FAQs

 

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Insurance

Tax Benefits

  • Is there any Tax Benefit on the premium I pay for my life insurance policy?

    Deduction is available under Section 80C of Income Tax Act, 1961 for the premium 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 term, premiums paid in any year do not exceed 20%of the basic Sum Assured. For policies issued on or after 1st April, 2012, premium should not exceed 10% of Sum Assured to ensure that tax benefits under section 10(10D) is available.

  • I pay the premium on policy for my wife/husband/child, can I claim Tax benefits?

    Life insurance premium 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 claim Tax Benefits?

    If you stop premium 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 claim 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 premiums 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 premium and 1.545% on subsequent year premium for traditional endowment & annuity 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 premium 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.

Career

  • 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.

Claims Procedure And Queries

General Queries

Agent Advisor

  • 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.

ECS Related FAQs

  • What is ECS - Electronic Clearence System?

    An extremely convenient time saving and hassle free service that enables automatic premium 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.

  • What does this service cost me?

    It costs nothing. This service is free of charge.

  • How does the ECS work?

    Whenever a premium 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 premium 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.

  • Do I get a premium reminder?

    We will give you reminder before debiting your account to ensure sufficient balance.

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

    Yes, we will send the official receipt, after realizing the premium regular payment made to the insurance company to keep the policy in force.

  • Can I cancel this facility if once availed?

    You can cancel this facility by giving the written request at our nearest branch.

  • Can I change by ECS Draw date (debit date) ?

    Yes, you can change the ECS debit date by giving the written request at our nearest branch ,15 days before your initial debit date to avoid double debit from your account.

Service Tax

  • 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 premium 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 premium allocation, policy administration, fund management, switching, partial withdrawal 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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