Max Life Insurance Reviews, Ratings, Best Plans and USPs

There are several types of policies rolled out by Max Life Insurance. You can find all about those policies in this section.

Term Insurance Plans

There are several term insurance plans offered by Max Life Insurance. Some of these plans that you can invest in are:

Max Life Online Term Plan Plus

This comprehensive plan is available at an affordable price for you and your loved ones. This plan allows one to escape the hassle of paperwork and provides insurance online with ease. The plan comes with three death benefit options. One can choose these benefits according to his or her requirements.

In the first basic life cover option, the policyholder can get 100% of the policy sum assured paid immediately on death. In the second basic life cover + monthly income option, policyholders get 100% of the sum assured paid on death and 0.4% of the sum is paid after every month for a period of 10 years.

The third option is basic life cover and increasing monthly income. In this option, policyholders get 100% of the sum assured paid on death, 0.4% of policy sum assured every month for 10 years, and the monthly income also increases by 10% every year. Other features and benefits of this plan are shown in the table below.

Max Life Smart Term Plan

The Max Life Smart Term Plan is an affordable insurance plan that provides policyholders with the freedom to design a plan that specifically suits their protection needs. This plan comes with seven death benefit variants that one can choose from.

The first variant is that of life cover. In this variant, the policyholder gets a lump sum cover amount. The second variant of income protector provides the policyholder with a fixed level monthly income for 10 years, 15 years, or 20 years.

The income + inflation protector variant helps in increasing the monthly income payouts. The fourth variant of life cover + income provides a lump-sum life cover in addition to the level of monthly income. This income is 0.4% of the lump-sum cover amount for a period of 10 years.

The life cover + increasing income variant provides a lump-sum life cover with increasing monthly income. The increasing cover comes with a sum assured benefit that increases by 5% every year of the lump-sum life cover amount. The reducing cover decreases the sum assured payable by 5% every year on every 5th policy year.

There is also a platinum black variant. This variant is available at the inception of the policy online and 100% of the total premium is paid back to the customer at the end of the policy term. There are other benefits and features associated with this policy. These features are:

Max Life Premium Return Protection Plan

In case of any eventuality, the Max Life Premium Return Protection Plan helps provide comfort to the family of the policyholder. This plan offers protection and also returns all the paid premiums at the end of the term on survival.

This comprehensive protection plan comes with an accidental death benefit. The sum assured is 50% of the base sum assured value. The plan has a limited premium payment tenure of 11, 20, 25, or 30 years. It provides long-term coverage.

100% of the total premiums are returned if the policyholder survives to the end of the policy term. Low premium rates are also provided for females. Some other details of this plan are mentioned below.

Max Life Fast Track Super

The Max Life Fast Track Super insurance plan helps individuals to better plan their finances for the future years. The plan comes with comprehensive life insurance coverage, choice of the policy term, premium payment term, systematic fund transfer, and dynamic fund allocation mechanism.

One can also make partial withdrawals. The death benefit is also provided at a higher value of sum assured. Loyalty additions are also available of 0.30% fun value which is added at the end of every policy year. On maturity, the entire fund value is paid. The other features of this policy are mentioned below.

Max Life Insurance Child Plans

Future Genius Education Plan

The Max Life Insurance Future Genius Education plan provides a child with the financial security that will allow him to get into the best colleges and universities even in the absence of the parent. This insurance plan comes with four money-back guarantees that equal the 25% of the sum assured paid during the last four years of the policy term.

There is a maturity benefit that is provided in addition to the terminal bonus. The death benefit is provided to the nominee. And he or she can either choose to get a lump-sum amount or a monthly income of 1% of the death benefit payable for 135 months.

The policy comes with tax benefits and the ability to customize the policy in whichever way one wants to. A few vital details of the plan are mentioned below.

Max Life Shiksha Plus Super Plan

The Max Life Shiksha Plus Super plan provides several options and allows the policyholder to grow his or her savings and secure the future at the same time. The plan offers comprehensive life coverage. It provides choice in terms of the policy term and premium payment term.

Dynamic fund allocation and systematic fund transfer features are provided to protect the investment against any market volatility. It is possible to make partial withdrawals in this plan. It also comes with a guaranteed loyalty addition of 0.20% at the end of every policy year after the 11th policy year.

A lump-sum amount is payable as the death benefit. A family income benefit of 10% of the sum assured is also paid till the end of the policy term. The fund value is paid at maturity. The other details of the policy are mentioned below.

Retirement Plans

Max Life Forever Young Pension Plan

This plan allows one to build a large retirement corpus by investing in the capital markets. It also provides guaranteed protection to one’s savings from any market downturns. This plan comes with a life cover to safeguard the entire family.

The Max Life Forever Young Pension Plan comes with guaranteed vesting benefits. This means that one can receive a higher fund value or 101% of all premiums paid. One can choose the vesting age as per his or her requirements.

Guaranteed loyalty additions of 0.50% of fund value are also added every policy year after the 10th policy year. The max life partner care rider option is also provided along with top-ups to enhance the retirement corpus.

A death benefit of 105% of the complete premium paid is provided. Some other details of the policy are given below.

Health Plans

Max Life Cancer Insurance Plan

Cancer is a disease that has a very costly treatment plan. It can be a huge burden to the family. This is why this comprehensive plan covers everything that one could need to get rid of the financial burden during those tough times.

This plan covers all stages of cancer and comes with an increasing sum assured feature. The sum insured increases by 10% every year up to a total of 150%. There are tax benefits associated with this policy. Other details of the plan are given below.

Best Policies of Brand

Max Life Insurance provides several policies to its customers. However, there are some insurance policies that are always on the insurance bestseller list. And these policies are mentioned below.

Max Life Child Insurance Plans

The Max Life child insurance plan mainly has components of both investment and insurance in it. At the end of every policy term, the child will receive a lump-sum amount. This amount acts as a life cover from Max Life Insurance.

Further, these plans also provide a payout benefit at regular intervals. This helps in financially securing the major milestones of the child’s future. There is also a sizable financial coverage provided in case of terminal illness or death.

Max Life Savings and Income Plans

The Max Life savings plans help individuals to develop a savings habit. People are provided with guaranteed returns in this policy. These guaranteed returns can be in the form of monthly income or a lump-sum payout. One can decide regarding the steady flow of returns on the basis of the policy and the needs of the policyholder.

These plans also provide the policyholder with death benefits, tax benefits, and rider benefits like terminal illness benefits. These plans are ideal for individuals who are the sole earners in their families and wish to secure the financial wellbeing of everyone.

Max Life Term Insurance Plans

Max Life term insurance plans are simply protection plans that lack an investment angle. The policies come with a cheaper premium, are easier to grasp, and provide financial security to the entire family of the policyholder in the case of his or her absence.

One can freely choose to include a life cover in the term plan. This decision would depend on the financial requirements of the family of the policyholder. There is no lump-sum involved because term plans are mainly insurance plans. Hence, if the policyholder passes away while the policy is still active, then the organization provides a lump-sum payout to the family.

Max Life Retirement Plans

As the title indicates, Max Life retirement plans provide help to individuals to lead a certain lifestyle even after their working income stops. One can choose to either get a lump-sum benefit when the policy term ends or one can also opt for annuity plans.

In the case of annuity plans, monthly payouts are provided to the policyholder by the insurer. These plans often require the policyholder to give away a portion of their earnings from their monthly income. This results in a considerable saving that can be used during the retirement years. Retirement plans also come with other protection and insurance benefits.