr, Now can’t take benefit any more or No Claim.
Premium Payment Term
- Single pay – One time Payment
- Regular Pay- When at the time Coverage Full
- Limited Pay- You can choose 5,10,12 & 15
- Pay Till 60- You can till 60 and after 60 you didn’t
Death Benefit Variant
- Life Cover – One Time Pay
- Income Protector – Monthly Income 10,15,20 yr
- Income Inflation Protector – Monthly 10% yr / 10,15,20 yr
- Life Cover Income – One Time * 10 years and Monthly .4%
- Life Cover Increasing Income – One Time*10 yr Monthly Payout @ 10%
- Increasing Cover – Sum Assured Increase @5% yr till 21 yr
- Reducing Cover – Sum Assured Decreases with time -5%/5 yr
Riders are Optional and Pay Extra
Riders are an option as you know but you’ve to pay a premium extra.
- Accelerated Critical illness- 40 Diseases like Can cancer Heart Attack etc. for more info you read here
- Accident Cover – Extra Sum Assured Accident
- Waiver of Premium Riders – Critical illness loss of body part loss of organ
Calculation of Premium
It depends on what you add and your conditions
- Sum Assured
- Policy Term
- Health Factors
Fill the details with honesty most of them are hiding some details for their premium but we didn’t recommend if you fill without honesty base after your death or certain time your family got difficulties for the claim.
If the suicide is take in 1st year, the benefit can’t be processed but if in the second year then your family can.
If you want to know how to cancel Insurance Policy
How to Pay Policy Premium Online?
- Step 1
Open Max Life Insurance Customer Services Portal.
- Step 2
Click on Pay Premium.
- Step 3
Enter your Policy No. and date of Birth click on Submit.
- Step 4
You can see your Policy details, Enter the premium amount under your Premium due Amount and click on Proceed to Payment.
- Step 5
Make your Payment through any of Payment options available like Credit card, Debit card etc.