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    Claim Settlement Ratio

    The Claim Settlement Ratio (CSR) of an insurance company is a metric used to determine its credibility. It is computed by dividing the total number of claims settled by the number of claims it received. When buying a life insurance policy, it is important to consider an insurer with a high claim settlement ratio....Read More

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    Please provide following information correctly as it will be used to calculate your eligibility.

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    The claim amount on eligible policies is up to Rs. 50 Lakh. The policy has been in force for a minimum of three years. All the necessary documents shall be submitted before 3 pm at any Max Life Insurance office from Monday to Friday. Claims do not warrant field verification. Nominee Title is clear. All claims that qualify for InstaClaim TM will be paid within 1 working day from the date of submission of all mandatory documents; otherwise, Max Life is liable to pay interest at bank rate as at the beginning of the financial year in which the claim has been received (4.25 % for p.a. FY'23) for every day of delay beyond one working day.

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    Written by

    Reviewed by

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    Rohit Ghosh

    Insurance Writer

    Rohit Ghosh has authored and reviewed several informative articles on Life and Term Insurance during his experience working with top Life Insurance brands. During his experience in the Life Insurance sector he has been responsible for formulation of several integrated marketing communication strategies. In his current role with Max Life Insurance he is responsible for website content and experience enhancement

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    Bhaskar Sinha

    Insurance Expert

    8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.

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    Click here to know more about InstaClaimTM

    Claim Settlement Ratio can be understood easily by learning how insurance companies follow certain rules and regulations before settling an insurance claim, in case a policyholder passes away during the policy tenure.

    Claims can be denied, especially when there are some red flags in the policy draft that might go against certain policy requirements. Therefore, when it comes to life insurance, you need to be sure that you fill out the necessary paperwork correctly and choose an insurer that has a proven track record of settling the major portion of the claims received on an annual basis.

    Claim Settlement Ratio can serve as a reliable metric to determine if a certain policy and insurer is the right choice for you.

    The primary purpose of a life insurance plan, especially term insurance, is to provide financial support to your family, in case something happens to you. When you purchase a term plan or any other insurance product with a high claim settlement ratio:

      1. You can be assured that the entire experience of claim filing to disbursal will be simple, convenient, and transparent.
      1. In case of an unexpected mishap, your loved ones will have the assurance of a quick disbursal of the life insurance benefits.
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    How is Claim Settlement Ratio Calculated?

    First, you need to understand that the Claim Settlement Ratio is calculated for all the insurance products offered by the insurance company put together, rather than any specific product.

    Consider the following example to understand the calculation of the Claim Settlement Ratio:

    Let us say that a life insurance company receives 1,000 claims in a year, out of which it settles 993 claims by paying the insurance benefit (or sum assured) while rejects the remaining 7 claims.

    The Claim Settlement Ratio for the company would be (993/1000) % or 99.3%

    Claim Paid Ratio = (Total Claims Paid / Total Claims Received)

    What is a good Claim Settlement Ratio?

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    Overall, the higher the percentage of settled claims, the better the chances that your life insurance policy claim will be accepted and settled by the insurance company. Another reflection of a high CSR is on the insurance company’s finances. With settlement percentages up and above the 95% mark, a prospective life insurance buyer can be sure that the insurers are secure as they are willing to pay the insurance claim amount to most of their customers.

    For FY 2021-22, the claim settlement ratio of Max Life Insurance was 99.34%*. However, it is essential that you do not rely on this value as the only factor while determining your insurer.

    You must consider other factors such as online reviews of the insurance company, the experiences of your near ones, and the features and benefits of the insurance plan before making a choice.

    Why is Claim Settlement Ratio Important?

    Buying a life insurance policy is a long-term endeavour. Not only do you have to pay a significant amount of premiums over a specific payment tenure to avail of the policy benefits but you also have to be sure that your insurance policy documentation is well-rounded so that it doesn’t get rejected.

    Thus, you need to compare and purchase a life insurance plan from an insurer with a high claim settlement ratio. Claim Settlement Ratio is a reliable metric that can help you determine if a certain insurance company is trustworthy or not and that your family would not have to move from pillar to post in getting the insurance benefit after your untimely demise.

    How Long does it Take to Get Claim Payout?

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    How swiftly your beneficiaries receive the claim benefit is impacted by how quickly they file a claim and fill out the correct forms. Assuming the information is accurate, an insurance company will pay the claim amount in as little as one to two weeks.

    The ideal conditions include:

    • The life insurance policy is in effect for three years or more
    • The insurance policy has all premiums paid and
    • The cause of death is not suspicious

    Deferrals in filing a claim or getting the right documents together could stretch the payment date. In any case, the life insurance company should pay out a death claim within 120 days.

    Reasons Why Our Claims Settlement Process is Unique?

    At Max Life Insurance, our claim settlement process is personalised because of the following factors:

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    a) Speed:

    Insta claim in 1 day- Claim settlements under InstaClaim™ are subject to the following conditions:

    • The claim amount on eligible policies is up to Rs. 50 lakh
    • The policy has been in force for a minimum of three years
    • All the mandatory# documents shall be submitted before 3 pm at any Max Life Insurance office from Monday to Friday
    • Nominee Title is clear
    • The claim does not warrant field verification

    b) Trust:

    For the FY 2021-22, Max Life Insurance had a claim settlement ratio of 99.34%*, which is by far the highest number that Max Life Insurance has achieved till date beating its own records for previous years.

    c) Ease:

    Our website's Claim Centre crisply offers all the necessary information. Your nominee can either download the claim from the website's claim section or walk into the nearest branch office.

    d) Dedicated officers:

    We appoint a personalized service in the form of a dedicated Claims Relationship Officer (CRO) on the next working day of claim submission. Having a CRO is especially useful in the case of the settlement of a death claim, where your nominee receives every help to avail of insurance claim benefits in time.

    e) Support:

    Our round-the-clock customer support services provide a speedy resolution to customer queries and grievances. Our customer support services aim to maintain one of the lowest customer incidences throughout the insurance industry.

    How are the Claims Processed?

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    At Max Life Insurance, we understand the importance of staying protected against life's uncertainties. We believe it is our responsibility to provide the best insurance coverage possible in your hour of need.

    Our team of expert claim assessors are guided by the principle of being the 'Fairest, Fastest, and Friendliest' in terms of claims processing. Our life insurance claim settlement processes, thus, include the following three simple steps:

    • Claim Registration & Document Submission
    • Claim Evaluation
    • Claim Decision & Settlement

    For the FY 2021-22, Max Life Insurance had a claim settlement ratio of 99.34% *.

    Furthermore, we assign a dedicated Claims Relationship Officer (or CRO), to guide your beneficiaries/ claimants at different steps of the claims process.

    What Documents are Mandatory for Claims Settlement?

    Mandatory Documents required for claims settlement ratio are:

    • Original policy document
    • Original/ attested copy of death certificate issued by the local municipal authority
    • Death claim application form (Form A)
    • NEFT mandate form attested by bank authorities along with a canceled cheque of bank account passbook and nominee's photo identity proof
    • Discharge/ Death summary attested by hospital authorities of FIR & Post Mortem Report/ viscera report (in case of accidental death)

    Max Life’s InstaclaimTM Promise - 24 Hours is All We Take

    The grief of losing your dear one in the hands of destiny is beyond words. As your trusted life insurer, Max Life Insurance offers InstaclaimTM Service to settle your claims within one day, so you can deal with your responsibilities in the absence of your loved one.

    We, at Max Life, recognise that claim is the ultimate moment of truth for our business. Therefore, we intend to make your claim settlement experience convenient and quick with the InstaClaimTM initiative.

    Through the InstaClaimTM initiative, Max Life endeavours to pay eligible death claims up to Rs. 50 lakh in only 24 hours. Additionally, a dedicated Claim Settlement Officer facilitates a convenient, quick, and simple settlement process.

    The 24 hours claim settlement is available for the following:

    • Eligible policies that have completed three continuous years
    • The claim does not warrant field verification
    • All mandatory documents are submitted before 3 pm at any Max Life Insurance office from Monday to Friday
    • Nominee Title is clear
    • Claim amount on all eligible policies is up to Rs. 50 lakh

    Furthermore, if you don't receive the payment within the time frame, you'll be entitled to additional payments in the form of ‘interest’ on the total amount of your death benefit. T&C apply

    With the InstaClaimTM initiative, Max Life further aims to enhance customer experience by paying death claims within just 24 hours in eligible cases.

    Moreover, in a country with a low protection quotient (as per the IPQ survey), Max Life’s claim settlement ratio of 99.34 percent gives a sense of security that their families will be financially safe during an eventuality, thus encouraging them to opt for life insurance products.

    Selecting the adequate sum assured for Term Insurance

    Along with checking the claim settlement ratio it’s important that you identify the adequate sum assured required to financially protect your loved ones. To make it easy for you, we have provided some of the sum assured options available below:

    Term Insurance

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    ₹ 50 Lakhs

    Starting from ₹ 15/ day*

    Check Plan

    Term Insurance

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    ₹ 75 Lakhs

    Starting from ₹ 22/ day*

    Check Plan
    BESTSELLER

    BESTSELLER

    Term Insurance

    sum-assured-right-arrow.svg

    ₹ 1 Crore

    Starting from ₹ 23/ day*

    Check Plan

    Term Insurance

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    ₹ 1.5 Crore

    Starting from ₹ 35/ day*

    Check Plan

    Term Insurance

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    ₹ 2 Crore

    Starting from ₹ 35/ day*

    Check Plan

    Term Insurance

    sum-assured-right-arrow.svg

    ₹ 5 Crore

    Starting from ₹ 83/ day*

    Check Plan

     Disclaimer: Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06).

    ARN: C/SA/050623

    Stay Safe, Stay Protected

    As a policyholder or buyer, you can take a cue from the claim settlement ratio. However, the IRDAI advises that the claim settlement ratio should not be the only parameter that you consider when buying a life insurance policy. Instead, you need to ask whichever insurance company you have decided to purchase life insurance from, to provide all the material information about their policy undertaking and claim settlement process.

    On the other hand, you must make sure that you are sincere and transparent while filling out the application form so that your family does not have any problems submitting a claim to the insurer in your absence.

    *Source:

    As per annual audited financials, FY 2021-22

    Claims Settlement Ratio FAQs

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    You can register a claim with Max Life Insurance through the following touch points. To help us process your claims faster, make sure that you submit the required documents along with the claim.

    • Your Agent Advisor, bank, or corporate agent, from whom you purchased the policy
    • Nearest Max Life Insurance company office. You can easily locate a nearby branch office by clicking here and switching to the ‘Locate A Branch Office’ tab


    For any other claims support, call us on 1860 120 5577 or email us at claims.support@maxlifeinsurance.com (Individual Claim) or group.claimsupport@maxlifeinsurance.com (Group Claim). For Cashless health claims, call us on +91 70426 98853 or email us at phs.mli@paramounttpa.com

    Our office address:
    Max Life Insurance Company Ltd.
    Claims Department, 5th Floor
    90 C, Sector 18, Udyog Vihar,
    Gurugram - 122015, India

    Documents Required: We will need certain documents to validate a genuine claim. Below are some mandatory documents required to be furnished for each category of claims:

    • Original policy documents
    • Original/ attested copy of death certificate issued by the local municipal authority
    • Death Claim Application form (Form A)
    • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook
    • Nominee's photo identity proof, such as a copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.


    Additional documents required basis the cause of death:

    For a Medical or Natural death
    • Attending physician's statement (Form 'C')
    • Medical records (admission notes, discharge/death summary, test reports, etc.)


    For an Accidental or Unnatural death
    • Copy of the First Information Report (FIR) or Panchanama/Police complaint
    • Copy of Post Mortem report (PMR)/Autopsy and Viscera report
    • Copy of the Final Police Investigation report (FPIR)/Charge sheet


    Click here to download the Death Claim forms

    Health Claims: These are claims pertaining to policies that offer health insurance or a critical illness component.

    We request you submit the following documents to register a health claim:

    • Health claim application form
    • Attending physician's statement
    • Attested copies of all medical records
    • NEFT mandate form


    Click here to download the Health Claim forms

    Group Claims: These are claims pertaining to life insurance policies offered by organisations/institutions to their employees or group members.

    We request you to submit the following documents to register a group claim under the following categories:

    Employer-Employee Policies

    • Claim form (GTL Employer-Employee, EDLI, and Gratuity) as applicable
    • Original/attested copy of death certificate issued by municipal authorities
    • EFT mandate form to be completed by nominee/policyholder along with a copy of a cancelled cheque wherein the name of the account holder is printed or a copy of bank passbook


    Non-Employer Employee Policies: These policies pertain to Lender-Borrower & Non-Lender Borrower Relationships.

    • Insurance certificate
    • Original/attested copy of death certificate issued by the local municipal authority
    • Claim form (Lender-Borrower/Non-Lender Borrower) as applicable
    • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook


    Additional documents required basis the cause of death

    For a Medical or Natural death
    • Attending physician's statement (Form 'C')
    • Medical records (admission notes, discharge/death summary, test reports, etc.)


    For an Accidental or Unnatural death

    • Copy of the First Information Report (FIR) or Panchanama/Police complaint
    • Copy of Post Mortem report (PMR)/Autopsy and Viscera report
    • Copy of the Final Police Investigation report (FPIR)/Charge sheet


    Click here to download the Health Claim forms

    Cancer Claims: These are claims pertaining to the cancer benefit in Cancer insurance policies.

    We request you to submit the following documents to file a cancer claim:

    • Cancer Insurance Claim Form - Form CA
    • NEFT Form
    • Medical Records (Admission Notes, Discharge/Death Summary, Test Reports, etc.)


    • Click here to download the Health Claim forms

      Where can I get claim forms and a list of documents required for submission?

      You can get claim forms by:

      • Downloading from the website Claims Section
      • Visiting the nearest Max Life Insurance company branch
      • Talking to your Agent Advisor or insurance intermediary

      All claims are examined and settled by the company through the information present in the documents submitted by you in connection with the claim.

      It is advisable to provide complete information to us for faster and smoother claims processing.

      It is advisable that the beneficiary or the nominee intimate us about the claim at the earliest after your untimely demise. In the case of Dread Disease and Critical Illness claims, intimidate us only after the end of the survival period (after 28/30 days of event occurrence).

      A claim is declined on the non-disclosure of any material information made at proposal/reinstatement stage, which affects the issuance/reinstatement of policy/rider. Also, non-fulfillment of contract terms and conditions may also lead to claim being declined.

      In the case of Employer-Employee & Non-lender borrower schemes, the nominee, as stated in the Provident Fund nomination form or registered at the time of coverage commencement, is entitled to policy benefits.

      In the case of Lender-Borrower schemes, the outstanding loan amount in favour of the master policyholder and balance claim in favour of the nominee is registered at the time of coverage commencement.

      The documents required to file the following claims are:

      • Death claim, please click here.
      • Hospitalisation claim, please click here.
      • Group claim, please click here.

      What are the exclusions under the rider benefits?

      Rider benefits offered by Max Life Insurance have the following exclusions:

      • In case the dreaded disease/surgery occurs within a waiting period (90 to 180 days) of the policy issuance, depending upon the contract terms and conditions*.
      • If the condition/surgery is not covered under the policy terms and conditions*


      Accidental injury, which occurs due to self-inflicted injury:

      • If the life assured commits suicide within one year of the policy issuance
      • If the life assured is involved in any unlawful activity resulting in injury
      • If the injury occurred is not as per the policy terms and conditions*.


      * For complete details on exclusion, please refer to the policy pack

      Life insurance holds immense value for a family that only has one earning member. Consider a scenario wherein the breadwinner loses their life due to deteriorating health or an accident. While the family has to deal with the emotional trauma of losing a loved one, they will also have to suffer financial stress, as they cannot rely on anyone else for support.

      To make sure that your family doesn’t have to go through a similar chain of events, you need to create a contingency plan, with life insurance at its foundation, and various other investments making up the remaining portfolio.

      Having a comprehensive life insurance plan, you can not only provide the right financial support to your loved ones in case of emergencies but also earn long-term tax-saving benefits among others for yourself. Before you purchase an insurance plan; however, you need to compare different life insurance plans from other insurers, on the basis of their Claim Settlement Ratio or claims paid ratio. This way you will be able to select an insurance cover that suits your present liabilities and life goals perfectly.

      ARN NO: PCP/CSR/050623

      Claims Process Simplified in just Three Steps

      • Step One

        Claim Registration & Document Submission

      • Step Two

        Claim Evaluation

      • Step Three

        Claim Decision & Settlement

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      Life Insurance Category CMO Asia Awards, 2019;
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      Media Centre

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      With COVID-19 fears down, people focus on their children’s goals, buying term plans, as per the latest Max Life IPQ 4.0 survey.

      Read More

      The India Protection Quotient survey's fourth iteration was released on Thursday by Max Life Insurance Company Ltd. in collaboration with Kantar (IPQ). The India Protection Quotient 4.0 poll, which was conducted totally online between 10 December 2021 and 14 January 2022, included 5,729 respondents from 25 Indian cities.

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      According to Max Life's annual flagship poll, India's knowledge of life insurance has increased dramatically over the previous two years as a result of COVID-19, and the need for financial security has become more important to individuals.

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      According to the India Protection Quotient (IPQ) survey 4, Indians are purchasing more term insurance plans now that term insurance ownership is up to 43% from 39% previous year. Despite the fact that life insurance ownership has remained constant at 78, consumers are expanding their insurance holdings and creating a well-rounded portfolio.

      Read More

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      BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

      IRDAI clarifies to public that:
      • IRDAI is not involved in activities like selling insurance policies, announcing
      bonus or investment of premiums.

      • Public receiving such phone calls are requested to lodge a police complaint.

      IRDAI - Registration No. 104. ARN/Web/01/21042021 Category: Life. Validity: Valid.
      Corporate Identity Number (CIN):U74899PB2000PLC045626.
      Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd .respectively and with their consents, are used by Max Life Insurance Co. Ltd

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      Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.

      Corporate Office :

       Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002.

      Operation Center :

       Max Life Insurance Co. Ltd, Plot No. 90-C UdyogVihar, Sector 18, Gurugram (Haryana) - 122015.

      Customer Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply.

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      Max Life Insurance is integrated with licensed NBFC FinVu(Cookiejar Technologies Pvt. Ltd. for sharing policy details with regulated Financial Information Users within the Account Aggregator ecosystem after obtaining the Policy holder's consent. Read more about Account Aggregator framework here.

      *Life insurance coverage is available in this product. For more details on risk factors, Terms and Conditions please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co.

      Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Tax benefits are eligible for tax exemption on fulfilling conditions mentioned under Section 10(10D) of income tax act 1961. Tax exemptions are as per our understanding of law and as per prevailing provisions of income tax at 1961 . Policy holders are advised to consult tax expert for better clarification /interpretation. Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Tax benefits are subject to changes in tax laws. The monthly Income Benefit and Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage.

      Disclaimers for Market Linked Plans & Saving plans:

       

      THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.

      Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and Max Life Online Savings Plan (UIN: 104L098V05) is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.

      Max Life Online Savings Plan is a Unit Linked Non Participating Individual Life Insurance Plan (UIN104L098V05)

      *#Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.

      ^*Disclaimer: Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy female of 18 years old paying Rs.3,60,000/- annually (exclusive of all applicable taxes)

       

      Privacy Policy

      ^^On completion of policy term

      The savings indicated is the maximum premium difference as compared with offline plan & depends on the variant purchased.

      ^*All claims that qualify for InstaClaim™ will be paid within 1 working day from date of submission of all mandatory documents else Max Life will pay interest at Bank Rate as on beginning of financial year in which claim has been received (4.65 % p.a. for FY’20) for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at beginning of the financial year in which death claim has been received.

      Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day.Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification.Mandatory Documents :> Original policy document > Original/attested copy of death certificate issued by local municipal authority > Death claim application form (Form A) > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

      7CMO Asia BFSI Excellence Award 2019

       

      5Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition

      4InstaClaim TM is available for all versions of (UIN:104N118V06). Mandatory Documents : • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

      ##

      Tax conditions :

      Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime ~# Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.

      3The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

      CI Rider disclaimers:

      MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium.

      >Extended cover of up to 85 years is available with gold and platinum variant only

      @ 64 critical illnesses covered in platinum and platinum plus variant on payment

      22 critical illnesses covered in gold and gold plus variant

      6 The life insurer is eligible for a discount on renewal premium under regular pay variant by accumulating Healthy Weeks as per terms and conditions of the rider

      *^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.

       ~ Conditions for premium break : Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years

      ~1 Conditions for Special exit value:

      Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.

      ~2 Voluntary Top-up Sum assured:

      Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

      ^^*^^Free look period conditions:

      The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

      ^Individual Death Claim Paid Ratio as per audited financials for FY 2022-2023

      8https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html

      2Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

      3The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid

      4Tax benefits as per prevailing tax laws, subject to change

      Terms and conditions for availing 5% employee discount:

      <Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

      1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount

      9

      The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V06)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

      ~*Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06)

      **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V06)

      ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V06)

      Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

      ARN - ARN/Web/01/21042021

      Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

      The premium shall be adjusted on the due date even if it has been received in advance.

      For Total Installment Premium -**Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

      For Return of Premium -~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

      For Riders -#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

      For Additional Benefits -##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      ##

      Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

      #

      With “Save the date”, you can choose to take your annual income to any special date in a year.

      ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

      ~

      Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

      #~

      Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

      ~1

      Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      **

      Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

      *

      Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      7

      Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

      8

      Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V03). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 50 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 75 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 1.5 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 2 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 5 Cr.

      **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.

       

      Disclaimer~*Standard premium for 24-year old healthy female,non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06)

      ~^Disclaimer: 15 year return (CAGR – Compound Annualised Growth Rate) from Max Life High Growth Fund (ULIF01311/02/08LIFEHIGHGR104) as on 30/06/2022| 2Nifty Midcap Free Float 100% (5-year return) | For more details on risk factors, terms and conditions and products offered.

      ^~The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back. The value of your policy depends on a number of factors including future investment performance. The amount shown is for a 30-year-old healthy male, with 10 years premium payment term, and 35 years policy term with Max Life Online Saving Plan (Unit Linked Non Participating Individual Life Insurance Plan | Life Insurance is available in this product).