Max Life Group Credit Life Secure Plan

As a lending institution, your loan can transform someone’s life and turn his/her dream into reality. But, there are tough times too when lender’s family might be left just with a legacy of liabilities. Eventually, not only the family but the overall finances of your company also suffer. Though you take all the necessary measures to keep such defaults to the minimum through recovery mechanism, you need to insure your lent assets against non-payment by the borrower, on his/her death.

Choose Max Life Group Credit Life Secure Plan, a plan that provides cover against loan in the event of borrower's death during the period of coverage.


3 reasons why you must opt for this plan

  • Saves banks/financial institution from default payments in case of death of the policyholder
  • An attractive low-cost value added plan to cover against loan during uncertainties
  • Safeguard borrower’s family from paying-off the rest of the loan liabilities in case of eventualities

What does this plan offer?

What does this plan offer?

Here’s what you need to know about this plan

Here’s what you need to know about this plan

Insert Image Death Benefit

Payable in case of death of the borrower due to any cause (natural or accidental)

This benefit protects your bank/financial institution from running into losses due to increased default in the event of unfortunate demise of the policyholder by any cause (natural and accidental).

There are two kinds of death options available, our company shall pay you as per the option chosen by you at the inception of the policy. Here are the options:

Decreasing Cover Death Option - This is set in accordance with the outstanding sum assured schedule as set at the commencement of the contract.
Cover during the moratorium period is also available where the loan monthly installments begin after a defined moratorium period, and therefore the Sum Assured is level till the end of the moratorium period and reduces thereafter as per the schedule

Level Cover Death option Benefit - Under this option, a minimum sum assured of Rs. 5000 per member is ensured at inception.

Please note that the benefit is payable only in the event of death during the period of coverage and no Disability cover is provided under this policy.

Insert Image Surrender Benefit

Payable in case member surrenders the risk cover due to foreclosure or prepayment of loan or any other reason

As this is a single premium term insurance plan, a surrender value will have to be paid if an individual assured member surrenders his/ her cover due to any reason.The surrender value payable at any point of time during the coverage term will be derived as follows:
Surrender Value = 70% * Premiums received * (Unexpired risk period in months / Total Period of cover in months) * (Sum Assured applicable at time of Surrender# / Sum Assured at inception)

#As per the schedule mentioned in certificate of insurance at the outset

Insert Image Co-borrower Cover Option

In the event of the death of the primary borrower/ co-borrower due to suicide, cover on the other life will continue as they are independent insurance covers.

Under this option, cover on lives of the primary borrower and co-borrowers will be considered as separate insurance covers to the extent of the total loan amount subject to necessary financial and medical underwriting requirements. This would be referred to as co-borrower cover option. Both the co-borrowers must individually satisfy the eligibility conditions to become a member.


Minimum age at entry

15 years (age as on last birthday)

Maximum age at entry

75 years (age as on last birthday)

Maximum age at Maturity

77 years (age as on last birthday)

Minimum Policy Term

2 years

Maximum Policy Term

Till 77 years (age as on last birthday) subject to maximum of 30 years.

Minimum group size to initiate a Group scheme

50 members within a policy year

Maximum group size 

No limit

Minimum face amount

Rs. 5000 per member

Maximum face amount

No limit, but subject to underwriting

Minimum Premium

No limit

Maximum Premium

No limit


More Points to be noted:

This policy covers both natural and accidental death-causing events.
There should be a clear relationship between individual members and the group policyholder.
The policyholder will have the legal authority to act on behalf of all the members of the group under the group insurance contract.
No group should have been formed for the sole purpose of taking the insurance coverage.

Premium Rates Table
Policy Contract

Additional Benefits through Riders^

Additional Benefits through Riders^

Wondering why do companies invest in group insurance plans?

Understand Group plans better

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments
Claims Paid Percentage



(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023)

Max Life's Presence

269 Offices

269 Offices

(Source: As reported to IRDAI, FY 2022-23)

Sum Assured

₹1,397,142 Cr.

₹1,397,142 Cr.

In force (individual) (Source: Max Life Public Disclosure, FY 2022-23)

Assets Under Management

₹122,857 Cr.

₹122,857 Cr.

(Source: Max Life Public Disclosure, FY 2022-23)

More reasons why our customers choose us
What companies have to say about our Group Plans
What companies have to say about our Group Plans

Our customers are our priority. We keep coming up with new plans and policies every day to meet their needs. A loan protection insurance is something which we thought of introducing recently. Actually, we were coming across many customers who were fearful about their family’s plight in case remaining loan amount get passed onto them in case anything unfortunate happens with them. This definitely had to be addressed, and Max Life Credit Life Secure seemed to be the perfect plan to secure both customers’ future and our assets. Now, we offer this as an add-on to all the loan applicants.


Product Head, A leading lending institution

Let’s Connect

Let’s Connect

Online Sales Helpline
0124 648 8900
 (09:00 AM to 09:00 PM Monday to Saturday)
SMS 'LIFE' to 5616188

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Customer Service Helpline
1860 120 5577
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Please write to us in case of any escalation/feedback/queries.

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NRI Helpdesk
011-71025900; 011-61329950
(9:00 AM to 6:00 PM Monday to Saturday)