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Max Life Insurance offers term and universal life insurance to residents of India. We researched Max Life Insurance’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of Max Life Insurance with the competition.
3)Pros Max Life insurance
- Wide array of policies
- Term life premium calculator available
- Some policies build cash value savings
- Most policies offer ability to increase coverage
4)Cons Max Life insurance
- Most policy quotes require talking to an agent directly
- Many third-party rating sites show billing and customer service complaints
Max Life Insurance is the fourth-largest life insurance company in India, headquartered in New Delhi, India. Max Life Insurance is a subsidiary of Max Financial Services, a large financial holding company that owns several life and health insurance companies. Max Life Insurance has several hundred offices across India, and over Rs. 1,087,987 crore in policies in force.
Max Life Insurance offers term and universal life insurance policies, as well as a few policy riders available for additional coverage options. Some policy quotes are available online, but many of the policy estimates require you to talk directly to an agent for an exact quote.
Max Life Insurance is licensed in India, but actual availability varies by product and location.
Max Life Insurance offers six types of life insurance including several term and universal plans. Some plans can be applied for online, but most require speaking with a Max Life Insurance agent directly.
6-1)Max Life Smart Term Plan
The Max Life Smart Secure Plus Plan is its standard term life insurance policy offering. Policies are available in varying term lengths and coverage amounts, and payouts are either a lump sum or monthly payments to selected beneficiaries. Coverage includes a base death benefit, as well as optional waiver of premium, critical illness, and accidental death coverage.
Policyholders can select a return of premium benefit as well, which returns premiums paid if they outlive their policy term. Premiums can be paid on multiple schedules, with monthly, quarterly, semi-annual, or annual payments available.
6-2)Max Life Smart Secure Plus Plan
The Max Life Smart Secure Plus Plan is its flexible term life offering, with coverage running from 10 to 67 years (up to 85 years of age), with lump-sum or recurring premium payment options. Coverage includes a base death benefit, as well as optional critical illness and accidental death coverage. Payouts are flexible as well, with a single lump-sum or monthly payment option, or a hybrid of both.
6-3)Max Life Term Plan With Return of Premium
The Max Life Term Plan with Return of Premium offers term life insurance coverage from 10 to 67 years (up to 85 years of age), with lump-sum or recurring premium payment options. Coverage is similar to the Smart Term Plan, but with a Return of Premium option should the insured outlive the policy term. This pays back all premiums paid over the life of the policy.
6-4)Max Life Online Savings Plan (ULIP)
The Max Life Online Savings Plan is a type of universal life insurance, referred to as a Unit-Linked Insurance Plan (ULIP). It offers flexible insurance premiums and the ability to invest the cash value of the plan into investment funds. There are several payout methods available, including monthly income and lump-sum. Plans also offer the ability to increase premiums and coverage over time.
6-5)Max Life Shiksha Plus Super Child Life Plan
The Max Life Shiksha Plus Super Child Life Plan is a children’s term life insurance policy that offers life insurance coverage for children. It also comes with the ability to build cash value that can be invested, to be paid out at the end of the term.
6-6)Max Life Future Genius Education Plan
The Max Life Future Genius Education Plan is another children’s term life insurance policy that offers life insurance coverage for children, but with a lump-sum payout when they turn 18. The plan consists of a death benefit, as well as a maturity benefit, designed to help save money toward a child’s education expenses. This policy also offers an annual bonus, that can be added to the cash value of the policy or used to reduce premiums.
Max Life Insurance offers several riders for its life insurance policies. A rider is an optional policy enhancement that offers additional coverage options on the insurance policies. Many riders are included with the plans at no additional cost, but some may be billed as a small percentage of the policy premium or as a flat annual fee. Fees vary by policy, product, and options selected.
Here are the rider options for Max Life Insurance:
7-1)Accelerated Death Benefit Rider
This rider pays the policy face value (up to one crore) upon a qualifying terminal illness diagnosis.
7-2)Disability Waiver of Premium Rider
If you become disabled, you may be eligible to have your premiums waived.
7-3)Critical Illness Rider
If you suffer a critical illness such as a heart attack or cancer diagnosis, you can access the face value of your death benefit early.
Under this benefit, the insured’s family receives the policy coverage amount, along with the base cover, if the death occurs due to an accident.
7-5)Return of Premium (Maturity) Rider
If you survive your term policy, electing the maturity rider will pay back your policy premiums at the end of the term.
7-7)Joint Life Benefit (Survivorship)
This rider allows you to cover yourself and your spouse on a term policy, with payout occurring if your spouse is diagnosed with a terminal or critical illness, or if both of you pass.
8)Customer Service: Many Ways to Connect
Max Life Insurance offers support over the phone, SMS text message, online, or in person at one of their local offices. Customer service can be reached by calling 0124-648-8900 or sending an email to email@example.com.
Max Life Insurance customer service business hours are Monday through Saturday, 9 a.m. to 9 p.m. India Standard Time.
9)Customer Satisfaction: Not Available
Max Life Insurance is not formally rated by accredited agencies (such as the NAIC and J.D. Power). According to a few third-party review websites, some customers have cited issues with Max Life Insurance customer service, including long wait times and billing issues.
10)Financial Strength: Strong
Max Life Insurance is a strong financial company owned by Max Financial. Though no formal financial ratings exist from accrediting agencies like AM Best, Max Life Insurance is the fourth-largest insurer in India, with a net worth (including reserves and surplus) of Rs. 2,599 crore with a solvency margin of 207%.
11)Cancellation Policy: 30 Days
Max Life Insurance offers a 30-day “free look” period, which allows customers to cancel the policy within that time period for a refund of premiums paid.
After the free look period, cancellation terms vary between life insurance policies. You will need to reach out to a Max Life Insurance agent for specifics on each policy.
12)Price of Max Life Insurance: Varies
Max Life Insurance premiums vary by policy, length, age, and health status. While some quotes may be available online, it does require providing a phone number and giving express permission for a Max Life Insurance agent to call you directly. Premiums can be paid monthly, quarterly, semiannually, or annually.
13)How Max Life Insurance Compares to Other Life Insurance
Max Life Insurance offers quite a few policy options for residents of India. With a wide range of flexible term policies for both individuals and children, Max Life Insurance offers coverage for all ages. Max Life Insurance also offers an assortment of riders to customize policies further.
Max Life Insurance does not carry final expense or standard whole life policies, and policy quotes are not available without talking to an agent. Though only offered in India, here’s how Max Life Insurance compares to a large national insurance company in the U.S.
14)Max Life Insurance vs. State Farm Life Insurance
Both Max Life Insurance and State Farm offer term and universal life policies. Both companies also offer a wide range of policy riders to customize insurance coverage. While Max Life Insurance focuses on flexible term policies for the whole family, State Farm offers a variety of permanent life insurance options that accrue cash value that may be invested.
Here are a few more differences between Max Life Insurance and State Farm Life Insurance:
- State Farm offers term life insurance with a cash value option
- Max Life Insurance offers a child education term policy with a lump-sum payout when they turn 18
- State Farm offers multi-policy discounts for existing customers
- Max Life Insurance offers up to 67-year term lengths on policies, longer than most U.S. term policies
While Max Life Insurance offers a wide range of customization to its term policies, State Farm offers most every life insurance option available at incredibly low prices, including discounts for existing customers.
Read our full State Farm Life Insurance review.
|Max Life Insurance||State Farm Life Insurance|
|Market Share||N/A||Seventh-largest in the U.S., 2.87%|
|Number of Plans||6||8|
|Online Quotes Available?||No||Yes (term life only)|
|Service Method||Online, phone, in-person||Email, phone, in-person, social media|
|AM Best Rating||N/A||A++ (Superior)|
|Complaints Index||N/A||0.19 (excellent)|