FAQs

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• Why is the name changing to Max Life Insurance?

  • The new company name Max Life Insurance continues to leverage the customer familiarity with 'Max' brand built over the last 25 years.
  • Mitsui Sumitomo Insurance has bought New York Life's 26% stake in Max Life Insurance. As the partnership with New York Life comes to an end their name has been removed from the company name.
  • The simple and ease of usage of the new name will add to better recall of the brand and it will be easier for our policyholders to relate with the new name.

• How will this change affect my policies returns?

  • There will be no change in terms and conditions and benefits of your policy
  • There is no change in our investment philosophy and the investment team of Max Life Insurance
  • NAVs of the Max Life Insurance ULIP funds are dependent upon the performance of equity and debt instruments that constitute the fund. This change therefore, will have no bearing on the NAV of the Max Life Insurance Funds which continue to be managed independently by Max Life Insurance’s Investment Team.
  • Our ULIP funds have outperformed benchmarks as well as most other ULIP funds. Outlook Money over the past 3 years has rated our ULIP funds performance amongst the best in the industry .

• What will be the new name of your website?

  www.maxlifeinsurance.com is the name of our new website.

• Do I need to register again for the Customer portal?

  There is no need for you to register again for the Customer Portal.

• Will your 'service.helpdesk@maxnewyorklife.com' id or related MNYL's ids also change?

  Yes. It will change to service.helpdesk@maxlifeinsurance.com and similar change in other ids also

• Have you sent any intimation to me (policyholder) on this?

  Yes. sms and letter or e-mail communication has been sent to you

• In whose name should I draw the cheque?

  All future premiums should be paid in the name of Max Life Insurance Co. Ltd.

• In case I give the cheque in the name of Max New York Life, will you still accept that?

  We would like to inform you that all future premiums should be paid in the name of Max Life Insurance Co. Ltd. However, in case we receive a cheque in the name of Max New York Life Insurance Co. Ltd., we will accept it till 30^th November 2012.

• Where should I deposit the cheque?

  There is no change in locations where you could deposit your renewal premiumA regular payment made to the insurance company to keep the policy in force. cheques. For detailed information on premiumA regular payment made to the insurance company to keep the policy in force. payment options, please visit our web-site www.maxlifeinsurance.com

• Will my funds get transferred in other company’s name?

  • The company remains the same; it is only a change in shareholding and subsequent change in the name of the company
  • Your funds remain in your name, against your policy number with no impact on your fund valueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued.

• How will the new company continue to declare bonusDividends paid to shareholders from funds created out of additional profits realised by the company.?

  • We have declared bonusDividends paid to shareholders from funds created out of additional profits realised by the company. for our participating policyholders every year since inception.
  • Nothing changes in the company and we are confident that our investment performance will continue to generate surplus to share with our participating policyholders in the form of bonusDividends paid to shareholders from funds created out of additional profits realised by the company.

• Will I get my money back on time?

  • It is your money and you will get it back as per terms and conditions of your policy
  • We are committed to provide you a quality customer service and we promise to further enhance our service standards
  • We are pleased to share with you some of the key initiatives to further enhance your experience while interacting with us:
    
    

    Claims Guarantee

    • We commit to pay the account value for death claims on ULIPs within 48 hours of intimation
    • Payment of 100% of the death claimNotification to an insurance company that payment of an amount is due under the terms of the policy. amount within 10 working days of receipt of all documents except in case of fraud/dispute; any delay from our side would be accompanied with 6% p.a. interest payout
    • No claimNotification to an insurance company that payment of an amount is due under the terms of the policy. repudiation for a policy more than 3 years old except in case of fraud/dispute

    Service benefits

    • Going forth, it is our endeavour to answer your calls within 20 seconds, acknowledge all queries within 4 hours and provide cheque pick up within 24 hours in top 20 locations.

• Kindly update me about your new management and changes in the policies?

  • There is absolutely no change in our management and policies of the company.
  • Our experienced and stable management team will continue to lead the company in our next phase of growth
  • The new shareholder will have two representatives on the Board of Directors of Max Life Insurance but the management team remains unchanged

• We had faith in New York Life’s stability. We haven’t even heard of the new partner’s name.

  We thank you for trusting Max Life Insurance for your life insurance need. Please refer to some of the facts below to know more about us and about our joint venture partners.

  About Max Life insurance

  • Over the last decade, Max Life Insurance is built into a high performing, profitable organization built on strong fundamentals. For the Financial Year 2011-12, Max Life Insurance posted
    • Enterprise profit of Rs. 733 crore on a Total Revenue of Rs 6,391 crore, up by 10% versus previous financial year, including Rs 1,902 crore New Business PremiumA regular payment made to the insurance company to keep the policy in force..
    • Max Life Insurance’s solvency ratio is 534%, significantly higher than the statutory requirement of 150%, resulting in a solvency surplus of Rs.1,506 crore
    • The company’s paid-up capital as on date is Rs 2,127 crore and Assets Under Management are over Rs 17,215 crore
  • Max Life Insurance has become the largest non-bank life insurance company in India in the Financial Year 2011-12.
  • In last 11 years of our journey, Max Life Insurance has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork
  • Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection to over thirty lakh customers. It has a country-wide diversified distribution model including the country's leading agent advisors, exclusive arrangement with Axis Bank and several other partners. Max Life Insurance is a quality business focused on delivering excellence to customers through advice based sale process, customer centric approach to business, financial stability & investment expertise and strong human capital. Max Life Insurance will continue to benefit from Max India’s entrepreneurial mindset and understanding of Indian market for more than 25 years that provides us agility in our response to environment changes. Max India’s governance model and the emphasis on quality of Board has been adopted in our company that has helped us strengthen our corporate governance.

  About Max India

  • Max India Limited is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented business. It is public limited company and is listed on the BSE and the NSE. The company is led by Mr. Analjit Singh and has as its shareholders some of world’s best Institutional Investors such as Goldman Sachs, Fidelity, IFC, First State and Temasek. For the Financial Year 2011-12, Max India Group recorded a consolidated turnover of over Rs. 8,560 crore. The Group’s businesses have built commanding presence in their respective sector through a total customer base of more than 50 lakh, over 500 offices spread across India and a people strength of 57,000 as on 31st March 2012
  • Max India is in the ‘Business of Life’. It ‘Protects Life’ through its Life Insurance company Max Life Insurance, a joint venture between Max India and Mitsui Sumitomo Insurance, Japan; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India and ‘Rejuvenates Life’ through its Senior Living business, Antara, a fully owned subsidiary of Max India. Max India also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films
  • Max India and all its subsidiaries have highly active and effective Governing Boards, with Board members who are locally and internationally acclaimed as domain experts in their area of expertise.

  Max Life Insurance will benefit from the international experience, financial strength and risk management expertise of Mitsui Sumitomo Insurance.

  About Mitsui Sumitomo

  Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group headquartered in Tokyo, Japan. Having a history of 120 years in general insurance business, today, MSI has developed an overseas network of about 400 bases in 40 countries and regions globally, mainly in high-growth areas within Asia and domestic network of about 900 bases in Japan. With more than 50 years of experience in operating outside Japan, MSI aims to supply products and services tailored to various risks around the world

  • Mitsui Sumitomo Insurance has strong experience and an extensive track record in the area of Life Insurance through its domestic subsidiaries, Mitsui Sumitomo Aioi Life and Mitsui Sumitomo Primary Life, both of which are currently owned by the group’s holding company MS&AD Insurance Group Holdings, Inc. Mitsui Sumitomo Insurance also has a presence in Life Insurance markets of Thailand, China, Malaysia and Indonesia.
  • MS&AD Insurance Group is among top 10 general insurers in the world and ranked number one in Japan. For the fiscal year ended 31st March 2011, the MS&AD Insurance Group had consolidated ordinary income of 3,404.9 billion Yen (US$ 42.5 billion), consolidated net premiums written of 2,543.7 billion Yen (US$ 31.7 billion) and consolidated total assets of 11,445 billion Yen (US$ 143.0 billion).
  • Mitsui Sumitomo Insurance’s strong capital position will augment our own strong financial and solvency position.

• Is there any Tax Benefit on the premiumA regular payment made to the insurance company to keep the policy in force. I pay for my life insurance policy?

  Deduction is available under Section 80C of Income Tax Act, 1961 for the premiumA regular payment made to the insurance company to keep the policy in force. paid on life insurance policies with a maximum annual ceiling of Rs. 1,00,000, irrespective of the Gross total income (subject to fulfillment of certain conditions).

• After the maturity of my policies, will the maturity proceeds be taxable?

  Under section 10(10D) of Income Tax Act, 1961 maturity benefits are tax free in the hands of policyholders if, at any point of time during the policy termIt is the number of years the policy will be active., premiumA regular payment made to the insurance company to keep the policy in force.s paid in any year do not exceed 20%of the basic Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured.. For policies issued on or after 1st April, 2012, premiumA regular payment made to the insurance company to keep the policy in force. should not exceed 10% of Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. to ensure that tax benefits under section 10(10D) is available.

• I pay the premiumA regular payment made to the insurance company to keep the policy in force. on policy for my wife/husband/child, can I claimNotification to an insurance company that payment of an amount is due under the terms of the policy. Tax benefits?

  Life insurance premiumA regular payment made to the insurance company to keep the policy in force. paid by you for your wife/husband/child's policy qualifies for a deduction under Section 80C of the Income Tax Act, 1961.

• If I stop paying premiums on my life insurance or pension policies, can I claimNotification to an insurance company that payment of an amount is due under the terms of the policy. Tax Benefits?

  If you stop premiumA regular payment made to the insurance company to keep the policy in force. payments of your policy, it amounts to discontinuation of the policy and disqualifies for Income Tax benefits.

• If I purchase a Unit Linked Insurance Plan (ULIP) and I choose to discontinue my policy, can I claimNotification to an insurance company that payment of an amount is due under the terms of the policy. any tax benefits?

  If you chose to discontinue a Unit Linked Insurance Plan before paying for 5 years from commencement of policy, you are not entitled to any tax benefits in the previous year in which the taxpayer terminates the plan. The quantum of deduction already taken in the preceding years would be deemed as the income of the taxpayer in the year in which policy is terminated.

• What are the Tax benefits available on medical insurance premiums?

  In computing the total income of an individual or HUF, deduction is allowed for any sum paid by any mode other than cash out of his income chargeable to tax

  • to effect or to keep in force an insurance on the health of the individual, his or her spouse or dependent children or member of HUF, and
  • to effect or to keep in force an insurance on the health of the parent or parents of the individual

  Deduction amount - Up to Rs. 15,000 for self, spouse, children and Rs. 15,000 for parents. (Rs. 20,000 for parents if they are senior citizens). Assessee is allowed to make any payment on account of preventive health checkups upto Rs. 5,000 within prescribed overall limit.

• Is Service Tax applicable on premiums paid on insurance products?

  All premiumA regular payment made to the insurance company to keep the policy in force.s and charges are subject to applicable taxes including service tax, education cess and secondary & higher education cess as applicable under the prevailing tax laws. With effect from April 1, 2012, Service Tax Rate has been changed to 3.09% on first year premiumA regular payment made to the insurance company to keep the policy in force. and 1.545% on subsequent year premiumA regular payment made to the insurance company to keep the policy in force. for traditional endowment & annuityA contract sold by a life insurance company that provides fixed or variable payments to a recipient, either immediately or at a future date. products and 12.36% for ULIP, Term, Health products & Riders.

• What are the tax benefits available on pension plans?

  Under section 80CCC, you can avail benefit of up to Rs. 1 lakh on the premiumA regular payment made to the insurance company to keep the policy in force. paid towards a pension plan. On maturity, one-third of the maturity amount withdrawn is tax-free. Monthly pension receipts will be treated as income in the hands of the assessee and taxed accordingly.

• I am interested in pursuing a career with Max Life Insurance? What kind of work environment does Max Life Insurance offer?

  At Max Life Insurance you will be a part of a vibrant environment and with people full of energy. Max Life Insurance gives you the opportunity to taste it and experience life "The Max Way". We create "fun at work" and constantly endeavor to outdo ourselves at it.

• How do I apply for a career at Max Life Insurance?

  Applying for a job at Max Life Insurance is quite easy. If you are interested in an opportunity to grow and challenge your limits, you can mail your resume to careers@maxlifeinsurance.com and hook yourself to become a part of this wonderful organization. If your profile fits the job openings, we could be your "Partner for Life".

• Who is eligible for a job at Max Life Insurance? What is the selection process?

  You need to be a graduate in any discipline with 50% marks to be eligible for a job at Max Life Insurance. Max Life Insurance Company selects candidates across the country through a rigorous selection process, which includes Written Test, Group Discussion and Interview. The selected candidates then have to undergo a 1-year training course.

• What kind of job opportunities does Max Life Insurance offer?

  Initially, the selected candidates have to undergo a 1-year course. The organization would offer employment in the Sales function as Executive Trainees subject to completion of the course and shall be absorbed as Associate Sales Manager after completing the training period of one year with Max Life Insurance.

• Is there any special training school to train people for Max Life Insurance?

  To develop a talent pool on a proactive basis, Max Life Insurance has joined hands with one of the leading business schools of India, IMT Centre for Distance Learning. IMT-CDL will launch a specialized course in Life Insurance Management for Max Life Insurance keeping in mind the need of the job, company culture, and also expectation of the candidate.

• How can I contact claims department of Max Life Insurance?

  For any clarification/queries,

  you can mark us an email @ claims.support@maxlifeinsurance.com

• What are the mandatory requirements to log in a death claimNotification to an insurance company that payment of an amount is due under the terms of the policy.?

  1. Death claimNotification to an insurance company that payment of an amount is due under the terms of the policy. intimation form signed by the respective claimant

  2. Original death certificate/attested copy thereof issued by Municipal Authorities

  3. All claimNotification to an insurance company that payment of an amount is due under the terms of the policy. formats are available on our website

• What are the steps to expedite settlement of a death claimNotification to an insurance company that payment of an amount is due under the terms of the policy.?

  The only way to expedite settlement of a death claimNotification to an insurance company that payment of an amount is due under the terms of the policy. is to submit requisite set of claimNotification to an insurance company that payment of an amount is due under the terms of the policy. documents along with intimation. Following is a comprehensive list of documents to be submitted along with intimation.

  Cause of Death - Medical

  • Original Policy Document
  • Original death certificate/attested copy thereof issued by Municipal Authorities
  • ClaimNotification to an insurance company that payment of an amount is due under the terms of the policy. forms - Claimant statement – 'Form A', Form C, Form D, Form E
  • Claimant's Photo ID proof bearing photograph and signature e.g. PAN Card, Driving License, Passport, etc.
  • Patient admission sheet and discharge / death summary, investigations and treatment records from Hospital(s) admitted

  Cause of Death - Unnatural - Accident / Suicide / Murder

  • Original Policy Document
  • Original death certificate/attested copy thereof issued by Municipal Authorities
  • Claimant statement - 'Form A'
  • Claimant's Photo ID proof bearing photograph and signature e.g. PAN Card, Driving License etc.
  • Police Records - FIR / Final Police Investigation Report, Panchanama
  • Driving License of the life assuredThe person covered by a life insurance policy. The insurance company pays out on the death of the policyholder. (in case road accident death only and only if claimNotification to an insurance company that payment of an amount is due under the terms of the policy. is preferred under PAB riderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. also)
  • Post mortem report / Autopsy report, Viscera / Histopathological report

• As per IRDA, what is the turn around time for the settlement of death claims?

  • ClaimNotification to an insurance company that payment of an amount is due under the terms of the policy. has to be settled within 30 days from the date of receipt of last document/clarification from the claimant.
  • All claimNotification to an insurance company that payment of an amount is due under the terms of the policy. requirements to be raised within 15 days from the date of receipt of death claimNotification to an insurance company that payment of an amount is due under the terms of the policy. intimation.

• What are the steps to expedite settlement of a living riderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. claimNotification to an insurance company that payment of an amount is due under the terms of the policy.?

  You can help us expedite the claimNotification to an insurance company that payment of an amount is due under the terms of the policy. settlement process of living riderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. claims by providing the requisite documents including all medical records at the time of intimation.

  Following are the requirements for Living RiderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. Claims-

  Dread Disease Benefit Claims-

  • ClaimNotification to an insurance company that payment of an amount is due under the terms of the policy. Application Form (Form AA)
  • Attending Physicians Statement (Form DD)
  • All medical records including Discharge Summary and Test reports

  Disability Benefit Claims (PAB, WOP and Payor RiderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. Disability Claims)-

  • ClaimNotification to an insurance company that payment of an amount is due under the terms of the policy. Application Form (Form DA)
  • Attending Physicians Statement (Form TD)
  • All medical records including Discharge Summary and Test reports

  Terminal Illness Benefit Claims-

  • ClaimNotification to an insurance company that payment of an amount is due under the terms of the policy. Application Form (Form TA)
  • Attending Physicians Statement (Form TC)
  • All medical records including Discharge Summary and Test reports

  * All claimNotification to an insurance company that payment of an amount is due under the terms of the policy. formats are available on our website

• How to claimNotification to an insurance company that payment of an amount is due under the terms of the policy. Maturity benefit?

  Submit the below listed documents to your nearest branch a month prior to the scheduled date.

  • Original policy document
  • Discharge Voucher

• What is cashless access?

  Policy Holder will not have to pay the network hospitals after undergoing treatment to the extent that the provisions of policy provides for. Instead Policy Holder will have to sign the bills, pay the differential amount, and TPA will pay the hospital for the expenses incurred by the insured (subject to Policy terms, exclusionsSpecific conditions or circumstances listed in an insurance policy for which the policy will not provide benefit payments. and conditions).

• Can a request for Authorization for cashless be declined in case of Medicash & Medicash Plans?

  Yes, a request for authorization for cashless access may be declined if,

  1. Inadequate/vague/wrong information is provided and the TPA is unable to get access to further information.

  2. The ailment/ disease for which hospitalization is required is not covered by insurance.

  3. The person does not have adequate insured amount left to cover the hospitalization costs.

  4. The policy is not active as on the date of hospitalization.

  5. The condition falls under the exclusionsSpecific conditions or circumstances listed in an insurance policy for which the policy will not provide benefit payments. specified in Section 3 of Policy Document.

  This only means that cashless access is declined, and is in no way to be construed as denial of treatment. The Policyholder must obtain the treatment as per his/her treating doctor’s advice.

• What is the difference between general mediclaim policies and the Medicash Policy?

  Medicash policy is a fixed benefit policy in which claimNotification to an insurance company that payment of an amount is due under the terms of the policy. amount would be fixed irrespective of the total expenses incurred on Hospitalization. Unlike general mediclaim policies, this policy does not cover all the expenses related to hospitalization.

• What are the documents required for claims under Wellness and Wellness Plus policies?

  1. ClaimNotification to an insurance company that payment of an amount is due under the terms of the policy. Application Form (Form WA)

  2. Attending Physicians Statement (form WD)

  All medical and treatment records including Discharge Summary.

• Do I need to send all original records/bills for reimbursement under Medicash & Medicash Plus plans?

  No. Original Bills and records are not mandatory. However your duplicate bills should be verified and attested against originals by the admitting hospital or our Max Life Insurance Branch Manager (in case the documents are submitted in Branch office).

• What happens if I am eligible for more amount than what I am incurring/have incurred on hospitalization?

  In such cases, we would pay the balance amount to you directly.

• What are the options for paying my premiums?

  We offer you several convenient options to make your premiumA regular payment made to the insurance company to keep the policy in force. 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 toll free 1800-180-5577 (BSNL / MTNL) or 1800-200-5577 (GSM / CDMA / Others)
  • Through the internet.
  • At all our branch locations in your city.

• What is ECS and how do you avail of this service?

  • ECS (Electronic Clearing Service) is an easy way to pay your premiumA regular payment made to the insurance company to keep the policy in force.s, electronically. It will relieve you from remembering premiumA regular payment made to the insurance company to keep the policy in force. payment dues dates through the term of the policy and from periodically writing / depositing cheques. It will also prevent a possible lapse of your policy due to non-payment of premiums.
  • To avail of this service just send us the completed ECS mandate form along with a blank cheque duly cancelled. We will arrange to get the verification stamp and authorization from your bank on the mandate form.
  • For details on this service, call us on our Customer Helpline: 1800-180-5577 (BSNL / MTNL) or 1800-200-5577 (GSM / CDMA / Others) (toll free) or email us at: service.helpdesk@maxlifeinsurance.com

• Is change in the mode of premiumA regular payment made to the insurance company to keep the policy in force. payment allowed?

  Change in premiumA regular payment made to the insurance company to keep the policy in force. payment mode is allowed. You can avail this option by sending us a duly signed policy amendment form for the change.

• What steps do I take in case of an address/ beneficiaryA person(s) designated by the policy owner to receive the proceeds of an insurance policy upon the death of the insured. change?

  Nomination changes can be effected as and when required through a duly filled policy amendment request form. As a nomination enables easier settlement of claims, please do effect a nomination, in case you have not done so at the time of policy application. Nomination can be made or changed at any time during the benefit period of the policy.

  For an address change you can give us a duly filled policy amendment request form along with address proof (If the premiumA regular payment made to the insurance company to keep the policy in force. is greater than Rs. 10000 inclusive of service tax) or simply call us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or email us at: service.helpdesk@maxlifeinsurance.com

• What are the terms of reinstatementPutting a lapsed policy back in force by producing satisfactory evidence of insurability and paying the required past due premiums. / revival of a policy?

  The policy can be revived within the revival periodThe life cover ceases once the policy lapses. However, the policy can be reactivated on fulfilling a few conditions. as prescribed in the policy contract, if you give us a duly filled health declaration form and you have produced evidence of insurabilityAll conditions that affect an individual’s health, susceptibility to injury and life expectancy; an individual\'s risk profile. acceptable to us as per our underwriting practices and you pay us all overdue premiums and unpaid charges, if any.

• How do I track the performance of my policy fund?

  To keep you abreast of the performance of your policy fund, in case you have opted for our unit-linked plans, we will send you policy statements from time to time. This will reflect the policy fund valueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued. as on the anniversary date. You may also logon to our customer portal to view your policy performance.

• Can I take a policy loan?

  If your policy has a surrender value, you can avail of a policy loan up to 90% of the surrender value subject to a minimum availability of Rs. 10,000. The policy loan can be taken for regular as well as single premiumA regular payment made to the insurance company to keep the policy in force. policies, any time after completion of three policy years.

  However, please note that no policy loan is available in case of our Term Plans and Life Maker Unit Link Plan.

• Can I add/ delete riders?

  Yes, you can add riders by giving a duly filled policy amendment request form, and submitting the required documents, subject to prevailing underwriting rules. Deletion of riderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. is allowed in all our plans, you may send us a duly filled policy amendment request form for deleting a riderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage.. For details, please contact your insurance advisor, or email us at: service.helpdesk@maxlifeinsurance.com

• What is OPPB and when can I exercise this option?

  OPPB is the option to participate in progressive bonuses. Through OPPB, the insurance coverage can be enhanced from time to time by paying one-time premiums. 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.

• Can the premiumA regular payment made to the insurance company to keep the policy in force. payment get collected from my house by an Max Life Insurance
  executive?

  Yes, we can get your premiumA regular payment made to the insurance company to keep the policy in force. payment collected from your house within 7 days from the date when you place a request with us. (*Pls note this facility is available only in selected cities.)

  A request for payment collection can be raised by calling us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or sending us an email at: service.helpdesk@maxlifeinsurance.com

• How can I get my PremiumA regular payment made to the insurance company to keep the policy in force. Receipt / Consolidated Statement / ULIP
  Statement?

  All you need to do is to logon to our customer portal and download the premiumA regular payment made to the insurance company to keep the policy in force. receipt or you can call us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or send us an email at: service.helpdesk@maxlifeinsurance.com and we will send across the required document to you within 2 working days (Receipt or statement).

• Do you offer any services over the telephone?

  Yes, we do. You may access the following services over our help-line 1800 200 5577:

  Change of address (if the annual premiumA regular payment made to the insurance company to keep the policy in force. is less than Rs 10000 including service tax)
  Change of bonusDividends paid to shareholders from funds created out of additional profits realised by the company. options
  Change of contact details
  Change of premiumA regular payment made to the insurance company to keep the policy in force. payment mode (Only for conventional policies)
  Reinstatements within 90 days
  Exercise of OPPB and illustrations

• What is life insurance?

  Life Insurance can be defined as an agreement that assures or guarantees payment of a stated amount of monetary benefits at the end of a specified term or on the death of the life insured.

• What is the importance of Life Insurance?

  Life Insurance is important in many ways. They are:

  • It allows systematic long term savings which are low in nature but grow compoundingly
  • It can be used for transferring wealth though estate planning
  • It provides adequate cover to key executives of the business, for its continuity
  • It provides short-term death benefit
  • It substitutes loss of income source in case of death
  • It offers supplement retirement income in case there is no other retirement coverage

• How to choose a life insurance plan?

  There are various types of insurance plans, which one can take depending on the life cycle at which a person is. The various forms for life insurance plans are Term Insurance, Whole life plan, Universal life plans, and Variable Life Plans.

• What are the options for paying my premiums?

  Max Life Insurance offers several convenient options to make your premiumA regular payment made to the insurance company to keep the policy in force. payments:

  • You can make your payments through ECS which is available in all the modes, such as monthly, quarterly, half yearly or annually.
  • You can make payments through drop boxes at various locations in your city. Call toll free 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) for the location of a drop box near you.
  • You can make payments online through the internet.
  • PremiumA regular payment made to the insurance company to keep the policy in force. payments can also be made at all our branches in your city.

• What is ECS and how do you avail of this service?

  ECS (Electronic Clearing Service) is an easy way to pay your premiumA regular payment made to the insurance company to keep the policy in force.s, electronically. It will relieve you from remembering premiumA regular payment made to the insurance company to keep the policy in force. payment due dates through the entire term of the policy and from periodically depositing cheques. It will also prevent a possible lapse of your policy due to non-payment of premiums.

  To avail of this service you just have to send us the completed ECS mandate form along with a blank cheque duly cancelled. We will arrange to get the verification stamp and authorization from your bank on the mandate form.

  For more details on ECS, call us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or email us at: service.helpdesk@maxlifeinsurance.com.

• Is change in the mode of premiumA regular payment made to the insurance company to keep the policy in force. payment allowed?

  Change in premiumA regular payment made to the insurance company to keep the policy in force. payment mode is allowed. You can send us a written request for the change or simply call our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or email us at: service.helpdesk@maxlifeinsurance.com. You can also request for a mode change with the help of the policy service request form. Switching however, to Single PremiumA regular payment made to the insurance company to keep the policy in force. is not permitted.

• What are Top-ups?

  Top-ups can be described as one-time payments. Through a top-up you have the flexibility to make an additional investment, which is over and above your normal premiumA regular payment made to the insurance company to keep the policy in force. payments. Top-ups are possible at any time while your policy is in force.

• What steps do I take in case of an address/ beneficiaryA person(s) designated by the policy owner to receive the proceeds of an insurance policy upon the death of the insured. change?

  Nomination changes can be made as and when required through a written request/ notification. As a nomination enables easier settlement of claims, please nominate a person, in case you have not done so at the time of policy application. Nomination can be made or changed at any time during the benefit period of the policy.

  For an address change you can send a written request or simply call us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or email us at: service.helpdesk@maxlifeinsurance.com

• When does a policy lapse?

  In the Life Maker - Unit Link Plan, the lapse rules are as follows:

  In the first three policy years:

  Discontinuation of premiums within three years of inception of the policy:

  • If all the ATPAnnual Target Premium’s have not been paid for at least three consecutive years from the effective date of coverage, the insurance cover under the Policy and applicable Riders, if any shall cease immediately on expiry of the grace periodPeriod of time after the due date of a premium, during which the policy remains in force..
  • We will give you an opportunity to revive the Policy within the revival periodThe life cover ceases once the policy lapses. However, the policy can be reactivated on fulfilling a few conditions. as mentioned in clause 15 below. In case the Policy is not revived during this revival periodThe life cover ceases once the policy lapses. However, the policy can be reactivated on fulfilling a few conditions., the Policy will terminate and the guaranteed surrender value, if any, shall be paid at the end of third policy anniversaryThe anniversary of the date of issue of policy as shown in the policy. or at the end of the revival periodThe life cover ceases once the policy lapses. However, the policy can be reactivated on fulfilling a few conditions. whichever is later.
  • During the grace periodPeriod of time after the due date of a premium, during which the policy remains in force. for payment of any unpaid ATPAnnual Target Premium, We will accept the lapsed notice amount without interest. The insurance coverage continues during this grace periodPeriod of time after the due date of a premium, during which the policy remains in force., but in case of death of Life Insured during the grace periodPeriod of time after the due date of a premium, during which the policy remains in force., we will pay the Death Benefit as applicable.

  After first three policy years:

  Discontinuation of premiumA regular payment made to the insurance company to keep the policy in force. payments after paying at least three consecutive years premiumA regular payment made to the insurance company to keep the policy in force.:

  • If all due ATPAnnual Target Premium’s have been paid for at least three consecutive years and subsequent ATPAnnual Target Premium’s are unpaid, an opportunity will be given to You to revive the Policy within the revival periodThe life cover ceases once the policy lapses. However, the policy can be reactivated on fulfilling a few conditions. as mentioned in clause 15 below.
  • During the revival periodThe life cover ceases once the policy lapses. However, the policy can be reactivated on fulfilling a few conditions., the insurance cover under the Policy will continue and all applicable charges would be levied.
  • At the end of the revival periodThe life cover ceases once the policy lapses. However, the policy can be reactivated on fulfilling a few conditions., if the Policy is not revived, the Policy will terminate and the Fund ValueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued. will be paid. However, we may instead of terminating the Policy, offer to continue the Policy with the insurance cover, if so opted by you, levying appropriate charges until the fund valueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued. does not fall below an amount equal to one ATPAnnual Target Premium.

• What are the terms of reinstatementPutting a lapsed policy back in force by producing satisfactory evidence of insurability and paying the required past due premiums. / revival of a policy?

  The Policy can be revived within 36 months of its date of lapse, if:

  • You give Us a written request to revive the Policy
  • You have produced evidence of insurabilityAll conditions that affect an individual’s health, susceptibility to injury and life expectancy; an individual\'s risk profile. acceptable to Us as per Our underwriting practices
  • You pay Us all overdue ATPsAnnual Target Premium and unpaid charges

• How often can I change my investment fund option?

  You may switch your investments from one fund to other funds anytime after the first policy year in our Life Maker Unit Link Plan. The minimum % that can be switched is 20%, which is subject to a minimum of Rs.10,000.00. Units are switched on Bid price to Bid Price basis. First two switches in each policy year are free of charge. A fee will be charged for each additional switch, which will be higher of 0.5% of the amount of switch or Rs.500.00.

• How do I track the performance of my policy fund?

  The performance of the various funds (Unit Price) is available on our website. The daily NAVs of our funds are also published in most of the leading newspapers. If you possess the CIP/TPIN codes, you can view you’re your policy details including the fund valueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued. on our website.

  To keep you abreast of the performance of your policy fund, in case of our unit-linked plans, we will send you a policy anniversaryThe anniversary of the date of issue of policy as shown in the policy. statement. This will reflect the policy fund valueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued. as on the anniversary date.

• Can I withdraw amounts from my policy fund?

  You can withdraw amounts from your policy fund only after the completion of three policy years. If you are planning to withdraw before 5 years, please check the availability of your tax exemption under section 80C. You can withdraw up to a maximum of 50% of your fund valueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued. on your previous policy anniversaryThe anniversary of the date of issue of policy as shown in the policy. in case of Increasing Death Benefit (20% in Level Death Benefit). If the request is received before the cut-off time at the branch office, same day unit value will be applicable. Two withdrawals in the policy year are free and processing fees of Rs.500.00 will be charged for any additional withdrawal.

• What do I need to do to surrender my policy?

  You can withdraw amounts from your policy fund only after the completion of If you want to surrender your policy you will have to submit a 'Surrender Request' form. To know more, you can also visit our branches in your city or call us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or email us at: service.helpdesk@maxlifeinsurance.com

• Can I take a policy loan?

  If your policy has a surrender value, you can avail a policy loan up to 90% of the surrender value subject to a minimum availability of Rs.10,000. The policy loan can be taken for Regular as well as Single PremiumA regular payment made to the insurance company to keep the policy in force. policies, any time after completion of three policy years. However, please note that no policy loan is available in case of our Term Plans and Life Maker Unit Link Plan.

• Can I change the face amount?

  In our Life Maker Unit Link Plan with Life Insurance coverage, we offer you an option to increase your face amount on any policy anniversaryThe anniversary of the date of issue of policy as shown in the policy.. Any increase will be subject to the then prevailing underwriting rules, and will increase your ATPAnnual Target Premium, with all attendant charges for the increased portion of the premiumA regular payment made to the insurance company to keep the policy in force..

• Can I add/ delete riders?

  Yes, you can add riderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage.s by giving a written request, and submitting the required documents, subject to prevailing underwriting rules. Deletion of riderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. is allowed in all our Plans. For details, please contact your Insurance Advisor, or email us at: service.helpdesk@maxlifeinsurance.com

• What is OPPB and when can I exercise this option?

  OPPB is the Option to Participate in Progressive Bonuses. Through OPPB, the insurance coverage can be enhanced from time to time by paying one-time premiums. 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.

• Do you offer any services over the telephone?

  Yes, we do. You may access the following services over our help-line no: 1800-180-5577 (BSNL / MTNL) or 1800-200-5577 (GSM / CDMA / Others) (toll free):

  • Change of address
  • Change of bonusDividends paid to shareholders from funds created out of additional profits realised by the company. options
  • Change of personal information
  • Change of premiumA regular payment made to the insurance company to keep the policy in force. payment mode
  • Reinstatements within 90 days
  • Exercise of OPPB and illustrations

  We sincerely hope that you will never have any cause for complaint about our services. However if you do feel that we have not met your expectations, please do not hesitate to contact us at: service.helpdesk@maxlifeinsurance.com or call our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or register your grievance/ complaint by entering it on www.maxlifeinsurance.com or write to us at Max Life Insurance Company Ltd., 11^th floor, DLF Square, Jacaranda Marg, DLF City Phase II, Gurgaon - 122002.

• What is the selection process for Max Life Insurance agent Advisors?

  The selection process for Agent Advisors is designed to help both the candidate and the organization to make a decision that is in the best interest. This process involves an initial interview followed by a numerical ability test. At this point, if there is a continued mutual interest, the candidate will be invited to attend a career seminar. In addition, Max Life Insurance will review the compensation and training programs in a detailed manner. If everything goes on well as expected, Max Life Insurance will asses the candidate’s natural market and meet one final time to make the final arrangements.

• What is the role of an Agent advisor?

  An Agent Advisor has to identify prospects and conduct a need analysis. He/she has to provide customized solutions for long term financial protection and wealth creation, close sales, deliver the policy, provide after sales service and also build references for future sales.

• What are the required competencies to be an Agent Advisor of Max Life Insurance?

  To be a Max Life Insurance Agent Advisor you need to possess few competencies, which include Entrepreneurship, Selling and Influencing skills, Perseverance, Relationship Building / Customer Service, Planning, Organizing, and Communication Skills.

• What are the benefits of being an Agent Advisor?

  A career at Max Life Insurance can undoubtedly fetch you innumerable benefits. You can be your own boss with unlimited earning potential. With a low start up investment you can be part of a world-class organization and make a positive difference to people's lives. Max Life Insurance Agent Advisors sell more and make more money than any other life insurance company Agents.

• What kind of products does Max Life Insurance Agent Advisors have to sell?

  Nobody can ever have the number one product in the insurance industry for a long period of time. However, Max Life Insurance takes great pride in the fact that its products have always been rated amongst the very best in the industry and that agents will never have any regrets for having sold someone one of the policies.

• What is ECS - Electronic Clearence System?

  An extremely convenient time saving and hassle free service that enables automatic premiumA regular payment made to the insurance company to keep the policy in force. payments directly from any of your bank account.

• What are the benefits of ECS?

  No more signing of cheques, preparation of demand drafts, visits to branches for payments etc. Premiums on registration will automatically be debited in time from the customers account. Reduced instances of lapsed policies.

• How is the facility of ECS availed?

  The ECS mandate form can be sent to the nearest Max Life Insurance branch with an original cancelled cheque.

• How does the ECS work?

  Whenever a premiumA regular payment made to the insurance company to keep the policy in force. falls due, we intimate our designated bankers, who arrange to debit the policyholders bank account of the premiumA regular payment made to the insurance company to keep the policy in force. payable and credit our account of the same. The entire Transaction is routed through RBI.

• What does this service cost me?

  It costs nothing. This service is free of charge.

• Do I get a premiumA regular payment made to the insurance company to keep the policy in force. reminder?

  Yes, we will be informing you in advance of the premiumA regular payment made to the insurance company to keep the policy in force. due date.

• Do I get the receipt for my auto premiumA regular payment made to the insurance company to keep the policy in force. payments?

  Yes, we will send the official receipt, after realizing the premiumA regular payment made to the insurance company to keep the policy in force. amount from the respective bank account.

• Can I cancel this facility if once availed?

  No, you can not cancel this facility in monthly and quarterly mode policies, it can be changed in annually and semi annual modes.

• Is Service Tax applicable on ULIP products?

  "Service tax is applicable, on the risk cover and fund related charges towards management of investments of Unit Linked Insurance Products included in life insurance premiumA regular payment made to the insurance company to keep the policy in force. in accordance with Section 65(105)(zx) of Finance Act 1994, as amended by Finance (No.2) Act 2004 and Section 65(105)(zzzzf) of Finance Act 2008 (inserted w.e.f. May 16,2008) respectively, at the applicable rates and the same would get deducted by way of cancellation of units. The risk cover includes charges towards mortality/morbidity while the fund related charges shall include premiumA regular payment made to the insurance company to keep the policy in force. allocation, policy administration, fund management, switching, partial withdrawalA facility where one can withdraw a part of funds of one\'s policy without surrendering or discontinuing it. and redirection charges which are levied for services provided by the insurer to the policyholder in relation to management of investments under unit linked insurance business."

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