Written by
Updated :
Reviewed by
In life, you always protect your family members and everything else that is yours – you secure your parents’ health and protect your car and house. There are times, however, when you tend to forget about protecting an essential asset of your life—yourself.
As you grow up, get married, start a family, begin a business or join an office, you realize that you are the nucleus of your family. Without you, it becomes difficult for your loved ones to go on with their lives smoothly. Things may not go as planned, when you are the sole breadwinner of your family and something happens to you. In any such scenario, your family will not only have to deal with the unbearable emotional loss but also may have to tackle financial strife.
It is here that you need to secure yourself first with a life insurance policy so that you can work towards providing cover for your family. Overall, not only is life insurance indispensable, it is also crucial for your family’s financial stability and your financial planning.
Overall, buying life insurance policy is easier than you may think it is. All you must do is be disciplined and careful while deciding on an insurance coverage provided by life insurance companies in India. At Max Life Insurance, we are committed to deliver a hassle-free life insurance buying experience.
How Easy is it to Buy Insurance from Max Life Insurance?
At Max Life Insurance, buying life insurance is both quick and hassle-free. You can compare different life insurance plans before choosing the one that aligns with your financial needs. The factors that make the experience of purchasing life insurance from Max Life Insurance a breeze, are described below:
1. Availability of Life Insurance Calculator
With the help of our online life insurance calculator, you can easily get an estimate of the life insurance premium payable for the desired coverage amount – all in a matter of minutes before even buying it.
2. Paperless Process
You do not need to go through the hassles of the paperwork while buying or paying premiums for a life insurance policy.
3. Multiple Payment Channels
You can pay as per your convenience. Select from the various payment channels like net banking, digital wallets, debit cards or credit cards.
4. Comprehensive After-sales Service
We provide you with a team of dedicated claim settlement officers to make the process of claiming the policy benefits easy and smooth.
Why should you go for Max Life as your insurance provider?
Many reasons to choose Max Life Insurance a life insurance policy providers in India.
1. Cost-effective Plans
We provide a variety of cost-effective life insurance plans to fit your needs. Keeping the fact in mind that you must pay premiums at regular intervals, we offer different payment frequencies (annually, bi-annually, quarterly or monthly) to suit your financial disposition.
2. Category-Best Claim Settlement Ratio
The Claim Settlement Ratio (CSR) of an insurer is the number of claims settled against the number of claims filed. For example, if an insurance company has a 95% claim settlement ratio, then it implies that they have settled 95 out of 100 claims that are filed in that particular year. Therefore, the higher the CSR, the better the chances of your death claim getting settled.
At Max Life Insurance, we understand how essential it is to stay secure against the uncertainties of life. Our plans provide the required financial support in every situation. With a claim settlement ratio of 99.51% (Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023) we are committed to delivering prompt claim settlements. We also provide dedicated claim settlement officers to help you throughout the claim settlement journey.
3. High Solvency Ratio
It is a key metric used to measure an enterprise's ability to meet its debt obligations and is often used by prospective business lenders. The solvency ratio shows whether a company's cash flow is enough to meet its short-and long-term liabilities.
How Easy is it to Calculate the Life Insurance Premium?
Life insurance premiums differ from person to person. It is because we try to ensure that each policyholder pays a premium that reflects their specific level of risk. It is very important to calculate the premium before you opt for life insurance plans. Here’s how you can buy life insurance policy with Max Life Insurance.
First, fill in your first name, mobile number, gender, date of birth, annual income, and consumption of nicotine/tobacco, and then click on “Calculate Now”.
· Step 1: Choose the recommended life cover till the age you want (Life cover will be subject to underwriting decision). Select the premium payment option between quarterly, annually and monthly.
· Step2: Enhance your life insurance plans with various add-ons such as Premium Back option, Protection against 40 Critical Illnesses and riders such as Accidental cover and Future Premium Waiver in case of Critical Illness or disability.
· Step 3: Fill in the other information such as first name, last name, email address, education type, occupation type, annual income, pin code and your PAN number.
· Step 4: Select the payment option, like, credit card, debit card and net banking. You’ll get the complete plan summary with the equote number, policy name, sum assured, term, pay till age, the premium and the total amount to be paid.
What are the Different Types of Insurance Policies offered by Max Life Insurance?
1. Term Plans
It is the simplest of all life insurance policies that offer death benefits your family, in case of your untimely demise within the policy term.[1] If you want to live peacefully without worrying much about the future and financial stability of your family (in your absence), you must invest in a term life plan.
2. Unit Linked Insurance Plans
This life insurance policy combines the benefits of life insurance with market-linked investment. ULIP (Unit linked Insurance Plan) provide wealth creation opportunities along with life cover benefits where we put a portion of the premium invested into a variety of equity and debt fund options, while the remaining amount is paid towards providing life cover.
3. Child Plans
Child insurance plans are one of the most efficient means to safeguard your child’s future. These life insurance plans mostly work by investing the premium paid to provide high returns (in case of market linked plans), so that you can accumulate significant amount of money to support your child’s dreams. This money can be used to finance a costly degree abroad, to start a business or anything else that your child might desire in the future.
4. Endowment Plans
Endowment plans are a common form of life insurance policies intended to save you (as policyholder) from financial instability. If your demise occurs during the coverage period, your family members will receive immediate financial assistance to cope with the apparent loss of income. You can also avail maturity benefits upon surviving the policy term.
5. Retirement Plans
It is a type of life insurance policy that helps you build a corpus for your retirement so that you can remain financially independent once your working years are behind you. This plan will let you build a corpus systematically. In case of your unfortunate demise during the policy term, your nominee will receive the benefits of the plan.
Which plan suits for which life stage?
· Young unmarried professionals – If you are in your 20s and early 30s, and are yet to start a family, you must opt for both savings plan and health insurance.
Plans to consider:
1. Max Life Online Saving Plan (UIN Number- 104L098V03) (Unit Linked Non Participating Individual Life Insurance Plan
2. Max Life Cancer Insurance Plan (UIN Number: 104N093V03) (Non-Linked Non-Participating Individual Pure Risk Premium Health InsurancePlan)
· Married without children- If you are married and have dependents (spouse, and parents), you need to secure them with a term insurance, saving plan and health insurance.
Plans to consider:
1. Max Life Smart Term Plan (UIN Number-104N113V04) (Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan
2. Max Life Premium Return Protection Plan (UIN Number-104N083V01) (Non Linked Non-Participating Term Insurance Plan)
3. Max Life Online Saving Plan (UIN Number- 104L098V03) (Unit Linked Non Participating Individual Life Insurance Plan)
· Married with young children- If you have children, then you must consider buying into a term insurance plan, child's plan, saving plan and health insurance.
Plans to consider:
1. Max Life Premium Return Protection Plan (UIN Number-104N083V01) (Non Linked Non-Participating Term Insurance Plan)
2. Max Life Smart Term Plan (UIN Number-104N113V04) (Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan)
3. Max Life Child Insurance Plans
· Max Life Future Genius Education Plan (UIN: 104N094V03) (Non-Linked Participating Individual Life Insurance Savings Plan)
· Max Life Shiksha Plus Super (UIN: 104L084V04) (Unit-Linked Non-Participating Individual Life Insurance Plan)
4. Max Life Cancer Insurance Plan (UIN Number-104N093V03) (Non-Linked Non-Participating Individual Pure Risk Premium Health InsurancePlan)
· Near to retirement professionals- If you are nearing retirement, it is advisable to invest life insurance policies like health insurance, term insurance and saving plans.
Consider the following plans:
1. Max Life Smart Term Plan (UIN Number--104N113V04) (Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan)
2. Max Life Cancer Insurance Plan (UIN Number-104N093V03) (Non-Linked Non-Participating Individual Pure Risk Premium Health InsurancePlan)
What are the Different Premium Payment Options?
Max Life insurance provide a variety of premium payment options (might vary from one product to another) to suit individual requirements, including:
· Monthly –Pay your premium every month for a year (12 equal parts)
· Quarterly- Pay premium once in four months for the complete term
· Semi-Annually- Pay premium once in six months for the complete term
· Annually- Pay premium once in a year for the complete term
Get Life Insurance Now for a Sound Financial Plan
Insurance is a solemn promise that your family will not have to depend on anyone else, in case you are not around to take care for your loved ones. It ensures that your family has a robust safety net to fall onto, in times of crisis.
At the same time, having life insurance gives you peace of mind, knowing that you have an adequate protection to tackle life’s uncertainties.
While life insurance is crucial, you must make sure that you buy and invest in the best possible coverage – one that aligns with your real-life value, and not just your financial value. For this, you need to identify your existing debts and future financial needs. Subsequently, you must compare different life insurance plans before choosing one that suits your needs.
Sources:
[1] https://economictimes.indiatimes.com/wealth/insure/newslist/51408482.cms
[2] https://www.irdai.gov.in/admincms/cms/uploadedfiles/annual%20reports/IRDAI%20English%20Annual%20Report%202018-19.pdf
ARN: Jun23/Bg/12M
