Insurance Policy Related FAQs - Max life Insurance

Frequently Asked Questions

Get answers to most frequently asked questions related to your insurance policy.

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Premium-related queries

Yes, a change in premium payment mode is allowed on the policy anniversary for active policies. You can avail this option by sending us a signed form.

We offer you several convenient options to make your premium payments:

a. Through ECS which is available across all modes, i.e., monthly, quarterly, half-yearly or annually.

b. Through drop boxes at various locations in your city.

c. Through IVR - call helpline number 1860 120 5577

d. Through the internet.

e. At all our branch locations in your city.

Yes, we can get your premium payment collected from your house within 7 days from the date when you place a request with us (please note this facility is available only in selected cities.). A request for payment collection can be raised by calling us on our customer helpline toll free number 1860 120 5577 or sending us an email at

All you need to do is to log on to our customer service section on MLI website and download the premium receipt. You can also call us on our customer helpline number 1860 120 5577, or send us an email at and we will send across the required document to you within 2 working days (receipt or statement).

We will send you reminders before debiting your account to ensure that you have sufficient balance.

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

Yes, you can cancel this facility by giving a written request at your nearest Max Life Insurance branch.

Nominee- related queries

a.  Nomination change: You can make or change nomination anytime during the benefit period of active policies or just by filling out the policy amendment request form. In case, you have not effect a nomination during policy application, you must effect a nomination for easy settlement of claims.

b.  Address change: You can change your address by sending a filled out policy amendment request form along with your address proof (if cumulative premium of all your active policies is greater than ₹10,000 inclusive of all applicable taxes, cess, and levies as imposed by the Government).

Policy loan-related queries

If your policy has a cash surrender value, you can avail a policy loan of up to 90% of the cash surrender value subject to a minimum availability of ₹10,000. The policy loan can be taken for active policies (other than the ones in grace period), any time after completion of three policy years.

Please note that policy loan is not available for Term Plans and Life Maker Unit Link Plan.

Additional terms and conditions applicable to loan available under eligible life insurance plans (“Policy”)

  • The policyholder will have the flexibility to opt for loan against the Policy once the Policy has acquired surrender value (if any).
  • The extant of loan allowed shall be as specified below:


Policy year in which loan is availed

Minimum loan allowed

Maximum loan allowed

(% of Surrender Value)

2-5 years of policy term

As per amount specified under the Policy


As per the limits prescribed under the Policy

6 years or above

Upto 80% or as per limits prescribed under the policy, whichever is less.


  • The Policy shall be assigned to Max Life Insurance Co. Ltd. (“Company”) on grant of the loan. The Policy shall be re-assigned in favour of the policyholder once the outstanding loan amount along with interest payable (if any), is fully re-paid.
  • Initially, the loan will be granted for a maximum period of 10 years, extendable for further period of 10 years at the written request of the policyholder. In case no request is received, the Company will be entitled to recover or adjust the outstanding loan amount (including interest, if any) against the policy benefits.
  • Notwithstanding the forgoing, the Company shall have the right to recover the outstanding loan amount (including interest, if any), by providing a three (3) months advance notice to the policyholder at any point of time.
  • The policyholder shall make the repayment of outstanding loan (including interest, if any) at earliest to avail full benefit of the Policy and to avoid accumulation of interest on the outstanding loan amount.
  • The rate of interest payable on the loan may be revised as per the applicable provisions of the loan clause under the Policy.
  • Subject to the terms of the Policy, in case the outstanding loan (including interest, if any) exceeds the surrender value, the Policy shall terminate without any benefits.
  • The above terms and conditions are subject to change from time and time. For more information, please connect with your authorized representative or write to us at


Lapsed policy-related queries

The policy can be revived within the revival period as prescribed in the policy contract, if you send us a filled out health declaration form, and provide evidence of insurability acceptable to us as per our underwriting practices. All your overdue premiums and unpaid charges should be paid, if any

Fund performance-related queries

In case you have opted for our unit-linked plans, we will send you policy statements from time to time to keep you informed on the performance of your policy fund. This will reflect the policy fund value as on the anniversary date. You may also log on to our customer portal to view your policy performance.

Riders-related queries

Yes, you can add riders by sending us a filled policy amendment request form, and submitting the required documents, subject to prevailing underwriting rules. Deletion of rider is also allowed. You may send us a filled policy amendment request form for deleting a rider. For details, please contact your insurance advisor, or email us at

Documents-related queries

a.       Form M

b.       Original policy pack

c.       Copy of ID proof

d.       In case of NEFT a cancelled cheque with preprinted name/copy of bank passbook with the banker's attestation/banker's attestation on account details in Form M.

a.       Surrender form

b.       Original policy pack

c.       Copy of ID proof

d.       In case of NEFT a cancelled cheque with preprinted name/copy of bank passbook with banker's attestation/banker's attestation on account details in surrender request.

Freelook period for both Online and Offline sourced policies starts after policy pack is delivered to the Customer.

Freelook period:

  • For Offline policies - 15 days
  • For Online policies - 30 days

Procedure to Cancel the policy:

a. Freelook cancellation Form/Letter

b. Customer have to visit any nearest Max Life Insurance branch for case sourced other than online. Online cases can be consider through registred email id

c. Furnish printed copy of  Cancelled Cheque with name and account number. (If not printed, copy of the bank passbook/statement with printed account holder details)

d. Furnish Original Policy pack.

e. Self-attested ID proof

General queries

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

Yes, you may access the following services over our helpline number 1860 120 5577 :

a. Change of address (if the annual is less than ₹10,000 including all applicable taxes, cess, and levies as imposed by the Government)

b. Change of bonus options

c. Change of contact details

d. Change of premium payment mode (only for conventional policies)

e. Reinstatements within 90 days

Exercise of OPPB and illustrations

ECS-related FAQs

A convenient time-saving and hassle-free service that enables automatic payment of premium regularly, made to the insurance company to keep the policy in force. Payments can be made directly from any of your bank account.

No more signing of cheques, preparation of demand drafts, visits to branches for payments, etc. Upon registration, premiums will automatically be debited in time from the customer’s account. This helps in reduced instances of lapsed policies.

A filled NACH/ECS/Direct Debit mandate instruction form can be sent to the nearest Max Life Insurance branch with an original cancelled cheque.

This service is free of charge.

Whenever a regular premium payment that is made to the insurance company to keep the policy in force, is due, then we intimate our designated bankers, who arrange the debit on the policyholders’ bank account towards the premium payment made to the insurance company, to ensure that the policy remains in force. The payable amount is then credited to our account. The entire transaction is routed through RBI. 

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