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Max Life Insurance Company Status and plans review

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Max LI now among the most appreciated life insurance companies in India was established in the year 2000. The operations were started in India in the year 2001. The company offers inclusive life insurance plans and retirement solutions that are aimed at long- term savings and comprehensive protection to the customers.

The various policies offered by Max Life Insurance and Max Life Insurance Policy Status Review are explained below.

Max Life Insurance Policy Status Review- The different kinds of policies offered by Max Life

The vast array of policies offered by Max Life caters to a large customer base. The various Life Insurance policies provided are:

  • Max Life Growth Plans
  • Max Life Savings Plan
  • Max Life Child Plans
  • Max Life Retirement Plans
  • Max Life Group Plans
  • Max Life Online Term Plans

As a part of Max Life Insurance Policy Status Review, the various plans under each of these categories are explained.

1. Life Savings Plan by Max Life Insurance

Savings plans are for accumulating money for future use. The savings plans offered by Max LI are explained as a part of Max Life Insurance Policy Status Review.

(i) Max Life Guaranteed Income Plan

This savings plan provides a guaranteed monthly income that increases two-fold after five years. The policy term can be chosen between 6 years and 12 years. For the six year policies, the minimum annual premium is Rs 75,000. The annual premium for twelve-year policies is Rs 20,000.

(ii) Max Life Whole Life Super Plan

The policy is available till the applicant turns 100 years of age. The policyholder has an option to withdraw funds when needed without compromising the life cover. The minimum premium payment is Rs 8500. The policy term extends until the applicant turns 100 years of age.

(iii) Max Life Monthly Income Advantage Plan

This plan pays out a monthly income to the policyholder for a period of ten years. The applicant can choose from 12 pay policy and 15 pay policies. For the 12 pay plan, the minimum sum assured is Rs 6, 48,000 and the policy term is 22 years. For the 15 pay plan, the minimum sum assured is Rs 8, 10,000 and the policy term is 25 years.

2. Max Life Insurance Policy Status Review- Child Plans by Max Life

Investments at an early stage of the child's life ensure enough money at disposal for the future needs of the child like education and marriage. The two child life plans offered by Max Life are:

(i) Max Life Shiksha plus Super

This plan covers a family income benefit as well as premium payments by the insurer in the event of the death of the insured. The minimum annual premium for 5 pay policies is Rs 50,000, and the policy term is ten years. For regular pay policies, the minimum annual premium is Rs 25,000 and the policy term between 15 to 52 years.

(ii) Max Life Future Genius Education Plan

This is a non-linked life insurance plan that awards a lump sum pay on maturity. The sum assured for eight pay policies is Rs 3, 27,000 and for limited pay policies, it is 2, 12,000. The policy term is anywhere between 13 years to 21 years.

3. Max Life Growth Plans

Growth plans offer the convenience of savings along with the benefit of investing in a variety of options. As a part of Max Life Insurance Policy Status Review, the two growth plans by Max Life are briefed.

(i) Max Life Fast Track Super Plan

The investments are balanced between equity shared and debts thereby guarantying safe returns. For single pay policies, the minimum sum assured is 1.25 times the single premium, and the policy term is ten years. For five pay policies and regular pay policies, the sum assured is ten times the annual premium. The policy term for regular policies is 20 years, whereas for five pay policies and single pay variants it is ten years.

(ii) Max Life Platinum Wealth Plan

The Platinum Wealth ULIP Plan guarantees loyalty additions and wealth boosters. For single pay policies, the minimum sum assured is 1.25 times the single premium, and the policy term is ten years. For limited pay and regular pay policies, the sum assured is ten times the annual premium. The policy term for single pay policies is ten years, and for the other variants, it is between 10 and 20 years.

4. Max Life Retirement Plans

Retirement plans are the savings for professionally inactive life. Periodical payment of the premium will guarantee regular monthly income post retirement. As a part of Max Life Insurance Policy Status Review, the different plans are tabulated.

Name of the Plan

Minimum Annual Premium

Policy Term

Max Life Forever Young Pension Plan

Rs 25,000 for regular pay &

Rs 1,00,000 for single pay policies

N/A

Max Life Guaranteed Lifetime Income Plan

The minimum purchase price is Rs 1,00,000

Till the death of the insured

Max Life Perfect Partner Super

Rs 20,000 for 7-year term & Rs 8,500 for 10/15/20 year terms

Up to 75 years of the insured

Max Life Insurance Policy Status Review- Checking Policy status

The status of the plan can be checked online or by calling their toll free customer care numbers.


This article was written by Archana Singh for on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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