Max Life Insurance is a life insurance provider. It is a joint venture between Max Financial Services (which is part of the Max Group, a large, multi-business Indian corporate), and Mitsui Sumitomo Insurance Company which is one of the leading general insurers globally.
Max Financial Services owns and manages a little more than 72% of Max Life Insurance Company Limited.
Products offered by Max Life Insurance
Max Life insurance focuses exclusively on providing life insurance products. It has a variety of products spanning a range of insurance needs. These include
Term plans that offer
1. Basic life cover plan
2. Life cover with a steady, level monthly income
3. Life cover with an increasing monthly income
These are term plans meaning that there is no Maturity Benefit when the policy expires. The lump sum amount and the monthly income, if applicable, are paid out to the beneficiary for a fixed number of years if the insured dies during the duration of the policy. There is no payment if the insured survives the term of the policy.
You can apply for any of these plans online. Once you choose the life insurance term plan you need, you can submit the application online with the payment, paying by NEFT or credit or debit card. You can then upload the necessary documents and schedule an appointment for a medical examination.
Other products offered by Max Life Insurance include:
1. Retirement Plans
2. Protection Plans
3. Group Plans
4. Child Plans
5. Growth Plans
6. Savings Plans
What are the reasons for buying life insurance?
If you are the main breadwinner and are worried about your family’s ability to support themselves financially in case you die unexpectedly, you can buy a life insurance policy and name a family member as a beneficiary. In case of untimely death, a pre-fixed lump sum (the amount that you have been insured for) will be paid out to your beneficiary. You can choose this payment to be paid one time or on a recurring basis. In case of your untimely death and the loss of your earnings, your beneficiary or beneficiaries can use this money for living, education or marriage expenses and will not suffer financially due to the loss of your earnings.
The premium can be paid on a regular basis - monthly, half yearly or annually or even as a one- time payment in some cases. In the case of endowment insurance plans, if the insured survives the tenure of the policy, he/she is eligible to receive a lump sum of money known as the Maturity Amount.
Buying life insurance not only confers financial security in case of untimely death but it also brings mental peace of mind in knowing that your loved ones will be financially secure even if something were to happen to you.