5 Things to Think Before Buying Life Insurance

The premium amount is generated based on the life cover amount that you opt for. As a rule of thumb, You should have a life insurance cover of at least 10 times your annual income. You can also use our premium calculator to arrive at a premium estimate.

Before buying a life insurance policy, it's important to assure yourself about the credentials of your chosen life insurance company.

•  Claims Settlement Ratio - This refers to the no. of claims paid by an insurance company for every 100 claims that were registered. Max Life paid 99.51% of individual death claims in FY'22-23 (Src. Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023).

•  Assets Under Management (AUM) - This refers to the current market value of the funds managed by the financial services company. A higher AUM suggests that the portfolio is strong and performing well.

• Solvency Ratio - This is a ratio used to measure the financial stability of a company. It reflects the company's ability to settle its long-term debts. A higher solvency ratio means that a company is comfortably placed to pay out claims. Max Life has a solvency ratio of 207%, more than 1.38 times the mandatory 150%, which indicates our strong and stable financial position.

In addition to these, excellence in customer service, reviews and corporate governance practices give vital information about the overall performance of the company. Read more to learn about Max Life as an organization. Also, you can go through the different types of plans offered.

ARN: Sep23/Bg/05J